Even though it is important for virtually everyone in Florida to have an estate plan, many people still think that they do not have enough wealth to warrant creating one. This is especially true when it comes to trusts. The less-than-accurate negative association of young adults living off inherited wealth makes some want to avoid the topic of trusts altogether. In reality, a trust can be a very useful estate planning tool.
Money is an uncomfortable topic of discussion. Most people would prefer to keep information regarding their income, debts and expenses private, perhaps partly because many were raised to believe that talking about money was not appropriate. This thought prevents Florida parents and their adult children from having important conversations about money, long-term care and estate planning. It could also leave some of those adult children in a financial bind.
Whether you have lived in Florida your entire life or moved here to enjoy your retirement, you need to take the time to ensure that you have a valid estate plan. This provides your heirs the legal basis for passing out your assets in a manner consistent with your wishes. It takes the guesswork out of who gets what. You may find that you can rest a bit easier at night knowing that you have everything planned.
Living with a chronic illness presents many challenges, including securing necessary medical care. While the daily lives of those living with chronic conditions often reflect those challenges, those issues are frequently left out of estate planning. With the number of people in Florida who are living with chronic illnesses growing, planning for the future is perhaps more important than ever.
No one really enjoys thinking about end-of-life matters, but ignoring an uncomfortable situation does not mean that it will go away. Ignoring estate planning needs is also different than ignoring an overdue library book, as the outcome can be much more costly and emotionally traumatizing than a few fines. Not only should the average person in Florida create an estate plan and keep it up to date, he or she could also consider taking steps to keep the estate out of probate when possible.
With retirement right around the corner, you are probably looking forward to spending your days golfing in Melbourne or enjoying afternoons on your boat. While you might be counting down the hours before the next phase of your life begins, are you really ready for it? Have you taken the time to update your estate plan or even started the process of creating one yet? If not, it is past time to get started.
A trust can play a unique role in estate planning. Unlike a will, a trust can provide important tax benefits while also allowing the creator of the trust -- the grantor -- to ensure that his or her wishes are fully upheld even after death. Revocable trusts are fairly common, but irrevocable trusts are often looked over despite a number of benefits.