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.