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Most people imagine the process of estate planning as a contemplation as to what will happen after their death. However, these plans can also have a profound impact on the coming years and provide for greater comfort and stability. From ensuring the proper transfer of assets, to improving the odds of receiving government benefits, to planning for the succession of a business, to empowering others to make decisions on your behalf, estate planning can bring immediate gains.
Your chances for effective long-term care planning in Fort Lauderdale can improve if you hire an attorney. Our experienced elder law attorney can help identify your assets and their vulnerabilities. We can also draft documents in a way that meets your needs and hold up to a court’s scrutiny.
A comprehensive estate plan can have benefits for your immediate and pending financial outlook. A dedicated Fort Lauderdale lawyer, can assist with the identification and location of assets and in the drafting of plans that maximize their future value.
One of the potential aspects of a plan is a reduction in future tax liability. Especially after retirement with no significant income, this reduction can be vital to long-term financial stability. One option involves placing high-value assets, such as real estate, into a trust. The terms of this trust can allow individuals to continue living in a home while the trust pays all relevant taxes.
Effective estate planning can also set up the maintenance and inheritance of business assets. Especially for sole proprietors and small business owners, having a plan in place that orders a scheduled sale, bequeaths ownership to named heirs, or leaves instructions for boards of directors can help a company to retain future viability and stability. It also helps to avoid a probate court applying the state’s intestacy laws under Florida Statute § 732.103 and ordering a dissolution of the company.
Adults always have the sole legal authority to make decisions concerning their own affairs, including property and medical care. However, situations can arise where you are unable to make these choices on your own. Working with a qualified attorney to create a plan can help ensure that your wishes for long-term care dictate the choices that others make in the future.
One option is to create an advanced healthcare directive, according to the language present in FL Stat. § 765.303. These orders make it clear to medical providers and family members what care you want should you be left unable to make an informed decision. This can include whether you want to be placed on life support or to pursue experimental treatment.
A similar but distinct document is a power of attorney. A power of attorney empowers another person to make decisions on your behalf. This can be a general power of attorney that grants broad authority, or a specific version that empowers another for only a specific purpose. These often form a key portion of a long-term care plan in Fort Lauderdale as they can ensure that only trusted friends and family members have the right to act on your behalf.
Having a plan in place that provides for your long-term care is vital for all adults. As we age, our ability to maintain a stream of income can make it difficult to pay bills and maintain property. Potential health problems make also jeopardize our ability to make decisions concerning our health or legal rights.
A long-term care plan in Fort Lauderdale can address many of these concerns. Legal documents such as trusts, business succession plans, advanced healthcare directives, and powers of attorney can provide financial stability, as well as ensure that only trusted individuals make choices on your behalf. Contact All Florida Real Estate Lawyers now to explore your options.
