Estate Planning

In Florida, Probate may take 1 year or longer, even if a Will is left. With a properly drafted Will or Trust, family quarrels and the length of the Probate process may be greatly diminished or even avoided.

Estate Planning is an area of law that considers and plans for a person’s property, health care wishes, funeral or cremation arrangements, and how loved one’s shall be continued to be cared for. A properly planned estate should also consider the tax implications involved.

Did you know that you can control your estate even after you have passed on? Did you know that you can save yourself and your beneficiaries taxes with the correct Estate Plan?

Whether you would like to have a Will or Trust drafted, have evaluated your present Estate Plan or simply know your options, please Contact us at PLG.

Estate Planning should also consider scenarios in which incapacity or disability should arise. Without Powers of Attorney and/or Health Care Directives, a lengthy process is likely needed to appoint a Guardian to make decisions and control your affairs should you become incapacitated or disabled. Before you are in such an unfortunate situation, why not make the decision yourself as to who you would like to make decisions for your and control your affairs.

PLG is dedicated to assisting you with identifying and achieving your personal goals and the goals you have for others in life and in afterward.

What is a Will

More detailed information may be found after clicking here. A Will alone does not avoid probate in Florida. A properly prepared will does, however, help speed the process quite considerably by removing doubt. Which is why you should avoid the “wills in a box” or “draft your own will” or even the “standard $75 will from your local attorney”. Many times these wills are forms that are quite possibly outdated and do not contain the provisions necessary to avoid lengthy delays during probate.

What is a Trust

More detailed information on Trusts can be found by clicking here.A trust is a relationship in which property is transfered by someone (Grantor, Trustor, Donor, or Settlor) to be held by someone or a group called the trustee(s) for the benefit of another or a group called the or the beneficiary(s). A Trust is a much more flexible document than a will. A trust avoids probate and can aid in the event of the settlor’s incapacitation. There are many types of trusts, each with their own name and for various and specific purposes. Some reasons to create a trust: to save or avoid tax, to provide care or money to loved one’s or pet’s, to contribute money to charity, to legally shelter assets from creditors, etc. Some examples of trusts are (1) Asset Protection Trusts (2) Charitable Trusts (3) Special Needs Trusts (4) Inter Vivos Trusts (5) Testamentary Trusts (6) Qualified Personal Residence Trust (QPRT) (7) Tax-Bypass Trusts (8) Generation Skipping Trusts (9) Grantor Retained Annuity Trusts (GRAT) (10) Intentionally Defective Grantor Trust (IDGT) and more.

What is Probate

More detailed information on Probate can be found by clicking here.There are two types of probate in Florida: (1) summary administration and (2) Full administration. Probate can be a lengthy process and may take 1 year or longer in Florida. Probate is a court process for proving the authenticity of the decedent’s will, appointing someone to handle the decedent’s affairs, identifying and gathering a decedent’s probate assets; paying taxes, debts, and expenses; and distributing the decedent’s assets to beneficiaries. Through proper Estate Planning, probate can be avoided. To find out more about how to avoid probate: Read More Here