Estate Planning - PTM

If you need a will, trust, or similar document, you should speak with an estate planning attorney. Without an estate plan in place, your assets will be subject to a set of rules created by the state. These rules will apply regardless of what your wishes were, unless you have a legally-binding plan executed before you pass away. The most common example of an estate plan is a last will and testament.

Although we do not like to think about it, everyone dies. And a large portion of us will be disabled at some point in our lives. Estate planning is the process of preparing for those realities in a way that protects you and your loved ones. A good estate plan avoids costly problems for your loved ones down the road when you either die or become incapacitated.

Estate Planning Attorney

Avoiding Probate

Probate is the court-supervised process of moving assets from your estate into the hands of your beneficiaries (and creditors). Probate can be costly, timely, and burdensome. Not only does your personal representative get to charge a fee, but a lawyer is legally required to get involved as well, meaning that a large portion of your estate will be eaten up with fees. On top of that, the probate court itself charges even more fees! To make matters worse, all of this money is paid just so a court can get in between your loved ones and your assets. Simply put, probate can be a frustrating, costly process.

Thankfully, there are ways to have your assets pass to your family members outside of the probate system. For example, you could set up a living trust or use a lady bird deed. With a good estate plan, your loved ones can avoid the costs and hassles of probate. That being said, each option to avoid probate comes with advantages and disadvantages, so it is important to discuss your options with a wills and trusts attorney.

Often, we receive estate planning calls from people forced to deal with a bad estate plan after a loved one has passed away. Unforunately, a bad estate plan can cause even more headaches than no estate plan at all. It can result in months of delay, problems, and frustrations for those who survive. However, dealing with a bad estate plan may serve as a wake up call for the survivors. After dealing with this headache, a lot of people desire to get their own affairs in order. We are happy to help those individuals create a plan that makes the process easier on their surviving loved ones. And almost always these plans involve avoiding probate!

Trust Funding Services

Trusts are often talked about as a means to avoid probate, and rightfully so. However, simply creating a trust does not avoid probate. Think of a trust as box. Everything put inside that box avoids probate. But if you never get around to putting anything in the box, nothing avoids probate, even if you have a top-notch box. Funding is the process of moving assets inside the box so that they avoid probate.

After creating a living trust, the next step is to fund that trust with assets. This means moving the assets into the name of the trust. Without this important step, a trust instrument is basically useless in most cases. Funding is a necessary step whenever a trust is created.

A good trust funding plan takes into account the different types of assets you have. There is no “one size fits all” solution for trust funding. The attorney involved needs to think through each asset in your name and come up with a plan for each of those assets. For real estate, this is done with deeds. For bank accounts, this is done by retitling the accounts into the name of the trust or by designating the trust as a beneficiary on those accounts. For corporations, this might mean transferring stock ownership. For LLCs, this might mean making the trustee a member of the company. Each asset is different, and should therefore be handled differently.

Trust funding in Florida also requires an understanding of documentary stamp taxes. Without that knowledge, a transfer into trust could result in an unnecessary tax bill from Florida's Department of Revenue. This is a concern for anyone with real estate, especially if you have a mortgage on the property. Often there are creative ways to avoid the documentary stamp tax, but you need an attorney who understands these issues in order to receive that creative plan.

Providing for Your Children

Parents are never done providing for their children. A good estate plan provides a way to protect and provide for your children, even after you pass away.

If your children are minors, then you absolutely need to designate a guardian to care for your children if both parents pass away. This is how you can tell a court who you want to watch your children. Imagine having multiple family members fight over guardianship, or imagine not having a plan in place and no one stepping up. These are the kinds of problems that can occur when a parent fails to set up a good estate plan.

Parents of adult children also need an estate plan to protect the family assets from bad decisions. Sometimes a bad decision looks like a rushed marriage, and sometimes it looks like a mountain of credit card debt. Either way, there are ways to protect your family assets from the predators and creditors that might come along. And you can do this while still giving your kids the benefit of those assets.

Preparing for Incapacity

There is a saying among special needs attorneys: “The special needs community does not discriminate. It will accept any one of us at any time.” Dementia, Alzheimers, or even a bad car accident can mean that you can no longer handle your own affairs. Medical and financial decisions may need to be made immediately, and if you are incapacitated, you better have a plan in place!

This is where an estate planning attorney comes in to help. You can arrange your affairs in advance so that if something does happen to you, your affairs are still being handled by someone you trust. Living trusts can be useful for incapacity planning, as can a designation of health care surrogate and a financial power of attorney. Each of these tools is intended to protect you and your loved ones if something goes wrong.

PTM Provides Estate Planning in the Following Areas

In Person Estate Planning in Gainesville, Florida

Appointment in the Gainesville Office

We are happy to meet with any of our clients in our office located in Gainesville, FL. The office is found off of Tower Road. Please make an appointment for your visit.

Attorney Home and Hospital Visits

Unfortunately, our clients are not always able to physically come to our office to execute documents. In those instances, we offer on-site execution services. This means we can visit hospitals, assisted living facilities, rehab centers, nursing homes, and residences to help our clients get their affairs in order.

When a client cannot come to the office, the first appointment is typically over the phone. In this appointment, we learn what documents are needed. We then draft those documents to your specifications and schedule a time to see you in person. In addition to hospitals, we also visit personal residences, nursing homes, assisted living facilities, and rehabilitation centers to execute documents. We try to ensure that everyone has access to an estate planning attorney when needed. So, if you need a visit from a lawyer, please give us a call.

We generally charge an additional flat fee of $500 for visits within city limits. However, if immediate assistance is needed or if the location is a significant distance from our office, the fee may be higher. This fee is in an addition to the cost of the estate planning documents.

Virtual Estate Planning Across the State of Florida

We meet with clients all across the state of Florida virtually. This can be done by zoom or over the phone. For estate planning, if you cannot make it into our office to execute your documents, we can ship your documents to your door with instructions on how to execute them. We work with clients in every part of Florida.

Estate Planning FAQ

What is estate planning?

Estate planning is a legal process that involves the systematic arrangement, management, and disposition of an individual's assets, properties, and obligations during their lifetime and after death. Think of it as a way to choose who inherits from you and how much that inheritance will be. The process typically aims to achieve specific financial and personal objectives while ensuring the seamless transfer of assets to chosen beneficiaries. This seamless transfer is often referred to as “avoiding probate.”

Many of our clients visit us after dealing with the death of a parent or other relative who had no estate plan (or a bad estate plan). These clients have seen firsthand how frustrating the process can be without a good plan in place. This often causes delays, extra costs, and unnecessary frustration. And no one wants to leave a mess for their loved ones to clean up!

Key components of estate planning typically include the creation and execution of legal documents such as wills, trusts, powers of attorney, and advance healthcare directives. Even premarital agreements can be a useful estate planning tool! These instruments serve to articulate the individual's wishes regarding the distribution of assets, appointment of fiduciaries, and provisions for potential incapacity. All of these instruments are valuable, but two principal instruments dominate the landscape of estate planning: wills and trusts. A will functions as a personalized directive, articulating the distribution of assets, appointment of a personal representative, and other essential matters. Conversely, trusts operate as a way to keep the courts largely out of your estate plan, affording a measure of privacy and efficiency by sidestepping probate procedures.

Contrary to common misconceptions, estate planning is not an exclusive privilege of the affluent. We work with clients from all kinds of backgrounds and with all sorts of concerns. Some of our clients have very little in discretionary income, and others have millions of dollars at their disposal. Estate planning is not just a tool for the rich. We aim to be of service to everyone.

What is an estate planning lawyer?

An estate planning lawyer is an attorney who focuses on the law surrounding the drafting and administration of wills and trusts (commonly known as “property law”). Estate planning lawyers are also sometimes referred to as “wills attorneys” or “probate attorneys”. Estate planning attorneys work closely with their clients to understand their unique circumstances and goals, and they tailor legal documents and strategies to meet those specific needs. Whenever possible, we try to customize our clients’ estate plans to match their individual goals.

Furthermore, estate planning lawyers are instrumental in facilitating the probate process, guiding the executor or administrator through the legal procedures necessary to validate and execute the terms of a will. Their proficiency in probate matters helps streamline the often intricate and time-consuming process, minimizing the burden on grieving families and ensuring a timely distribution of assets. Alternatively, if probate was avoided (which is often the case if a good plan was created), then the attorney assists in the seamless transfer of assets.

In essence, the role of an estate planning lawyer encompasses a holistic approach to preserving and transferring wealth while considering the unique circumstances, values, and aspirations of each client.

What estate planning documents do you need in Florida?

The following documents are often recommended for a Florida estate plan:

However, each person’s estate planning needs are unique and should be evaluated on a case by case basis.

Do Estate Planning Attorneys Go To Court?

Yes, most estate planning attorneys go to court. However, going to court is not the primary purpose of an estate planning attorney.

While the majority of an estate planning attorney's work takes place outside of the courtroom, there are situations where litigation becomes necessary. These circumstances typically arise when there are disputes or conflicts related to the distribution of an estate or the validity of a will or trust.

One common scenario where estate planning attorneys may find themselves in court is when there is a dispute over the validity of a will. If someone believes that a will was created under duress, coercion, or when the individual lacked the mental capacity to make decisions, they may contest the will in court. Estate planning attorneys are then called upon to provide legal representation for either the person challenging the will or the executor defending its validity.

Another instance where estate planning attorneys may become involved in litigation is when there are disagreements among beneficiaries or family members regarding the distribution of assets. This can occur when there is ambiguity in the language of a will or trust, or if someone feels they have been unfairly excluded or treated. In such cases, the attorney may need to advocate for their client's interests in court to ensure a fair resolution.

Additionally, estate planning attorneys often handle probate matters, which requires the occasional appearance before the probate court. For example, a probate judge may require hearing on disputed creditor claim. However, in Florida, these hearings typically follow the Rules of Probate Procedure, which are different from the Rules of Civil Procedure used in most civil matters.

Contact an Estate Planning Lawyer for a Free Consultation

PTM Trust and Estate Law is happy to assist you with estate planning. Please call 352-554-5576 or contact us online to schedule a free consultation.