The Villages Estate Planning Attorney

It is a common misconception that estate planning is reserved only for the wealthy. In fact, everyone should have an estate plan because no one knows what the future holds. An estate plan can not only ensure your loved ones receive your property after you pass away, but you can also utilize certain tools that will protect you during your lifetime. Below, our The Villages estate planning attorney outlines the different tools you can incorporate into your plan.

Wills

Wills are often the foundation of estate plans and they serve many different functions. You can designate a personal representative in your will. This individual will administer your estate and take care of the different tasks necessary during probate. You can also use your will to name a guardian for your minor children. Lastly, your will can outline your different property and who you would like to receive it after you pass away.

Trusts

A trust is a legal document that can be used to hold property. Placing property into a trust is known as funding the trust. Property within a trust is not subject to the probate process, meaning it can be distributed to your beneficiaries immediately after you pass away. Trusts can also protect your property from creditors and lawsuits during your lifetime. While you are alive you can control and manage the property within a trust. After you pass away, your successor trustee will manage the trust and distribute it accordingly.

Asset Protection

You have worked hard your entire life to accumulate your assets and wealth. It is critical that you protect it from creditors and judgments. There are many tools available in Florida that help you do this. These include limited liability companies, homestead exemptions, trusts, and more.

Medicaid Planning

Just as you want to protect your assets from creditors and lawsuits, you also want to protect your assets from the cost of long-term care. Nursing home admittance in Florida can cost $100,000 or more. Medicaid benefits are available to cover the high cost, but not everyone qualifies. With careful Medicaid planning, you can ensure that you are eligible for benefits in the event that you ever need them.

Advance Directives

Again, it is impossible to know what will happen in the future. There may come a time when you become incapacitated and cannot make decisions for yourself. In these instances, advance directives are very important. Advance directives are legal documents you can prepare in advance to communicate your wishes. Advance directives can inform your loved ones and doctors about how you want your legal and financial affairs handled. You can also use them to advise on the medical procedures you do or do not want. Advance directives can include health care surrogate designations, powers of attorney, living wills, and Do Not Resuscitate orders.

Call Our Estate Planning Lawyer in The Villages Today

William Rambaum, P.A. is an experienced estate planning attorney in The Villages that can advise on the facts of your case, prepare the necessary documents you need, and ensure your legacy is protected. Call us today at 727-781-5357 or contact us online to schedule a consultation and to get more information.