In a momentous decision yesterday The Supreme Court of the United States rules that bans on same sex marriage are unconstitutional. What does this mean for Florida probate and family law?Do you and your partner have an estate plan in place under the relatively new laws on same sex unions in Florida? Are you prepared to limit estate taxes? What about issues of guardianship and trusts? Experienced Palm Beach probate litigators know that with the right to marry comes the responsibility to plan it properly and ensure a wealthy, healthy future. Check out these four aspects that you may want to incorporate into your West Palm Beach estate plan.
1.) Guardianship
- Are you or family members aging and possibly losing some mental faculties?
- Have you considered petitioning for guardianship with the West Palm Beach court?
- Are you concerned that your parents are not spending their estate responsibly?
- With proper petitions you may be able to appoint yourself or a professional guardian that can manage their financial as well as if necessary other aspects of a ward’s life.
2.) Estate Taxes
- Did you know that estate taxes are up to 40% if you have an estate above the threshold?
- Although the threshold is high its not impossible to breach.
- Presently the Feds have the exemption set at 5.43 million or 10.86 if you file jointly with a spouse.
- How can you avoid the estate tax?
- Talk to an experienced Palm Beach probate litigator today and find out about trusts and other options to reduce if not eliminate the estate tax.
- What about state estate tax?
- Luckily Florida does not have one.
3.) Special Circumstances
- More and more these day’s clients are heading to the legal services websites to save money.
- These guys are not lawyers and they can fail to ask you questions about special circumstances that may alter your estate plan.
- Do you have children from a previous marriage that you want to protect?
- What about children with disabilities?
- Did you know without special needs trust, the inheritance to a disabled child or adult child may cut off their eligibility for social security and more?
4.) Personal Representatives
- Who have you picked as your personal representative?
- If you do not pick one do you know how the court will decide?
- First they will give the option to your spouse and the rest of the options are set out in Florida’s statutes.
- What are the duties of your West Palm Beach personal representative?
- Did you know that you cannot appoint a felon as your personal representative in Florida?
- As a matter of public policy Florida has decided that it is best to have a Florida resident or family member serve as personal representative.
Do you agree?
Do not hesitate regarding your estate plan.
Protect your wealth, and your rights.