Tampa Estate Planning And Elder Law

Nothing is more important in this world than family. To that end, making sure your family is taken care of financially is an essential part of showing them how much you care. Unfortunately, it’s also something many people overlook — or put off — often to the detriment of their loved ones.

At Lins Law Group, P.A., we believe that planning and preparation are key elements of planning a successful financial future. By taking care of important matters now — like drafting a will, creating an estate plan, setting up a living trust, making arrangements in advance for assisted living care — you have a head start on making sure you and your family are well cared for.

Knowledgeable Estate Planning Lawyers

Estate plans are as unique as the individual. And while most lawyers can draft a simple will, creating a comprehensive estate plan is complex and requires a skilled, knowledgeable attorney.

At Lins Law Group, P.A., our attorneys will work closely with you to help ensure that you control the distribution of your assets and that financial and health care decisions are made by someone you trust. Our estate planning attorneys have significant experience working through complex issues such as:

• Planning for business succession
• Creating trusts to manage assets for minor children or individuals with special needs
• Setting up a living will, health care power of attorney and durable power of attorney

Our estate planning lawyers and staff have over 30 years of experience helping individuals with estates of all sizes and families with substantial real estate holdings, family-owned businesses and significant retirement portfolios. Our goal is to develop estate plans that manage tax liabilities and protect your interests and the interests of your heirs. We can help you achieve comprehensive estate protection.

Elder Law That Focuses On Your Best Future

Elder law focuses on issues that affect our aging population. The main goal of elder law is to help those who are aging (i.e., all of us) achieve a financially secure future through proper fiscal planning and winning long-term care strategies. The goal is really twofold:

• Helping you plan for your future so you’re not a burden to your loved ones
• Helping you care for an elderly loved one whose plan for the future was lacking or fell through

At the Lins Law Group, P.A., we are zealous advocates for the aging, the elderly and their loved ones. We regularly work with individuals, couples and families to ensure the financial security of individuals in nursing homes. We also have the knowledge necessary to handle Medicaid planning for people entering nursing homes. We understand the need to protect assets and maintain health care powers of attorney to protect the assets it has taken a lifetime to create.

What is estate planning?

Estate planning is a term used by attorneys, financial planners, accountants and other professionals to describe planning and execution of documents to minimize probate, reduce estate taxes, provide for the distribution of one’s assets and to protect a person in the event of illness or incapacity. The process may range from the most basic to more complex planning. At its simplest, an estate plan may involve just a simple Last Will and Testament (“will”) accompanied by certain basic health and life care documents like a living will, health care power of attorney and a durable power of attorney. At a more complex level, estate planning can include the use of trusts, both revocable (also known as “living trusts”) and irrevocable. When describing the process of estate planning, perhaps a broader and more accurate description would be planning for one’s death, disability and incapacity.

Who needs to do estate planning?

If estate planning is really more aptly described as planning for one’s death, disability and incapacity, then every adult would benefit from some form of estate planning. The goal is to protect a person, his or her assets and family when a person faces these difficult times in life. If the saying is true that “nothing in life is certain but death and taxes”, then estate planning is crucial since it deals with both death, taxes and much more. Most stages of adult life raise concerns which can be addressed through estate planning. Younger adults sometimes express the belief that they do not feel a pressing need to engage in estate planning since they are at an age when death and disability seem remote. However, young adults who marry and especially those who have minor children at a minimum need a will to designate a legal guardian for their children. If both parents died and had no will, the state of Florida would determine who would get custody of their children. If a person owns a business and dies without at least a basic estate plan, the business could be left “in limbo” and without resources to continue operation. If a person who has assets dies without an estate plan, the assets could be subject to expensive and time-consuming probate, outrageous estate taxes, and could be distributed to undesirable or unintended heirs. In addition, every person needs to legally set forth their desires in the event of an incapacitating or life-threatening condition. Residents throughout the nation, and especially in Florida, learned first hand from the Terri Schiavo case what happens when faced with a terminal condition, an end-stage condition or a permanent vegetative state without having a properly executed living will and health care power of attorney.

Can estate planning help save my estate from paying taxes?

Another significant objective of estate planning is to minimize or avoid estate or inheritance taxes altogether at the time of death. Many persons are shocked when they learn the amount an estate can be taxed if thorough planning is not done in advance. At present, federal estate tax rates can be as high as 46 percent. This rate is shocking when you consider that the estate tax is being imposed on assets that have already been taxed for income. Under present law, estates in excess of $5,400,000 (as of the year 2016) are particularly at risk for estate taxes. With the use of good planning and the establishment of properly prepared living trusts, persons can significantly reduce (and in some cases eliminate) the estate tax bite. The techniques recognized by the Internal Revenue Service to reduce or avoid estate taxes are very complex and should only be accomplished through an experienced Florida estate planning attorney.

What topics does a last will and testament (“will”) need to cover?

There are many purposes for a will but we will only discuss a few of the primary purposes. First, a will provides a legal document to designate a person to oversee your final affairs at the time of your death. In Florida, this designated person is known as the “personal representative” of the estate. In other states, this designation is called an “executor” or “administrator.” Second, the will provides a legal means to designate who will be the beneficiaries of your estate. Often, a will names primary beneficiaries to receive distribution from your estate and designates alternate beneficiaries in case one or more primary beneficiary predeceases you. Third, a will provides a means to designate what each of your beneficiaries will receive from your estate and when they will receive it. Gifts, known as “bequests,” can be special bequests leaving specific property to specific beneficiaries or may be general leaving the “residue” (or the “rest”) to the beneficiaries in certain percentage amounts. Fourth, a will can designate a guardian for minor children. If a person dies with minor children but without a will, the children are at risk of having a court determine their guardian. Finally, a will may contain trust provisions creating a “testamentary trust.” This is a trust that only comes into existence at death and is used to hold bequests for distribution at a later date. Meanwhile, the assets are held and managed by a trustee designated in the will.

What is probate?

Probate is the court process through which a person’s estate is administered. In layman’s terms, probate is one of the means through which a person’s final affairs are resolved. In probate, various matters are addressed. These include matters such as payment of creditors, gathering of estate assets, payment of any unpaid taxes, determination of beneficiaries, appointment of a guardian, and distribution of a person’s assets. In Florida, there are two types of probate: Summary administration and formal administration. A summary administration applies to estates of less than $75,000 (not including exempt assets such as a homestead). A formal administration applies to estates valued at more than $75,000. The determination of whether an estate requires a summary or formal administration should be made with the advice of an experienced Florida probate attorney. For a more detailed discussion of probate, see the frequently asked questions on Probate And Trust Administration. Because probate can be expensive and time-consuming, one of the objectives of estate planning is to avoid or at least minimize probate.

A Florida Law Firm Providing Exceptional Client Service

Our team is ready to represent your interests and protect your family’s future. For more information on how we can help you with estate planning and elder law issues, contact us online or call us at 813-280-0082. From our offices in Tampa, we serve clients throughout the United States. Initial consultations are free.