Estate planning is one of the most important steps any
person can take to make sure that their final property and
health care wishes are honored, and that loved ones are
provided for in their absence. Though often overlooked or
put off in favor of more immediate concerns, a comprehensive
estate plan can resolve a number of legal questions that
arise whenever anyone dies: What is the state of their
financial affairs? What real and personal property do they
own? Who gets what? Does a personal guardian need to be
appointed to care for minor children? How much tax will need
to be paid in order to transfer property ownership? What
funeral arrangements are appropriate?
What is an "Estate"?
Your "estate" consists of all property owned by you at
the time of your death, including:
Stocks and other securities,
Life insurance policies,
Personal property such as automobiles, jewelry, and
What is a Will?
A will is simply a document that allows for you to
lawfully dispense of your property upon your death. Florida
Law sets certain requirements for determining the validity
of a will.
What is a Trust?
A trust is normally a document used to manage and/or
distribute property during a person’s lifetime often
continuing after their death. The person creating the trust
is known as the "Grantor," "Settlor," or "Trustor."
How Can an Estate Plan Help?
Regardless of your age, or the size and complexity of
your estate, an estate plan can accomplish the following:
Identify the family members and other loved ones that
you wish to receive your property after your death.
Ensure that your property will be transferred to
those you have identified, as quickly and with as few
legal hurdles as possible.
Minimize the amount of taxes that will need to be
paid in order for your property to pass to others after
Avoid the time and costs associated with the probate
process by utilizing estate planning devices like living
trusts and "payable on death" bank accounts.
Dictate the kinds of life-prolonging medical care you
wish to receive should you be unable to make your wishes
known when the time comes.
Set forth the kind of funeral arrangements you would
like, and how related expenses are to be paid.
Understanding the estate plan options that are right for
you can be a complex undertaking. The Noble Law Firm can
help you identify your estate planning needs, and recognize
Top Ten Estate Planning Techniques
Revocable Living Trust: A
device used to avoid probate and provide management of
your property, during life and after death.
Property Power of Attorney:
Instrument used to allow an agent you name to manage
your property if you become incapacitated.
Health Care Power of Attorney:
Instrument used to allow a person you name to make
health care decisions for you should you become
$12,000 Annual Gift Tax
Exclusion: Technique to allow gifts without the
imposition of estate or gift taxes.
Irrevocable Life Insurance Trust:
A trust used to prevent estate taxes on insurance
proceeds received at the death of an insured.
Family Limited Partnership:
An entity used to: 1) provide asset protection for
partnership property from the creditors of a partner, 2)
provide protection for limited partners from creditors,
3) enable gifts to children and parents maintaining
management control, and 4) reduce transfer tax value of
Children's or Grandchildren's
Irrevocable Education Trust: A trust used by
parents and grandparents for a child's or grandchild's
Charitable Remainder Interest
Trust: A trust whereby donors transfer property
to a charitable trust and retain an income stream from
the property transferred. The donor receives a
charitable contribution income tax deduction, and avoids
a capital gains tax on transferred property.
Fractional Interest Gift:
Allows a donor to transfer partial interests in real
property to donees and obtain fractional interest
discounts for estate and gift tax purposes.
Private Foundation: An
entity used by higher wealth families to receive any
otherwise taxable property so as to eliminate estate
taxes on the death of a surviving spouse.
The Noble Law Firm is located at 4400 North Corporate
Parkway in Palm Beach Gardens, Florida 33410. We represent
our clients before Federal and State Courts in Miami, Fort
Lauderdale, West Palm Beach, Stuart, Martin County, Port St.
Lucie, Vero Beach, Jacksonville, Tampa, Orlando,
The hiring of a lawyer is an important decision that should
not be based solely upon advertisements. Before you decide,
ask us to send you free written information about our
qualifications and experience. This web site is designed for
general information only. The information presented at this
site should not be construed to be formal legal advice nor
the formation of a lawyer/client relationship.