What is Estate Planning?

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:

• Real estate
• Bank accounts
• Stocks and other securities,
• Life insurance policies,
• Personal property such as automobiles, jewelry, and artwork

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 your death.

• 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 potential solutions.

Top Ten Estate Planning Techniques

1. Revocable Living Trust: A device used to avoid probate and provide management of your property, during life and after death.

2. Property Power of Attorney: Instrument used to allow an agent you name to manage your property if you become incapacitated.

3. Health Care Power of Attorney: Instrument used to allow a person you name to make health care decisions for you should you become incapacitated.

4. $12,000 Annual Gift Tax Exclusion: Technique to allow gifts without the imposition of estate or gift taxes.

5. Irrevocable Life Insurance Trust: A trust used to prevent estate taxes on insurance proceeds received at the death of an insured.

6. 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 property.

7. Children's or Grandchildren's Irrevocable Education Trust: A trust used by parents and grandparents for a child's or grandchild's education.

8. 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.

9. 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.

10. 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, Tallahassee.

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