FLORIDA INHERITANCE PLANNING

PART 2

“In today's discussion on Florida inheritance planning, we are going to take a closer look at some of

the specific inheritance planning tools your plan might rely upon.”

ROBERT J. KULAS FLORIDA ESTATE AND MEDICAID PLANNING ATTORNEY

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In today's discussion on Florida inheritance planning, we are going to take a

closer look at some of the specific inheritance planning tools your plan might rely

upon. As with any inheritance plan, it's vital that you speak to your estate

planning attorney before you make any final decisions. Further, even though the

tools we discuss here might be used by most people in most situations, there are

additional tools that might better apply to you and your particular circumstances.

Always ask your attorney about any individual tools you are considering, and

always know what you are doing before you finalize your plan.

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WILLS

A will, also called a last will and testament, is the most basic inheritance planning

tool there is. Almost every inheritance plan that people create in the state of

Florida will use a last will and testament as the foundational piece. Through a will

you can make

inheritance choices in

almost any manner

you desire. Further, a

last will and

testament gives you

additional

opportunities and

protections. For

example, through your last will and testament you can name an estate

representative who will manage your estate after you die. You can also name a

guardian for any young children who might require care, as well as make

additional choices.

However, the inheritance decision you make through your last will and testament

must be approved by a probate court before they can take effect. Further, the

property you transfer through your will must be transferred in accordance with

the probate rules of the state of Florida. This probate process can take time and

money, which is why many people use inheritance planning tools that do not pass

inheritances directly through a will.

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LIVING TRUSTS

A revocable living trust, also known as a living trust, is one of the most popular

inheritance planning tools around today. Like a will, a revocable living trust gives

you the ability to make inheritance planning choices, as well as modify or change

those choices whenever you like, assuming you remain mentally competent.

The main advantage about living trusts over a will, however, is that the

inheritance choices you make through your revocable living trust do not have to

be probated. A Florida probate court will not have to get involved in the transfer

of property from your estate to your inheritors as long as you make sure to craft

and use your trust properly.

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NON-PROBATE ASSETS

The big advantage of a revocable living trust is that it allows you to avoid probate

transfers of property. However, revocable living trusts are not the only

inheritance planning tools that allow you to do this. It's also possible to avoid

probate by using, for example, jointly owned property with rights of survivorship.

Similarly, any assets you have that allow you to name a transfer on death

beneficiary, such as life insurance policies, financial accounts, or some bank

accounts, also provide probate avoidance benefits. However, these kinds of non-

probate assets also come with some significant limitations of which you need to

be aware of before you decide to include them in any inheritance plan you make.

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COMPREHENSIVE PLANS AND WHEN TO BEGIN

When we talk to some

people about creating

an inheritance plan in

the state of Florida,

many people express

their reluctance to get

started. Some state, for

example, that they don't

need a plan right now

because they don't have

enough assets to worry

about. Others believe

that they are too young,

too healthy, or are

otherwise not faced with

any pressing inheritance question problems.

While all of this may be true, it's also true that beginning the inheritance and

estate planning process sooner rather than later will always be in your best

interests. Even if, for example, you are relatively young and don't have many

assets to worry about, creating a plan now and making sure you have certain

protections in place will allow you to rest assured that you have made decisions

that will be legally enforceable should something happen to you. As you get older

and acquire more assets, you can begin adding to the protections you've already

created.

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In other words, if you have yet to begin the process of creating a comprehensive

inheritance plan, you should do so as soon as possible. Time does not stand still,

and waiting to create a plan is not a wise decision. If you'd like to get started on

the creation of a plan, contact us as soon as possible.

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About the Author

Robert J Kulas

Robert is the founder and principal shareholder in the Port St. Lucie and Vero Beach law offices of Robert J. Kulas, P.A. Because he believes that helping his clients manage their personal affairs wisely is one of the most worthwhile professional activities he can pursue, he has devoted his practice exclusively to estate planning.

Robert has invested considerable time and energy helping to educate others in estate planning and is widely regarded as a dynamic speaker

who can make even the most complex estate planning issues easy to grasp. He provides free monthly seminars to inform the public on the importance of proper estate planning. Over the past twenty years, thousands of people have come to hear him speak. “Helping people understand their options for estate planning is very important to me,” Robert said. “I like to think that people in our community can look to me for the kind of quality information they need to decide what is best for them and their families.”

About Robert J. Kulas, P.A. Attorneys at Law

Robert J. Kulas, P.A. Attorneys at Law is a full service estate planning and wealth preservation law firm servicing Port St. Lucie and Vero Beach, Florida.

The firm is dedicated to providing you with quality estate planning resources, so you can become familiar with all of the existing options. When you visit or call the office, we want you to feel comfortable discussing such an important issue concerning both you and your family. We want to arm you with the information you need to make an informed decision about your family's future.

www.kulaslaw.com

East Lake Professional Center

2100 SE Hillmoor Drive, Suite 105 Port St. Lucie, FL 34952 Phone: (772) 398-0720

Univest Building 2770 Indian River Blvd., Suite 321

Vero Beach, FL 32960 Phone: (772) 778-8481