Why Everyone Should Look Into Estate Planning

Tue, Jun 7, 2011

Elder Law, Estate Planning

Estate PlanningNobody wants to think about what would happen if they were severely disabled or incapacitated but it could happen to anyone. It would be very helpful to your family if you had developed Florida Estate Planning before the event in case something might happen. It is simple to devise estate planning with the help of an experienced lawyer who does estate planning.

One of the most important things you can do with Florida estate planning is to appoint someone with Power of Attorney. This would give them capabilities to manage your properties and sign legal papers in your name. Durable power of attorney would allow the person to manage and transfer all assets; deal with the IRS; make gifts in your behalf; and create and amend any trusts you set up.

You can also give advance health care directives in the event that you cannot make these decisions yourselves. Some of these directions would be a DNR (do not resuscitate), organ transfers or donations, use of donor blood, and many other medical issues that might arise. This would be particularly helpful for anyone with specific religious restrictions when it comes to medical care. This would all be indicated in a Living Will.

Setting up a trust would fall under Florida estate planning as well. This would ensure care for any minors or disabled persons that would be under your current care. It would also minimize taxes, or protect against creditors.

Directions regarding strategies to avoid probate could also be included in Florida estate planning. This would avoid probates that would transfer property at death such as insurance, gifts, joint ownership of properties, and bank accounts.

You might also be able to protect against future bankruptcy filings. With new Florida Bankruptcy Chapter 7 laws, it can be more difficult to file for bankruptcy. Under the Florida Chapter 7 bankruptcy laws your non-exempt properties can be sold to help pay off your creditors. The Trustee cannot, however, sell your exempt properties to pay off creditors. Each state has its own bankruptcy laws and it’s important to contact a Florida lawyer about how the law would apply to you and your situation.

It is important to know that it is your right under the Constitution to be able to file for bankruptcy and a bankruptcy lawyer would be able to explain it to you. It’s also quick and final to file for bankruptcy and your employer and family will not need to know.

A common bankruptcy misconception is that filing for bankruptcy is different for every state. That is simply not true. Florida is one of the more liberal states regarding filing for bankruptcy. In Florida, if you have a Tampa bankruptcy lawyer, you can keep more property than in any other state. This is because Florida opted out of Federal exemptions in its state. Not every state has the same rules about filing, they are all different.

There is no requirement in filing for bankruptcy; you do not have to have a good reason for doing it. Whether you acquired debt because of gambling, credit card overuse, health problems, or bad investments, you can still file for bankruptcy if you are using a bankruptcy lawyer.

All persons are treated the same in court. You do not need to have personal references or even a job. Doctors, lawyers, laymen and the unemployed can file and the court cannot deny bankruptcy based on this requirement.

Knowing your options when looking into filing for bankruptcy is always the best plan. And having a plan for your future by planning your estate and making clear your wishes will make tough situations a little bit easier for everyone involved.

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