West Palm Beach Estate Planning Attorney
Effective estate planning is essential to preserving your assets, protecting your family, and ensuring your wishes are followed. The lawyers at Kitroser Lewis & Mighdoll provide comprehensive estate planning services, drafting and reviewing essential documents like wills, trusts, durable powers of attorney, health care surrogates, and living wills. Whether you’re just starting to think about your estate or need to update an existing plan, our experienced West Palm Beach estate planning attorneys will help you create a comprehensive estate plan consistent with your needs and goals under Florida law.
Why Estate Planning Matters
Estate planning is more than just deciding who will inherit your property after you’re gone. A well-crafted plan addresses a wide range of issues that could affect your family, your assets, and your health. By working with Kitroser Lewis & Mighdoll, you can gain peace of mind knowing that your financial and personal affairs will be handled according to your wishes.
Benefits of Estate Planning
Probate can be a long and costly process that delays the distribution of your assets to your heirs. At Kitroser Lewis & Mighdoll, we help clients create plans that minimize or avoid probate altogether. By utilizing tools such as revocable living trusts, we ensure that your estate is distributed privately, efficiently, and without unnecessary court involvement.
Basic Steps of Estate Planning
1. Organize your assets: Determine what your personal assets are including your property, savings, real estate, retirement plans and any life insurance policies. Make sure that you have all proper documentation for the assets that belong to your estate. Also, give some thought to what you anticipate inheriting from others as you craft your plan.
2. Create a will: Without a will, the state law determines who gets your property and a judge may decide who will raise your children. This should be signed, witnessed and notarized. A will is a legal document that:
- Distributes your assets and personal items to whomever you choose.
- Names a guardian to care for your minor children if you are unable.
- Names an executor, the person with the authority that ensures your wishes are completed.
- Lays out a plan for the timing of distributions, particularly when minor children are potential beneficiaries.
- Crafts trusts, if necessary, for beneficiaries with special needs or those who are on disability benefits which might be compromised by a lump-sum inheritance.
- Provides protections for beneficiaries who are irresponsible with money.
3. Create a trust: Having a revocable (living) trust, streamlines the process of transferring assets to beneficiaries after your death and bypasses probate court in many instances. There are a variety of trust options, so it is important to understand each of them so that you can make a well-informed decision about setting up the right trust for you.
4. Understand estate-related taxes: While you may not have to deal with federal taxes depending on the value of your estate, your beneficiaries may have to complete tax-related paperwork as part of the administration of your estate.
5. Consider your insurance: Insurance is important during the estate planning process. You should understand how your insurance will affect your estate and consider different types of insurance such as life insurance, automobile and home owner’s insurance.
6. Store your Documents: Make sure your documents are easily accessible by your loved ones, attorney, or your executor. Some important documents include:
- Will
- Trusts
- Insurance policies
- Real estate deeds
- Certificates for stock, bonds, annuities, bank accounts, mutual funds, and safety deposit boxes information
- Information concerning debt
Terms to Know
Will: A document that specifies the method to be applied in the management and distribution of his estate after his death and which appoints the person or persons who will carry out your wishes.
Estate: The term estate refers to the assets and liabilities owned by a particular person, especially at death prior to distribution by a will or trust. The term estate has several meanings, including “probate estate”, and “taxable estate”.
Property: Refers to the land (including structures and minerals) and personal property (automobiles, loans, cash, securities and insurance policies) owned by an individual.
Trust: Written set of instructions that direct management of property for the benefit of someone
Grantor/settlor: The individual who creates the trust, which will be transferred to the beneficiaries.
Beneficiary: The individual who inherits property from the grantor. This can be more than one person.
Trustee: The individual responsible for managing the trust on behalf of the decedent and for the benefit of the beneficiaries.
Successor trustee: An individual who takes over the duties of the original trustee if needed.
Probate: The legal process used by the states to determine a decedent’s rightful heirs, property shares, and a means to transfer the title of the property. This can be a lengthy and time consuming process.
Power of attorney: The authority to act for another person in legal or financial matters during that person’s lifetime.
Estate transfer: The process by which property interests are legally transferred to another person.
Asset Protection
Protecting your wealth from unforeseen claims or creditors is a priority for many of our clients. We provide asset protection strategies tailored to your needs, including the creation of trusts that safeguard your assets from future liabilities while still allowing you to maintain control.
Incapacity Planning
A complete estate plan includes provisions for your care if you become incapacitated. Durable powers of attorney and health care surrogates are vital documents that designate trusted individuals to manage your finances and make medical decisions on your behalf. At Kitroser Lewis & Mighdoll, we help ensure that your preferences are respected if you’re unable to communicate your wishes.
Business Succession Planning
If you own a business, planning for its future is essential to protecting its value and ensuring a smooth transition. We offer business succession planning to help you transfer ownership, manage tax implications, and protect your company for future generations. Our approach ensures that your business remains operational and in capable hands, whether through family members or trusted partners.
Domicile Planning
Domicile planning is particularly important for individuals who split their time between multiple states or countries. Florida has favorable tax laws for residents, but establishing and maintaining a domicile can require careful planning. Kitroser Lewis & Mighdoll assists with domicile planning to help you take full advantage of Florida’s tax benefits while ensuring compliance with state laws.
Every family’s situation is unique, and we tailor each estate plan to reflect your specific goals and circumstances. Whether your priority is avoiding probate, protecting assets, or ensuring that your business remains in good hands, we have the expertise to craft a plan that meets your needs.
Contact Our Experienced West Palm Beach Estate Planning Attorneys
At Kitroser Lewis & Mighdoll, our West Palm Beach estate planning lawyers are committed to helping families throughout Martin and Palm Beach County secure their legacies and protect their loved ones. Contact us today at 561-721-0600 or online to schedule a consultation and start building a plan that gives you peace of mind for the future.