In general, Estate Planning involves making a written plan in advance for whom a person wishes to receive one’s assets after death and naming who they wish to make decisions for them if they become incapacitated.

1. It provides instructions for what to do with one’s assets and property after they have passed away.
2. It provides instructions for a person’s care and how to manage their finances if they become incapacitated.
3. It identifies a Guardian or Custodian and a Trustee to manage one’s minor children and/or their inherited assets.
4. It helps prevent disputes among beneficiaries and/or surviving family members.
5. It can provide for family members with special needs without disqualifying them from government benefits.
6. It can include life insurance to provide for one’s family at their death; disability income insurance to replace income if one cannot work due to illness or injury; and long-term care insurance to provide assistance in case of an extended illness or injury.
7. It enables the transfer of a party’s business from their retirement, disability, or death.
8. It takes care of loved ones who may be irresponsible with money or who may need to be protected from creditors or ex-spouses.
9. It can reduce taxes, court costs, and unnecessary legal fees.
10. It can be altered and updated as one’s family and financial circumstances, and relevant laws, evolve or change over their lifetime.

The foregoing is a very brief and general overview of the assorted reasons to consider when preparing an estate plan for Florida residents.

If you have any additional Questions regarding the foregoing or have any legal issue or concern, please contact the law firm of CASERTA & SPIRITI in Miami Lakes, Florida.

Florida law does not provide unmarried couples with the inheritance protections and automatic decision-making authority it provides to married couples.  Unmarried couples have virtually no rights under Florida statute. Consequently, many of those rights can be created with proper estate planning documents.  Unmarried couples, in particular, must take practical steps to plan for the future.  Unmarried couples should make estate planning a priority.

Estate planning in Florida is essential to guarantee the estate distributes property and assets according to the deceased person’s wishes. If a person should pass away without executing a Last Will & Testament, or Trust, his or her property will be distributed in accordance with Florida’s Intestacy law. Essentially, a married couple is treated as a single entity under the law. Domestic partners and others in non-traditional relationships do not count as heirs under Florida probate law.  Therefore, unmarried partners do not have access to these same protections. Florida does not recognize common law marriage, so even long-time partners could be cut off from interests in their partners’ property after their deaths.  Unmarried couples can also consider holding certain assets, such as real estate or bank accounts, in joint ownership with rights of survivorship.

It is estimated that the number of cohabiting unmarried couples or partners has increased by 88% between 1990 and 2007, and the committed unmarried couple is the fastest growing segment of the relationship population in the United States. This trend is expected to continue, as modern society struggles to find continuing long-term value in marriage, which is the principal legal fiction used to extend a legal relationship, which began by blood only but was expanded to adoption, to people who were not otherwise related by blood or adoption, i.e., by legal marriage, for purposes of the laws of descent and distribution.

While working with unmarried partners on the personal or human side of estate planning is not too dissimilar from working with married partners on their estate planning, current law treats these two groups, i.e., married v. unmarried, entirely differently on the legal side of estate planning. Again, the two principal differences are the laws of descent and distribution, both testate and intestate (the default rule for people who die without a valid Last Will & Testament which transfers their entire estates) and the laws of marriage, which imbues a married surviving spouse with preferred rights in a whole panoply of areas, including property and estate administration rights and responsibilities, as well as in personal care and taxation.

On the one hand, the lack of current applicability of the legal default rules of legal relationship (unmarried and otherwise unrelated people are strangers in the law) and descent and distribution give estate planners a tabula rasa, but there is no default rule safety net. For this reason, many experts in the field call estate planning for unmarried couples “the wild, wild west of estate planning.”

Estate planning must now focus on the unique problems and issues that unmarried couples and their estate planners face.  There are now numerous factors to consider such as:

• The legal atmosphere for an unmarried couple is different than for married couples-in the world of married couples, the legal institution of marriage eventually came with its preferential rights for surviving spouses by way of the laws of descent and distribution, in which the surviving spouse enjoys in virtually every set of intestacy laws throughout the nation. The legal atmosphere of unmarried partners is without these very effective default rules.
• Why unmarried couples’ estate planning needs to be done in an expedited way, discussing the risks attendant to no protection against the HIPAA privacy protection.
• Legal Status-putative or common law spouses-what about agreements or negating post-death attempts to claim status as a common law or putative spouse, or palimony.
• Property Agreements-Attorneys, and their clients should discuss the structure of a property agreement between unmarried partners and creative use of entities.
• Differences in the income and transfer tax treatment between married and unmarried couples.
• Domicile and Governing Law-This can become particularly acute if the couple lives part-time with each other or separately and part-time together in different jurisdictions.
• Life and Health Insurance; Other Benefits-should be discussed as well as the challenges in this area, including County Domestic Partner forms-for Insurance purposes and employment benefits, etc. and Domestic Partnership Agreements.
• At the Outer Edge-Adult Adoption; visitation agreements, etc.

The foregoing is a brief and very general overview of the various initial steps to consider when preparing an estate plan for an unmarried but committed couple in Florida, whether part-time or full-time residents.

If you have any additional Questions regarding the foregoing or have any legal issue or concern, please contact the law firm of CASERTA & SPIRITI in Miami Lakes, Florida.

Think of an estate plan as a security blanket for a Florida resident’s possessions as well as for family or loved ones. What happens when a person becomes seriously ill?   Upon death, how much of one’s estate is distributed among their family or loved ones? All questions can be answered in a carefully crafted estate plan.

All factors considered should focus on creating an effective plan. The most difficult challenge is setting up terms and knowing where to start. Fortunately, with professional guidance from an experienced attorney, the more beneficial an estate plan will be.

Planning for the future does not have to be a daunting task. The estate planning process can be broken down into steps, geared towards proper asset-planning in a simple manner. Once an individual decides to meet with an estate planning attorney, it will be that much easier in completing the plan and moving forward.

To get a head-start on planning, a person can follow these seven (7) practical and straight forward steps:

First, narrow down what belongs to the party. An estate is important and the more one owns, the more meticulous the plan should be.

Second, once everything one owns is identified and itemized, list who gets what. Beneficiaries can either be family members, loved ones, cherished organizations or close friends. A Last Will & Testament also states, lists, or names who will take custody or guardianship of one’s minor children, if applicable. A Declaration of Preneed Guardian for Minors can be used for this purpose as well.  Be sure to update the Last Will after significant life events, like marriage, divorce, birth or death of a child, or retirement and the like.

Third, avoiding the arduous process of probate, or trust administration, can be the goal of forming a trust, designating beneficiaries on accounts, or preparing a Lady Bird Deed for real property in Florida, particularly for a homestead primary residence. Upon an unexpected illness or death, the trust, designated beneficiaries, or Lady Bird Deed guarantees the estate will be handled correctly according to the stated terms.

Fourth, healthcare programs are meant for financing assisted living and nursing homes, depending on whenever one might require special housing or medical facility arrangements. Whenever the situation arises, a person will be glad they have a healthcare plan in place.

Fifth, especially if an individual and/or couple have young children and/or own a house, purchasing a life insurance policy financially benefits those left behind after death.

Sixth, with all the proper paperwork kept in one specific place helps the maker of the same to stay organized and easier for those who follow.

Seventh, an experienced estate plan attorney can guide the individual every step of the way. The attorney can educate clients and aid in fine-tuning the subject estate plan while maximizing its benefits for the creator of the said plan and their loved ones or beneficiaries.

The foregoing is a brief and general overview of the various steps to consider when preparing an estate plan in Florida.

If you have any additional Questions regarding the foregoing or have any legal issue or concern, please contact the law firm of CASERTA & SPIRITI in Miami Lakes, Florida.

Those Florida families with large support systems and close, loving relationships with friends and family already know they have a built-in system. They can raise their children in an environment where they can feel fully supported. However, even in situations where one believes their children will be safe and well cared for if they can no longer care for those minor children, should not leave it up to family or the court system to determine guardianship in their absence. It may lead to legal complications and disputes that could ultimately cause harm to said minor children. Learning about the impact planned guardianship can have will benefit an estate plan and potentially one’s minor children.

If and when a minor child’s parents pass away or are otherwise unable to care for them, the court will determine who will make decisions on behalf of the minor child, unless there is a named Guardian within the estate. The judge will do the best they can to make this determination in the best interest of the said minor child, but the reality is that they do not personally know the subject children nor their particular family dynamics.

In some cases, one may not have a good relationship with a family member, but after their passing, if the said relative petitions for guardianship of the deceased party’s child, it is possible that the judge will select them for as a legal guardian. They could have complete control over that individual’s child’s inheritance, well-being, and the values with which they will be raised. On the other hand, said party may be expecting someone close to them will be able to step in and become a Guardian. However, in that moment, that particular person may not be prepared or willing. 

Naming a Guardian in a Trust or a Last Will or Declaration of Preneed Guardian for Minor Children can eliminate any ambiguity about one’s desires or wishes. With a named Guardian, the minor children will be cared for by someone the deceased parent approves of, and it will be more difficult for anyone to dispute their guardianship rights if said parent becomes incapacitated or passes away. Incorporating these estate planning tools can protect one’s child’s inheritance or give the Guardian the financial means to raise the child.

Choosing someone to be a Guardian is not an easy task. If possible, it should be someone who is close to the parents and their children. They should understand and respect the personal values and beliefs of the said parent and be willing to impart them to the subject minor children. A potential Guardian should also be fiscally responsible. Anyone who is expected to raise a child should have the financial means to do so. If tasked with managing the child’s inheritance, they should be capable of using it for the best interest of the child and not for personal gain.

Although one’s children may not need to be directly involved with the estate planning process, generally, it may be important to consider their wishes when it comes to guardianship. It should be a collaborative process between the parents, their children, and their prospective Guardians. The most important characteristic of a Guardian is that they care about the subject minor children and are willing to care for their needs in the said parent’s stead. 

The process of selecting and incorporating a Guardian for one’s children within their estate plan may be a bit challenging, but the benefits are well worth it. The parent who may become incapacitated or pass away can have peace of mind knowing that their minor children will be safe and well cared for and that their inheritance will be protected.

On can name a Guardian in a Last Will & Testament and use a testamentary Minor’s Trust for receipt of assets, a Living Trust and/or Preneed Guardian Declaration or Designation.

The foregoing may not be an easy subject for parents to consider and contemplate, but it is a possibility. Without comprehensive estate planning, one could leave their minor children and dependents vulnerable. However, with the proper estate planning tools, a Florida resident can rest assured that their loved ones are appropriately cared for and their future secure.

The foregoing is a brief and general overview of advanced naming of a Guardian for Minor Children in Florida.

If you have any additional Questions regarding the foregoing or have any legal issue or concern, please contact the law firm of CASERTA & SPIRITI in Miami Lakes, Florida.