Wallethub recently performed an analysis based upon several criteria and determined that Florida is the top place for military retirees. This may shock some (ok, probably not), but for those who are the born and raised type of Floridian, this really isn’t a surprise. How could it be? Beaches, warm weather, no state income tax, theme parks, numerous cruise ship ports and destinations…we could go on and on.
So why is this relevant to estate planning? Gallup did a survey and Caring.com did a study and both found that less than half of adults in the U.S. have a Will, yet according to SeniorLiving.org, American retirees expect to transfer more than $36 trillion to their heirs/beneficiaries over the next 30 years! That is a staggering amount, even with inflation. How much of that will be spent on attorney’s fees and taxes is largely up to you. By properly preparing for that time, you may be able to avoid unnecessary fees and costs. Trusts are often the answer if you expect to leave several hundred thousand dollars to your beneficiaries, but a Will may be adequate depending on what types of assets you have and how you want to distribute them. Either way, have a plan and don’t rely on simple forms that you do not fully understand or individuals who only look at a part of your assets. They may be missing something or advising you poorly.
We often see people told to set up joint accounts instead of fiduciary accounts or add beneficiaries to accounts (like through a pay-on-death designation), but many times, this can lead to disputes between the beneficiaries. Many of these disputes can be easily avoided through your estate plan. Bottom line, see a professional before trying to go it alone.
Navigating the legal issues related to estate planning can be complex, but with the help of an experienced attorney, it can be done successfully with saving money in mind.
Our WM team is equipped to provide comprehensive support for those looking to create or manage their estate plan. We often work with tax specialists and financial advisors in the process. We are committed to helping our clients navigate the legal complexities of estate planning. Contact attorney Mason Williams or a member of our team with any questions you may have about the process.
