Our Cape Coral Estate Planning Attorneys Have Been Meeting Florida’s Needs Since 1974

A carefully prepared and well-organized estate plan is one of the most precious gifts you can give to your family. By creating a will or other estate documents, you reduce the chances of confusion and uncertainty about your wishes. You may also relieve your loved ones of the burden of making difficult and often painful decisions about your well-being.

At Burandt, Adamski, Feichthaler & Sanchez, PLLC, we understand that you may have many questions and concerns about the process of planning your estate. We have been guiding families in Florida through estate planning for over 40 years, and we can help you meet your goal of providing peace of mind for the ones you love.

We Offer Skillful Representation For You And Your Family

Estate planning is not just about deciding how your assets will be distributed after your death. A complete plan can also provide for health care and end-of life decisions if you cannot communicate your wishes, designate a surrogate to direct medical care if you are unable to do so, and establish an insightful path of succession for your business.

Our lawyers are proud of our years of service assisting Cape Coral residents in their estate planning matters, including:

• Protection of assets and strategies for minimizing estate and gift taxes
• Will preparation
• Guardianship
• Trust formation, including living trusts and trusts for special needs
• Medicaid planning and elder law issues
• Living wills and designation of health care surrogates
• Power of attorney services
• Business succession planning

Contact our legal team to discuss your circumstances and for legal counsel.

Floridians Of All Ages Can Experience A Sudden Disability

Sadly, accidents and unexpected illnesses like cancer affect people under 40 too frequently. An accident or illness can, suddenly and with little warning, leave even a young parent permanently disabled and, potentially, unable even to make medical decisions for himself or herself.

Having a power of attorney in place will mean that a young person has a trusted friend, spouse or relative waiting in the wings to take over the person’s financial affairs and manage his or her assets. This step can keep a family afloat financially during an emergency and can do so without forcing a family to go to court and obtain a guardianship.

Likewise, a young person who executes a health care proxy will give someone the ability to make important medical decisions on his or her behalf in the event of a serious illness or accident after which the person can no longer make such decisions.

Providing For One’s Children

A good estate plan can also provide for one’s minor children should both of the children’s parents be unable to continue to care for the children, such is in the case of an accident where both parents get seriously hurt or die. Ultimately, a Florida court will decide who is the best guardian for the children should parents be unavailable.  However, parents are allowed to designate whom they would prefer to act as the manager of their child’s affairs and property. The court will, for example, take in to account a deceased parent’s wishes if they are in the parent’s will.

Waiting until your later years to create an estate plan is a risk, especially if you are a parent with young children. We can help you establish a plan to provide security and stability for your family now and into the future. Same-sex couples and unmarried couples often have special concerns when planning their estates. Our skilled attorneys can help you choose the tools that will best meet your goals.

Check out our free Estate Planning e-book to learn how to plan your estate and talk to your lawyer.

How To Begin Planning Your Estate

Before you plan your estate, consider what property you want to include, who will be a beneficiary and the executor. To help you make those decisions, here are three estate planning tips.

• Calculate your net worth: Find out what your net worth is by calculating the value of your assets, which includes jewelry, cars, homes, and any investments. Be sure to include insurance policies, retirement assets or any other non-tangible assets in your calculation. Then figure out the number of liabilities you have and subtract it from the total of your assets. Determining your net worth will help you decide what assets to give each beneficiary.
• Designate beneficiaries: Choose who you would like to be named in your will and what you want them to inherit.
• Choose an executor: Decide who will administer the estate. You can appoint anyone as the executor of your estate.

Additionally, you may want to think about creating a revocable living trust if you have a somewhat large estate. This will keep the details of your estate private and allow you to avoid probate court.

Because of the complexity of probate laws, it is a good idea to speak with an experienced estate planning attorney. An attorney can draft your will for you and help you avoid making any mistakes throughout the process. Speaking with your attorney can also help you learn if a trust is another option for you.

Estate Planning For Same-Sex And Unmarried Couples

As a same-sex married couple in Florida, the law states that you have the same rights as any other married couple. However, even married couples need careful estate planning to protect their rights. Unmarried partners, even though they have been in a long-term relationship, may not have any rights if one of them becomes incapacitated or dies.

For more than 40 years, we have been assisting individuals with their estate planning needs throughout Florida. We have the skills to handle any estate planning matters for same-sex and unmarried couples. Our free initial estate plan consultations are always available.

What Can An Estate Planning Attorney Do For You?

Our estate planning attorneys can help by leveraging their extensive experience and comprehensive understanding of Florida estate law. They will take the time to:

• Get to know you: It takes trust to build an effective estate plan. Our lawyers value building solid attorney-client relationships based on mutual trust and respect. They will take a sincere interest in getting to know you on a personal level.
• Understand your goals: Our team will start by listening to what is most important to you so that there are no misunderstandings and nothing gets overlooked.
• Develop customized strategies: Based on your goals, our lawyers will develop a comprehensive estate planning strategy to fulfill your wishes in every way.
• Ensure full legal compliance: You can count on us to provide an estate plan that is fully enforceable and meticulously adheres to all legal requirements.
• Provide ongoing support: Estate planning is not a one-time task. As your life changes, so might your estate planning needs. We’re here to provide ongoing support and adjustments as needed.

With our professional guidance, you can rest assured that no detail is overlooked. We dot every ‘i’ and cross every ‘t’, providing you with the confidence that your estate plan is thorough and complete.

Why Choose Our Lawyers Over DIY Options

When you think about the future, especially your legacy and the well-being of your loved ones, the importance of a robust estate plan is evident. You shouldn’t leave anything to chance, nor should you leave your loved ones with the burden of having to untangle your affairs without clear direction. Your estate plan should be carefully tailored to reflect your personal values, needs and wishes. It should also be in full compliance with Florida law. For all of these reasons, it’s well worth the investment to work with an estate planning lawyer.

Do-it-yourself estate plans fall far short of accomplishing these goals. They often overlook the nuances of your personal circumstances. They might be way off the mark in terms of accomplishing your objectives, and they might not even be fully compliant with Florida law. Our lawyers deliver value that no off-the-shelf estate plan can provide.

Frequently Asked Questions About Estate Planning

Our estate planning attorneys regularly address common questions from clients throughout Florida. Here are answers to some of the questions we hear most often from individuals and families seeking to secure their legacies and protect their loved ones.

What documents are typically included in an estate plan?

An effective and comprehensive estate plan can include several different legal tools. Estate planning documents estate planners should consider as part of their estate plan include:

• Will – A will states how the estate planner wants their assets and property to be distributed and who they want their assets and property to be distributed to. There are requirements for a will to be valid that estate planners should be familiar with.
• Advance Healthcare Directive or Living Will – An advanced healthcare directive is a document that names a trusted family member or friend to handle the estate planner’s medical wishes for their medical treatment or care if they become incapacitated and are unable to do so for themselves.
• Power of Attorney – A power of attorney document names a trusted family member or friend to handles the estate planner’s financial affairs if they are unable to do so for themselves at some point.
• Trust – A trust is an estate planning tool that can either supplement or replace a will and can help the estate planner manager their estate during life. Trusts can also have tax and probate benefits to consider.

Estate planning is not a one-size-fits-all process which is why different estate planning tools are available for estate planners to be familiar with so they can develop an estate plan that is best for them.

How often should I update my estate plan?

Not everyone has an estate plan, and those who have taken the time to create their own may not have reviewed their testamentary documents in some time. If the biggest estate planning mistake that people in Cape Coral make is not having a plan, the second most common error is not keeping their plan up to date. Like any other legal document, your estate plan is not set in stone. It can be modified and amended. And unlike a contract, you do not have to negotiate with another party to make changes. As a testator, it is up to you to change your estate plan as you see fit.

If you have an estate plan already in place, then you are ahead of most Americans. However, because life and finances can change rapidly, your estate plan should be flexible to reflect those changes. Knowing when to update your estate plan can be as important as getting one set up to begin with. Certain circumstances should trigger a review of your estate plan to ensure it is current and estate planners should be familiar with when they should update their estate plan.

A good rule of thumb is when you experience any big life change, you should consider updating your estate plan. The purpose of an effective estate plan is to accomplish the wishes of the estate planner so it is important to ensure their estate plan reflects their current wishes. Estate planning professionals recommend updating your estate plan every three to five years or after any significant life changes

The following is a list of factors that may be cause for revision:

• You relocated to a new state. A change in state residency warrants an update to your estate plan because each state has its own estate planning laws. State laws can vary widely regarding property rights for spouses, powers of attorney, living wills and more. Updating your plan accordingly can ensure you avoid any unintended results.
• A substantial change in your assets. Any time your wealth changes and you experience a notable shift in the value of your estate, whether an increase or decrease, is a reason to strategize changes for your estate plan. Your new circumstances may prompt you to modify how you allocate your property. Sometimes, due to the inheritance of significant property or the fruits of a lucrative new career, you may wish to include individuals in your estate plans who were not included before, such as charities.
• Marriage or divorce. A change to your marital status is an important reason to review your estate plan. You will likely want to adjust your plan, so it reflects your new spouse or that your ex-spouse is removed. A new spouse should be included in the disposition of your estate. Be sure to update beneficiary designations on financial accounts and life insurance policies and appoint new powers of attorney.
• You had a child. If you welcome a new child to the family, be sure to appoint a guardianship provision in your estate plan. The person you designate will be a surrogate parent and raise your child if you die early or become legally incapacitated. If your estate plan does not name a guardian, then a New Jersey court must appoint a guardian.
• You adopted a child. Just as individuals can decide to join or leave marriages, they can also choose to add children to their families. The failure to add your adopted child to a will can result in serious questions about your intentions during probate. While it may be tempting to assume that your adopted child should be included equally in the distribution your will, individuals do have the right to disown heirs from collecting from their estates and the intentions of the testator should be derived from the operating testamentary documents.
• Changes in tax law. Tax reform legislation is a subject to continuous changed. You may be affected a variety of income tax rates, brackets and deductions. Estate tax exemptions may unveil new financial opportunities for your estate plan.
• It’s been awhile. Consider, for example, a will that you had drafted more than 20 years ago. While that document may still meet the requirements of a valid and legally enforceable will, it may contain provisions and beneficiaries who are no longer part of your life. There may be things in there that you would like changed that you may not realize until you go over your estate planning documents.
• Your executor or trustees are no longer appropriate. The individuals you named as the executor of your will or trustee of your trust may have since died or become too ill to handle their responsibilities. Or when reviewing your plan, you may decide that someone else would make a better choice, given current circumstances.

Updating and maintaining your estate plan is essential even if you have not experienced any of these life changes. Our skilled estate planning attorneys can review your estate plan to ensure that it evolves with your changing financial and personal circumstances.

What are the considerations for remarrying?

If you’ve remarried, or are planning to remarry, it is important to think about what this may mean for your estate plan. While getting married a second time is fairly easy, the financial and estate planning consequences could cause you a headache.

This is especially true if you have children from a previous marriage, or if your spouse has children of their own. A blended family can create any number of issues when it comes to things like long-term care planning and inheritances. Consider these things when it comes time to update your will and other estate plan documents. Failing to account for your new relationship in your estate plan may result in your ex receiving the entirety of your estate or it could also effectively disinherit your children. Approximately half of all couples in the U.S. have been divorced or have remarried. Given this large number, it’s important to keep the following considerations in mind when you’re thinking about updating your estate plan.

• A simple will might not meet your needs. A simple will leaves everything to the surviving spouse. If you are an older couple with no children or other close loved ones, this option may be just fine. If this is not the case, a simple will could leave your heirs without any assets. The surviving spouse has no legal obligation to share the proceeds of the estate with the deceased’s children or anyone else. If all you have is a simple will, it might be worth your while to explore more comprehensive estate planning options.
• Think about establishing a trust. Trusts are not only designed for the wealthy. There are trusts which can benefit people regardless of how many assets they may have. You could set up a trust which will leave your assets to your spouse for the remainder of their lifetime. What remains of the assets in the trust can then go to your children. This can help benefit your spouse while avoiding the unintended consequences that can result from having a simple will.
• Revisit your healthcare directive. People who have no other type of estate planning documents in place may still have a power of attorney or advanced health care directive. Consider who you’ve named to make decisions on your behalf if you should ever become incapacitated. Will that person be open to providing your new spouse with information on your healthcare status? Do you still trust them to respect your wishes? If not, take the time to update these documents.
• Keep some things separate. If you are already dealing with a financial situation with a former spouse, consider keeping certain expenses and property separate instead of commingling with your second wife. For example, if your ex-wife took possession of your Cape Coral home and is supposed to be making the mortgage payments but defaults, creditors could come knocking on your door if your name is still attached to the home loan.
• Protect your children. If you have children from a first marriage, their inheritance might be at risk if you remarry. For instance, if you pass away before your second wife, she could end up with the bulk of your estate and pass it on to her family at her death, effectively leaving your children disinherited. You can avoid this by setting aside the assets you wish to leave to your children and placing them in a trust. This way, the assets will no longer be part of your estate and will pass to the beneficiaries listed on the trust.

Remarrying can be a wonderful thing. Taking the time to create or update your estate plan that protects your loved one will give both you and your new spouse a sense of security about the future. After all, it is always good to know that the people we care for most will have the care and resources they need when we aren’t there to provide it for them.

Why is DIY estate planning risky?

DIY estate planning often creates documents that fail to address Florida-specific legal requirements or your unique situation. Common problems include improper execution, inadequate tax planning and vague language that creates family disputes. DIY plans frequently miss important provisions for contingencies that professional estate planning attorneys routinely address. The cost of correcting these errors typically exceeds the initial investment in professional services.

What unique challenges do same sex and unmarried couples face in estate planning?

Without proper planning, unmarried partners have no legal right to make medical decisions, access accounts or inherit assets regardless of relationship length. Same-sex couples may need additional documentation depending on where they own property or receive medical care. Both groups benefit from comprehensive powers of attorney, health care directives and well-crafted estate plans that protect their partners’ interests against potential challenges from biological family members.

 

We’re Ready To Serve Your Estate Planning Needs We will never offer you cookie-cutter advice or try to persuade you to take on more than what is appropriate for your needs. Instead, our commitment is to provide you with creative solutions that will protect your future and the future of your loved ones. Call us at 239-542-4733 or contact us online to schedule a consultation. Our attorneys will answer your questions, evaluate your unique situation and help you determine which estate planning instruments are most suitable for your circumstances. To help you prepare for this meeting, you may wish to review ” Estate Planning Made Easy.” Se habla español.