Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of that person's property during the person's life and after death, while minimizing gift, estate, generation skipping transfer, capital and income taxes. Wills and trusts are an integral part of proper planning for the use of your property after you die. Trusts can also be set up during your life that minimize tax exposure and that take care of you if you become incapacitated. As part of the estate planning process, you can also determine
- If you want heroic measures to save your life, which can be very expensive and leave little to give to children, grandchildren or charities after death, to be undertaken.
- Who you want to manage your affairs during your lifetime if you become incapacitated.
- How your assets are to be used during your life to take care of you and loved ones if you are not able to make that decision for health reasons.
- Establish how your assets are to be used during your life to take care of loved ones during your life even if you can make that decision.
Through proper estate planning you can determine who gets your property after you die, rather than leave it to a judge or according to Florida statutes. Probate is the legal process by which a court of law puts the person’s planning into action after death. It is also the process by which a court of law determines how a person’s assets are to be distributed after death where there is no estate planning.