Malcolm decided it was time. He knew he needed a Will and was thinking about writing it himself. I mean, how hard could it be, right? His friend, Peter, talked to him about why he needed to hire an estate planning lawyer.
Some estates greatly benefit from estate planning strategies that maximize asset protection. This is not an easy thing to do, though. Asset protection can backfire in a big way. For example, if you set up an asset protection trust after someone obtains a judgment against you, it’s very likely you’ll be charged with making a fraudulent transfer.
An experienced estate planning attorney can analyze a client’s situation, listen to their goals, and come up with actionable solutions. Your best buddy can’t provide that kind of assistance. Neither can the hottest new estate planning website.
Most people think of a Will when they think of estate planning. Wills are an important part of an estate plan, but there are other documents that affect the testator during his or her lifetime.
Trusts may help provide income for retirement or protect assets from creditors and ex-spouses. A durable power of attorney plans for your possible incapacity. The health care proxy designation looks ahead to a time when you may need someone to speak to medical providers on your behalf.
An estate planning attorney can help you plan for future possible scenarios.
Maybe you want to leave your favorite muscle car to your oldest daughter. Perhaps your alma mater needs money for a new building and you’d like your name on it. Or you just want to leave a little something for your family to remember you by – a legacy.
Estate planning can make that happen. Your Will can contain specific bequests or you can leave an instruction letter for your executor. Transferring property to a trust may also satisfy your goals. For example, charitable remainder trusts allow the trust maker to donate money to a charity while receiving annuity payments for a time.
These methods of leaving a legacy may work or not, depending on your situation. Your estate planning attorney can advise you about the strategies that are best for your estate.
Malcolm decided to find a great estate planning lawyer near him. The attorney he chose was able to offer options he could never have come up with on his own.
John Mangan is an experienced Florida estate planning attorney who has been board certified in Wills, Trusts & Estates by the Florida Bar. At Law Offices of John Mangan, P.A., we help clients develop an estate plan that’s appropriate for their circumstances. Call us at 772-324-9050 to set up an appointment or use our Contact Form. With our office located in Palm City, we also assist clients in surrounding communities like Stuart, Hobe Sound, Jupiter, and Port St. Lucie.