Miami Estate Planning Attorneys

There is no telling what tomorrow may bring, which is why it is so important to be prepared for anything with a thorough estate plan. Developing an estate plan on your own can result in a plan that is vulnerable to contestation or fails to account for everything. Proper planning is possible with the help of an experienced Miami estate planning team, which you can find at Galbut, Walters & Associates LLP.

At our Miami office, you can find a legal team with more than 70 years of legal experience. We know that each of our clients comes to us with unique needs, and our goal as your legal representation is to understand those needs before developing a custom-tailored plan to uphold your best interests. No matter what kind of significant assets you are planning with, our premier services can help you.

Exceptional Guidance For Your Estate Planning Needs

When you have significant assets, whether they are from your business, trust fund or elsewhere, the last thing you want is for them to fall into the wrong hands after your passing. Our Florida estate planning attorneys can help you develop wills and trusts that reflect your wishes and enforce them with the law. Our extensive knowledge of these matters allows us to protect your best interests by establishing different types of trusts like testamentary trusts, irrevocable trusts, revocable trusts, special needs trusts and more.

The preservation of wealth isn’t just about saving money. The preservation of what one has achieved throughout one’s lifetime for your family and loved ones is the cornerstone of estate planning. From preparing simple single wills to complex inter vivos trusts to post-mortem planning, we make sure your intentions and wishes are addressed so you can breathe easily, knowing you’ve protected the important people and organizations you care most about.

The Different Types Of Trusts In Florida

You can arrange for a trust to protect your assets during and after your life. A trust can be used to secure the distribution of assets, minimize or eliminate estate taxes and prevent inheritance disputes. There are many different kinds of trusts, and an estate planning lawyer can help you learn which kinds of trusts effectively meet your needs.

Some types of trusts commonly used in estate planning include:

• Testamentary trusts: After you pass away, a testamentary trust can be drafted according to the terms set in your last will. These trusts only become effective upon your death.
• Revocable living trust: You can use a revocable living trust to hold your assets while you are alive. The terms of a revocable living trust can be altered at any time during your life. Once you pass away, a revocable trust becomes irrevocable.
• Irrevocable living trust: Similar to a revocable trust, an irrevocable trust can be used to manage your assets while you are alive and establish the distribution of your estate once you die. However, once established, an irrevocable trust can not easily be altered. There are a few limited circumstances that would allow you to alter an irrevocable trust, such as getting consent from the trust’s beneficiaries.
• Special needs trust: Many people who receive needs-based government benefits, such as Supplemental Security Income (SSI) and Medicaid health insurance, could lose their benefits if they gain a large inheritance. A special needs trust allows you to provide for a beneficiary with special needs without endangering their entitlement to special benefits.
• Pet trust: You may have a pet that could outlive you, such as a dog, cat, bird or turtle. You can use a pet trust to set aside assets for their continued care, such as their vet bills, food, shelter and medicine.
• Incentive trust: While most trusts can be accessed by beneficiaries at any time, an incentive trust can set specific terms so funds are not irresponsibly used. These terms can limit beneficiaries from using trust funds unless they meet the terms of the trust, such as enrolling in college, marrying or limiting their drug use.

The list of trusts you can add to your estate plan could go on. An experienced estate planning attorney can work with you to meet your specific needs.

When Should You Modify Your Estate Plan?

Many people think of estate planning as a “set it and forget it” proposition, but this might only be the case for someone who created an estate plan very late in life. If you’re an adult of any age, it’s a good idea to have an estate plan in place, then simply review and update it over time.

Because your estate plan is largely a reflection of your assets, heirs and circumstances, you can modify your plan in response to a significant change in any of these areas. Below are some examples of when you should revisit and amend your estate planning documents:

• Upon the birth or adoption of a child or grandchild
• After getting married, divorced and/or remarried
• After the death of a close family member (especially someone who was named as an heir or beneficiary in your estate plan)
• After buying a home or making other large purchases
• After inheriting significant assets
• In response to a serious medical diagnosis
• After a major increase or decrease in the value of your assets
• When moving to another state, if that state has significantly different estate and probate laws
• After changes in state law that could impact your estate plan
• After founding a business or making significant changes to a closely held business
• When you want to retire and pass your family business on to the next generation or sell to a new owner
• Before engaging in lengthy and/or international travel (just in case the unexpected were to occur)

Because life and circumstances are always changing, the events listed above may have you updating your estate plan on a regular basis. If no major changes have occurred for you recently, however, you can still review and amend your estate plan simply because time has passed. Absent a specific triggering event, many people revisit their estate plans every three to five years.

While updating an estate plan may seem like a lot of work, the good news is that changing an existing plan tends to be faster and less expensive than creating the original documents. Our experienced estate law attorneys are ready to help you review and revise your existing estate plan as often as needed, even if another firm created the original plan. And if you have yet to start the estate planning process, they can help you create a customized, thorough, and legally sound plan that reflects your needs and goals.

More Than Money Planning

Estate planning also offers more than just preparing finances. Our Miami estate planning lawyers are adept in all matters of elder law, like those involving long-term care, power of attorney issues and anything else you or your loved one may be dealing with. We are also here to help you with complicated matters like guardianship and probate issues. No matter what you need help with in your estate planning, you can rest easy knowing that our committed and proficient team is here by your side.

Start Planning With Us

If illness, injury or another tragedy should strike when you do not have an estate plan in place, your loved ones may be left guessing about what you would have wanted for them. Instead of creating needless infighting between friends and family, we can help you create a plan that leaves no question about your wishes while leaving little to no room for contestation.

If you are ready to schedule your initial consultation, call us at 305-701-9811 or email us here. We look forward to guiding you through your estate planning process.