Difference Between Estate and Asset Protection Planning
Unexpected events can threaten the future well being and financial security of you and those you love. Accidental injuries, chronic health conditions, major disasters, lawsuits, and other situations can easily wreak havoc if you are not properly prepared. Our Boca Raton estate planning and asset protection attorneys guide in the steps you need to take now to help minimize losses in these situations.
Asset protection deals with maintaining your current financial security and the property or assets you possess. Estate planning involves issues surrounding end of life care and your eventual passing. Both are important areas to address and can help to ensure you and your loved ones are protected.
The Importance of Estate Planning in Florida
Estate planning in Florida helps to convey your final wishes and ensures that the property and assets you have accumulated over the course of your life pass on to the appropriate people. It typically includes the following documents:
- Last will and testament: Submitted to the Florida Probate Court after your death, your will provides important instructions regarding your heirs, the care of any minor children, and how you want property and asset distributions to be made.
- Advance directives: Living wills, health care surrogates, powers of attorney, and other advance directives in Florida ensure important decisions are made in accordance with your wishes in the event you are incapacitated.
- Revocable ‘living’ trusts: This allows you to dictate how and when certain funds should be dispersed and gives you control in placing conditions or restrictions on how money is spent.
Regardless of your age, it is important to consult with our Boca Raton attorney to ensure these and other estate planning documents are in place. Failure to do so leaves your loved ones to guess what you would have wanted. It could also cost them time and money in probate court proceedings while excluding certain people you would otherwise want to inherit from your estate.
Protecting Your Assets
Where estate planning focuses on end of life issues, asset protection strategies help to preserve money and property you earn over the course of your life. This may involve:
- Choosing a business structure under Florida Department of State guidelines which will provide tax benefits and protection against legal liability;
- Titling property in the way that best benefits you and your loved ones;
- Ensuring you have the proper amount of insurance in the event of accidents or illnesses;
- Using trusts to shield assets, such as investments and retirement benefits, and to protect you in the event of long term disabilities.
Let Our Boca Raton Estate Planning and Asset Protection Attorneys Assist You
At Ged Lawyers, LLP., we have been provided trusted legal guidance to clients throughout Florida for more than 20 years. To discuss the documents you need to protect yourself, your loved ones, and your financial security, contact our Boca Raton estate planning and asset protection attorneys today and request a consultation.