Scales Of Justice

Lewis Law Office, P.A.

475 NE 50th Terrace, Miami, FL 33137 (305) 757-9255 KayLewisEsq@LewisLawOfficePA.com Monday - Friday 8:30am - 5pm

ESTATE AND TRUST PLANNING CAN REDUCE TAXES AND FEES

A Last Will and Testament and a Revocable Living Trust have been the cornerstones of estate and tax planning for individuals living in Florida. With assets of cash, real estate, investments and business interests, the use of a revocable living trust agreement can help coordinate an estate plan to take care of the individual during their life even if they become disabled or incompetent to handle their own affairs. A revocable trust which is often called a “living trust” provides the ability to plan for a person’s needs and desires using the individual's assets, and it allows them to appoint whomever they wish to assist and/or handle legal and financial matters for them. One of the best advantages of using the revocable living trust in Florida is that assets which are "titled" in the trust name are not subject to probate or the probate fees upon the death of that individual. That alone can be a tremendous savings of fees, and thus provide more assets for their heirs, whether they are family, friends, or charities. However, even with the use of a trust, it is essential to have a Last Will & Testament. A Will provides a mechanism to appoint the executor (personal representative) of one's estate and a mechanism to make bequests and to "roll-over" their assets to the trust to complete the distribution of one's assets in the manner they had planned. If minor children are involved, the Last Will & Testament is crucial for the parents to select who they wish to appoint as the guardians of their minor children. If you would like to find out how you can reduce or even eliminate gift and or estate taxes and probate fees, then you should consider having a tax attorney review your documents, and if necessary, draft a Last Will & Testament and a Revocable Living Trust for you. With these two documents you are starting a good plan for your estate and the future of your assets, including your precious children.