Proper estate planning can ensure that your wishes are observed, and you and your loved ones are protected.
Health Care Decisions Explained By a Clearwater Estate Law Attorney
Have you considered who will assist you in the event you cannot make health care decisions yourself? What if you are in an accident and cannot be consulted about your own health care? What if you require long-term care? These are real issues faced by many. Ensure that your wishes are known and that your desired agents are empowered to carry out those decisions through consultation with a Clearwater estate law attorney at the Coleman Law Firm.
Guardianship of Minor Children
Proper estate planning with a Clearwater estate law attorney can ensure that you have provided for minor children. Who will be their guardians? Will their guardian also be the financial trustee of your estate? These decisions must be carefully considered.
A Loved One with Special Needs
If you have a family member who will inherit, is that person suited to manage the assets received? Perhaps your loved one has a disability qualifying for public assistance. Will an inheritance disqualify them from receiving future benefits?
Issues Which May Endanger an Inheritance
Perhaps your loved one has or had a substance abuse issue for which management of an inheritance is warranted. Does a family member have a marriage which may end in divorce? Does a family member have a spending problem, or perhaps he or she is not adept at managing assets. In any of these cases, you may consider establishing a trust which would benefit that family member without risking the loss of the estate through profligate or unwise spending. A candid discussion with your Clearwater estate law attorney at the Coleman Law Firm can address potential problems and identify solutions.
A probated will is a public record, meaning that anyone could conduct a search to determine what assets are in an estate and who the beneficiaries are. A trust can avoid this situation since it is a private document which is generally administered without court intervention.
Transferring assets through inheritance or gifts can lead to unintended tax consequences. Estate, capital gains, income, and gift taxes are just a few traps for the unwary, the impact of which consultation and proper planning with your Clearwater estate law attorney can minimize.
Call the Coleman Law Firm at (727) 461-7474 to discuss these and other estate planning issues.