Best Estate Planning Attorneys in Orlando

FAQs

• What is the non-emergency contact number for the local police station in Orlando, Florida?

  You can contact the Orlando Police Department for non-emergencies at 321-235-5300.

• Where can I get a copy of police reports for incidents related to my case in Orlando, Florida?

  Check first the eligibility for online access to obtain a copy of an Orlando incident report. Next, provide specific information about the incident and submit a request online at https://orlando.nextrequest.com/. Expect a confirmation email with a records request number and potential fees. Payment can be made in person at 1250 West South Street or by sending a mail to P.O. Box 913, Orlando, FL 32802.

• How does the Florida homestead exemption benefit Orlando residents, and what are the requirements for qualification?

  The Florida homestead exemption presents significant advantages to Orlando homeowners, including protection from creditors, tax benefits, and vital inheritance privileges. For individuals owning multiple homes across states, proving Florida as their primary residence could be challenging. Some even relocate to Florida to leverage these robust protections. To be eligible, individuals must have legal title to their primary residence by January 1 of the claim year. This exemption shields an unlimited value of the home.

• How does estate tax planning impact income taxes on inherited assets for residents of Orlando?

  Estate tax planning can lessen income tax liabilities for Orlando residents inheriting appreciated assets. These assets obtain a 'stepped-up' cost basis, reducing the taxable difference between the selling price and the adjusted cost basis. Notably, a surviving spouse would be taxed on the appreciation of inherited assets post the first spouse's death at around a 20% capital gains rate. Consequently, strategic estate tax planning could substantially mitigate capital gain liability.

• What are the key responsibilities of an executor or personal representative for an estate in Orlando?

  In Orlando, the selected executor or personal representative has numerous crucial duties. These include notifying all relevant parties and creditors, placing a legal announcement for undiscovered creditors, acquiring and cataloging the estate's assets, assessing and preserving asset values, filing an inventory with the court, filing required estate tax returns, and settling claims from creditors. This person plays an essential role in the effective administration of an estate plan.

• For individuals in Orlando, what do they need to know about using a codicil to alter their existing will?

  In Orlando, a codicil can help modify an existing will. It necessitates proper witnessing and legal execution like the original will. Engaging professional legal assistance during the codicil creation is crucial to forestall future legitimacy disputes. Relatives could challenge a codicil over allegations of undue influence or insufficient testamentary capacity, similar to will disputes.

• Should someone who's newly moved to Orlando update their pre-existing will and trust?

  It's recommended that new Orlando residents reassess their established will and trust. Florida's distinctive legal stipulations, such as the surviving spouse's entitlement to an "elective share" and certain homestead rights, require updates. By revising their trust, they can safeguard beneficiaries from potential taxes levied by the original state. Consequently, modifications in their estate plan can help harmonize with Florida's laws and their final wishes.

• What does an estate planning attorney do?

  An estate consists of the total assets that form an individual’s net worth, no matter how large or small. Estate planning attorneys use their in-depth knowledge of state and federal laws to help people best manage what will happen with their estates after they die or become incapacitated. Estate planning attorneys can prepare wills, form trusts, reduce estate tax burdens, and decrease or eliminate the need for probate court.

• What are valuable estate planning services an attorney can provide?

  With the many intricacies of assets, taxes, and state and federal laws that can affect a person’s estate, an estate planning lawyer can be a valuable professional asset, no matter how large or small a person’s estate may be. An estate planning attorney can:

  • Create a comprehensive plan to protect a client's legacy, that includes a will, power of attorney, trusts, life insurance, and advanced medical directives
  • Optimize an estate plan as tax laws, life events, assets, and goals change over time
  • Protect a client’s loved ones by preventing assets from entering probate
  • Help clients designate a person to make important health decisions for them if they become incapacitated

  
  

• Can estate planning attorneys help create trusts/wills?

  Estate planning attorneys can create trusts and wills. Through a will, an attorney can help a client designate their estate’s beneficiaries and assign an executor to represent the will in probate court. These attorneys can also create trusts, allowing a client to assign a trustee to oversee the estate, potentially avoiding probate court and holding assets to be distributed over time.

• Is estate planning the same as drafting a will?

  While both estate plans and wills officially document how their owners wish to allocate certain assets after their death, there are key differences. In estate planning, a will is often just one of several documents that form a comprehensive plan. In a will, people must designate a person responsible for executing their will after their death. The will can include guardians for their children when they die and beneficiaries to receive an inheritance of money, property, and other assets.

• What are the steps involved in estate planning?

  To create a thorough and effective estate plan, individuals should follow these steps:

  • Prepare a will that designates an estate executor; indicate who will receive what assets, and assign a trust and guardians for any children. Consider using an attorney if the will is in any way complex.
  • To avoid probate, have an attorney create a revocable living trust.
  • Assign beneficiaries to other assets, such as life insurance policies, retirement plans, and securities.
  • Use an attorney to prepare a living will, name a health care proxy, and create a HIPAA release form.
  • Update the plan every five years.

  
  

• How long does the estate planning process last?

  The length of the process can vary greatly depending on the size and complexity of the estate, the specific law office, and whether there’s an emergency or urgent need. If you’re using an attorney, you can generally expect it to take one to five weeks. You may be able to speed up the process by immediately providing your attorney with any bank statements or other documents they need.

• What is a trust?

  A trust is an agreement between a grantor, a trustee, and a beneficiary. In this agreement, the grantor allocates funds or real property assets to the trustee to be held either until the grantor passes away or until a specific, agreed-upon date. At that point, it's the responsibility of the trustee to distribute funds or property to the beneficiary or beneficiaries. While there are similarities between a will and a trust, a will is a more comprehensive document that typically requires probate court, while a trust allows assets to pass to the beneficiary without probate.

• How does a trust fund work?

  When opening a trust fund, a grantor allocates a trustee to oversee and manage assets in the account. This trustee can sometimes be a relative, an estate lawyer, or a bank that acts as the legal owner of the trust. While holding assets, the trustee is required to file taxes on trust assets.

• How does a living trust work?

  A living trust enables a grantor to manage their assets through a trustee while still alive. They can continually add funds and/or property to their trust fund by transferring them to the trustee, who accepts ownership of everything held in the fund. The grantor can name a beneficiary for their trust, and their assets will be automatically transferred to that person or establishment upon their death.

• Do I need a lawyer for a will?

  No, a lawyer is not required to draft or complete a will. However, there are some scenarios in which hiring an estate lawyer to assist with a will is a good idea, including when children or high-value assets are involved. Additionally, an estate lawyer can help to reduce probate fees and taxes paid by loved ones after a person dies. It's also best to work with a professional to ensure that the will addresses everything necessary, such as funeral plans, guardianship, and asset distribution.

• Can you have both a will and a living trust?

  Yes, and individuals who have a living trust should also have a will. While a living trust enables a person to leave funds and assets to a loved one when they're gone, a will is required to cover any assets that aren't included in the trust, such as guardianship of dependents, funeral plans, and forgiveness of outstanding debts, if applicable.

• How much does it cost to set up a trust?

  The cost of setting up a trust varies quite a bit depending on a variety of factors, including terms that are in place, special provisions for minor beneficiaries, and trustees' basic fees. In most cases, the minimum cost of setting up a trust is about $1,500, but depending on the factors mentioned above, this cost can increase by thousands of dollars.