Here for YOU Today and There for your FAMILY Tomorrow

Help Your Family with These Estate Planning Tasks

05/11/2017

Help Your Family with These Estate Planning Tasks

To make your estate plan complete, consider a few practical steps that will address some common issues faced by grieving families when a parent or a loved one passes, as detailed by CNBC in a recent article, “Five ways to bulletproof your estate plan.”

Consider a pre-paid, pre-planned funeral. This can save your family thousands of dollars. In the stressful time of losing a loved one, it’s nearly impossible to properly grieve and properly coordinate all of the arrangements. Save money by shopping around and using a local funeral home, instead of a chain.

Create a family committee to manage your revocable trust. If you and your attorney create a revocable trust, it’ll cover you while you are still alive. When you establish the trust, appoint a "disability committee" of family members named in the trust to determine when you no longer have the required level of mental capacity. This committee can also help your family to avoid court and dealing with adult guardianship issues.

If you remarried, update your estate plan. An experienced estate planning and trust attorney like DANIEL T. FLEISCHER will spot and alleviate your anxieties, while keeping you in the good graces of your spouse and in-laws.

Don't underestimate your life expectancy. If you go by the averages, you can anticipate living until your mid-80s. But 25% of 65-year-olds will live beyond 90 and 10% of 65-year-olds will live past age 95. That’s a lot of retirement years to fund. You should plan on being a little more conservative with your life expectancy estimates when estate planning so that you don’t outlive your resources.

Be mindful of your income and how it aligns with your lifestyle. If you are living beyond your means during your working years, bear in mind that doing so when you are retired, presents a whole host of financial problems. Develop a budget that includes retirement account income, Social Security and any other financial assets to figure out how much income you will have, and then figure out your expenses. Don’t leave out the cost of healthcare, which can be a big factor. Just 41% of all American workers and their spouses have crunched these numbers, according to a survey by the Employee Benefit Research Institute. When fiscal reality hits, they may find themselves in a dire situation.

Do you live in Miami-Dade, Broward, or Palm Beach counties in Florida? Laws are constantly changing-- has your estate plan been reviewed in the last 2-3 years? Call me (954-888-1747) right away for peace of mind. I can help!

  • My practice is exclusively estate planning and probate,
  • I have prepared numerous estate plans in 16 years of practice,
  • I have administered estates and trusts through Probate all over Florida,
  • I am a Certified Financial Planner Professional™, and
  • I am here for YOU today and there for your FAMILY tomorrow.

Reference: CNBC (April 7, 2017) “Five ways to bulletproof your estate plan”

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Why would we recommend D.T.F.? Several Reasons: Your ability to explain complex estate problems, clearly and patiently; your total lack of arrogance and pretense; a strong feeling that you are motivated by what you perceive is best for your client, rather than what would generate the largest legal fees; finally, and importantly, you are a lovely guy.
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Two words cannot sum up the entire process of creating my “trust.” I enjoyed your attention to detail, your patience of explaining terms and conditions until I understood, also giving me copies to read and understand. Thank you for your suggestions on what was best for “me” but still allowing me to make my choice. Most of all, thank you for thinking of “me.” Wells Fargo said “you were the best” I cannot deny that. Again thank you very much for everything. Anna is an asset or a compliment to the firm. She is warm and very caring. It was great doing business. Thank you.

P.M.