Estate Planning 101: The Revocable Living Trust

February 20,2020

Today we’re spotlighting one of our favorite estate planning tools: the revocable living trust. One of the best things about revocable living trusts is that they allow you to have some power over how your descendants or other loved ones utilize the money they inherit from you after you die. 

What are the benefits of a revocable living trust?

• Because it is revocable, you are still in control of the assets as long as you’re alive. You can make changes to the trust as you please.
• The assets in the trust get to skip the probate process, which is great news for your loved ones because probate can be expensive and time-consuming.
• Your privacy is protected. (Probate matters become public record.)
• You still get to have income earned by the trust’s assets.

Are there any less desirable factors at play with revocable living trusts?

• Unlike some other estate planning tools, revocable living trusts don’t help with taxes. Income from the assets in the trust will be taxed as well as subject to legal action by creditors.
• It may be a slight hassle to have to re-title all of the property in the name of the trust once the trust is established. 

How do I create a revocable living trust?

You can create a revocable living trust by first appointing a trustee in writing. The person you name trustee will be responsible for managing and administering the property and assets in the trust. For instance, they might disperse a certain amount to beneficiaries per year or per month as you instruct in your written agreement. There are many different ways for a trust to be managed, and you will be able to make the decisions. Your trustee can be any trusted adult, or even a bank or trust company. However, if you choose a bank or trust company, there will be significant fees.

Next you transfer whatever assets you want, from real estate to stock investments, into the trust. As mentioned above, this will involve retitling them. Once they are in the trust, you are no longer the owner of them. Instead, they are owned by the trust. 

With a revocable living trust, you maintain control of the assets until you die. At that point the trustee will begin dispersing the assets to your beneficiaries as per your instruction.

Who can help me create my revocable living trust?

You need an experienced estate planning attorney to guide you through the process of creating your trust. It is important that every detail is correct so that the trust will be legal and efficient. The team at ElDeiry & ElDeiry, P.A. is here to help clients in the Fort Lauderdale area with all of their estate planning needs, including the creation of revocable living trusts. Give us a call at (954) 670-2800 to get started.

The Fundamentals Of Estate Administration

April 15,2023

When someone passes away without an estate plan, their assets are still in their name and are titled appropriately. Even more importantly, the court will determine who can become their guardian if minor children are involved. Whereas intestate laws dictate where the deceased’s assets will go, transferring those assets and paying any outstanding debts is necessary. Depending on the circumstances, the probate process could take several months to years; during that time, the beneficiaries will not have access to the assets. 

Probate administration is one of the most common things people can get pulled into while knowing little about it. Several problems can surface during this time, and family members often have disputes. The laws surrounding probate will differ by state, and it is essential to know that having an attorney during the probate process is required by law in Florida. When you understand the attorney’s role in this process, you will see the value in having one. 

An Attorney’s Role in Probate Administration

To continue with the concept of disagreements, we can dive into the various things that families disagree about—many of which will require the assistance of legal counsel. Remember, your assets will still pass through probate even if you draft a will. Although beneficiaries can’t directly challenge a will because they are dissatisfied with their inheritance, or lack thereof, they can do so in several other ways. For instance, they may contest the will’s validity, raise issues that the deceased was influenced, lacked the capacity, or was under duress when the will was created. 

Previously, we explained that creditors must be notified during the probate process, and the deceased’s debts must be settled. This will be sourced from the estate rather than the beneficiaries. Depending on how much debt the deceased left behind, assets may have to be sold to pay for them. There could be disputes on which assets get sold to satisfy these debts. The personal representative cannot distribute the assets until they have been resolved. 

An Enormous Responsibility 

Almost anyone can be asked to be an estate’s personal representative. (In Florida, to be a personal representative, you must be a state resident or a close relative of the deceased, assuming they are an adult who has never been convicted of a felony.) Don’t assume the role lightly if asked to be one. They are tasked with being in charge of the estate, settling debts, and distributing the assets per the will, assuming that one was left behind.

Their responsibilities are significant:

• Notifying all the heirs that the will is passing through probate 
• Managing estate taxes
• Overseeing any assets that need to be taken care of before being distributed to the beneficiaries (e.g., investments, real estate) 
• Tracking and maintaining documents that account for the estate’s assets 

Having an attorney to assist you with this process is critical, and the cost comes from the estate. When a personal representative cannot fulfill their obligations, the process’s length can increase. Furthermore, people can have you removed. Florida statutes outline several reasons why. “Failure to account for the sale of the property or to produce and exhibit the assets of the estate when so required…Wasting or maladministration of the estate.” 

Choosing Efficiency 

Probate can be a complex matter, and highly experienced attorneys will guide and assist you throughout it. To learn more about our legal services regarding probate administration, contact ElDeiry & ElDeiry, P.A., to schedule your consultation.

No Estate Plan? Here’s What Happens When You Pass Away 

December 12,2019

At ElDeiry & ElDeiry, P.A., we are constantly reminded of the importance of having an estate plan in place. We are familiar with the frustrating and expensive repercussions that loved ones face when someone passes away without an estate plan. But just how frustrating and expensive is it? It today’s blog post, we’re helping you get a clearer picture of what happens when you pass away without having an estate plan.

Being without a Will means that your estate is “intestate.” This means that since you did not state your wishes about what should happen to your estate after you pass, it will be up to Florida law to decide what happens on your behalf. 

If you were married at the time of your death and had no children or grandchildren outside of your marriage to that person, your entire estate would go to your spouse. If you were married and had children and/or grandchildren from a different relationship, your spouse would get half of the estate and the other half would be distributed among your descendents from outside that marriage. This occurs “per stirpes,” which means every descendent gets an equal share. For example, if you are widowed and had two children and they each had two children of their own, but one was deceased, your living child would get 50% of your estate and your deceased child’s children would each receive 25%. If you have no spouse or descendants, your estate would go to your parents. In the absence of parents, it would go to grandparents, and so on. If you have no direct ascendent relatives, it would then go to siblings, aunts, uncles, etc. As a last resort, your estate may pass to any living descendants of your grandparents, with half going to the maternal side of your family and half to the paternal.

Sounds complicated, right?

What’s worse, is that intestacy laws can exclude some of the people you love the most. Do you have stepchildren who you love as if they were your own? They’ll receive nothing from you. Any charitable donations you had in mind? Those won’t happen. Wanted to leave money to someone who wasn’t related to you by blood? Intestacy law doesn’t allow for that, unfortunately.

But what about the “expensive” part?

With a good estate plan, you can use tools like trust which can help you avoid the Probate Court Process altogether, as well as to to protect some of your assets from estate taxes. Without an estate plan, your estate is unprotected. Florida does not have any state-level estate taxes, but on a Federal level, estates are taxed at a marginal rate of up to 40%. This can take a huge chunk out of what you’ve spent your life building. 

Who can help me create an estate plan?

If you want to make sure your assets pass to the people you want them to, as well as helping your loved ones avoid the time, expense, and emotional drain associated with Probate Court after you pass away, contact ElDeiry & ElDeiry, P.A. today. Our friendly team can help you get started. We work hard to make the estate planning process as easy as possible for our clients. Give us a call at (954) 670-2800 to get started.

5 Reasons You Need to Start Estate Planning Today!

April 20,2019

Too young? No kids? Don’t have a lot of assets? There are plenty of excuses to keep estate planning at the back of your mind, but there are even more compelling reasons to get started right away.

Don’t wait until you’re rich and famous. Here are 5 reasons why you should start estate planning as soon as possible.

1) Accidents can happen.

Whether you are 20, 60, or 90 years old, you can’t predict the future. It’s painful to think about, but accidents can happen at any age. Estate planning can help you stay ahead of those possibilities, so even if you pass away unexpectedly or are left incapacitated, you can still protect your assets and your family in the process.

2) It keeps things simple for your family

When someone passes away without an estate plan, their property goes through a process called probate. This generally involves a lot of time and costs that most grieving families would rather avoid. If you just have a few thousand dollars in your checking account, estate planning can save your family some unnecessary stress. The more assets you have, though, the more estate planning can help in terms of maximizing what you pass down to your inheritors.

3) It protects your loved ones.

There are certain relatives the state thinks should automatically inherit your money when you pass away — but those don’t always line up with the people you care about most. Let’s say you’re unmarried but want to provide for a romantic partner, or you have an estranged relative, or you don’t plan to have children but want to leave property for your nieces and nephews. Your estate plan can account for these scenarios in ways the default laws cannot.

4) There are many different types of property you need to consider.

Even if you don’t have a bank account full of zeroes or a big house to pass down, your estate plan can cover a wide range of property. It can make rules about the beneficiaries of a life insurance policy or 401(k), specify what happens to investments or debts, and help you decide who inherits smaller pieces of property like heirlooms or items with sentimental value.

5) It helps other people help you.

Let’s say you’re over 18 and you’ve gone to study overseas. In scenarios like these, a durable power of attorney can give your parents the legal power to help with your taxes and other financial matters in your stead. Even as you get older, it’s important to name powers of attorney and a health care proxy in the event you are incapacitated. If that happens, the person you name will be able to make medical decisions on your behalf — and ensure your wishes are upheld.

Did our estate planning tips light a fire under you? Let us know if we can help you explore your estate planning options and come up with a strategy that fits your life. The law office of  ElDeiry & ElDeiry, P.A. looks forward to your call.

The Mystery Behind Larry King’s Will: A Lesson In Estate Planning

February 15,2023

We talk about updating your estate plan each time your life changes. We have also discussed leaving behind an estate plan to avoid creating significant challenges for your loved ones. Larry King faced numerous changes throughout his life. 

• He was married eight times to seven women. 
• He had five children, nine grandchildren, and four great-grandchildren.
• He didn’t meet one of his children (Larry King Jr.) until his son was in his 30s. 
• He lost $2.8 million to Bernie Madoff.
• He went through bankruptcy twice. 
• Two of his oldest children passed away in 2020. 
• His birth name wasn’t Larry King. 

The last point has nothing to do with this article, but it adds to the complexity of his life. (He was born Lawrence Harvey Zeiger.) Though his life and family may have required some unique estate planning considerations, he had several updated plans. He passed away on January 23, 2021, but he wrote the following in October 2019:

“This is my Last Will & Testament. It should replace all my previous writings. In the event of my death, any day after the above date [Sic] I want 100% of my funds to be divided equally among my children Andy, Chaia, Larry Jr [Sic] Chance & Cannon.”

It Gets More Complicated

Can letters like the one serve as a will? Yes, they could. Typically, you will name an executor in your will, but that note does not designate one. Though his oldest children could step in, they passed away before him, making Larry King Jr. the oldest surviving sibling. However, the role of the executor is to ensure that the estate’s creditors have been paid. Larry King Jr. borrowed almost $250,000 of his share of the estate during Larry King’s lifetime. Could he be impartial enough to distribute the estate fairly? Who receives the money that Larry King left to the children who predeceased him? 

The Aftermath & Takeaways

Larry King was in the middle of a divorce when he passed away. His wife, Shawn King, had been married to him for over two decades, but the letter he left behind didn’t include her. She claims that because Larry had a stroke before writing his letter, he didn’t have the mental capacity to do it. 

Although your estate may not be as complicated as Larry King’s, there is nothing uncommon about marrying, divorcing, remarrying, and having children. Regardless of your circumstances, there is a way to sort it out by allowing a qualified attorney to create an estate plan that meets your needs. Though we don’t know for certain, Larry King was likely trying to avoid the situation that developed after his passing. Having good intentions is the first step. The second is meeting with us to have them appropriately expressed through estate planning. Contact our office today to schedule your consultation with us today.

How Estate Planning Is Connected To Incapacity

December 01,2022

More than likely, you or someone you know has said they don’t have enough assets to warrant the cost of an estate plan. Although you likely have more assets than you think (and should strongly consider estate planning), that is beyond the point we intend to make. If you have ever worked with one of our attorneys or visited our website, you would know that estate planning is not only planning for what happens to your assets after you die, but also involves planning for who will have the legal ability to take care of you while you are alive should you not be able to take care of yourself because you are “incapacitated.”  

You Need to Have a Sense of Urgency 

When asked why everyone needs an estate plan, including the Powers of Attorney that go along with a well-thought-out estate plan, many people will point out that anyone can become incapacitated at any time, and therefore they would not be able to take care of themselves, or make healthcare or financial decisions. One of the most common examples they cite is car accidents, which is really why every adult should have an estate plan. Driving a car is a risk that most people accept based on necessity. However, diminished mental capacity is also a form of incapacitation. Having dementia is a form of incapacity, and the risk of dementia increases as you age. The millions of people who suffer from dementia have trouble forming thoughts, expressing themselves, and making decisions. 

Depending on the stage it’s in, if someone has dementia and does not have an estate plan which includes Powers of Attorney, the family may have to petition the court to become a guardian over that person and possibly their assets. This is an expensive, long-term, court-monitored process which would enable the guardian to make decisions on that person’s behalf.  

You Don’t Need to Wait

Petitioning to become a guardian could take months. If you cannot make decisions independently, you need at least one person to make medical and financial decisions for you. In a previous post, we discussed that a complete estate planning package includes a durable power of attorney and a designation of healthcare surrogate. A healthcare and durable power of attorney remains in effect even if you are incapacitated! 

Meet an Estate Planning Attorney and Be Better Prepared

Estate planning allows you to plan for the inevitable. In addition to passing down your assets, you can also pre-designate (and empower!) the people who will advocate for you if you become incapacitated. There will be someone to pay your medical bills, pay your mortgage, and advocate for the medical treatment you would have asked for. Take a step in the right direction today and commit to making an estate plan. Contact ElDeiry & ElDeiry, P.A., to schedule your consultation. 

Estate Planning Considerations For Your Digital Assets

May 18,2021

This is the part of estate planning that you haven’t planned for. When you think of your assets, you think mostly of physical possessions, real property, and money. But have you considered your digital assets? Some examples of these kinds of assets are as follows:

• Any rewards or earnings you have accumulated online (i.e., air miles)
• Cryptocurrency 
• Online banking accounts (i.e., PayPal)
• Gaming avatars of value
• Digitally stored photos
• Any digital rights you own (i.e., literary works or musical compositions)

These are a few examples. As a general rule, think of your digital assets as anything with log-in and security barriers. This is how potentially large the scope of your digital assets is. 

Where Do I Start?

First, start compiling all of your digital assets. Each time you log into something, write it down (not the password). Your list will begin to grow: email, financial accounts, cloud-based services. If you open an app on your phone, make a note of it. 

What Do I Own?

This is just one of many examples as to why you need an estate planning attorney. How much of your digital estate do you own?

When you pay for a song on your phone, do you own that song? Are you able to pass it along as an asset? Before joining some of these digital services, you signed (or clicked that you understood) the terms of service. Of your digital assets, which ones have terms-of-service agreements that prohibit you from sharing with third parties? 

For the things that you do own, there are both federal and state laws protecting your privacy. The digital space and personal data are growing exponentially. Legislation cannot be created as quickly as the evolving internet. Your estate planning attorney will be able to advise you on current laws. 

Together, you can ensure your beneficiaries can access your accounts legally. 

How Memories Are Captured Are Changing

In previous generations, people held onto photo albums, picture frames, and even old letters. Though these things were not valuable in terms of financial worth, they were inherently important and precious. 

What does a photo album look like now? It’s online. It’s someone’s account on a social media platform. Because of data privacy laws, your beneficiaries and heirs might not be able to get into your account. If the social media platform locks your account, people may need to get a court order just to access your photos. 

ElDeiry & ElDeiry, P.A., 

ElDeiry & ElDeiry is a family that is sincere and committed to helping yours. Your estate planning process may be complex, especially when it comes to digital assets. We are to help you transfer your assets to those you care about. Contact us to schedule a consultation. We can also be reached at (954) 670-2800. 

The Top Three Estate Planning Considerations for Young Families

November 24,2020

There’s a common misconception that estate planning is only a concern for the elderly or the ill. The truth is, everyone — young or old — should have an estate plan in place to protect their assets and their loved ones. This is especially true for anyone who is a parent. 

At ElDeiry & ElDeiry, P.A., we encourage young families to get a head start on estate planning. In today’s blog post, we’re sharing our top three estate planning considerations for young families. 

1. Choose a guardian for your minor children.

Who would care for your children if you passed away or if you became incapacitated due to illness or injury? You can make your preferences about this matter known through your estate plan. It is essential to choose the right person for this role. Some questions you may want to ask yourself include:

• If I am choosing a couple, do I feel that their relationship is reliable?
• How old is the person I am choosing? How old will they be when my child is a teenager? When my child turns 18?
• Is the person I want to choose ready and willing to take on this responsibility?
• Would my child have to relocate and/or change schools to live with this person?
• Does this person share my religious and/or moral belief systems?

2. Plan for incapacity as well as death.

Estate planning doesn’t just come into play if you pass away. It can also protect your interests if you are incapacitated and unable to express your desires regarding matters ranging from finances to health care. A strong estate plan will typically use tools such as a durable power of attorney to give someone you trust the authority to handle financial matters on your behalf, or a designation of Healthcare Surrogate to help make medical decisions, and/or advance healthcare directives such as a living will to express your wishes regarding things like medical care.

3. Consult with an attorney.

The internet-savvy generation often makes the mistake of thinking they can handle their estate planning on their own using resources like online form wills. This error can have major repercussions. Your will may not be legally enforceable in your state. You may also need a combination of unique documents that goes well beyond a will. That’s why it is so important to consult with an estate planning attorney. If you’re ready to get started, contact ElDeiry & ElDeiry, P.A. today!

How Estate Planning Can Help You Minimize Your Estate Taxes

September 16,2020

Through good estate planning, you have the opportunity to make sure that the assets you have worked hard to acquire over the course of your life will be transferred to your heirs smoothly after you pass away. Estate planning can also preserve your assets, and prevent them from being depleted by estate taxes before they ever get into your family members’ hands.

Large estates are subject to estate tax. This is a federal tax that is levied at the time of a person’s death, against the net value of the estate they owned. There are government tax exemption levels that will automatically be applied. However, if your estate’s value exceeds $11.18 million, you will not be exempt and you will need to find other ways to hopefully avoid these significant taxes.

If you are not exempt from federal taxes and you want to make sure your heirs receive as much of your estate as possible, you can use the following three methods to achieve your goal:

Charitable Transfers

You can also reduce the overall value of your estate to reach exemption levels by making a gift to charity. Charitable transfers can happen while you’re still alive or you can set them up to occur upon your death. Lifetime charitable transfers have the added benefit of going toward income tax reduction. You may also want to consider creating a Charitable Remainder Trust. This is a type of irrevocable living trust which allows income to be disbursed to beneficiaries before the remainder is ultimately donated to a charity of your choice.

Irrevocable Trusts

In general, irrevocable trusts are an excellent tool for reducing estate taxes if the value of your estate exceeds the exemption . You might consider an AB trust or an ABC trust. Irrevocable trusts are a tool through which a trustee manages assets on behalf of a beneficiary.

Contact ElDeiry & ElDeiry, P.A. for Estate Planning Guidance

At ElDeiry & ElDeiry, P.A. we are passionate about helping our clients create estate plans that are uniquely tailored to their goals and values. If you need more information about estate taxes, or if you’d like to sit down with us to create an estate plan or update an existing plan, we would be thrilled to hear from you. Contact our firm today!

Own a Business? 4 Considerations to Make with Your Estate Plan

May 20,2019

No matter your age, if you own a successful business that provides income for your family, you need an estate plan as part of your business plan. Even young business owners need to be prepared for the worst, and that means setting up a plan that allows family members to step into your role with ease whether you are injured in an accident that leaves you temporarily or permanently incapacitated, or if you should unexpectedly pass away.

Why do you need an estate plan?

1. Without an estate plan, the business you worked so hard for might fail. Most of your family’s wealth has likely been invested in the family business, and having those funds suddenly become inaccessible could be devastating to your business. An estate plan ensures that legal documents and bank accounts are accessible to family members, because even if they know every aspect of the business inside and out, they may not legally have access to the documents and funds required to run the business day to day. An estate plan makes that possible.

2. Liability insurance should be set up to stay in place for a period of time after your death. An owner-controlled business is always at risk of lawsuits, and that doesn’t change when an owner passes away. The surviving family should protect profits by maintaining insurance for a period of time to be prepared in the event of a lawsuit.

3. Your loved ones need to be prepared to take over the business. While talking about death is never pleasant, family members need to understand aspects of the business so that they can step in after you pass without too much legal trouble. An estate plan can lay out important aspects of the business so they are ready to take over with confidence.

4. An estate plan can help your family avoid probate court. With an estate plan in place, the business will move smoothly from you to a designated family member without the need for a court to step in to put your business functions on hold.

Additionally, you should set up a living trust, which will have provisions in place for loved ones to take over the business as needed. A power of attorney is also important. With a power of attorney in place, a trusted loved one can be in charge of not only business details, but also Wills, trusts, and life insurance policies so the right people are placed in the right roles in the family business, and there is money available to keep it in operation.

Want to know more about a business estate plan?

Business estate plans can be much more complex than personal plans, so an experienced estate planning attorney is a vital asset when deciding on how to approach a plan. To find out what’s right for you, speak to an experienced estate planning attorney for guidance. The lawyers at ElDeiry & ElDeiry, P.A. would be happy to walk you through the decision-making process step by step.

Developing A Complete Estate Planning Package

August 05,2022

One of the most common questions that estate planning attorneys receive from their clients is whether they need a will or a trust. Although the client’s needs dictate how their estate plan is created and pieced together, people must take a different view of the “wills vs. trust” question. It equates to asking a financial advisor if you need a savings or retirement account. You need both because they are two separate ways of setting aside money for the future. 

The same applies to having a will and a trust. One is not universally superior to the other. Although both allow you to pass assets to your beneficiaries, there are still fundamental differences. When your estate planning attorney learns more about your goals and circumstances, they decide how they will combine specific documents based on your needs. 

Additionally, you would want to include a power of attorney and a medical power of attorney. When these documents come together, they form a better picture of what an estate planning package looks like. All these documents work together to your benefit while you are alive and after you pass away.   

How Are Wills & Trusts Different From Another?

Wills are legal documents that enable you to pass your assets to designated beneficiaries (which is something a revocable trust can accomplish too). However, you choose a guardian for your children and include that in your will, as well as naming an executor for your estate. Wills don’t take effect until after you pass away. Trusts can be used while you are still alive and offers benefits to most any estate that a will alone does not have.

When your attorney creates a revocable trust, you can put assets into it (also known as funding) for the sake of your beneficiaries. Because it is revocable, you can take assets out of it. Your attorney will discuss this with you further, but you can name yourself as the trustee. That is why you will also nominate a successor trustee to manage the trust if you pass away or become incapacitated. 

Designating a Healthcare Surrogate 

You can (and should) designate a healthcare surrogate. This can be a spouse, a friend, a parent—or any adult you trust. If you ever become incapacitated, your designated healthcare surrogate can receive confidential medical information about you and can make healthcare-related decisions on your behalf. 

Doctors are bound by HIPPA laws and cannot legally or ethically discuss your medical condition with anyone other than you. However, you and your attorney can break through that wall of protection with a properly-written health care surrogate form. 

You Should Also Create a Durable Power of Attorney 

A durable power of attorney gives someone the ability to act on your behalf on a whole host of matters, financial, real estate, hiring attorneys and other professionals. This document’s importance cannot be understated. If someone you love has become incapacitated and has neglected estate planning, you may have to go through a process of obtaining guardianship—which can be complicated and lengthy.  

Get in Touch With an Estate Planning Today 

Full Estate Plans help you when you are alive, and plan for your assets after you have passed away. When you realize how important these documents are, you won’t want to go another day without them. Suppose someone created a revocable trust and a living will. If that same person is in an accident, people now have access to that person’s money and assets. They can also make medical decisions according to what they would have wanted. Don’t make the mistake of choosing to live without an estate plan. Contact ElDeiry & ElDeiry, P.A., to schedule a consultation.

Don’t Fall For This Estate Planning Shortcut

November 15,2022

Adults who choose to make an estate plan come to appreciate how much protection one comes with. When we use the word “protection,” we are not referring to asset protection or tax benefits. However, we are talking about how to protect yourself from the unknown. One of the biggest challenges you or your family will face is when you (or someone you love) becomes incapacitated. You never want to be in a position where this has happened to someone you love, only to realize how much estate planning would have helped everyone involved. For instance, how will they pay their medical bills, make financial decisions, and advocate for their treatment? 

Imagine how stressful and overwhelming it would be to discover that someone you love is incapacitated. Following that, you find out that even though you know what course of medical treatment they would have wanted, the doctors and hospital staff don’t recognize your authority to do so. This is the type of scenario that estate planning can protect you from. 

The Easy Shortcut 

When you meet with one of our estate planning attorneys, we will explain how to designate a healthcare surrogate and the various types of powers of attorney you can use to give someone else access to your financial accounts. For instance, a durable power of attorney would authorize someone to use your money and make financial decisions, and it lasts even if you are incapacitated. 

Your durable powers of attorney terminate if you pass away. How can you ensure that your son or daughter can get into your accounts after you pass away? The shortcut that some people use is to simply add their child’s name to the account. Another example of using a shortcut to avoid estate planning is assuming that if you and your spouse have joint ownership of a house, you don’t need a will. 

The shortcuts highlight two different issues. First, if you add someone as an owner of your financial accounts, you are essentially giving up ownership – creditors of that person may be able to reach into your account and take your money. That person can also access your funds without your consent when you’re alive, for their own use. Instead of taking the shortcut, meet with an attorney and create a FULL estate plan; one that allows someone to help you while you are alive, and gets your assets to your loved ones after you pass away. By doing this, not only will you retain full ownership of the assets in it, but your lawyer will also ensure that someone else can access them if you are incapacitated or pass away. 

Lastly, there is nothing wrong with jointly titling your assets, especially if you are married, but joint assets alone will not provide the security of a Will and Trust. You can choose a guardian for your children, designate a personal representative for your estate, and choose where all your assets go and at what age your children should be when receive a significant amount of money. If you and your spouse pass away (and you don’t have a will or a revocable trust), then your assets get distributed according to laws provided by the legislature, which may not be your own wishes. 

Get in Touch With an Estate Planning Attorney 

The attorneys at ElDeiry & ElDeiry, P.A., will help you with challenges relating to death, incapacity, illness, surgeries, and more. Only a small portion of estate planning centers on how much you own or which relatives survive you. To learn more or to speak with an attorney, contact us to schedule a consultation.

Passing Down Your Home Through Estate Planning

October 10,2022

Estate planning is an effective and efficient way to transfer your assets to your loved ones after you pass away. Your home is likely your most significant one, and deciding where it will go and how that will happen is a challenging component of the estate planning process. This is why it is so critical to begin your planning early. The later your wait, the more limited your options will be. To get you started, we are providing you with several ways in which you can pass down your assets to your beneficiaries. 

Joint Title With Rights of Survivorship

The reason we bring this up is twofold. It highlights the importance of titling your assets (a critical component of proper estate planning) and points out why you still need an estate plan. Some people choose to jointly title their home with their children and give them rights of survivorship. When you pass away, they will automatically become the legal owners of the house. Furthermore, the house will not pass through probate. 

However, we seldomly recommend this because of some possible adverse tax effects. Additionally, you are actually giving away a portion of your home while you are still alive. They will need to sign off on the house if you choose to sell it. Secondly, should they consent to the sale of the home, they are also legally entitled to their share of the proceeds. 

Draft a Will

Wills enable you to choose a guardian for your guardian and beneficiaries for your assets. You can include your home in a will and select who receives it when you pass away. Although it highly depends on the specific circumstances, you can anticipate the probate process to take six to nine months. Wills do not enable you to bypass the probate process. 

Your beneficiaries will not receive any of your assets until they have gone to probate, creditors have been notified, and debts have been settled.  

Creating a Revocable Trust

Revocable trusts are powerful estate planning tools. Revocable Trusts can help avoid probate altogether, will get your assets to your intended beneficiaries, and can hold the assets after you pass away, until such time as your children, or grandchildren reach a financially responsible age to receive their share of your assets.  After you pass away, your successor trustee will manage the trust and distribute your assets per your wishes. 

Get in Touch With an Estate Planning Today

Take control of your assets by creating an estate plan. Everything you own gets distributed according to intestate laws when you pass away without one. You and your wishes will have no say in the matter. The attorneys of ElDeiry & ElDeiry, P.A., can create wills and trusts that meet your specific needs and goals. Contact us today to schedule a consultation.

Four Situations in Which You Need to Update Your Estate Plan

April 01,2020

As we all know, the situations in our lives are constantly changing and developing. The future you imagined for yourself five years ago is likely not the same as the present you are living in or the future you are anticipating today. That’s definitely not a bad thing — it’s just the nature of life! However, the ever-evolving nature of things does mean that it’s important to keep your estate plan updated to fit with your present intentions. Read below to learn about four situations in which you really need to review and update your estate plan.

• It has been 3 or more years since you last reviewed your estate plan with your attorney.

As a general rule, you should never let more than three years pass without reviewing your estate plan. In our experience, we have found that this is what it takes for you to be able to rest assured that you always have a plan in place that is relevant to your current needs and desires

• A new child, grandchild, or other descendent has been born.

When your family grows, estate planning probably isn’t the first thing on your mind. However, a new descendent is likely someone you would want to name as a benefactor. If you want to be able to provide support to this child after you pass away, this will need to be addressed in your estate plan. Time for an update!

• You get married.

Marriage is a beautiful declaration of love. Keep in mind that it is also an economic choice. As you tie your lives together in matrimony, you also link your finances. If either you or your future spouse have children from a previous relationship, you should definitely meet with an Estate planning attorney before you get married. 

• A loved one passes away.

When you face the heartbreak of losing someone you hold dear, it can be difficult to think about anything else. However, if they were set to inherit any property from you after your own death, or if they were otherwise involved in your estate plan, their death means that you will need to review and update it.

If you find yourself in any of these situations, or if you don’t have an estate plan in place, you need to contact an experienced estate planning attorney. The ElDeiry & ElDeiry team is here to help. Give us a call at (954) 670-2800.

4 Commonly Asked Estate Planning Questions Answered

September 20,2019

At ElDeiry & ElDeiry, P.A. we have been crafting practical, intelligent estate plans for individuals, families, and business since 1997. We’ve become very familiar with the questions that people have about estate planning, and in today’s blog post we’re going to answer some of our most commonly asked questions.

1. Where should I store my estate planning documents?

Estate planning documents need to be stored somewhere safe and easy to access. A safe deposit box meets these criteria while you are living, but if it is only in your name, your family may have trouble accessing it without you. 

The best place to store your estate planning documents is actually with your attorney! We can hold onto it for you and make sure your family has access to it after you die. At the very least, your attorney should retain copies of your estate planning documents in case the originals are lost, damaged or stolen.

2. How often should I review my estate plan?

We recommend that our clients review their estate plans every three to five years. The more often you make sure it reflects your current wishes, the more certain you can feel that everything is in order just in case anything ever happens to you. Circumstances change, and it is important to make sure your estate plan reflects any big changes to your financial or familial life.

3. Can I prepare my own Will if my situation isn’t very complicated?

We tell our clients that trying to prepare your own Will is a bit like trying to repair a leaky sink without any plumbing experience. It can sometimes cause a flood, so to speak, and make your situation worse instead of better. Though you may see plenty of tutorials and tips online for preparing your Will on your own, it’s really best to seek the help of an experienced professional. With the help of a lawyer, you can make sure you get all the details right and your Will won’t be a source of stress for your loved ones after you are gone.

4. What are the benefits of having a Will?

A Will states where you would like your assets to go after you are gone. This could be to your spouse, your children, a friend, a charity, or a combination of places. A Will alone will not prevent your assets from having to go through probate, but when combined with a full estate plan, you can avoid this expensive and time-consuming process.

If you need more information about estate planning or if you’re ready to get started with yours, ElDeiry & ElDeiry, P.A. can help! Call us today at (954) 670-2800.

Were You Named a Personal Representative? 6 Reasons You Should Hire a Lawyer to Help

June 20,2019

Being named as the personal representative of a loved one’s estate brings with it a significant amount of stress and unexpected responsibility. Working with a probate lawyer can benefit you in several ways.

1. Avoids Family Conflict

Family tension can peak after the death of a loved one. Emotions run high when people are dealing with grief, and it can cause them to lash out in unexpected ways. Whether family members have their own interpretations of the deceased’s wishes, believe they are entitled to more than they are granted in the Will, or disagree with who has been named executor, a probate attorney can act as an objective third party.

2. Expedites the Probate Process

In some situations, a lawyer who knows the probate process can help a family move through it more quickly. A probate lawyer is especially beneficial if you have never served as executor before and you have no prior legal knowledge.

3. Helps with Legal Documents and Deadlines

Serving as executor involves a substantial amount of paperwork, and you have to be ready to work around the court’s deadlines. Failing to fill out paperwork correctly or drafting documents without important details can delay the process and heighten family tension. Since a probate lawyer knows the exact requirements in your jurisdiction, they can help you avoid these common errors.

4. Prepares for Legal Claims

Many estates are plagued by legal claims, whether they come from debtors, family members who are left out of the Will, or beneficiaries who believe they have been shorted by the estate. Your probate lawyer can protect you from legal claims and ensure that your loved one’s wishes are respected and carried out.

5. Protects Your Interests and Assets

Becoming an executor puts your own assets and interests at risk. If you make an error that causes a family member to lose out on their rightful assets, the court may come after your funds and assets to make beneficiaries whole. A probate lawyer ensures that every step of the process is carried out to the letter of the law, protecting you from costly errors.

6. Streamlines the Process

Consider your own needs when deciding whether or not to hire a probate lawyer. An executor’s duties take up a significant amount of time, which can be exceptionally stressful if you have your own family to take care of, a job, and other obligations. The support of an experienced probate lawyer can save time.

The complex probate process can add additional stress during an already emotional time. Turn to the ElDeiry & ElDeiry, PA for the legal support you need. Contact us today to schedule a consultation.