Learn the facts about planned giving at our once-a-month giving blog, brought to you by the Law Offices of Hoyt & Bryan, LLC.
You need an estate plan because everyone dies. If you don’t have an estate plan, the State of Florida has one for you. “I don’t have anything.” Often, this is the response when a conversation about estate planning starts. The truth is that you have more than you think.
First, you probably have people and pets you love. In addition, you may have a home, some financial assets, a retirement plan, possibly a life insurance policy or annuity and some personal property. Everyone has someone or something they need to plan for. Many people believe an “estate plan” is simply having a will, but it’s more expansive than that.
You might be surprised to learn that most estate plans don’t work. If you’ve ever heard someone say about a loved one who passed away, “Boy if they only knew what was going on, they would be rolling over in their grave!” then you’ve experienced the classic expression regarding an estate plan that didn’t work. Something went wrong. What that something was could be any one of a variety of things–perhaps an unwanted probate, unexpected taxes, unintended beneficiaries, unequal distributions, business succession issues, family hostility, and the list goes on.
A primary goal of estate planning should be to create a plan that works–for you and for your loved ones. No two families are alike and as a result, no two plans will ever be alike. Estate planning is not for the faint of heart and should never be left to a form found online–there are too many unexpected and potentially devastating consequences. Contrary to what you may have heard, there is no boilerplate “one size fits all” when it comes to estate planning.
Estate planning implicates many other areas of the law. These can include family law, real estate law, banking law, homestead law, guardianship law, probate and trust administration law, tax law, asset protection law and contract law, to name a few. Unless you’re an expert in each of these areas of the law and know how they affect you and your family, then getting a professional on your team will increase the likelihood of creating a plan that will work the way YOU want.
Your estate plan should be designed to accomplish a variety of goals. What are your goals? Provide for your family, your pets, your favorite charity? Avoiding probate and minimizing taxes are admirable goals too, but they shouldn’t be your only goal. Protecting your loved ones and making sure your assets are distributed when, how and to whom you want should be a central focus. Remember, it’s your money, your loved ones, and your wishes and goals.
The best course of action starts with working with a qualified legal professional who has expertise and experience in estate planning and elder law–and someone who will listen, answer your questions and help you understand how your plan will work. Only then can you have certainty that your plan has the greatest probability of success.
To include the Pet Alliance of Greater Orlando as part of your estate plan, work with a qualified estate planning professional and contact us for more information on our specific giving programs. Your contribution, during your lifetime and at death, is tax deductible. We are a 501c3 charity and we rely on the generosity of people like you to continue our work to provide for the people and pets in our community.
