Wills, Estates, & Trusts
Feldman & Schneiderman is available to assist its clients in a wide range of estate planning services. To the extent reasonably necessary, we work with your accountant or tax planner to create an estate plan designed to maximize the benefits passed on to surviving spouses, children and grandchildren, and to minimize estate taxes. While simplistically put, Florida has no death or inheritance tax, but depending upon the size of the estate, there can be exorbitant federal estate taxes and careful planning is essential to preserving wealth after death. Legislative efforts to eliminate federal estate taxes have been only partially successful. The amount that can be sheltered from federal estate taxes is rising and existing Wills should be examined to be sure that they conform to Florida law and take advantage of changes in estate tax laws.
Last Wills and Testaments v. Inter Vivos (Revocable) Trusts. Depending upon the size of one’s estate, we will coordinate an estate plan for you using cost-effective documents. Often, fancy trusts are recommended by practitioners for the primary reason of increasing the fees that may be charged. Feldman & Schneiderman does not recommend documents that are not necessary. A simply Last Will and Testament, naming the beneficiaries of one’s assets may be sufficient. We will discuss with you such items as specific and general bequests, appointment of Personal Representatives (Executors); naming of guardians for minors and inheritances by minors. In situations where estate taxes could arise, we will discuss with you such items as the unlimited marital deduction, credit shelter trusts, Q TIP trusts, and trusts for grandchildren, for such purposes as paying for college expenses.
Insurance Trusts. Often, clients are concerned about the ability of their estates to pay federal estate taxes, generally due within nine months of the date of death. We will discuss with you the possible creation of an insurance trust, designed to use the proceeds of life insurance to pay estate taxes. Feldman & Schneiderman does not sell insurance and does not receive commissions for insurance, but we are available to speak with your insurance representative about an insurance trust that will help preserve assets for your beneficiaries.
Durable Powers of Attorney. While most estate planning documents are for the purpose of dealing with assets and debts after death, the Durable Power of Attorney is created to deal with incapacity and incompetence. Too often, persons suffer physical or mental disabilities which prevent them from managing their own financial affairs. The Durable Power of Attorney is designed to let you appoint a third party, called an “Attorney-in-Fact,” as your representative in the event of your disability. This person will have the authority to make financial decisions for you, without going through the expensive litigation process of guardianship. The Durable Power of Attorney allows you to decide to whom to give financial control before the incapacity happens. It also allows you to appoint a Health Care Surrogate whom you authorize to make medical decisions for you if you become incapacitated.
Living Will Declarations. In Florida, as in most states, one has the ability to state that one does not wish life to be prolonged by artificial means, when death would be imminent without such means. The Living Will Declaration expresses the right to refuse medical treatment and to be permitted to die naturally. Depending upon the wording, one may refuse nutrition and hydration as well and one may appoint a third person to see that the document is given effect, in the event the author is not capable of reaffirming the desire to terminate life support systems.
Guardianship and Probate Litigation. There are times when litigation cannot be avoided. We are available to meet with clients who are Personal Representatives of estates, beneficiaries or who are the victims of duress or undue influence which caused the client to be omitted from a Will or Trust. We will evaluate each case on its merits to discuss if litigation is appropriate, what legal fees are likely to be, and whether there are alternative methods to resolve disputes.
There are other estate planning vehicles, which the firm will discuss with you, once basic information concerning your assets, debts and intentions are understood. For example, we will advise you if assets such as bank accounts, real estate and insurance proceeds are titled to give maximum benefit or if changes in titling should be made.