Florida Attorney Offers Cost-effective Skills
There are many aspects of planning a client's estate. During the first meeting, each factor pertaining to the client is discussed. Mr. Fleisher makes written recommendations after he has thoroughly reviewed the client's current assets, ascertained the client’s wants, and researched the law where necessary.
After the client and Mr. Fleisher visit again, he prepares draft documents for review by the client and the client's other professional advisors—if the client wishes to benefit from their input. When Mr. Fleisher answers all of the client's questions and makes necessary changes to the drafts, he prepares a final version of the documents for the client's review and signing (called "execution" in legal jargon).
Because the circumstances of each client are different, it is impossible to set forth a rigid formula that applies in every case. Mr. Fleisher analyzes each client’s situation separately. Although a standard will may be sufficient in many cases, the estate planning process should not be limited to simply preparing wills and trusts.
For a smaller estate, a primary concern is whether the client has adequate funds, including life insurance proceeds, to provide for the family in the event of his or her premature death.
For a larger estate, reducing the potential tax burden is a primary concern. Therefore, Mr. Fleisher considers a wide variety of estate planning options, such as:
- Gifts during the client's lifetime
- Living trusts (created during life)
- Testamentary trusts (created within a client's will)
- Life insurance
- Possible restructuring of family business interests.
The importance of planning for the possibility of incapacity during the client's life cannot be over-stressed. The client should consider implementation of a durable family power of attorney, a health care surrogate designation, and a living will.
Pet owners have a responsibility for their unique relationship with their companions. Estate planning involving pets should not be overlooked in the estate planning process.
It is very important for a person with a relatively small estate to use available estate planning techniques. Many people think that a will is an unnecessary expense, particularly if an estate is not large. A will or trust is needed because the failure to plan effectively leads to wasting assets or distributing assets to people the client would prefer not to receive them. If a person dies without a will or trust, he or she is said to die "intestate." This means the laws of Florida, not the person, determine who administers the estate and who receives the assets.
A trust, created either during the client's lifetime (called a "living trust") or under the client's will when he or she dies (called a "testamentary trust"), is a valuable tool to provide for the well being of those who survive the client. There are a myriad of uses for trusts, but all are designed to provide benefits on an ongoing basis for the client's loved ones after he or she has passed on, or even during the client' life.
Charities are also part of some estate plans. Clients may arrange for charities to receive assets immediately upon their death, or after the death of surviving loved ones for whom a trust was created. There are trusts that provide tax deductions when created during the client's life, facilitate favorable tax treatment during the life of those who benefit from the trust, and then pay specified contributions to the client's favorite charity.
If an individual has put off planning their estate there are still last minute steps which can protect their family and other loved ones.
_________________________________________________________________________________________________________
Jay does not charge hourly fees for estate planning. Rather, after reviewing a client's goals and determining the legal work involved, a flat fee for all of Jay's work is given to the client. That way, the client can tailor Jay's legal services to his or her budget. Jay offers flat fee packages for preparation of many estte planning documents. The Law Office of Jay Fleisher will also review title to your assets and existing wills, trusts, etc., and tell you exactly "who gets what." An "estate plan check-up" of sorts. In addition, Jay can tell you whether you will have to pay estate taxes and if so, how much. Jay's fee for the first service is $100 and if the second is needed, it's an additional fee of $100. If the firm is retained for further legal work, these fees will be a credit against any additional fees.