Everyone needs to plan ahead for what happens when they can no longer be called upon longer call the shots. Too many people only become concerned with estate planning near the end of their lives, but the truth is that it’s something they should be thinking about long before it may potentially be needed. Estate planning allows you to determine how your medical decisions will be made in the event that you can’t voice your wants and needs and it also uses different techniques to facilitate the transfer of your assets after you pass away. It’s essential to begin planning for the future, and there’s no time to do so like the present.
Each and every situation is unique, so your plan must be as well. Here are some of the ways that the Stivers Law firm can help Coral Gables residents secure their future and the futures of the ones they love most.
- Estate and Gift Tax Figures
- Financial Planning Assistance
- IRA Inheritance Planning
- Medicaid And Elder Law Services
- Minor Children and Young Adult Planning
- Outdated Estate Planning Documents
- Pet Planning
- Powers of Attorney, Healthcare & Emergency Documents
- Remarriage & Blended Families Protection
- SECURE Act
- Special Needs Planning
- Trust Administration and Probate
- Wills and Trusts
Estate and Gift Tax Figures
The amount that can be passed free of federal tax. Whatever amount is used during lifetime is no longer available for use to pass assets at death. The Estate and Gift Tax Applicable Exclusion is currently $12.06 million.
Financial Planning Assistance
Financial planning typically focuses on acquiring assets and building up your estate. Your financial planning, however, should not occur in a vacuum. At some point, the goals of your financial plan with become entwined with the goals of your estate plan which will likely include ensuring that your assets are available to provide for loved ones when you are gone. At Stivers Law, our experienced financial planning assistance attorneys can help you better understand the legal, tax, and probate implications of your financial plan as well as how to incorporate that plan into your comprehensive estate plan.
IRA Inheritance Planning
There was a time when relying on a pension coupled with Social Security retirement benefits to fund your Golden Years was realistic. Today, however, few employers fund pensions and Social Security retirement benefits have not kept up with the cost of living. Consequently, many Americans choose to contribute to an Individual Retirement Account (IRA)during their working years to ensure they have sufficient assets available when they retire. Understanding the estate planning consequences of an IRA that you pass down to loved ones as well as how an inherited IRA is treated for tax purposes are crucial to inheritance planning. At Stivers Law, our experienced estate planning attorneys can help you with all your IRA inheritance planning needs.
Medicaid And Elder Law Services
Minor Children and Young Adult Planning
Deciding who you wish to protect and provide for within your estate plan is a fundamental part of the estate planning process. It may also seem like the easiest part; however, you may have inadvertently overlooked an important family member if your pet is not already part of your estate plan. Incorporating a pet planning component into your comprehensive estate plan ensures that your beloved family pet is well cared for if something happens to you. The pet planning attorneys at Stivers Law can help you create a pet plan that will provide for and protect your pet if you are unable to do so yourself..
Outdated Estate Planning Documents
Creating an estate plan is essential for every adult; however, do not make the mistake of stopping once you have a plan in place. To ensure that your plan works as intended, your estate plan needs to be reviewed and revised from time to time. Outdated estate planning documents can wreak havoc on your estate plan and lead to unintended consequences. At Stivers Law, our experienced estate planning attorneys can help you review your current estate plan and make any necessary revisions, additions, or deletions to your plan documents..
Pet Planning
Creating an estate plan is essential for every adult; however, do not make the mistake of stopping once you have a plan in place. To ensure that your plan works as intended, your estate plan needs to be reviewed and revised from time to time. Outdated estate planning documents can wreak havoc on your estate plan and lead to unintended consequences. At Stivers Law, our experienced estate planning attorneys can help you review your current estate plan and make any necessary revisions, additions, or deletions to your plan documents..
Powers of Attorney, Healthcare & Emergency Documents
A properly drafted estate plan should plan not just for your eventual death but also address the possibility of your incapacity. If incapacity does strike at any time, someone will need to make healthcare decisions for you and manage your assets. Your estate plan offers you the opportunity to choose who those people will be as well as ensure that they have the necessary legal authority. Whether you need powers of attorney or healthcare and emergency documents, the estate planning attorneys at Stivers Law can help.
Remarriage & Blended Families Protection
Divorce and remarriage are common in the United States. When you remarry, you often create a blended family. Creating one blended family out of two separate families can be difficult enough on a day-to-day basis. You may also worry about how to ensure that both your new spouse and your children from a previous relationship are financially secure in the event you are no longer here. At Stivers Law, our experienced estate planning attorneys can help you create an estate plan that includes remarriage and blended family protection.
SECURE Act
The SECURE Act has passed! We believe some clients will be impacted in one of these three ways. Download our free report on Estate Planning with IRAs to read more.
Special Needs Planning
As the parent of a child with special needs you work hard to provide your child with an exceptional quality of life. That likely entails spending considerable time and resources to ensure that your child’s physical and emotional needs are met. You want to know that financial support will continue if you are not here to provide it. Leaving assets directly to your child, however, could jeopardize much-needed government assistance. At Stivers Law, our experienced special needs planning attorneys can help you incorporate special needs planning into your comprehensive estate plan to make sure your child is protected.
Trust Administration and Probate
The loss of a loved one is usually followed by a grieving process that can be difficult and stressful. It can be even more difficult and stressful if you are also responsible for administering the estate your loved one left behind. The probate and trust administration attorneys at Stivers Law can help you successfully fulfill your duties and responsibilities as Executor or Trustee.
Wills and Trusts
Protecting your assets, your loved ones, and even yourself requires a well-thought out and comprehensive estate plan. A Last Will and Testament may initially serve as the foundation of that estate plan. At some point, however, you may choose to add a trust as your primary method of distributing estate assets or to accomplish additional estate planning goals. The Wills and trusts attorneys at Stivers Law are committed to help you create an estate plan that is tailored to your unique goals and objectives.
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