Florida Legal Blog

The benefits of estate planning for Florida residents cannot be overstated. In some instances, tax burdens can be reduced. Probate fees may be lowered or even eliminated. Importantly, the empowerment that one derives from having prepared an estate planning framework for precisely how things will work after death is usually very gratifying.

The gratification pertains mainly to knowing that one's heirs will be treated just like one would want it to happen. There are no false paths or lost inheritances that one has to worry about from the prospect of having the state's laws dictate how one's assets will be distributed. The feeling of empowerment and peace of mind can be enhanced even greater by doing some very specific "micro estate planning," as one financial planning expert puts it.

Making an estate plan in Florida and elsewhere includes the task of choosing a number of agents and surrogates who are called upon to make decisions and take action on one's behalf when incapacitated or after death. The persons appointed within the potential scope of estate planning can include an agent under a power of attorney or a health care power, trustees, executors, beneficiaries under various accounts, legal instruments and insurance policies, in addition to other surrogates. One problem that arises is the appointment of persons simply because they are family members.

Although family members may be the best choice in many instances, at the same time it is unwise to appoint someone who does not have the skills necessary to carry out future responsibilities. Another problem that occurs is the appointment of surrogates and agents who may end up having overlapping duties and powers. When more than one person has the authority to act on the same subject matter, confusion and even chaos can arise.

Florida has a large population of military veterans. When Veterans' benefits become a part of the public discourse, there is usually wide interest among this state's former military members. Sometimes, however, legislation is proposed that helps the public in general but neglects addressing the special needs of veterans.

One such bill, the States Act, was introduced in the U.S. Congress recently. It protects the public from federal intervention in each state's right to independently regulate the research and use of medical cannabis. The bill is receiving bipartisan support; it would protect millions of citizens from federal prosecution under the Controlled Substances Act. It does not, however,  mention the nine million veterans who rely on the federal Veterans' Health Administration for medical services.

A majority of Americans, including here in Florida, do not have a will or basic estate planning essentials. Part of the reason is the apparent urban legend that says estate planning is solely for those wealthy individuals who have substantial assets. Many people, however, forget about their family home, which can be a significant asset if the mortgage is paid down or paid off. In that event, estate planning can prevent the common discord that sometimes occurs between heirs after the parent or family member dies.

Checking accounts, investment accounts and the like have a clarity about them that makes them subject to an equal division among the heirs, at least in many cases. The home, however, usually ends up being the focus of any dissension in the family that may exist when the owner dies without estate planning. Therefore, when one meets with an estate planning attorney, one topic of importance will be what happens to the house when the owner dies.