Remember these three tools when incapacity planning in Florida.
Incapacity planning is a key component of estate planning. Your estate planning lawyer at The Millman Law Group can advise you on the options available for your unique circumstances, but in general, there are three tools one can use when embarking upon incapacity planning in Florida. A revocable living trust, power of attorney, and advance directives can help you prepare for a time in the future when you may be unable to voice your decisions over your health, finances, and estate.
Revocable Living Trust
A revocable living trust allows you to maintain control over assets within the trust and modify the trust as you see fit when circumstances change. Living trusts offer many benefits, including:
- Avoiding probate
- Protecting property from creditors
- Reducing or eliminating estate taxes
The most important benefit is the appointment of a conservator for certain assets. If you become incapacitated, the trust becomes an irrevocable trust managed by the successor trustee. This person continues to manage the property within the trust for your benefit.
After your death, the successor trustee will distribute the property to the beneficiaries you choose for your trust. Any property transferred to the trust will not be subject to probate. A Living Trust can also help you remain eligible for government benefits you may need if you require long-term nursing home or in-home care.
Durable Power of Attorney
A durable power of attorney grants an agent the authority to make financial decisions for you when incapacitated. This tool helps with incapacity planning because it assigns someone to handle essential financial transactions if you are incapacitated. This includes buying and selling real estate, investing money, opening bank accounts, selling stocks, and paying bills.
The “durable” nature means that your incapacitation does not impact the powers granted to the agent. The agent will continue to act on your behalf regarding financial matters, even if you are, for example, in a coma. This benefit is essential for incapacity planning because it prevents the need for a conservator appointed by the court to handle your finances.
Advance Directives
If you cannot speak for yourself, you want to name a trusted person to direct doctors and other healthcare providers regarding your care. You can include in your advance directive your wishes regarding life-sustaining and life-prolonging treatments. You will also need to ensure that your family members or agents have access to your medical records and have authorization to discuss healthcare matters with your doctors.
When you use these incapacity planning tools, you can take steps to ensure that your finances and medical care are handled responsibly and according to your wishes, even if you cannot represent yourself. Your estate planning attorney will ensure that every document is prepared according to your wishes.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.