When gifting assets, make sure to create a comprehensive estate plan to ensure your wishes are followed.
Every person wants to make sure that their assets are passed on to their loved ones after death. However, gifting assets is not as simple as you may initially think. You need to be strategic when leaving behind money, property, or any other important item to a loved one. Working with experienced estate planning lawyers at The Millman Law Group will help you navigate the best options for your estate. Your lawyer will also make sure that you avoid making any of the following mistakes that can complicate the transfer of your assets.
You Don’t Name Beneficiaries
Failing to name beneficiaries for your assets will make it extremely difficult to ensure that the assets are passed down smoothly. You will also have to make sure your beneficiaries are up to date because if your intended beneficiary dies before or right after you, it will be the same as if you named no one at all. Making regular updates to your will, trusts, and other essential documents will ensure that everything goes smoothly after your passing.
You Leave Assets to a Minor
If your assets are directly transferred to your minor children, the money will transfer when they turn 18. This is an enormous responsibility for many young adults and may not result in the wisest spending choices. Fortunately, when gifting assets to minors, there are ways you can structure your gifting to protect children from making rash decisions. For instance, you may create a trust for your children and assign a reliable adult as the trustee who can make decisions for all spending.
You Leave Assets to Your Special Needs Child
If you have a special needs child, you will want to do everything you can to ensure they are financially taken care of after your death. However, gifting assets to special needs children can disqualify them from governmental benefits and assistance. To avoid a complicated situation, you can discuss special needs trusts with your lawyer to determine how to pass on assets to your child without jeopardizing their medical benefits.
You Don’t Have an Estate Plan
The biggest mistake you could make when planning on gifting assets is failing to have an estate plan at all. While thinking about life after your death is not a fun activity, if you fail to create these plans, the government will be responsible for allocating your assets. Your relatives may then end up spending lots of time and money in order to obtain their intended inheritance.
There are numerous ways to ensure that your assets are passed down as you wish. Your Millman Law Group lawyer will be able to advise you on the best paths to take depending on your unique family circumstances and wishes for your estate.
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.