Sejpal Law Firm, P.A. offers legal services in all aspects of Estate Planning. We understand that every client’s goal is to secure future provisions for spouse, family, and other loved ones while transferring those assets in an efficient and quick manner.
We provide counsel in the creation of Wills, trusts, medical powers of attorney, living wills, and financial powers of attorney, durable powers of attorney, and other estate planning techniques used to save estate taxes and add asset protection for your beneficiaries. We want to ensure that your personal matters and financial affairs are appropriately structured.
If you own property, have children, have recently been married or divorced or wish to make a special bequest to a friend or relative, you should create or update your will and/or trust. If you are new to Florida or your Will or other estate planning documents were created in another state, you may want to have your documents reviewed for validity. In any situation, if your estate planning documents are older than 5 years, you really need to have your documents reviewed to ensure that they still comply with the law.
Typically, clients seek to avoid probate and eliminate death taxes. A living trust will often avoid probate but only if it is fully funded. Funding is the process of transferring ownership of your assets from your name into your trust. Our attorneys will review the titling of all your assets and help with the funding process to ensure that your estate planning is fully implemented. Much like a Will, a living trust instructs what is to happen to your property in the event of death. While alive, you remain in control and can change the trust at any time. Setting up a trust allows you to avoid the expense and delay of probate. Our attorneys can also draft medical powers of attorney, living wills, and financial powers of attorney to provide instructions for family and medical personnel in case of your incapacitation.
WILLS
You should create or update you Will if you own property in your individual name upon your death, just moved to Florida, have minor children, have recently been married or divorced or wish to make a special distribution to a friend or relative.
A Will is simply a set of instructions for your Personal Representative to follow to distribute your property upon your death. If you die without a Will, the State in which you live has basically set up a Will for you by a law that governs intestate succession. However, the distribution pattern the State has set up for you is most likely NOT the way you would normally distribute your property, especially if you have a surviving spouse and children. In other words, it will be governed by the State’s will or dictates, not your own.
TRUSTS
A Living Trust, if properly written and funded, can also be used to direct what should happen to your property, not only in the event of your death , but also in the event of your disability. It is important to note that while alive, you remain in control and can change the Trust at anytime. Upon death, a Living Trust and all the assets within it avoid probate, a legal proceeding which is costly, time consuming and a matter of public record. A Living Trust is also a very efficient way to do tax planning to ensure that you (and your spouse) pass assets in the most tax-efficient manner to your beneficiaries. However, a Living Trust is only effective if it is properly funded (all assets are titled in the name of the Trust or beneficiary designations point to the Trust).
There are many other Trusts as well that allow you to pass assets in a tax-efficient and asset-protected manner to your beneficiaries. Our lawyers are pleased to offer legal advice in all aspects of Trusts. We understand that every client’s goal is to ensure that personal and financial affairs are appropriately handled upon death or disability.
POWERS OF ATTORNEY
Durable Powers of Attorney are powerful documents that allow for designated persons to manage your financial affairs. A Durable Powers of Attorney grants an Agent that you choose the power to buy and sell real estate, open and close bank accounts and sign tax returns on your behalf.
These documents are often utilized when one individual is unable to execute documents that require the signature of two, be it spouses, business partners or other parties. The Power of Attorney can be limited to various transactions including specific assets. The Power of Attorney can take effect immediately or only upon a triggering event such as mental or physical disability.
LIVING WILL AND DESIGNATION OF HEALTH CARE SURROGATE/HEALTH CARE POWER OF ATTORNEY
A Living Will directs your physician as to whether or not to cease life-sustaining procedures which would serve only to prolong your death if you are terminally ill. It gives guidelines for your physician to follow, as well as clarifies your intent as to life-sustaining procedures.
A Health Care Surrogate or Health Care Power of Attorney designates a Health Care Representative if you are incapable of making health care decisions or providing informed consent for medical treatment. It must also account for HIPAA (Health Insurance Portability and Accountability Act) of 1996 to be effective. If your Health Care Surrogate or Health Care Power of Attorney was drafted prior to 2003, then it does not contain the HIPAA language and is likely not valid.
Powers of Attorney
Durable Powers of Attorney are powerful documents that allow for designated persons to manage your financial affairs. A Durable Powers of Attorney grants an Agent that you choose the power to buy and sell real estate, open and close bank accounts and sign tax returns on your behalf.
These documents are often utilized when one individual is unable to execute documents that require the signature of two, be it spouses, business partners or other parties. The Power of Attorney can be limited to various transactions including specific assets. The Power of Attorney can take effect immediately or only upon a triggering event such as mental or physical disability.