7-Steps guide to Getting your Affairs in Order

Estate planning is the process of designating who will receive your assets in the event of your death or incapacitation. This process is often done with the help of an estate planning attorney. 

1. Create an inventory: creating an inventory is a good way you get a handle on your tangible and intangible assets. 

• The tangible assets in an estate may include:

-Homes, lands or other real estate 

-Vehicles, cars, motorcycles or boats

-Collectibles such as coins, art, antiques or trading cards 

-other personal possessions

• The intangible assets in an estate may include:

-Checking and savings accounts

-Stocks, bonds and mutual funds

-Life insurance policies

-Retirement plans and individual retirements accounts

-Health savings accounts

-Ownership in a business

1. Account for your Family’s needs:

• Write a Will if you do not have one already 

• Ensure you have enough life insurance

• Name a guardian for your children

1. Establish your directives: A complete estate plan includes important legal documents such as a trust, a durable financial power of attorney and medical care directives.

1. Review your beneficiaries: 

• Check your retirements and insurance accounts

• Do not leave any beneficiaries section blank.

• Name contingent beneficiaries: these are backup beneficiaries in case your primary beneficiaries die before you and you forget to update your beneficiaries. 

1. Note your States estate tax laws:

• At the federal level, only very large estates are subject to estate taxes. The federal estate tax ranges from rates 18% to 40% and generally only applies to assets over $12.92 million in 2023. 

• Some states have inheritance taxes, this means that the people who inherit your money may need to pay taxes on it. Florida is not a state that does estate taxes.

1. Weigh the value of professional help: 

• It is best to consult with an estate planning attorney and possibly a tax advisor to help determine if you are on the proper estate planning path. 

• If your estate is minimal, talk to an attorney to see if a simple will is sufficient for your needs

1. Plan to reassess:

• Life changes and so should your estate plan. 

• Revisit your estate plan when your circumstances change, for the better or for the worse. Revisit your estate plan at least once a year, even if your circumstances do not change.             

For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.

Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.