5 Essential Florida Estate Planning Tips for 2023
Updated: Jan 11
Estate planning is an important part of life that should not be overlooked. It provides peace of mind knowing that your assets are managed and distributed according to your wishes. With the ever-changing laws, staying up to date with estate planning can be challenging. Gantt Legacy Law, P.A., a Florida-based law firm specializing in estate planning, has put together a list of five essential tips for Florida residents to keep in mind when it comes to their estate plans in 2023.
1. Update Beneficiary Information
– It is important to ensure that all beneficiary information is up-to-date and accurate. This includes changing any primary or contingent beneficiaries on life insurance policies, IRA’s, 401k’s, etc. Additionally, make sure that you have taken into account any changes in family structure such as divorce or marriage so that all beneficiary designations reflect those changes accordingly.
2. Review Your Will
– It is important to review your will at least every couple of years and make sure it accurately reflects your wishes and intentions. If you have had any major changes occur such as marriage or divorce since the last time you reviewed your will, you may need to update it as well so that it still reflects what you want done with your assets after death.
3. Check Your Trust
– Make sure that all elements of your trust are still valid and accurate including trustees and beneficiaries listed in the trust document itself as well as making sure all assets have been properly transferred into the trust itself if applicable.
4. Take Advantage of Tax Savings Opportunities
– There are several opportunities available each year for tax savings when it comes to estate planning such as gifting money or property to family members or taking advantage of certain deductions on income taxes related to estates/trusts/gifts etc.. Be sure you understand what options are available and take advantage of them where applicable so you can maximize potential savings on taxes related to estate planning activities throughout the year .
5. Consider Working With an Attorney
– An attorney can help guide you through the process by providing legal advice tailored specifically for your individual situation so that you can make informed decisions regarding estate planning matters . They can also provide assistance with drafting documents like wills/trusts/power of attorneys/etc., help organize paperwork related to estates/trusts/probate/etc., assist with filing taxes related to estates/trusts/gifts etc., and provide guidance on navigating through other legal matters related to estate planning activities throughout the year .
Estate planning is an important part of ensuring that your wishes are followed after death but staying up-to-date with ever-changing laws can be challenging which is why it's important to familiarize yourself with some key tips such as updating beneficiary information, reviewing wills periodically, checking trusts regularly, taking advantage of tax savings opportunities whenever they are available , and considering working with an experienced attorney who can provide guidance specific for one’s individual situation . By following these five essential tips provided by Gantt Legacy Law P.A, Florida residents will be able set their minds at ease knowing there's a plan in place for their asset distribution after death.
Additionally, having an established plan will reduce stress for those left behind when deciding how best handle one’s affairs upon passing away. Be sure to speak with qualified professionals about your particular situation if needed before finalizing any decisions regarding estate planning matters .