Preparing for your future and your loved ones' well-being goes beyond simply saving funds or jotting down a will. A thorough estate plan is essential to make sure your desires are formally recorded, your assets are distributed correctly, and your family is legally safeguarded when the time comes. At The Law Firm Of Myrna Serrano Setty, P.A., a leading estate planning law firm based in Tampa, FL, and Wesley Chapel, FL, we help Floridians make sense of this process with guidance rooted in clarity, compassion, and trusted legal insight. But how do you choose the right estate planning attorney? Whether you’re searching estate planning lawyers near me or seeking a lawyer for preparing estate planning documents, the number of choices can feel confusing—even intimidating. To help you feel more confident and informed, here are a few key things to consider as you take this important step. Look For A Legal Focus On Wills, Trusts, And Future Planning Estate planning is a niche area of the law that involves a range of critical services, including drafting wills, setting up trusts, creating powers of attorney, and preparing healthcare directives. Not every attorney…Read More
In this article, you will discover: Whether you must lose your home to qualify for Medicaid. How a Florida Medicaid Asset Protection Trust can protect wealth from nursing home expenses. What financial planning steps Florida seniors should take to qualify for Medicaid without losing assets. As A Florida Senior, Can I Lose My Home To Medicaid Nursing Home Costs? As a general rule, your primary residence is considered an exempt asset. Medicaid doesn't seize your home or put a lien on it during your lifetime. In short, you cannot lose your home to Medicaid during your lifetime. What Protection Does A Medicaid Asset Protection Trust Offer? When properly drafted and properly used, a Florida Medicaid asset protection trust can protect your assets from being counted for Medicaid eligibility purposes. The assets you place in this type of trust five years before you apply for Medicaid are no longer considered your property for purposes of your Medicaid eligibility. Those assets are available later for your beneficiaries or heirs to use or to inherit. Also, the trust’s assets avoid the probate court process after your death. Can A Spouse Keep Assets If…Read More
In this article, you will discover: Why you should update your estate plan before tax season. The biggest mistakes in estate planning that lead to a higher tax burden. Why you should keep your beneficiary designations up to date. Why Should I Update My Estate Plans Before Tax Season In Florida? Concerning updating your estate plan and how it would help before tax season, taking a personal inventory of your assets and how they are titled is essential. If you take matters into your own hands with regard to estate planning, you may make decisions that could have adverse tax consequences. Suppose you are concerned about avoiding probate for a piece of real estate. Without an attorney’s advice, you decide to add someone to the title, giving that person rights of survivorship. That decision may adversely affect or impact your tax situation. Which Financial Documents Should I Review Before Filing Taxes? You should review your previous tax returns with your accountant to determine whether there are opportunities for amendments and any losses you can carry forward. You should also discuss with your estate planning attorney and your tax advisor how…Read More
Creating a power of attorney is vital to ensure that someone can take care of your financial or medical decisions when you cannot. Nevertheless, it also involves a great deal of trust as you will be giving them a great deal of power. This article discusses how Florida residents can go about choosing their power of attorney agent(s), including: The risks associated with an untrustworthy power of attorney agent. The qualities you should look for in an ideal power of attorney agent. How and why you might want to choose multiple agents for your Florida power of attorney. What Is A Power Of Attorney, And What Role Does The Agent Play? A power of attorney document gives a specific individual the right and ability to make decisions on your behalf. This could be a general power of attorney for all financial decisions and transitions or a highly specific power of attorney that only gives the agent a specific task they can accomplish. In either case, the authority given is considerable, so you need to be careful who you empower with any powers of attorney you create. What Are The Risks…Read More
It is only natural, after a lifetime of hard work, to want to leave our wealth behind to those we love. Unfortunately, there are rules and regulations that do not always make doing so easy or straightforward. This article covers the essentials you need to know about gifting assets in Florida, including: The state and federal legal limits on gifting assets in Florida. The benefits of using a trust to gift assets (including tax advantages). How gifting assets can also help reduce the cost and burden of probate on your family. What Are The Legal Limits For Gifting Assets In Florida? At the federal level, there are certain values of assets you can transfer without having to file a gift tax return. Above these amounts, taxes need to be filed on the gifts, which can make them more of a burden. Unfortunately, that number also changes every year. I believe that for this year, it is about $18,000. Here in Florida, we do not have estate taxes, which simplifies things, but just because you can gift a certain amount of money in a certain year without triggering the need to…Read More
The new year can be a great time to make resolutions or just to observe the passing of time. But that passage can be a good reminder that none of us are getting younger, and all of us need to have estate plans to protect our loved ones should this year be our last. This article gives you a quick checklist of estate planning tasks to finish by the end of the year or start the next off right, including Recent life changes? Here is how to update your will. Worried about taxes? We have good news and an easy step to take. Concerned about emergencies? Here is one mistake many Florida families make that you won’t! How Can I Update My Will To Reflect Recent Life Changes? If something has changed in your life, from a new job to a new family member, you might need to update your will. An initial brief discovery phone call with our office can help you figure out whether any updates are required. In that quick call, we will talk about what has recently inspired any updates to your plan. Then if the…Read More
Looking after those you love comes with a number of important decisions you will have to make during the creation of your estate plan. One of these is whether to use one or more trusts and, if so, which ones. This article serves as an introduction to the two main types, revocable and irrevocable trusts; it explains: The advantages of revocable and irrevocable trusts. Some of the risks or disadvantages of each type of trust. The tax implications of choosing either type of trust for your Florida estate plan. What Is The Main Difference Between An Irrevocable And Revocable Trust? Trusts work by having you, the grantor, hand over assets or properties to the ownership of the trust (funding the trust) to be managed by a trustee, according to your instructions. There are many different types of trusts, though most are either categorized as revocable or irrevocable. How Does A Revocable Trust Provide Flexibility In Estate Planning? In a revocable trust, you can modify its terms, add or remove assets, and even change the trustee relatively easily while you are alive. This gives you greater control over the trust and…Read More
For Florida business owners, managing business debts as part of your estate plan is crucial to protecting your personal assets and ensuring your business can smoothly transition after your death or incapacitation. Without proper planning, business debts could affect your personal estate, leaving your loved ones with unexpected liabilities. This guide provides important considerations for addressing business debts in your estate plan, helping you safeguard both your business and personal wealth. In this article, you can discover… How to protect your personal assets from business debts by keeping clear boundaries between personal and business finances. Why it’s essential to incorporate business debts into your estate plan to prevent liabilities from impacting your personal estate. The importance of maintaining detailed documentation to manage and settle business debts effectively within your estate plan. How Do I Protect My Personal Assets From Business Debts In Florida? To protect your personal assets from business debts in Florida, you need to maintain a clear separation between your business and personal affairs. This involves managing separate bank accounts, keeping detailed and accurate business records, and ensuring that business funds are not used for personal expenses. Following…Read More
Estate planning for business owners in Florida is essential to ensure the seamless transfer of your business and protect your legacy for the future. However, many owners overlook key elements that can lead to costly mistakes. From succession planning to understanding tax implications, it’s crucial to avoid these common pitfalls. This guide walks you through how to navigate the challenges of business estate planning, helping you safeguard your company’s future and avoid unnecessary complications. In this article, you can discover… How to address business succession planning to ensure a smooth transition of ownership. The tax implications of business estate planning and how to minimize liabilities. The importance of regularly updating your business estate plan to reflect changes in the business or legal landscape. How Do I Address Succession Planning In My Tampa, FL, Estate Plan? Addressing succession planning in your estate plan involves thoroughly reviewing your business structure, stakeholders, and regulatory limitations. You should discuss the nature of your business, its assets, any liabilities, and the roles of other business partners or members with your estate planning attorney. Additionally, if your industry has specific rules on ownership, such as restrictions…Read More
Estate planning is especially crucial for business owners in Tampa, as it protects both your personal and business assets while ensuring the smooth transfer of responsibilities in the event of illness, injury, or death. Without a proper plan, your business could face serious disruptions or even closure. This guide covers the key steps and considerations for business owners looking to integrate their business into an estate plan, helping secure your company’s future and your family’s financial well-being. In this article, you can discover… Why estate planning is critical for business continuity and protecting your company’s future. The essential legal documents every business owner should include in their estate plan. How to integrate a business succession plan into your overall estate strategy for smooth transitions. Why Is Estate Planning Especially Important For Business Owners? Estate planning is especially important for business owners because it helps ensure the smooth continuation of the business in the event of illness, injury, or death. Without a solid plan in place, the business could face significant disruptions—or even grind to a halt. Critical issues, such as key employees losing access to essential accounts like payroll, can…Read More
