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LOUIS C. ANDERSON LAW OFFICE Firm Members and Associates Louis C. Anderson, Esq. Teshana Lee-Yong, Legal Assistant Charisse Jenkins, Legal Assistant Send us 
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Corporate Center by the Sea 224 Commercial Blvd, Ste 310 Lauderdale by the Sea, FL 33308 USA (954)772-8050 voice (954)491-3739 Fax Serving South Florida over 30 years |
| Estate Planning and Estate Settlements |
WHAT IS ESTATE PLANNING?
An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will. Real property is real estate and personal property includes everything else, for example cars, household items, and bank accounts. Estate planning distributes the real and personal property to an individual's heirs.
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. A major concern for drafters of estate plans is federal and state tax law.
WHO NEEDS ESTATE PLANNING?
We all do, for two reasons. One, you probably are worth more dead than alive; and two, if you don't designate who you want to reap the benefits of your life, the state will. This is called the "Law of Intestacy."
WHAT IS THE LAW OF INTESTACY?
When a person dies (the decedent), a major concern for those surviving the decedent is how to distribute the decedent's property, or the estate. This issue is an age-old problem that mattered greatly in the past, and still does today. Accordingly, the law has developed to govern not only how the decedent's personal property and real property is distributed to heirs but also how important privileges as well as debts and other responsibilities are passed down to later generations.
Because this issue reaches into ancient times and the consequences of INHERITANCE can be so important, there is an enormous body of STATUTORY and CASE LAW relating to "who gets what" when someone dies. There are several key components to these laws. For example, there are laws about wills, trusts, and other methods of leaving property in addition to wills, jurisdiction of PROBATE courts, qualifications and duties of executors of wills, and estate and inheritance taxes. Tax consequences for the estate and heirs are important considerations when individuals plan their estates. Whether individuals die with a will or INTESTATE, there are tax consequences for estates and potentially for those who would INHERIT property according to the laws of INTESTACY. The negative tax consequences and other potentially unintended consequences that can flow from dying intestate are major reasons that prompt people to create wills.
HOW DO YOU GET STARTED WITH YOUR ESTATE PLANNING?
By contacting a professional.
It is impossible for an individual without legal and tax background. On the other hand, it is impossible for a professional with the expertise to plan your estate without an in-depth knowlege of your goals, needs, and overall family and financial situation.
Because of this, we have prepared a comprehensive "PRACTICAL GUIDE TO ESTATE PLANNING" booklet for our clients to read and fill in prior to beginning the estate planning process. To review this brochure, and our "ESTATE PLANNING QUESTIONNAIRE,"
please click on the sites below below.
