How Much Does a Simple Estate Plan Cost?

                                   "How Much Do You Charge for a Simple Estate Plan?"

Ever since the United States economy tanked in 2008, along with the downturn in the Florida real estate market, I've observed that a lot of people became frozen by the fear of not having enough money and delayed seeking elder law advice to resolve important legal issues.

Many families found themselves in a legal crisis. Why? Because they didn't want to invest in their future and seek qualified legal advice at the earliest possible time.  What I refer to as the 'fear of lack' instead of abundance (the glass is half full), has caused people to take shortcuts to resolve their legal issues - these shortcuts often result in more problems and expense to fix. Unfortunately, the delays I witnessed resulted in people incurring more legal fees to fix the problem, losing the privacy in their lives (due to guardianship) and having fewer planning options. 

 A common situation is people creating their own legal documents on the internet through Legal Zoom or other service.  In many situations those documents were not properly signed (so they are not valid) or, didn't fully address their legal needs.  Sadly, this is a perfect example of being 'penny wise and pound foolish.'

Since 2008 my office receives calls from people asking "how much does it cost for a simple estate plan?" or, "how much will it cost to protect my assets and qualify for Medicaid?" Unless the caller receives a range of legal fees, the caller won't schedule a consultation.   My staff and I cannot diagnose your issues in a few minutes on the telephone in order to tell you the cost of our legal services--as qualified and experienced as I am.  Just like a doctor cannot diagnose and treat a patient's medical issue over the telephone.  We do not want to scare anyone away by quoting a range of fees that may not apply to your particular situation.  We want to motivate you to be an informed consumer. At our firm we: 

• tailor our advice and recommendations to your circumstances and needs while treating you  with compassion
• educate you about the law, your rights and planning options
• empower you to make an informed decision to achieve your goals that helps create peace of mind.

      To do this effectively, I need to meet with you to: 

1. discuss what is happening or changing in your and your spouse or partner's lives;
2. identify your concerns and goals;
3. review your finances (type of assets and income, value and ownership); and
4. determine which legal planning options will best help you achieve your goals based on your circumstances.

There is no 'one size fits all' solution to creating an estate or asset protection plan.  Each person is unique and deserves to receive a comprehensive analysis with recommendations tailored to them.  That is why when you visit my firm's website (www.fl-elderlaw.com ) you can download a gift certificate for a 20% discount for the initial consultation.  The consultation will be an investment in your future.  At the end of the consultation you will not only leave informed about your planning options you will also receive a written proposal for legal services. 

As a well known businessman suggested: Be an educated consumer. Don't make decisions that impact your future and your family based on fear.

We are pleased to work with our clients at our office, via telephone where appropriate, and we make house-calls. Our goal is to counsel people of all ages to co-create a plan that achieves your goals.

Don't do as Celebrites Do - Make an Effective Estate Plan

                  
   Don't Do as Celebrities Do  - Make An Effective Estate Plan 

We are hearing that many recently deceased celebrities, like James Gandolfini, didn't take the time to make a clear and effective estate plan. The unfortunate results are:

¨      Expensive litigation

¨      Broken families

¨      Loss of privacy.   

Here are some simple tips you can follow so that your estate plan does not become the topic of conversation in the media: 

1.      Update Your Documents: Update your Will or Trust when there is a major life change (i.e. birth, death, marriage, divorce). Anna Nicole Smith did not update her estate plan after her adult son died months before her new baby was born. This created confusion in determining who should inherit her estate.

2.      Disinheriting a Family member: While there is no requirement in Florida to leave an inheritance for a family member it is recommended that your Will or Trust specifically state that you are intentionally not providing for that person. You may even want to designate a token amount such as $10.00.

3.      Providing for Your Spouse: In Florida, you cannot disinherit your spouse. Florida law provides for an 'elective share' which is one-third of everything you own whether it goes through probate or by-passes probate (i.e. revocable trust assets). The exceptions to this are if you and your spouse entered into a pre-nuptial agreement or post-nuptial agreement where you waive your right to inherit.

4.      Digital Assets: In today's age of technology, many important documents and information are in a digital format. These include passwords, photos, social media, etc. Be sure to designate in your Will or Trust the beneficiary of your digital assets. 

Tale: NFL Quarterback Steve McNair died without any estate plan and left behind a wife, minor children and his mother.  The absence of a plan left his wife having to ask the Court for money to live on while the probate was pending. His mother had to move out of a house he built for her since she could not afford to pay rent.

Tip: Understand the impact of no estate plan: If you die without a Will or a Trust the state laws dictate who inherits and how much. This is called dying 'intestate.' Dying intestate may not be what you really want.

While you may be uncomfortable initially facing the reality of your eventual demise, taking the time to be informed and creating an estate plan shows courage and respect for loved ones left behind.
 Learn more at http://www.fl-elderlaw.com