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As experienced probate attorneys in Coral Springs we at Reinfeld & Cabrera, P.A. have often come across 5 probate myths that people are convinced are true. As all good probate attorneys in Coral Springs will tell you estate planning is a serious business and essential if you are concerned about what will happen should you become incapacitated or pass away. However it seems that thanks to these 5 probate myths, proper estate planning is often overlooked as costly and unnecessary. That is why we at Reinfeld & Cabrera feel compelled, as trusted probate attorneys in Coral Springs, to make sure you are not falling victim to these top 5 probate myths.
#5. I already have an estate plan and don’t need to think about it again.
This is a constant source of frustration for probate attorneys in Coral Springs. Your estate plan needs to be monitored and updated every time you have a major life change such as divorce, marriage, birth etc. Ideally you should consult with your attorney every four or five years to discuss changes in your circumstances that could affect your estate plan.
#4. There is no need to make my spouse a beneficiary.
Couples tend to assume that if one spouse dies, the other will simply continue living with all the assets in their estate, and that all the assets of the deceased spouse will automatically go to the living spouse. There are so many factors that influence how this works, such as how your assets are titled; and whom you have named as the beneficiaries of your life insurance and retirement accounts. Furthermore if you die without a will, what is left of your estate will be divided between your spouse and your children. This could create issues especially for spouses who are financially dependent on each other or have children from other marriages.
#3. Death Taxes.
As probate attorneys in Coral Springs we have often heard estate tax referred to as unfair “death tax”. When it comes to federal estate tax did you know that there is a $5 million+ federal estate tax exemption? Thanks to this exemption it is estimated that less than 0.10% of estates will be subject to federal estate taxes. When it comes to state estate taxes most states actually impose their own estate tax, which is significantly less then the Federal Government exemption. However, in the state of Florida, the estate tax is not assessed and no portion of what is bequeathed in a will or a trust to an individual will go to the state.
#2. Probate – no problem!
If you live in Florida, this is simply not true! Without the help of a probate attorney your family and loved ones will be left to navigate a gauntlet of complicated probate procedures and be at the mercy of a probate judge who does not know you or your family.
#1. Estate planning is for the rich.
Unless you live in a cave with not a penny or asset to your name you will need an estate plan. An estate plan does not have to be expensive. By speaking with a knowledgeable probate attorney, such as Reinfeld & Cabrera, P.A. you will be able to structure an estate plan that will best suit you and you family’s needs.