Estate Planning | Florida Estate Planning
Estate Planning | Being a resident of Florida is a huge benefit in estate planning. There are several reasons for this and all Floridians should take advantage of these benefits by visiting a lawyer that can explain and effectively utilize them.
First, Florida is an extremely debtor friendly state and allows residents to protect assets such as real estate and some financial accounts from the reach of creditors. This can be done by applying for and obtaining a homestead exemption on real property that is a primary residence. Most creditors are unable to place a lien against that real estate. There are exceptions and these should be discussed with a lawyer. The real estate can also be titled between spouses as “tenants in entirety.” This makes each party an owner of the entire property rather than each party owning one half. Creditors cannot force the sale to pay the debt of one party. Financial accounts in the name of both parties have similar protections.
The State of Florida also recognizes trusts and allows property in other states to be placed in those trusts. A trust is a valuable tool in estate planning.
For veterans, Florida offers extra benefits such as exemption from real estate taxation. This exemption passes to the spouse upon the veteran’s death.
In addition, Florida is not subject to state or local income tax which saves its residents money.
Due to the fact that many people retire to Florida, there are also many services available that benefit the elderly and help extend the quality of life well into the senior years.
Florida is a great place to grow older. Laws are in place to protect assets, extra benefits and services are available, and taxes are lower than in other parts of the country. Discuss with an attorney how to put these tools to work for you.
Don’t wait! We can assist you with all of your estate planning legal needs. Call to schedule an appointment with one of the top estate planning attorneys Tampa has to offer! Tampa office at 813-367-1500 or send us your questions online.