Estate Planning – Wills & Trusts

Estate planning normally requires much more than a simple last will and testament. Consideration must be given to issues such as qualified transfers outside of the last will and testament through separate writing and other instruments, durable powers of attorney, designation of health care surrogates, living will to address life support and artificially prolonging death and the need for declaration of preneed guardians and when a revocable living trust should be considered. With your holdings in real estate, we can make accommodations in your estate planning through trusts and other estate planning vehicles. Proper estate planning requires a personalized and comprehensive approach that gives consideration to not only the transfer of assets at death through probate and non-probate means, but also to physical and mental health care issues that encompass the use of powers of attorney, pre-need guardian, appointment of health care surrogates, living wills, etc. The conversation as to estate planning must be comprehensive in order that you make informed decisions. We are here to educate, answer questions and implement a personalized estate plan for you. 

Before drafting your estate plan, you will be requested to complete an estate planning questionnaire. The questionnaire has proven to be extremely important to not only gather information as to your particular and unique circumstances, but to educate and inform the client of options and considerations. 

Revocable living trusts have become very popular over the last couple of decades. They are often “sold” as a means of avoiding both probate and guardianship. They can help in these areas, but they are not foolproof. A trust must be properly funded in order to avoid probate; i.e., the trust must own all of your assets. Even then, it may be necessary to file a probate to notify creditors and cut-off creditor claims. A trust may assist in avoiding a guardian of the property, but not a guardian of the person. This is because neither a trustee nor an attorney-in-fact under a durable power of attorney actually has the authority to control how or where a person lives. We will give you the unvarnished truth regarding the pros and cons of living trusts and then you can decide what is best for you in your situation.

Generally, a Florida revocable living trust is a revocable agreement that a resident makes during their lifetime for the benefit of themselves and for a spouse and other designated people after their death. A living trust is usually used for testamentary estate planning and avoiding probate. A Florida living trust has two estate planning benefits as it avoids guardianship and it avoids probate.  

1. A revocable trust avoids probate by effecting the transfer of assets during your lifetime to the trustee, but allows the trust assets to receive a stepped-up basis on the death of the settlor equal to the property’s fair market value at the date of the decedent’s death. This avoids the need to use the probate process to make the transfer after your death, but still allows for enhanced tax treatment with the stepped-up basis for property. The trustee has immediate authority to manage the trust assets at your death; appointment by the court is not necessary. 

2. A revocable living trust is an ideal way to keep assets under your control even if you become mentally or physically unable to manage it. A living trust avoids guardianship in the event of the grantor’s incapacity. The living trust agreement typically provides that if the grantor cannot manage trust property, then a successor beneficiary takes over the administration of trust property for the grantor’s benefit. Incapacity is a defined term within the trust document, and a living trust agreement should include procedures for determining the grantor’s incapacity. The incapacity provisions of a living trust permit the grantor and their family to avoid a public guardianship if the grantor becomes unable to manage trust assets. 

The living trust can be funded with, among other things, homestead property, bank accounts and investment accounts, which allows for the trustee to manage such property on behalf of the settlor/grantor while they are alive (competent or incompetent; good health or poor health) without the need for a power of attorney and avoiding guardianship, until their death, then facilitate the distribution of the same in accordance with the wishes of the settlor/grantor.

 At Campione Law Group, we will discuss available options with you, and tailor your estate plan to your unique and specific situation. Every client is different, which is why no two estate plans are identical. We will help you consider both the pros and the cons of each option so that you can make well-informed decisions. We believe the true value of estate planning lies in the counseling and not in merely selling you a ream of standard word processing documents that you may not even understand. Further, estate plans should not be signed and placed on the shelf, but reviewed regularly. Campione Law Group recognizes the importance of creating relationships to better understand and serve your needs today and thereafter.

 Recently relocated to Florida? Florida only recognizes the execution of out-of-state estate planning documents that comport with Florida law. We will provide a complete review of your existing estate planning documents and then provide guidance to ensure compliance with Florida Law.

What makes us different than other firms? We will not only review existing estate planning documents but ask questions to better understand your needs. We will guide you through a comprehensive questionnaire and interview process. Considerations for shaping and developing an estate plan dictated by such issues as how you hold title to real and personal property. For instant, the Florida Constitution provides certain protections to the Florida homestead, and many times by reviewing our client’s deeds to real property we can alert our clients to potential concerns of succession and creditors’ claims.