Southwest Florida's Health and Wellness Magazine Health and Wellness Articles
Estate planning services include living wills, drafting of wills, trusts, and powers of attorney. Estate planning customizes the documents to match the needs of the clients, and to prepare provisions for their children, dependents and intended beneficiaries, and to also reduce the impact of estate taxes.
Many people are intimidated or afraid of hidden fees and high costs associated with estate planning, but Attorney Patrick L. Smith does things differently. Many attorneys bill their clients by the hour to handle their planning—Attorney Smith offers a complimentary consultation and has instituted a flat-fee system for his services. For example, a basic Will is a flat charge of $75.00 and a Non-Tax Trust Package is $695.00. This allows clients to know their costs from the start of planning and to determine their estate planning needs without surprises. Although Attorney Smith primarily practices in estate planning and asset protection, he regularly works to connect his clients with a network of attorneys to provide them with complete, affordable legal advice.
If you are putting off estate planning, here are few reasons you might want to take action now as opposed to later:
Health and Mental Capacity
In Florida, the state no longer recognizes Springing POAs (Power of Attorney). Springing POAs were able to “spring” into effect and make decisions after a loved one was incapacitated. These are no longer accepted. Instead, the State now requires a permanent POA that goes into effect at the moment of signing the document. If you or a loved one are being proactive about your estate planning or medical decisions, it’s critical to speak to an attorney to help guide you through the process and make the appropriate choices that are specific to your situation.
It’s essential to implement a power of attorney (POA) while someone is capable and competent of signing paperwork and evaluating needs.
If your loved one is unable to make sound judgments and decisions, it can be costly to navigate the court systems to try and retroactively gain control of assets and to make important financial and health-related decisions.
Unfortunately, neurodegenerative disorders are escalating in our country. It’s not uncommon that individuals need 24-hour care and nursing to help with daily tasks due to conditions such as Alzheimer’s and Parkinson’s disease, or other debilitating disorders like COVID, cancers, coma, and those on life-support, to name a few. When there is no power of attorney in place to make decisions, such as hiring a caregiver, transitioning into a memory care facility, or implementing a hospice plan, these important decisions can turn into a challenging legal process.
Estate Planning Should be Under Your Control
Making decisions now is proactive. It should not be thought of as premature; it should rather be thought of as a wise decision for your family and those left behind that you wish to care for or donate to.
You DO NOT have to disclose all details of your assets to your family, but it is very important that they know where to find the information when they need it. Preparing and organizing your estate planning is critical.
Law Offices of Patrick L. Smith, PLLC
For your free consultation or to have Attorney Smith speak at your event or group, you may reach him at his Fruitland Park office by calling 877-754-6764 or visit:
www.attorneypatricksmith.com.
