Many Florida residents may be unaware that some or all their estate is in danger of going to someone to whom they have no intention of giving any of it to. Because federal estate taxes only affect those with an estate larger than $5.25 million, many may feel that their estate is safe and will go to their heirs as they plan. However, not taking the time to designate who the beneficiaries are for retirement plans, life insurance plans, bank accounts and other financial holdings can often lead to terrible consequences for one's heirs.
Florida residents are advised to focus on the elements of estate planning to make sure they protect their rights and interests. Estate planning is not just for the wealthy but is something that we all need, regardless of our age or current financial situation.
Florida residents may be aware that part of a successful estate plan is ensuring that adequate funds are available to provide for the rest of the grantor's life. Successfully planning a person's retirement requires assessing the situation and making changes as necessary. Some areas, such as Florida, may be more affordable for individuals to retire due to lack of income tax or other factors.
Orlando residents may be uncomfortable with the idea of planning for their death, but estate planning is essential to making someone's wishes known as well as making the process easier for someone's heirs. Estate planning is not limited to wills and dealing with an individual's passing. It can also ensure that someone has a plan of action for if they are incapacitated and unable to care or make decisions for themselves.