Is it time to update your Florida estate plan at the end of the year? With the year 2023 fast approaching, are you busy finalizing your end of the year plans? As part of your end of the year planning are you including taking an inventory on what has happened this year, reflecting on your goals for the coming year, and deciding what you want for next year, your future and well beyond?
As you think about the past year and look to the future, what are your goals for yourself, your loved ones, and your legacy? We recommend you take the time to not only think about the immediate actions that must be completed before the end of the year, but that you also think about what the future may hold for you. You need to consider either completing or updating your Florida estate plan with your experienced Florida estate planning attorney.
Have you, in fact, created your Florida estate plan? If your answer is yes, has it been recently updated? If not, how should you begin to update your Florida estate plan? We encourage you to consider the following ten questions, in addition to any you have, to be sure that you have the peace of mind that comes from a good up to date Florida estate plan in place.
1. If you are not able to make decisions for yourself, who will make them?
2. Have you thought about whether your out-of-state estate planning documents are valid and acceptable in Florida?
3. If you are not able to handle your business affairs, who would do it?
4. If you are hospitalized, who would take care of your pets?
5. Do you plan for your adult children to be in charge of your finances?
6. Do you have enough insurance?
7. Will your retirement plans be able to support you as you age?
8. Is your estate taxable?
9. Does your accountant or investment advisor recommend you make gifts?
10. Have there been any changes in your family structure, for example births or marriages, that require the need to update your estate plan?
In our law office we often hear questions like the above from our clients and their family members. When it comes to Florida estate planning, you need to know your plan will work when you need it to.
We know this article raises more questions than it answers. Our firm is here to support you now and available to answer your questions. No matter where you are in life’s journey, we can help. The most important thing is to protect yourself and those you love. Whether you need to update your estate plan, are preparing for future long-term care needs, or have a loved one entering or already in a nursing home, we are ready to assist you. We have three convenient locations and are ready to serve the communities around Highlands and Polk County, Florida. Take your first step by contacting us today.
