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People of all ages and incomes levels need an estate plan

| Jul 7, 2021 | Estate Planning & Probate

Preparing your estate plan in Florida ensures your family and assets remain protected in the event of your death or incapacitation. An estate doesn’t need millions of dollars worth of assets to start. Your age also doesn’t matter since an estate plan can help prepare for a number of situations that apply to the young and old alike.

Planning an estate for all income levels

Estate planning helps minimize or eliminate estate taxes, minimizes strife in the family and arranges for the guardianship of your minor children. A good state plan can also plan for incapacity, protect your assets from lawsuits and prepares for numerous financial and legal issues. Without an estate plan, the state may step in to decide the fate of your assets.

Estate planning exists for people of all ages and income levels. Get your affairs in order to plan your succession. Many people may not realize that you can include a life insurance policy as part of your estate, and in some cases, you can use the insurance to pay estate taxes and other costs. Funeral expenses, your last illness and many of the fees associated with paying for your estate can be paid with life insurance. Life insurance serves as a valuable part of your estate plan, especially if you don’t have much disposable income.

Start your estate planning today

Preparing to pass on your assets and protect your minor children involves legal work that you should trust a lawyer to handle. Attempting to create an estate plan on your own may result in oversights and situations that could make your will invalid. While a will might be valid at the time it is written, there are situations that can prevent it from being executed.

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