Enjoy these benefits of estate planning in Florida with the Millman Law Group.
Estate planning is essential for protecting your assets and ensuring your loved ones are cared for after you pass. If you live in Florida, you have unique advantages that make proper estate planning even more beneficial. From avoiding unnecessary taxes to ensuring a smooth transfer of wealth, having a solid estate plan can give you peace of mind. Here are four of the best benefits of estate planning in Florida with the Millman Law Group.
No Estate Tax in Florida
One of the most significant financial advantages for estate planning in Florida is that the state does not impose an estate tax. While the federal government taxes estates exceeding a certain threshold, Florida does not add any additional tax burden on your heirs. This means:
- Your beneficiaries can inherit more of your wealth without worrying about state-imposed estate taxes.
- You can pass down family assets more efficiently compared to residents of states with estate taxes.
- Estate planning strategies can focus on preserving your wealth rather than mitigating unnecessary state tax obligations.
Even though Florida does not have an estate tax, federal estate taxes may still apply for larger estates. A well-structured estate plan ensures you take advantage of available exemptions and tax-saving strategies.
Enhanced Life Estate Deeds (Lady Bird Deeds) Are Available in Florida
Florida is one of the select states that allow Enhanced Life Estate Deeds, commonly known as Lady Bird Deeds. This estate planning tool lets homeowners retain control over their property during their lifetime while ensuring a seamless transfer of ownership to beneficiaries upon death—without probate. Key benefits of a Lady Bird Deed include:
- Avoiding Probate – The property automatically transfers to the named beneficiary without going through the probate process, saving time and legal expenses.
- Retaining Control – The homeowner can sell, refinance, or change beneficiaries at any time without needing the beneficiary’s approval.
- Medicaid Planning Benefits – Since the home does not count as a completed gift during the owner’s lifetime, a Lady Bird Deed can help individuals qualify for Medicaid while keeping their home.
For Florida residents looking for a simple and effective way to pass down real estate, a Lady Bird Deed is an excellent option to consider when estate planning in Florida.
Dynasty Trusts Can Last as Many as 1,000 Years in Florida
A Dynasty Trust is a powerful estate planning tool designed to preserve family wealth across multiple generations. Unlike most trusts, which have an expiration date—typically after a set number of years—Florida law allows Dynasty Trusts to last up to 1,000 years, ensuring that assets remain protected for many generations.
Some of the major benefits of a Florida Dynasty Trust include:
- Protection from Estate Taxes – Assets placed in the trust can be shielded from estate taxes for future generations, maximizing long-term wealth preservation.
- Creditor and Lawsuit Protection – The assets in a Dynasty Trust are generally protected from creditors, lawsuits, and divorces, ensuring financial security for beneficiaries.
- Multi-Generational Wealth Management – The trust’s creator can establish specific guidelines on how and when beneficiaries receive distributions, encouraging responsible wealth management.
A Dynasty Trust in Florida offers a unique and lasting solution for those who want to ensure that their family’s assets remain intact for generations.
Partnering with an Attorney at The Millman Law Group
Creating a comprehensive estate plan requires more than just filling out a few forms. Partnering with an experienced estate planning attorney ensures your plan is legally sound, personalized, and designed to protect your interests. When you work with The Millman Law Group, you benefit from:
- Tailored estate planning solutions
- Legal expertise in Florida’s estate and probate laws
- Ongoing support to update and adjust your estate plan
If you’re ready to secure your family’s future, The Millman Law Group is here to help. Contact us today to schedule a consultation and build a strong estate plan in Florida tailored to your needs.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.