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Why Young Families in Daytona Beach, FL Need to Consult with an Estate Planning Attorney
Thinking about what will happen to your estate upon your death is not a very pleasant topic to think about. But taking control of estate planning while you're living ensures that these types of decisions will not be made by a probate judge when you're estate is left behind. And a local estate planning attorney will protect the interests of your Daytona Beach, FL estate.
Depending on the value of your estate and the property and assets you have, there are often tax consequences, which many people call the “death tax” that can take a big chunk out of even the most modest estates. An experienced estate planning attorney will be able to help you determine the best vehicles for distributing assets and income upon your death to reduce estate taxes. For example, revocable and non-revocable trusts have grown in popularity, but they are not always the best option for every financial situation.
While many consumers tend to put off estate planning until they start approaching their retirement years, young adults raising a family in the Central Florida area should consider consulting with an estate planning lawyer as well. That's because it is important for both parents to have at least a Will in place that will carry out their wishes in the event one or both parents becomes incapacitated from an illness or accident or otherwise dies unexpectedly. This will ensure their children are taken care of in the manner they wish and that property and assets don't get tied up in probate court at a time when their children and surviving family members will depend on them.
Jerry B. Wells, PL has spent his entire career helping clients in the Central Florida area with their estate planning needs. He is a member of the Trust Law Committee, the Guardianship Committee and Florida's Super Lawyers for 2014. In addition, Mr. Wells was selected in 2011, as a member of the Legal Elite in Florida Trend Business Magazine.
To schedule a consultation with an experienced estate planning attorney in Daytona Beach, FL, contact us!