Wills, Trusts and Advanced Estate Planning

Board certified attorneys who are also certified public accountants help clients plan the financial future for their families and favorite charities in Florida

Estate planning is an act of love and kindness to provide for the future financial benefit of one's family members and/or favorite charities.  Our estate planning attorneys at Doane and Doane, P.A. are experienced in the legal tools available in Florida to make such provisions while at the same time minimizing estate and other taxes.  Some of the available tools are briefly described below.  We help determine which ones are best suited for our clients' specific circumstances.

Wills and trusts

• Will—A legal declaration in which the writer (known as the testator) names the individuals and/or charities to receive the testator's assets (known as the estate) upon the testator's death.  A will also names one or more persons (known as a personal representative, executor or executrix), to manage the estate and distribute the estate's assets.  A will may further establish various trusts for the benefit of children and/or incapacitated persons
• Trust—An agreement enabling a person (known as the trustor or settlor) to give his or her assets to another person (known as the trustee) to hold for the benefit of one or more third parties (known as the beneficiary or beneficiaries).
• Revocable living trust—A trust in which the trustor, while alive, retains the right to manage the assets, yet allows the assets to be passed to the beneficiaries upon the trustor's death without the need for probate (a court proceeding).  Other benefits include reduced taxes, safeguarding financial privacy and regulating the use of assets if the trustor becomes incapacitated.
• Irrevocable trust—A trust that cannot be changed once it is established.
• Irrevocable life insurance trust—A trust that owns the trustor's life insurance policy.  Thus the trust pays the premiums and gives the death benefit to the beneficiaries upon the trustor's death.  Since the death benefit is thus removed from the trustor's estate, it is not subject to estate taxes.
• Charitable trust—A trust that provides a portion of the trustor's property or money to a charity, thus reducing subsequent estate taxes, avoiding capital gains on the donated assets and qualifying for an income tax deduction for charitable giving.
• Generation-skipping (perpetual/dynasty) trust—A trust in which no direct ownership is transferred to any beneficiary.  Instead, trust assets are permitted to grow, with partial distributions to successive generations.  The trust's assets are valued as of the time the trust was created, with appreciation being exempt from estate taxes.

Advanced estate planning

• Family limited partnership—A business created by family members pooling their assets.  Each family member then owns shares of the business.  Benefits include—
  • Maintain control of family assets
  • Facilitate annual giving
  • Obtain valuation discounts for gift and estate tax purposes
  • Shift income to lower tax bracket
  • Avoid probate
  • Create hurdles to creditors
  • Provide management structure for disability
  • Protect family assets against failed marriages
• Private foundation—A private not-for-profit legal entity organized under section 501(c)(3) of the IRS Code exclusively for charitable, educational, religious, scientific or literary purposes.  Benefits include—
  • Tax deduction for the transfer of assets into the foundation
  • Charitable estate tax deduction for assets transferred into the foundation upon death
  • Donor control over contributions and disbursements
• Public charity—Donations result in tax savings for the donor.
• Family holding company—A legal entity formed to hold family assets and make partial distributions to future generations.  Its major benefit is to reduce the gift tax that would otherwise be due.
• Private annuity trust—The transfer of a substantially appreciated asset in return for periodic payments back to the trustor.  Its benefits include reducing or eliminating estate taxes, as the asset is no longer part of the trustor's estate.
• Guardianship—Empowers a court-appointed individual or entity with the authority to make decisions for an incapacitated person who cannot provide for his her own basic needs, properly care for his or her health and/or manage his or her finances.
• Trust management—Legal and financial services provided by Doane and Doane, P.A. to manage its clients' trusts.
• Medicaid planning—The legal transfer of assets to family members in anticipation of the future need to qualify for Medicaid health and long-term care benefits.
• Power of attorney—A document that allows the principal to give authority to another person to make financial and legal decisions on behalf of the principal.   It is called durable when, by its terms, it remains effective even if the principal becomes mentally incompetent or physically disabled.
• Health care surrogate designation—A document, signed by a competent adult, designating another person whom the person trusts to make health care decisions on the person's behalf should that person become unable to make such decisions.
• HIPAA release—A form that a patient signs stating that his or her medical information can be given to someone else.

Contact us

Schedule a complimentary initial consultation with a Doane and Doane, P.A. attorney by calling 561-656-0200 or contacting us online.  With offices in North Palm Beach, West Palm Beach and Stuart, our law firm serves clients in the communities along Florida's Gold Coast and Treasure Coast, including Palm Beach, Broward, Miami-Dade, Indian River, St. Lucie and Martin counties.