Florida Estate Planning for Healthcare Professionals
Florida medical professionals should have a well-constructed estate plan. This vital, legal document protects assets, provides for loved ones, minimizes taxes, and avoids probate court. Additionally, a solid plan designates guardians for minor children, assigns power of attorney and may include health care directives.
A well-written estate plan requires qualified legal guidance. For this reason, contact an experienced probate attorney to ensure your estate plan documents follow Florida’s laws.
At our firm, we bring over a decade of experience in both healthcare law and estate planning. This dual expertise makes us a valuable legal resource for Florida physicians and other medical professionals seeking to protect their legacy and plan with confidence.
Key Florida Laws Regarding Estate Plans
Several state laws govern estate plans in Florida. Some key statutes include:
- Florida Probate Code (Chapters 731-735)- Your attorney thoroughly understands these laws which outline estate administration. In other words, this section of the probate code explains wills, distributing assets, and appointing representatives.
- Florida Trust Code (Chapter 736)- This section explains trusts. Revocable trusts are often used by high-net-worth individuals. Your attorney will help you set one up.
- Florida Durable Power of Attorney Act (Chapter 709)- This act explains how you may appoint someone to represent you if you become incapacitated. Once again, your attorney will advise you on this matter.
- Florida Health Care Advance Directives (Chapter 765)- Generally, medical professionals understand the importance of this document. It grants authority to someone to make medical decisions for you if you become incapacitated.
- Florida LLC and Asset Protection Laws (Chapter 605)- Florida Laws provide strong protection for businesses. Your attorney will explain this to you and show how this is used in your estate planning documents.
- Homestead Laws (Article X, Section 4 of the Florida Constitution)- An experienced attorney will explain the protections provided by these laws.
Key Documents in a Well-Constructed Estate Plan
A well-constructed estate plan contains several components. Some necessary sections include:
- Will- Estate plans start with a will. This legal document outlines how assets are distributed after death. An executor named in the will ensures the document is followed. Also, a will may appoint guardians for minor children. Without a will, the State of Florida will distribute assets and determine who takes custody of your children. It’s important to note that your will is filed with Circuit Court after you pass away.
- Revocable Living Trust- This document avoids probate court and remains private. In other words, it is not filed with the court. Assets placed in this trust avoid probate court after your death. Your attorney will explain how a trust document may be used for asset protection, long term wealth management, and charitable donations.
- Power of Attorney- This important, legal document names a person to handle your affairs if you become incapacitated. For example, if you are in a car accident and remain unconscious for a period of time, your power of attorney may handle your financial and business affairs. So, choose someone you trust for this important role. By doing so, someone you trust rather than the courts will handle your business and personal matters.
- Medical Power of Attorney- Medical professionals understand the importance of this document. This healthcare surrogate, appointed by you, may make medical decisions for you if you are incapacitated. Once again, choose a trustworthy individual and make sure they understand your medical wishes.
- Asset Protection Strategies- Florida Law protects your home and retirement accounts. However, your other assets require additional protection. Your attorney will advise you on how to include these protections in your estate planning documents.
- Tax Planning- Florida does not tax estates after death. However, the federal government does. Therefore, it remains important to discuss tax planning with your attorney as part of your estate planning. In fact, there are ways to preserve wealth for future generations.
- Business Succession Planning- If you are part of a partnership, it is vital to have solid succession plans in place. An experienced attorney will set this up for you.
- Living will- Florida has specific requirements regarding end-of-life decisions. These decisions must be made while you are of sound mind and placed in a legal document. Of course, two or more family members should know your wishes. Once you place them in a legal document, they may not be challenged. In fact, only you may make changes.
Properly drafted and executed estate planning documents are vital for any healthcare professional. In particular, a high-net-worth individual needs an experienced family law attorney to construct these documents. An expert attorney knows the law and makes sure you are protected. Peace of mind is extremely important when dealing with financial and personal matters. So, hire a well-qualified attorney and protect yourself and your loved ones.