John can help document important decisions concerning your money, real estate, other personal properties, children, healthcare, and individuals who want to make decisions on your behalf and your estate’s behalf. After consultation, John will create an estate plan for you that meets your needs and desires and helps your estate avoid probate.
Trusts are special estate planning tools that can help shield a person’s estate from taxes or direct how the wealth that they leave should be used. Trusts can be beneficial to families of all financial means not just the wealthy.
For example, a parent may wish to create a spendthrift trust for their minor child so that a trustee can ensure that the money is spent on the child’s education instead of being spent irresponsibly.
Other trusts allow a person to make a gift during their lifetime that will be removed from their estate but only transfer upon their passing. For example, a charitable remainder trust can hold the house that they live in and transfer it to a designated charity.
Revocable and irrevocable trusts can also be used for private gifts. Revocable trusts generally have more flexibility while irrevocable trusts may offer greater protections or tax benefits.
While trusts can help manage a complex estate, sometimes a will is all that is needed to set out how an estate should be handled. Even if trusts are in place, a last will and testament should be used to cover any assets held or acquired outside of the trusts as well as to spell out what should happen if a trust is legally invalidated.
Estate planning includes more than just planning for death. It is also crucial to plan for critical life events that may leave you unable to make decisions for yourself.
Families can be torn apart over decisions such as removing a feeding tube or ending artificial life support. A living will allows a person to clearly set out their wishes regarding life-extending procedures so that there is no question about what they would have wanted.
Powers of Attorney
Financial and healthcare durable powers of attorney give a trusted loved one authority to act on behalf of a person who has become incapacitated due to mental illness or sudden accident. When a power of attorney is in place, they have immediate authority to instruct doctors or financial institutions without needing to go to court.
A person who wishes to leave a legacy for their family may worry about a future lawsuit or creditors eroding their assets. Asset protection allows wealth to be legally moved into investment vehicles that are shielded from debt collection efforts and court judgments.
To schedule a consultation with John, call the Law Office of John K. Carter, P.A. in Tampa – St. Petersburg today.