How many seniors in Gainesville and the state as a whole are participating in estate planning?
A trust is traditionally used to minimize estate taxes and can offer other benefits as part of a well-crafted estate plan. Whether your older loved one plans to file trust documents or simple wills will depend on the value of their estate and the degree of control they want over their wealth. The IRS reported the number of returns filed in Florida with simple and complex trust documents in a recent year and the results are below.
Many seniors choose to file trusts because they can control the terms precisely. They can control exactly when and to whom their assets are distributed. A trust can also protect your aging loved one’s legacy from their heirs’ creditors or beneficiaries who may not be adept at money management. An estate planning attorney in Gainesville can help your older loved one set up a revocable or irrevocable trust depending on what they want.
How many seniors in Gainesville are participating in estate planning?
While trusts may not be for every aging adult, a will is something that everyone should have. No matter how few assets your elderly loved one may feel that they have, they should still have a will in place to avoid disagreements among family members after they have passed away. This also prevents the courts from making decisions that are better left to the senior involved. According to an AARP study, the following percentage of older adults have wills and power of attorney documents in place.
Prevalence of estate planning documents among older adults
Prevalence of estate planning documents among older adults
Adults age 72 or older with wills
Adults ages 53-71 with wills
Adults age 72 or older with power of attorney in place
As you can see, far too many older adults do not have wills in place. Don’t let your older loved one be one of this number. With a will, your aging loved one can decide who will administer their estate. They can also decide who does, and does not, receive their money and property upon their death. They also have the opportunity to give to causes and charities close to their heart. Having a will helps avoid legal challenges after they’re no longer around to speak for themselves. Set your senior loved one up with a Gainesville estate planning attorney today.
How to choose the best estate planning attorney in Gainesville
Even if your older loved one already has an attorney, it’s a good idea to have them meet with a specialized estate planning lawyer in Gainesville. Once you have chosen a few potential attorneys, make sure each one is happy to provide you and your elderly loved one with references. If not, cross them off your list. Then check to make sure the ones who are left have the experience necessary to handle estate planning situations similar to your senior loved one’s unique situation.
Cost is also an issue. You might expect to pay about $100 for a simple will with a Gainesville estate planning attorney, and the cost can go up from there depending on the complexity of your older loved one’s estate. For further information, check out our comprehensive guide to choosing an estate planning attorney.
Estate planning solutions for Gainesville seniors
It’s not fun to think about your senior loved one’s demise, but it is necessary for them to plan for it. By being prepared, they can give you the gift of peace of mind that comes from knowing what their wishes are and that they will be met. Use our listings to begin your search for estate planning services in Gainesville today.
