The Most Common Estate Planning Tools

At Tannenbaum Scro in Sarasota, we help make sure you have the right estate planning tools in place to accomplish your goals. Those may include:

  • Last will and testament: This the most basic estate planning tool, and one that everyone should have. It provides direction to the courts concerning how you want your assets distributed and to whom they should go. You can also designate a personal representative (executor) or name a guardian for minor children.
  • Advance health care directive: Commonly referred to as a health care proxy, this document allows you to designate a person with the authority to make decisions about your medical treatment and care should you become incapacitated in any way.
  • Powers of attorney: A power of attorney grants another person(s) authority to make personal or financial decisions on your behalf. A durable power of attorney extends this legal authority in the event that you become incapacitated. Death terminates both types.
  • Living will: In the event that you become incapacitated without reasonable probability of medical recovery, a living will provides direction about your specific wishes for life-sustaining care.
  • Revocable living trust: A living trust is a tool that allows you to pass assets to heirs and other beneficiaries outside of probate while retaining control over those assets during life.
  • Other trusts: There are many different ways in which you can structure the terms of a trust to accomplish myriad goals. Some common examples include a special needs trust to protect government assistance for minor or adult children with disabilities, a generation-skipping trust that allows you to pass assets to grandchildren and avoid estate taxes or a qualified terminable interest property (QTIP) trust to provide for a spouse during life and retain control over distribution of assets after his or her death.
  • Entity formation: You can protect your assets, much like business owners protect their personal property from business claims, by forming a limited liability company or other entity. Professionals in industries with a high risk for litigation often choose this option.

Create A Plan Without Unnecessary Expense

Preserving your estate is one of the primary purposes for having a plan at all, which is why we don't sell you on expensive services you don't need. We help you create the "just right" plan for you.

Call our office at 941-444-9092 or toll free at 866-615-4543 to schedule an initial consultation with an estate planning lawyer. You may also send us an email, and we will respond promptly.