Estate Planning LAWYER IN FLORIDA
Why is Estate Planning Important?
Estate planning is a tool to protect your assets to be distributed according to your wishes after your passing or incapacitation. Not having devised assets, instructions, and other important decisions in writing can leave your family in distress, conflict, and in a state of confusion. With the development of the internet -- people oftentimes search for sample estate plan templates or free estate planning options. While you may be seeking inexpensive estate plan, it is important to consider that having a lawyer write a will can prevent future expenses that may not only affect your assets, but also cause significant financial strain for your loved ones.
To avoid further stress during an already difficult time, consider having an estate planning package prepared for your Florida asset protection and for the mental peace of your loved ones. Here, at The Law Offices of Carolina Nunez, P.A. -- our Florida estate planning attorney, Carolina Nunez, Esq. is able to help guide you. Our law firm is transparent about costs.
LAST WILL AND TESTAMENT LAWYER
A Last Will and Testament outlines the testator’s (the person named on the will/future deceased) wishes after death. The goal of a Last Will and Testament is to carry out the wishes by assigning individuals, known as Personal Representatives, who is responsible for distributing assets accordingly. In a Last Will and Testament, a Florida estate planning attorney may be able assign certain responsibilities individuals of the testator’s choosing, create trusts, protect minors and their assets; provide specific funeral instructions, protect pets, specifically disinherit individuals, and more.
Many people opt to draft their own Last Will and Testament using online services. Unclear language in a Last Will and Testament can easily become ambiguous or/and problematic under Florida law. As a result, those that believe that they have a right to the estate can contest the contents of the Last Will and Testament before the court.
Having to spend thousands of dollars on lawyers after losing a loved one creates tension, stress, and animosity for families in trying to dispute and decipher the intentions of testator in the Last Will and Testament. The only way to avoid such a scenario is to consult with an estate planning attorney that can prepare the Last Will and Testament according to governing Florida state law.
AVERAGE COST OF WILL WITH A LAWYER
BASED ON INHERITANCE VALUE AND COMPLEXITY
Last Will and Testament
Single Person / Couple
-
Estimated flat-rate cost for will preparation service with the attorney: $500.00 - $1,000.00
-
A Last Will and Testament may devise personal property, designate a personal representative, and provide a court guidance as to how real property should be distributed.
-
Probate avoidance is not required.
-
Includes an in-person meeting with notary and attorney to sign the Last Will and Testament according to Florida Statutes.
-
Does not include other estate planning documents.
-
To effectively transfer real estate property, such as your homestead, it is recommend to consider a Florida Lady Bird deed option.
-
Cost is generally applicable to individuals and married couples that only hold one real estate property and wish to name specific individuals as beneficiaries.
-
More complex cases may be billed on an hourly rate basis, subject to attorney determination.
-
Basic Estate Planning Florida Package
Estimated attorney flat-rate cost for Florida Estate Planning service for Single Person and/or Couple:
$950.00 - $2,999.00
-
Basic Last Will and Testament
-
No need to avoid probate.
-
No business assets.
-
-
Durable Power of Attorney
-
Advance Health Care Directive
-
Healthcare Surrogate
-
Extras:
-
Fireproof Safe
-
In-Office Notarization
-
Phone Calls - 15 minutes per week during the case.
-
-
Please note:
-
Spin-off transfers increase the price of the package by $300-600.00.*
-
Wills or trusts that include special needs trusts, child or expense trusts.
-
Trusts will increase package fees by $500 to $1000, depending on the type of trust and complexity of the wording. *
-
FLORIDA
POWER OF ATTORNEY
A Power of Attorney is a very powerful document (hence the word) that you likely don't want to gamble on. Searching for a generalized Power of Attorney Form might end up causing more harm than good. When a Florida Power of Attorney is drafted, an individual is handing over power and control over assets in life. While a Power of Attorney may be limited in scope, time, and can be revoked -- it is best to fully have understanding of the potential pitfalls of simply downloading a template and filling in the blanks.
As a reminder, a Power of Attorney is an essential legal document that allows you to grant authority to an individual, called the “agent.” The agent that you appoint through a Florida Power of Attorney is able to handle financial and/or transactional matters as your representative. This document may be triggered in life immediately, or, upon a condition/event. Therefore, it is advised to consult with a Florida estate planning attorney that may help in not only protecting you, but ensuring that the correct language exists within the Power of Attorney to prevent the agent from acting in self-interest or committing fraud.
The person creating the Power of Attorney should be of sound coherence and understanding of the effect the document may have. A Power of Attorney is generally not an effective mechanism to consider for those suffering with brain injuries, conditions such as dementia or Alzheimers, and/or other medical conditions that may have altered the individual's state of mind.
.jpg)
UNDERSTANDING TYPES OF FLORIDA POWER OF ATTORNEY DOCUMENTS
It is also important to point out that there are several different types of Power of Attorney documents in Florida. The most common types are known as a general power of attorney and limited power of attorney.
-
Many have a general power of attorney in the event they become incapacitated or otherwise unable to act on their own behalf.
-
Oftentimes, a limited power of attorney is used to grant an agent a limited scope of authority for a specific purpose or limited timeframe. You might see these from time to time, usually in the insurance settings or car accident legal representation.
During your Florida estate planning process– it is a good idea to have both a Power of Attorney and a Last Will and Testament prepared together. Here, at The Law Offices of Carolina Nunez, P.A. -- we do just that.
AVERAGE COST OF MEDICAL DOCUMENTS WITH A LAWYER
BASED ON SCOPE AND COMPLEXITY
Power of Attorney
Estimated flat-rate cost for Florida Power of Attorney lawyer preparation service:
$300.00 - $500.00
-
A Last Will and Testament may devise personal property, designate a personal representative, and provide a court guidance as to how real property should be distributed.
-
Probate avoidance is not required.
-
Includes an in-person meeting with notary and attorney to sign the Power of Attorney according to Florida Statutes.
-
Does not include other estate planning documents.
-
Highly recommended to consider a flat-rate estate planning package rather than individual documentation.
-
Cost is generally applicable to individuals and married couples that only hold one real estate property and wish to name specific individuals as beneficiaries.
-
More complex cases may be billed on an hourly rate basis, subject to attorney determination.
-
Power of Attorney in Estate Planning Florida Package
Estimated flat-rate cost for estate planning service:
$950.00 - $2,999.00
-
Basic Last Will and Testament
-
No need to avoid probate.
-
No business assets.
-
-
Durable Power of Attorney
-
Advance Health Care Directive
-
Healthcare Surrogate
-
Extras:
-
Fireproof Safe
-
In-Office Notarization
-
Phone Calls - 15 minutes per week during the case.
-
-
Please note:
-
Spin-off transfers increase the price of the package by $300-600.00.*
-
Wills or trusts that include special needs trusts, child or expense trusts.
-
Trusts will increase package fees by $500 to $1000, depending on the type of trust and complexity of the wording. *
-
ADVANCED MEDICAL DIRECTIVE AND HEALTHCARE SURROGATE
When working with a Florida estate planning Attorney Carolina Nunez, it is not just the after passing that one should be concerned about -- but also the near future.
This is where Advanced Medical Directives and Healthcare Surrogates play a major role. Healthcare Surrogates appoint an individual that one may trust to make medical decisions, discuss care with medical professionals, and access medical records. The Advanced Medical Directive states when to stop or continue medical intervention.
These documents make it clear to loved ones as to what your wishes are. When working with a Florida estate planning attorney, it’s essential to consider not only plans for after passing but also the critical choices that may arise in the near future.
Understanding Florida Advance Healthcare Directives and Healthcare Surrogates
What is an Advance Healthcare Directive?
An Advanced Medical Directive in Florida is a legal document that details an individual’s wishes regarding medical treatment if they are unable to communicate those wishes themselves. It typically addresses situations involving life-sustaining treatment, including the continuation or cessation of such care. The directive ensures that healthcare providers and loved ones understand the individual's wishes, alleviating uncertainty and minimizing potential conflicts during difficult times.
There are two main types of Advance Healthcare Directives in Florida:
-
Living Will: This document specifies an individual’s preferences for end-of-life medical care, such as resuscitation, life support, or artificial nutrition. It provides clear instructions to medical professionals and family members on the level of intervention desired.
-
Do Not Resuscitate Order (DNRO): A DNRO is a specific order that informs medical personnel not to perform CPR or other resuscitative efforts if the person’s breathing or heart stops. It’s important to note that a DNRO is typically used in emergency situations and must be signed by both the individual and a physician in Florida.
What is a Healthcare Surrogate?
A Healthcare Surrogate designation in Florida allows an individual to appoint a trusted person (the “surrogate”) to make medical decisions on their behalf if they are unable to do so. This surrogate is authorized to consult with medical professionals, make treatment decisions, access medical records, and carry out the medical preferences of the individual. In Florida, individuals can appoint both a primary and an alternate healthcare surrogate, ensuring that a backup is in place if the primary surrogate cannot serve.
The Importance of Healthcare Surrogates
and Advance Healthcare Directives in Florida
-
Ensures Personal Wishes are Respected: Both documents make an individual’s healthcare preferences clear, leaving no ambiguity for family members or medical providers regarding critical medical decisions.
-
Prevents Family Conflict: When healthcare preferences are explicitly stated, it reduces the potential for disputes among family members who may have differing views on medical interventions.
-
Provides Peace of Mind: Knowing that a trusted person will make healthcare decisions if they become incapacitated, individuals can have peace of mind that their wishes will be respected.
-
Expedites Medical Decision-Making: With a designated healthcare surrogate, medical decisions can be made quickly, potentially impacting outcomes during time-sensitive situations.
How to Establish Advance Healthcare Directives and a Healthcare Surrogate in Florida
Creating these documents involves several critical steps, often with the guidance of a Florida estate planning attorney:
-
Drafting a Living Will: The attorney will assist in drafting a clear and legally binding living will that accurately reflects the individual’s end-of-life preferences.
-
Designating a Healthcare Surrogate: Choosing a trusted person as a healthcare surrogate is crucial, as they will have significant responsibilities. Once selected, the surrogate designation form must be completed, naming both a primary and, if desired, an alternate surrogate.
-
Obtaining Proper Signatures: Advance directives and surrogate designations must be signed in the presence of two witnesses, one of whom must not be a spouse or relative.
-
Communicating with Loved Ones and Healthcare Providers: Ensuring that family members and healthcare providers are aware of these directives will help in executing the individual’s wishes if the time comes.
Choosing Between an Advance Healthcare Directive and a Healthcare Surrogate
When an AdvanceD MEDICAL Directive May Be Better
For those who have clear, specific wishes for end-of-life care, an Advanced Medical Directive, such as a living will, is a suitable choice. It explicitly outlines preferences for life-sustaining treatment, avoiding the need for any surrogate or family member to make judgment calls about life-or-death decisions.
When a Healthcare Surrogate May Be More Appropriate
A Healthcare Surrogate is ideal for individuals who want a trusted person to make broader, more situational decisions on their behalf. This designation is helpful when:
-
The individual’s medical wishes are complex and may change based on evolving circumstances.
-
There is a desire to allow a surrogate to consult with doctors and decide based on real-time information.
-
The individual values the relationship and trust they have with the surrogate, believing that this person will make the best decision possible.
Combining Both for Comprehensive Healthcare Planning
Many individuals in Florida choose to establish both an Advanced Medical Directive and a Healthcare Surrogate designation. By doing so, they provide clarity regarding specific wishes for end-of-life care while ensuring that a trusted surrogate can make other medical decisions if needed.
AVERAGE COST OF MEDICAL DOCUMENTS WITH A LAWYER
BASED ON INHERITANCE VALUE AND COMPLEXITY
Advanced Medical Directive
Single Person / Couple
Estimated flat-rate cost for will preparation service with the attorney: $300.00 - $500.00
-
A Last Will and Testament may devise personal property, designate a personal representative, and provide a court guidance as to how real property should be distributed.
-
Probate avoidance is not required.
-
Includes an in-person meeting with notary and attorney to sign the Last Will and Testament according to Florida Statutes.
-
Does not include other estate planning documents.
-
To effectively transfer real estate property, such as your homestead, it is recommend to consider a Florida Lady Bird deed option.
-
Cost is generally applicable to individuals and married couples that only hold one real estate property and wish to name specific individuals as beneficiaries.
-
More complex cases may be billed on an hourly rate basis, subject to attorney determination.
-
FLORIDA LADYBIRD DEED | ENHANCED LIFE ESTATE DEED
When we hear about elder law, it is not uncommon to hear that a friend or a family member has placed a real estate property in a revocable or non-revocable trust.
A Florida ladybird deed (also called an enhanced life estate deed) is a form of life estate deed that gives the current owner continued ownership and control of the property until his or her death. The deed names the beneficiaries of the property to be transferred to upon the owner's death.
Proceeding the owner's death, the property is then automatically transferred to the new owners listed as the beneficiaries without the need for probate. With the assistance of Florida estate planning lawyer Carolina Nunez, you may find that the Florida ladybird deed is an inexpensive way to transfer property after death.
When discussing elder law, particularly in Florida, it’s common to hear about placing real estate property in a revocable or irrevocable trust. Trusts are popular tools for estate planning, offering a way to manage assets while living and ensuring that property is transferred efficiently upon death.
Trusts in Florida:
Key Types, Benefits, and Considerations
Trusts are legal arrangements in which an individual (the grantor) transfers assets into a legal entity, the trust, managed by a trustee for the benefit of designated beneficiaries. In Florida, there are primarily two types of trusts: revocable trusts and irrevocable trusts.
Revocable Trusts in Florida
A revocable trust allows the grantor to retain control over the trust assets during their lifetime. This type of trust is flexible and can be altered or terminated at any time. However, because the grantor retains control over the assets, they are not protected from creditors in Florida and may be included in the estate for tax purposes.
Benefits of a Florida Revocable Trust
-
Avoiding Probate: Assets in a revocable trust pass directly to beneficiaries without the need for probate, saving time and costs.
-
Privacy: Trusts are private documents, unlike wills, which can become public during probate.
-
Asset Management: In case of incapacity, the trustee can step in to manage the assets for the grantor’s benefit.
Irrevocable Trusts in Florida
An irrevocable trust is more permanent; once assets are transferred, the grantor no longer controls them, and the trust cannot be easily modified. Given the complexity and permanence of irrevocable trusts, they are often used for more advanced estate planning purposes.
Benefits of a Florida Irrevocable Trust
-
Asset Protection: Assets in an irrevocable trust are usually shielded from creditors and may be exempt from estate taxes.
-
Medicaid Planning: Transferring assets into an irrevocable trust can help with Medicaid eligibility, as assets in the trust may not be counted toward income limits.
Benefits of a Lady Bird Deed
-
Avoids Probate: Similar to a trust, a Lady Bird Deed automatically transfers property to the named beneficiaries upon the owner’s death, bypassing the probate process.
-
Retains Control: The owner can live in, sell, or change the beneficiaries of the property without the need to consult the remainder beneficiaries. This flexibility is not typically available with standard life estate deeds.
-
Preserves Medicaid Eligibility: The Lady Bird Deed is considered a non-countable asset for Medicaid purposes, allowing the property to be passed on without affecting Medicaid benefits.
-
Low Cost: Setting up a Lady Bird Deed is generally less expensive than establishing a trust, making it an accessible option for many Florida residents.
What Is a Lady Bird Deed in Florida?
A Lady Bird Deed (enhanced life estate deed) is a form of life estate deed unique to Florida and a few other states. It allows the owner to retain control of the property during their lifetime, including the right to sell or mortgage it, while designating beneficiaries to receive it upon the owner’s death. This type of deed is particularly attractive in Florida for several reasons.
Lady Bird Deed vs. Trust: Which is Better?
When a Lady Bird Deed May Be Better
In some cases, a Lady Bird Deed may be a better option than a trust:
-
Cost-Effective for Single Property Transfer: If the primary objective is to transfer a single piece of real estate after death, a Lady Bird Deed can accomplish this at a lower cost than a trust.
-
Retains Medicaid Benefits: For Medicaid planning, a Lady Bird Deed ensures the property can be transferred to heirs without affecting Medicaid eligibility.
-
Flexibility with Fewer Legal Formalities: Unlike a trust, a Lady Bird Deed does not require ongoing management or annual fees, making it a simpler solution for many individuals.
When a Trust May Be the Better Choice
On the other hand, a trust may be more advantageous when:
-
There are multiple assets or complex estate needs: Trusts are better suited for managing multiple assets and more complex estates.
-
Asset protection is a priority: For those concerned about creditors, a trust, particularly an irrevocable one, offers greater protection.
-
Long-Term Asset Management: Trusts provide a more structured way to manage assets over a long period, especially if beneficiaries are minors or have special needs.
Working with a Florida Estate Planning Lawyer
To determine the best course of action, consulting with a Florida estate planning attorney is essential. At The Law Offices of Carolina Nunez, P.A. -- we guide individuals through the nuances of each option, assessing factors like cost, asset type, and personal preferences. Attorney Carolina Nunez is a personalized local estate planning lawyer that will help you design a plan tailored to your situation.
WHEN TO CONSIDER A TRUST IN FLORIDA
While trusts are versatile, they often involve setup and maintenance costs, making them most suitable for those with complex estate needs.
Trusts are generally appropriate for individuals who:
-
Own multiple properties, such as a second home or rental property, and wish to streamline management and inheritance.
-
Seek asset protection or have Medicaid planning needs.
-
Have substantial assets and want to ensure efficient transfer without probate.
CRYPTOCURRENCIES | NFTs | OTHER DIGITAL ASSETS
Technological evolution is reshaping the legal landscape. At our law firm, our Florida estate planning attorney considers the inclusion of cryptocurriencies (Bitcoin/Doge/Etherium), Non-Fungible Tokens (NFTs), gaming/Twitch accounts royalties, blockchains, and other digital assets when building a plan.
Technological evolution is reshaping the legal landscape, particularly in estate planning, where digital assets like cryptocurrencies (Bitcoin, Dogecoin, Ethereum), Non-Fungible Tokens (NFTs), and online gaming or streaming accounts with royalties are increasingly significant. At our Florida law firm, our estate planning attorneys are dedicated to incorporating these digital assets into comprehensive estate plans. However, this area remains a challenge that many traditional firms have not yet addressed. This lag can be attributed to a fundamental difference: while technology advances rapidly, the law adapts at a slower pace. Digital innovations often outpace the legal framework meant to govern them, resulting in a need for specialized expertise to address these assets properly in estate planning.
Digital Assets in Estate Planning: Understanding the New Landscape
Digital assets—cryptocurrencies, NFTs, gaming accounts, royalties, and more—represent a new frontier in wealth creation and investment. Unlike traditional assets, these intangible items require unique considerations for security, transferability, and legal compliance, which can be complex in estate planning. For those in Florida, understanding how these assets fit into an estate plan is essential to protect their value and ensure they pass to intended beneficiaries without complications.
Cryptocurrencies and NFTs in Estate Planning
Cryptocurrencies (Bitcoin, Ethereum, Dogecoin)
Cryptocurrencies are decentralized digital currencies that use blockchain technology for secure, peer-to-peer transactions. Due to their decentralized nature, cryptocurrencies are generally not nearly as regulated compared to traditional financial institutions, presenting unique challenges in estate planning:
-
Security and Accessibility: Without centralized oversight, cryptocurrency ownership is tied to private keys, which act as the password. Estate planners must ensure that these private keys are securely stored and accessible to authorized individuals.
-
Legal Complexity: As regulatory frameworks for cryptocurrency remain under development, estate planners must stay updated on any changes to effectively include cryptocurrencies in estate plans.
-
Tax Implications: Cryptocurrencies are considered property by the IRS, making them subject to capital gains taxes. Inheritance of these assets requires careful planning to minimize tax liabilities for beneficiaries.
Non-Fungible Tokens (NFTs)
NFTs are unique digital assets stored on a blockchain, often representing ownership of digital art, media, or collectibles. NFTs have introduced an entirely new way to store and transfer digital assets, and they require estate plans to include:
-
Rights and Royalties: Many NFTs include smart contracts, allowing original creators to earn royalties when the asset is sold. Estate planners must ensure that these royalties continue to benefit heirs as intended.
-
Legal Ownership: Ownership of NFTs must be clarified within estate plans, especially in cases where legal frameworks are evolving and may vary by state or country.
Other Digital Assets: Gaming and Streaming Royalties, Digital Wallets, and Online Accounts
Digital platforms like Twitch and YouTube, along with digital wallets and online accounts, hold not only financial value but also intellectual property and social influence. When included in an estate plan, these assets require:
-
Secure Access Information: Access credentials and account details must be organized to allow for the seamless transfer of ownership.
-
Intellectual Property Considerations: Online content, such as videos and streams, may be considered intellectual property, which must be managed in a way that respects both copyright laws and the wishes of the deceased.
-
Royalties: Accounts generating royalties (such as ad revenue on YouTube) should be structured to allow beneficiaries to continue receiving income after the account holder’s death.
Why Estate Planning for Digital Assets is Essential
Digital assets have democratized investment and wealth-building, allowing people of all ages to accumulate significant digital wealth. However, unlike traditional assets, digital assets can be challenging to locate and transfer if they’re not documented within an estate plan. Many young people with digital portfolios overlook estate planning, assuming it’s only for older individuals or those with traditional assets. Yet, without a clear succession plan, these assets may become inaccessible or subject to legal disputes, creating burdens for surviving loved ones.
Challenges with Digital Assets in Succession Planning
-
Anonymity and Privacy: Many digital assets are intentionally private, often only known to the owner. Without inclusion in an estate plan, beneficiaries may be unaware of their existence.
-
Complex Access Requirements: Secure storage of passwords and private keys is crucial, as access to digital assets typically requires these. If these credentials are lost or forgotten, assets can become permanently inaccessible.
-
Evolving Legal Requirements: As digital asset regulation evolves, estate planners must anticipate and incorporate new legal standards to ensure that digital assets remain within the bounds of the law.
Steps for Including Digital Assets in a Florida Estate Plan
1. Inventory Digital Assets
An accurate and comprehensive list of all digital assets—cryptocurrencies, NFTs, gaming and streaming accounts, digital wallets, and online investment platforms—forms the foundation of effective estate planning for these assets. This inventory should include:
-
Platform names
-
Account numbers
-
Private keys (for cryptocurrencies)
-
Wallet addresses
-
Security questions and passwords
2. Securely Store and Share Access Credentials
Access to digital assets is typically contingent on secure storage of private keys, passwords, and other access details. This information should be stored in a secure, accessible manner, such as in a password manager or a secure, shared document, allowing trusted individuals or executors to retrieve it when needed.
3. Designate Beneficiaries and Instructions for Transfer
Each digital asset should have a designated beneficiary with clear instructions on how to access or manage the asset. This step includes detailing whether the asset is to be sold, retained, or transferred to specific individuals. The more specific the instructions, the easier it will be for beneficiaries to respect the owner’s wishes.
4. Consult a Florida Estate Planning Attorney That Understands Technology
Given the rapid evolution of digital asset technology and the slow pace of regulatory adaptation, working with an attorney that understands these developments in Florida estate planning and digital assets is essential. The last thing you want is an attorney that can't turn a Word document into a PDF without needing help (believe us, there are a lot of those). We cannot tell you how many times we've gotten a generalized idea as to how some law firms plug in confidential and private information into programs that have potential privacy concerns. An estate planning attorney that understands these new concerns can provide guidance on how to navigate digital asset protection while applying current legal standards.
5. Update the Estate Plan Regularly
Technology and regulations evolve quickly, so estate plans involving digital assets should be reviewed and updated frequently. Regular updates ensure that changes in digital assets, market value, or access methods are reflected accurately in the plan.
Protecting Your Digital Legacy in Florida
For Floridians of all ages, estate planning for digital assets is critical. Digital assets carry not only monetary value but often a legacy of personal and professional achievements. A well-prepared digital asset plan ensures that this legacy is preserved and passed on according to the owner’s wishes.
CONSULTATION
Our goal is to focus on the current clients we have, which hopefully means that you'll end up being represented by our office. Therefore, to maintain the best service and provide a personalized approach to our cases -- we limit the amount of cases we take and our time slots for appointments.
To accomplish this, we need to direct our attention to actual work and keep our new client intake as low as possible. To achieve this, we charge a consultation fee of $150.00 toward a consultation. If you hire us, the fee is credited to your case. The appointment is with the lawyer, Carolina Nunez, Esq. and not with a legal assistant. If you hire us, that rate applies to your service.
We reduce all of our rates for law enforcement, active duty military, retired military, nurses, firefighters, EMS/Paramedics.
My Commitment
As Your Florida Wills and Estate Planning Attorney
I am Attorney Carolina Nunez and I strive to make sure that our offices offer legal representation in accident cases in finding all avenues to justice.
During the case, I make it a point to personally connect with my clients so they know that their case is important to me. You deserve to know the how and why from your lawyer.