At David Lanigan, PA, we will work closely with you to identify and address crucial issues in planning your estate, such as who will inherit your assets, who is capable of handling your financial affairs, and who is best-suited to make medical decisions if you become incapacitated. We work with our clients in the Tampa Bay area to establish estate plans that will provide for their loved ones, avoid guardianship during their lifetimes, and reduce the likelihood of probate or trust litigation at death. In order for the estate planning process to be effective, it must be comprehensive, which means that we need to learn a lot of information about you and your family, your desires, goals, and fears, your assets and liabilities, and more.
Our estate planning has involved complex estates often worth millions of dollars and often consisting of family owned businesses, life insurance, Qualified Subchapter S Trusts, Electing Small Business Trusts, deferred compensation plans, minors’ trusts (to hold gifts from parents and grandparents), and charitable interests, exposure to creditors, multiple generations, generation-skipping transfers, IRA’s and other retirement plans, second marriages, unmarried couples, spendthrift children, non-U.S. citizenship, mental disabilities, and other complicating factors.
Mr. Lanigan has written a wide variety of wills, revocable living trusts, irrevocable life insurance trusts, asset protection trusts, living QTIP trusts, traditional split-dollar agreements; private split-dollar agreements, charitable remainder trusts, minors’ gift trusts, family limited partnership agreements, durable powers of attorney, designations of health care surrogates, shareholder buy/sell agreements, and other contracts to implement his clients’ estate plans.
Estate planning is a process by which a person or a couple:
6. analyzes how to avoid or at least minimize all taxes, both federal and state, that could be imposed upon their death or upon making a gift or upon income;
7. considers their own health and the health and abilities of every person on whom they rely to serve as personal representative (i.e., executor/executrix), trustee, surrogate, agent;
8. considers life insurance, whether to buy it or retain it, how to “own: it, how to fund the premium; whether to hold it in an irrevocable trust;
9. considers business entities they own and how to value them and whether to retain or transfer control and how and when to transfer control;
10. arranges their assets and liabilities so that a judgment creditor, if any, would have difficulty collecting on a judgment.
An estate plan is implemented by several different essential types of documents, including:
Additional documents sometimes used include:
Why do I Need an Estate Plan?
In order to:
What can a Will do for you?
A Will can:
No, a will works in and through the probate process.
Assets titled in the name of your trustee at the time of your death will be governed by your trust and need not go through probate. Nevertheless, probate may be desirable for the purpose of shortening the time during which a creditor can file a claim against the estate from two years to three months.
A revocable living trust is the type most often used to hold assets and distribute them after death. If you have assets that you can transfer into a revocable living trust during your life, creating such a trust might be useful. Otherwise, a will should be sufficient to implement your plan. See the monograph concerning trusts at ________ of this website.
Joint ownership creates more problems than it solves. See the downloadable monograph located _____________ in this website
His Last Will and Testament will be interpreted as if the former spouse had died at the time of the divorce.