Photo of Eric R. Ebbert, CFP®, MBA, CEO Eric R. Ebbert, CFP®, MBA, CEO Feb 18, 2021

Estate planning is the process of designating how your assets are distributed among your beneficiaries in the event of your death. Unlike a will, a living trust is not a matter of public record and does not involve going through a lengthy and expensive court process known as probate. It may also include provisions for your care or your family’s care while you are still alive but unable to make decisions due to your illness or incapacity.

Setting up a living trust instead of a will is ideal for many people, but it requires a lot of careful planning and legal navigation to ensure that you do not overlook an important step that leaves your wishes unfulfilled. 

Estate planning laws are different in every state. Some are more lenient than others, such as Florida.

Estate planning in Florida

Whether you live in Florida currently or plan on moving to Florida when you retire, it is important to make sure your estate plan is in line with Florida laws.

As of 2021, Florida has neither an estate planning tax nor an inheritance tax. However, there are some steps you need to go through if you are moving to Florida and integrating an existing will or estate plan in the state, and you may need to pay inheritance taxes in the state you are moving from, especially if you still own property in that state.

While the state of Florida does not collect estate or inheritance taxes, the federal government still does, so you will want to make sure this is factored into your plan. Take a moment to review this chart from SmartAsset to get an idea of how your estate will be taxed based on its size.

Talk to a ProVise CFP® professional about estate planning in Florida

Establishing an estate plan can be a great decision for making sure your wishes for your assets and family are fulfilled in the event of death or incapacitation. However, establishing one requires a lot of hard work and navigation of the financial and legal landscape. Do not let this deter you, though. With the right professionals by your side, setting up an estate plan is within your reach.

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about Florida estate planning? Contact ProVise today to schedule a complimentary consultation.