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Should you have a last will or Trust?
Certain events will take place when, not if, you pass away. Either you will have made the necessary preparations or you will have failed to do so. When you have made the necessary preparations, your estate will effectively and efficiently transfer to your descendants or to those you choose with minimal taxes, delay, or other expenses.
If you are not prepared, your estate will probably have to go through the formal probate process, lawyer fees and executor fees will be significant (approximately 6% of everything you own), and your assets will be delayed through the probate process (sometimes for years) before your loved ones are able to enjoy them. There are many factors when it comes to planning your estate, but the Finity Law Firm is here to provide FREE CONSULTATIONS so you can make the best decision for your asset distribution, your family, and your legacy.
- You own a house;
- Have bank accounts;
- Own cars or other motorized vehicles;
- Have life insurance;
- Have retirement accounts; or
- If you have a spouse and/or children whose lives depend on getting access to your assets without the delays of probate.
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* After hours & weekend consultations available upon request.
Should You Have An Estate Plan? Find Out TODAY!
Many believe that trusts are just for the uber rich. They are actually great “vehicles” for most people when it comes to transferring wealth, minimizing taxes, having complete privacy from the public, and avoiding the costs and delays of probate and your last name does not need to be Rockefeller in order to have one. There are many different types of trusts that have many different purposes, including: revocable living trusts (sometimes called living trust or inter vivos trust), special needs trusts, testamentary trusts (a last will and testament that creates a trust upon death), irrevocable trusts, pet trusts, life insurance trusts, family trusts, spendthrift trusts, tax by pass trusts, miller trusts, and charitable trusts.
|Estate Planning Questions & Answers||No Will or Trust||WIll||Revocable Trust|
|Can I avoid probate?||No||No||Yes|
|Can I reduce/ avoid federal taxes?||No||No||Yes|
|Can I keep inheritance from my heirs until they reach age 30 or older?||No||No||Yes|
|Can I arrandge to have funds managed for the benefit of a heir who is handicapped or otherwise unable to handle funds?||No||No||Yes|
|Can I make sure my grandchildren will receive my estate after my children die, excluding spouses of my children?||No||No||Yes|
|Can I leave assets to children from an earlier marriage, cutting out my present spouse?||No||No||Yes|
|How long after my death until all assets are distributed and the estate is closed?||6 months - 2 years||6 months - 2 years||2 - 9 months|
|Can I retain control over my assets while I'm alive?||Yes||Yes||Yes|
|Can I change/ revoke the plan?||N/A||Yes||Yes|
|Does the plan provide for someone to handle my finances if I become disabled?||No||No||Yes|
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Our Client- Centered Estate Planning Process
During your initial consultation, we focus on educating you and your family on the subject matter. The more informed you are, the better decision you can make!
Your Unique Estate Plan
After your education crash course, we discuss your specific needs and goals for your estate plan. Together, we develop a plan to protect your assets, your family, and your legacy.
Drafting & Execution
With a balanced approach of your needs & your wallet, we draft and execute your documents, giving you the peace of mind you & your family deserve!
Contents of an Estate Planning Package
Power of Attorney
A power of attorney allows you to designate a person to make financial decisions on your behalf in case you become incapacitated for whatever reason.
A pour over will is a basic will that “pours over” into your trust. It directs assets that were not named in the trust to “pour over”in your trust upon your death. This is a catch all for any assets that you later accumulate, but also serves to revoke any prior wills you may have made previously, directs your funeral and/or cremation wishes, and also names guardians for any minor children.
A living will allows you to make the decision during your life for what you want to happen if you are brain dead, in a permanent vegetative state, or have an end-of-life medical condition so others don't have to and your money is not drained for medical care. To be clear, this is NOT a "do not resuscitate document", which is an entirely separate document.
Health Care Surrogate
A health care surrogate allows someone you designate during your life to make certain health care decisions for you in case you are incapacitated or otherwise unable to do so. While a power of attorney lets someone make financial decisions for you, it does not cover health care decisions.
What Our Clients Says About Us
My Mom passed away recently, and she purposely tried to take care of all her business before she passed. But, come to find out, it wasn't. There was an account w/o a beneficiary. I had no idea what to do. So, I went to her Bank, and her Bank Rep referred me to Clay Patterson with The Finity Law Firm, which does high level estate planning. I had no idea what to expect, but I have never been so impressed with a referral before .... He was truly a blessing in disguise. He gave me complete peace of mind. And he actually has the BEST hourly rates around. I would highly, without question, recommend, and hire Clay Patterson, and The Finity Law Firm again & again. Thanks Clay!
Clay was fantastic and working with my mother – 98 years old on some of her legal documents.We both love working with him and he did an incredible job. I’m excited about their work with the urban youth and hope to get behind their involvement personally.
Clay Patterson and team are the best! Clay is one of a kind. Very professionals, knowledgeable and willing to go the extra mile to assist wounded veterans like me. I definitely recommend Clay and his team for any of your legal needs!
Clay went above and beyond to help us get a durable power of attorney in place quickly before my husband underwent risky surgery to treat cancer. He was very professional, compassionate, and approachable. He provided us solid advice based on our specific situation and clearly addressed all of our questions and concerns. I would not hesitate at all to recommend Clay and the Finity Law Firm.
Clay helped us to write up contracts for our construction company and we cannot be more grateful for all of his help. With his attention to detail we were able to make sure that we, and our customers and subcontractors, are protected in all of our business dealings. Clay was easy to work with and his first concern was that we were happy with the end result and made sure to take our input every step of the way.
Clay Patterson and The Finity Law Firm is, by far, the best Orlando estate planning attorney in the area. Clay also helps with business contracts, living wills, power of attorney and probate issues. His level of professionalism is unparalleled and I couldn't be more happy with the services that he has provided myself and my small business. Don't think twice if you are in need of any lawyer services in Orlando - get in touch with Clay!
Help Us Help Orlando's Youth
We have committed to donate 10 percent of all profits from estate plans drafted up to October 2019 to help serve Orlando’s urban youth by giving to ELEVATE Orlando.
We have chosen to support the urban youth because they are often neglected and underserved. They are the future of Orlando and this country; they need us now just as much as we need them later.