O'ConnellCrispin Ackal West Palm Beach

O’Connell & Crispin Ackal, PLLC, Continues Their Robust Estate Planning Practice During COVID-19

O’Connell & Crispin Ackal PLLC handles estate planning in Florida where the threshold for probate is $75,000. That means that if you pass away and leave behind more than $75,000 in assets, you need a will and other estate planning documents to ensure that your property goes to your heirs, not the state government. Ashley Crispin Ackal, estate trial lawyer of West Palm Beach, advises Florida residents to ensure they put together the necessary documents to avoid probate.

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O’Connell & Crispin Ackal PLLC on FL Probate Rules

Ashley Crispin Ackal, estate trial lawyer of West Palm Beach, emphasizes that while some estates won’t require probate, it’s good to plan ahead and help your heirs avoid probate proceedings.

If you pass away and you have property or assets in your name but nobody else’s, your estate might end up going through distribution via probate court. Your assets include bank accounts, property, annuities, insurance policies, 401K plans, and everything that you own individually or jointly with other people. If all of your assets have beneficiaries or joint owners, your heirs won’t have to go through probate court to claim their inheritance.

Ashley Crispin Ackal Estate Trial Lawyer of West Palm Beach on Estate Planning Documents

According to Ashley Crispin Ackal, estate trial lawyer of West Palm Beach, the key documents for estate planning include:

  • Will: Assigns an executor and details distribution of your assets
  • Power of Attorney: This provides authorization for the person you name to act as your durable power of attorney. They can make financial decisions for you if you become incapacitated and may also be the executor of your will.
  • Living Will: This document discussed your wishes for receiving or not receiving end of life medical care such as IV feeding and forced ventilation.  
  • Designation of Health Care Surrogate: You can name someone to honor your health care wishes and make decisions if you become incapacitated.

Estate Planning Tax Advice from O’Connell & Crispin Ackal, PLLC

Before making final decisions on how to structure your assets after you pass away, consider the tax consequences. For best results, executors, individuals, trustees and businesses should visit an attorney that specializes in estate planning, such as O’Connell & Crispin Ackal, PLLC.

Discuss the following with your attorney:

  • Alternate valuation elections
  • Generation-skipping taxes
  • Federal estate taxes
  • Federal gift taxes
  • Revocable, irrevocable
  • Charitable trusts

Crispin Ackal, estate trial lawyer of West Palm Beach, emphasizes the importance of understanding the tax consequences on your estate planning decisions. . O’Connell & Crispin Ackal, PLLC offers counsel to inheritors as well as those planning their estates.

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