Estate planning in Venice Florida.
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Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to
eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other
expenses. Guardians are often designated for minor children and beneficiaries in incapacity.
Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with
rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial
power of attorney and the durable medical power of attorney. After widespread litigation and media coverage surrounding the
Terri Schiavo case, many estate planning attorneys[weasel words] now advise clients to also create a living will. Specific final
arrangements, such as whether to be buried or cremated, are also often part of the documents. More sophisticated estate plans
may even cover deferring or decreasing estate taxes or winding up a business
Because the United States tax code does not tax life insurance proceeds as income, a life insurance trust could be used to pay
estate taxes. However, if the decedent holds any incidents of ownership like the ability to remove or change beneficiary, the
proceeds will remain in his estate. For this reason, the trust vehicle is used to own the life insurance policy and it must be
irrevocable to avoid inclusion in the estate.