In today's discussion on Florida inheritance planning, we are going to take a closer look at some of the specific inheritance planning tools your plan might rely upon. Learn more about Florida inheritance planning in this presentation.

1. FLORIDA
INHERITANCE PLANNING
PART 2
“In today's discussion on Florida inheritance planning,
we are going to take a closer look at some of
the specific inheritance planning tools
your plan might rely upon.”
ROBERT J. KULAS
FLORIDA ESTATE AND MEDICAID PLANNING ATTORNEY

2. Florida Inheritance Planning – Part2 www.kulaslaw.com 2
In today's discussion on Florida inheritance planning, we are going to take a
closer look at some of the specific inheritance planning tools your plan might rely
upon. As with any inheritance plan, it's vital that you speak to your estate
planning attorney before you make any final decisions. Further, even though the
tools we discuss here might be used by most people in most situations, there are
additional tools that might better apply to you and your particular circumstances.
Always ask your attorney about any individual tools you are considering, and
always know what you are doing before you finalize your plan.

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WILLS
A will, also called a last will and testament, is the most basic inheritance planning
tool there is. Almost every inheritance plan that people create in the state of
Florida will use a last will and testament as the foundational piece. Through a will
you can make
inheritance choices in
almost any manner
you desire. Further, a
last will and
testament gives you
additional
opportunities and
protections. For
example, through your last will and testament you can name an estate
representative who will manage your estate after you die. You can also name a
guardian for any young children who might require care, as well as make
additional choices.
However, the inheritance decision you make through your last will and testament
must be approved by a probate court before they can take effect. Further, the
property you transfer through your will must be transferred in accordance with
the probate rules of the state of Florida. This probate process can take time and
money, which is why many people use inheritance planning tools that do not pass
inheritances directly through a will.

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LIVING TRUSTS
A revocable living trust, also known as a living trust, is one of the most popular
inheritance planning tools around today. Like a will, a revocable living trust gives
you the ability to make inheritance planning choices, as well as modify or change
those choices whenever you like, assuming you remain mentally competent.
The main advantage about living trusts over a will, however, is that the
inheritance choices you make through your revocable living trust do not have to
be probated. A Florida probate court will not have to get involved in the transfer
of property from your estate to your inheritors as long as you make sure to craft
and use your trust properly.

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NON-PROBATE ASSETS
The big advantage of a revocable living trust is that it allows you to avoid probate
transfers of property. However, revocable living trusts are not the only
inheritance planning tools that allow you to do this. It's also possible to avoid
probate by using, for example, jointly owned property with rights of survivorship.
Similarly, any assets you have that allow you to name a transfer on death
beneficiary, such as life insurance policies, financial accounts, or some bank
accounts, also provide probate avoidance benefits. However, these kinds of non-
probate assets also come with some significant limitations of which you need to
be aware of before you decide to include them in any inheritance plan you make.

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COMPREHENSIVE PLANS AND WHEN TO BEGIN
When we talk to some
people about creating
an inheritance plan in
the state of Florida,
many people express
their reluctance to get
started. Some state, for
example, that they don't
need a plan right now
because they don't have
enough assets to worry
about. Others believe
that they are too young,
too healthy, or are
otherwise not faced with
any pressing inheritance question problems.
While all of this may be true, it's also true that beginning the inheritance and
estate planning process sooner rather than later will always be in your best
interests. Even if, for example, you are relatively young and don't have many
assets to worry about, creating a plan now and making sure you have certain
protections in place will allow you to rest assured that you have made decisions
that will be legally enforceable should something happen to you. As you get older
and acquire more assets, you can begin adding to the protections you've already
created.

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In other words, if you have yet to begin the process of creating a comprehensive
inheritance plan, you should do so as soon as possible. Time does not stand still,
and waiting to create a plan is not a wise decision. If you'd like to get started on
the creation of a plan, contact us as soon as possible.

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About the Author
Robert J Kulas
Robert is the founder and principal shareholder in the Port St. Lucie and
Vero Beach law offices of Robert J. Kulas, P.A. Because he believes that
helping his clients manage their personal affairs wisely is one of the most
worthwhile professional activities he can pursue, he has devoted his
practice exclusively to estate planning.
Robert has invested considerable time and energy helping to educate
others in estate planning and is widely regarded as a dynamic speaker
who can make even the most complex estate planning issues easy to grasp. He provides free
monthly seminars to inform the public on the importance of proper estate planning. Over the
past twenty years, thousands of people have come to hear him speak. “Helping people
understand their options for estate planning is very important to me,” Robert said. “I like to
think that people in our community can look to me for the kind of quality information they
need to decide what is best for them and their families.”
About Robert J. Kulas, P.A. Attorneys at Law
Robert J. Kulas, P.A. Attorneys at Law is a full service estate planning and wealth preservation
law firm servicing Port St. Lucie and Vero Beach, Florida.
The firm is dedicated to providing you with quality estate planning resources, so you can
become familiar with all of the existing options. When you visit or call the office, we want you
to feel comfortable discussing such an important issue concerning both you and your family.
We want to arm you with the information you need to make an informed decision about your
family's future.
www.kulaslaw.com
East Lake Professional Center
2100 SE Hillmoor Drive, Suite 105
Port St. Lucie, FL 34952
Phone: (772) 398-0720
Univest Building
2770 Indian River Blvd., Suite 321
Vero Beach, FL 32960
Phone: (772) 778-8481