Avoiding Probate Can Reduce Estate Taxes
For more than four decades, the lawyers at the Law Offices of Craig Donoff, P.A., have helped their clients prevent their estates from entering probate. We know how to leverage a wide array of estate planning tools to achieve this — chief among them, living trusts. These documents largely exist to ensure you have the power of determining who gets what — and when — after you pass away. They can also help individuals avoid an array of taxes.
The Advantages Of Avoiding Probate
If an individual passes away before he or she can complete the necessary estate planning documents, that individual’s estate will likely go through probate. Probate causes several problems, including:
- It is a time-consuming process.
- The accounts will be frozen until an executor is appointed and the creditors’ period expires.
- The process is expensive and the state can take up to 6 percent of the assets as payment.
- The probate process is public.
Trust administration, in contrast, is a much shorter process. Where probate can last two years or longer, trust administration typically lasts between three and six months.
Our attorneys are adept at estate planning and estate administration alike. With experience in both ends of the spectrum, we can properly advise our clients on how to protect their assets and avoid probate. To learn more, contact our offices for a free consultation. We can be reached by calling 800-989-0755 or by completing our online contact form. Based in Boca Raton, we serve throughout southern Florida.