Three Common Myths About Estate Planning
There is a lot of information out there about estate planning in Florida. Some of it is inaccurate and puts people in an unfortunate position. Read on to find out the truth behind three of the biggest myths about estate planning.
Myth #1: If you have a will, that means you do not have to go through probate
Having a will does not mean you can avoid the probate process. In fact, your personal representative will be required to submit your will to the probate court.
However, assets placed in a living trust or other types of trust avoid probate, which can speed up the process and save money in taxes.
Myth #2: If you get a revocable trust, you get creditor protection and people cannot sue you
Typically, you are the trustee and beneficiary of the revocable trust while you are still alive. That means creditors can still reach the assets held in trust through a lawsuit. However, it can be harder for creditors to know exactly what you own when your assets are in a revocable trust.
Myth #3: To qualify for Medicaid, you have to sell your home
There is a homestead exemption to Medicaid qualifying in Florida. Medicaid does not count the home you live in among your assets. So you can keep your homestead and still qualify, if necessary.
You don’t have to know everything about estate planning law. At The Kaplan Firm, our experienced estate planning attorney, Mary Kaplan, can guide you through the process based on your needs and goals. Contact our office in Orlando to schedule an initial consult. Mary will answer all your questions so you can proceed confidently. Call us at 407-863-6175.