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Law Office of Paul S. Labiner

The real value of an estate plan [Dec 2021]

Published over 2 years ago • 2 min read

Happy Holidays, Reader

Well, we made it. Another year is almost behind us, and it, like last year, was quite a doozy. Be that as it may, we can continue to hope and work toward a better 2022.

I’d love to speak to you about your 2022 estate planning goals so you can start the new year off on the right foot. Our offices will be closed on Friday, December 24 (Christmas Eve), and I will be out of the office the following week (27th-31st).

If I don’t talk to you before then, I wish you and yours a happy holiday season and a wonderful new year!

The Real Value of an Estate Plan: Avoiding Disputes

A well-written, comprehensive estate plan is meant to protect you and your family from an array of costs and harms. It provides positive tax benefits in the present, but it also mitigates many future risks such as estate disputes. Much like a seatbelt, you won’t realize the estate plan is there until it has to do its job and save your estate’s life.

Obviously, the preparation of a comprehensive array of documents (i.e. an estate plan) costs money, and some people are simply unwilling to pay. If I’m healthy and young and my family gets along, so the flawed reasoning goes, why should I pay for an estate plan?

This objection makes sense from a psychological point of view. Humans are horrible at assessing future risks and rewards. We tend to inflate the value of the present and to discount future risks and rewards, even significant ones (this is similar to the so-called “marshmallow test”).

In the estate planning context, I fear that many people don’t fully appreciate how severe the future harms can be. It isn’t just extra probate costs; it’s the potential for expensive prolonged disputes over the estate. The two paths available to resolve an estate dispute are arbitration and litigation, both of which can be very expensive and can quickly drain the value of an estate.

So, let’s look at these risks in more detail so you can understand the true costs of not having an estate plan.

New Monthly Webinar for New Florida Residents

I am very excited to announce that, beginning in January, I will be starting a monthly live webinar for new Florida residents.

new florida resident estate planning tips

When someone changes their primary state of residence to Florida, there are a number of second-order effects in the estate planning arena. With this seminar I hope to ease the transition for future Florida residents and help them avoid some of the most common pitfalls.

Some of the topics to be discussed are:

  • The fundamentals of Florida's estate planning, asset protection, and tax laws,
  • Why new residents need to update their estate planning documents,
  • How to take full advantage of Florida's Homestead protections,
  • Why and how to establish official Florida residency, and
  • How to avoid expensive multi-state probate.

If you’ve recently relocated to Florida (or plan to in the near future) or know anyone who has, you should definitely consider attending one of these webinars. The first webinar will be held on Tuesday, January 11. You can learn more at www.Welcome2FL.com.


It's hard to believe that this is the final newsletter of 2021. I have very much enjoyed doing it, and I hope you have enjoyed it too. If there's ever anything you'd like me to talk about or questions you want me to answer, don't hesitate to ask. I would love suggestions for what information you want in 2022.

Sincerely,

Law Office of Paul S. Labiner

Estate planning attorney in South Florida. Helping you protect your assets and preserve your wealth.

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