St. Petersburg Estate Planning Attorney

Thinking about what happens after you’re gone isn’t exactly a fun Friday night activity. But ignoring it? That’s like ignoring a weird noise your car is making – it usually ends up costing you way more down the road. Or rather, costing your family.

Estate planning isn’t an activity limited for the super-rich. It’s about making sure your stuff goes where you want it to go, and that someone you trust is in charge if you can’t manage things yourself. It’s about taking control, plain and simple.

Ready to stop putting it off and get your affairs in order? The St. Petersburg estate planning lawyer is ready to help make this process straightforward. Call us at (727) 933-0017.

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St. Petersburg Estate Planning Guide

• What Exactly Is Estate Planning?
• The Big Players: Wills, Trusts, and Why You Might Need Both
• Probate in Florida: The Headache You Want to Avoid
• Florida-Specific Stuff You Need to Know (Laws are Changing!)
• The Elephant in the Room: Federal Estate and Gift Taxes
• Why Choose Lopez Law Group for Your St. Petersburg Estate Planning?
• Getting Started: What to Expect
• Secure Your Legacy with Lopez Law Group

What Exactly Is Estate Planning?

Sean Lopez, St. Petersburg Estate Planning Attorney

At its core, estate planning means setting up clear instructions for two big things:

• 1) Who gets your assets (money, property, belongings) when you pass away, and
• 2) Who makes financial and healthcare decisions for you if you become incapacitated and can’t make them yourself.

This involves more than just a Last Will and Testament. It often includes documents like Durable Powers of Attorney (for finances) and Health Care Surrogate Designations (for medical decisions). It’s about planning for life’s curveballs, not just the final inning.

Why go through the trouble? Because a solid plan gives you control, helps avoid ugly family disputes, minimizes potential taxes and legal fees, and protects the people you care about most. It replaces uncertainty with clarity.

The Big Players: Wills, Trusts, and Why You Might Need Both

Okay, you get the basic idea. Now, what are the actual legal tools used to build this plan? The two heavy hitters are wills and trusts.

• Wills: A Last Will and Testament is a legal document stating your wishes for asset distribution after your death. It also names an executor (or Personal Representative in Florida) to manage the process and allows you to nominate guardians for minor children.

But wills have limitations. They generally must go through a court process called probate (more on that nightmare later). This means they become public record, and the process can be slow and costly.

• Trusts (Specifically Revocable Living Trusts): A trust is a legal arrangement where you transfer assets to be managed by a trustee (often yourself, initially) for the benefit of beneficiaries (usually you during your lifetime, then others after your death). Think of it like creating a private company to hold and manage your assets according to rules you set.

Living trusts are popular in Florida for good reason. Assets held in a trust typically bypass probate, keeping the process private and often faster and less expensive. Trusts also provide a clear plan for managing assets if you become incapacitated, as your chosen successor trustee can step in seamlessly.

It’s not always a strict “either/or” situation. Often, a trust is used alongside a “pour-over” will, which acts as a safety net to catch any assets accidentally left out of the trust and direct them into it. The best approach depends entirely on your specific assets, family situation, and goals.

Probate in Florida: The Headache You Want to Avoid

We’ve mentioned probate a couple of times. Why do estate planning attorneys talk about avoiding it like it’s a swarm of angry wasps? Because, frankly, it often feels that way to the families involved.

Probate is the formal court-supervised process of validating a deceased person’s will (if one exists), inventorying their assets, paying off their final debts and taxes, and legally distributing whatever is left to the heirs or beneficiaries. It’s the legal system’s way of overseeing the wrap-up of someone’s financial life.

Sounds orderly, right? Sometimes. But it can also be:

• Slow: Simple Florida probate cases might take months; complex ones can drag on for a year or more.
• Expensive: Costs include court fees, publication costs, and attorney’s fees, which in Florida can be based on a percentage of the estate’s value. These costs reduce the inheritance left for your loved ones.
• Public: Probate filings are public records. Anyone can see the details of your assets, debts, and who inherited what. Not ideal for privacy.

This is where tools like Revocable Living Trusts shine. By transferring your assets into a trust during your lifetime, they are no longer part of your probate estate upon death. Your successor trustee can manage and distribute them according to your instructions, bypassing the court system entirely for those assets.

Florida-Specific Stuff You Need to Know (Laws are Changing!)

Estate planning isn’t one-size-fits-all across the country. Florida has its own unique laws and rules you (or rather, your lawyer, so you don’t need to worry about it) need to factor in. Ignoring them is like trying to navigate Tampa Bay blindfolded – you’re probably going to run into trouble.

• Florida Homestead Protection: This is a big one. Florida law provides significant protection for your primary residence (your “homestead”). It offers property tax benefits, shields your home from many creditors, and dictates how it can be passed down upon death, especially if you have a spouse or minor children. Recent changes matter too: Amendment 5, approved by voters, means that as of January 1, 2025, part of the homestead tax exemption will adjust annually for inflation.
• New Trust Laws (UFIPA): Florida recently adopted the Uniform Fiduciary Income and Principal Act (UFIPA), effective January 1, 2025. This updates the rules for managing trusts and estates, making them more practical for today’s world. It provides clearer guidance for trustees on investment strategies, how to allocate receipts and expenses between income and principal, and handling modern assets like digital currency or online accounts. This helps ensure trusts operate smoothly and fairly for beneficiaries.
• No State Estate Tax: Good news here – Florida does not impose its own state-level estate tax or inheritance tax. However, don’t let that lull you into complacency. The federal government still has its own system.

The Elephant in the Room: Federal Estate and Gift Taxes

While Florida might not tax your estate when you pass, Uncle Sam might still come knocking, especially if you’ve accumulated significant wealth. And the federal rules are facing a major shake-up very soon.

The federal estate tax is a tax on the total value of your assets owned at death, minus certain deductions. Currently, there’s a very high exemption amount – for 2025, it’s $13.99 million per individual. This means most people don’t owe federal estate tax.

Here’s the critical part: This high exemption amount is temporary. Under current law, it’s scheduled to automatically drop back down (“sunset”) on January 1, 2026, to its pre-2018 level, adjusted for inflation. Experts predict this will land somewhere around $6-7 million per person. If your net worth is near or above that lower amount, planning now before the change takes effect is crucial for minimizing potential taxes.

There’s also a federal gift tax. You can give away a certain amount each year per person without tax implications. Gifts above this amount generally count against your lifetime estate tax exemption. The rules governing these taxes are found within the Internal Revenue Code, Title 26, Subtitle B.

Strategic gifting and using specific types of trusts can be effective ways to reduce a potentially taxable estate, but these strategies require careful planning well before the exemption amount drops.

Why Choose Lopez Law Group for Your St. Petersburg Estate Planning?

We focus on making the legal process clear and manageable for you. Our clients often tell us they appreciate our straightforward communication and diligent approach. We aim to take the stress out of planning and provide peace of mind.

Our firm handles Estate Planning, but also Real Estate Law and Business Law. This is helpful because life isn’t neatly compartmentalized. Your estate plan might need to account for rental properties, family businesses, or complex property ownership structures. We address these interconnected issues effectively.

Client feedback highlights our commitment to ethical service and achieving positive outcomes. Founder and Managing Partner Sean Lopez is frequently mentioned for his professionalism and ability to resolve complex issues effectively. We strive to build strong relationships, offering honest advice and setting realistic expectations from the start.

We’re conveniently located right here in St. Pete. You can find us at 7901 4th St N, Suite 300, St. Petersburg, FL 33702. We’re just a few blocks north of Gandy Boulevard, making our office easily accessible for local residents.

Getting Started: What to Expect

Ready to ditch the procrastination and finally tackle your estate plan? Taking that first step is often the hardest part. Here’s a general idea of how the process works with us:

1. Initial Consultation: We’ll sit down (or chat by phone/video) to discuss your situation. What are your goals? Who are the important people in your life? What kinds of assets do you have? What are your biggest concerns? This is about understanding your needs.
2. Information Gathering: You’ll need to pull together some information about your assets (like property deeds, bank and investment account details, life insurance policies) and key people (names, contact info). We provide checklists to make this easier.
3. Drafting Your Documents: Based on our discussion and your information, we’ll draft the necessary legal documents – maybe a will, a trust, powers of attorney, healthcare directives, or other documents specific to your plan.
4. Review and Signing: We won’t just hand you a stack of papers. We’ll walk you through each document, explaining what it means in plain English. Once you’re comfortable, you’ll sign the documents following Florida’s specific legal requirements (usually involving witnesses and a notary).
5. Funding Your Trust (If Applicable): If your plan includes a living trust, this is a vital step. We guide you on how to formally transfer ownership of your assets (real estate, bank accounts, etc.) into the name of the trust. An unfunded trust doesn’t do much good.
6. Ongoing Review: Life changes – you might marry, divorce, have kids, buy property, or laws might change (like the upcoming federal tax exemption shift). Your estate plan should adapt. We recommend reviewing your plan periodically to make sure it still reflects your wishes and current circumstances.

The goal is to create a plan that works now and provides a clear roadmap for the future.

Secure Your Legacy with Lopez Law Group

Nobody wants to leave their family with a confusing legal puzzle or a court battle after they’re gone. Taking the time to create a thoughtful estate plan is one of the most responsible things you can do.

Instead of dwelling on the inevitable, focus on taking control of what you can control, protecting your assets, and ensuring your loved ones are taken care of according to your wishes, not the state’s default rules or a judge’s interpretation.

Let the Lopez Law Group help you build a solid foundation for your legacy. We’re here in St. Petersburg, ready to make this process as clear and painless as possible.

Take the first step today. Call Lopez Law Group at (727) 933-0017 to schedule your consultation.

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