Robert R. Foster is an estate planning attorney in DeLand, FL, who helps clients take control of their financial future and prepare for certain eventualities in life. Our office also serves clients in DeBary, Deltona, and Orange City, FL.
Many clients are often confused about estate planning and mistakenly believe it doesn’t apply to them because they haven't reached retirement age. An estate planning lawyer helps people prepare for the administration of their estate so that they can enjoy life's prosperity, knowing their wishes will be carried out with the least tax and financial burden to heirs upon death.
Preparing a legal and valid will is the foundation of sound estate planning. Since wills can be contested in court, any simple will or complex will you have prepared should be executed by an experienced family law attorney rather than trying to prepare and execute it yourself.
Many clients are securing their assets in a trust that keeps their assets private and ensures their final wishes are carried out without the estate going through a lengthy or costly probate process. There are two types of trust: revocable and irrevocable.
Once an irrevocable trust is created, it cannot be modified. An irrevocable trust is a legal entity with a separate tax identification number. Transferring some or all assets into an irrevocable trust offers several notable benefits, including protection from creditors, tax liability reduction, and income protection.
As opposed to an irrevocable trust, a revocable trust may offer more flexibility since assets can be moved in and out of the trust account. Although it doesn’t have the financial and privacy protections of an irrevocable trust, it ensures assets will be distributed to heirs upon death per the terms of the trust.
Our estate planning attorney works with Personal Representatives to assist them in fulfilling their legal and fiduciary obligations, so they can effectively manage the estate's administration. We also provide legal representation to defend contested wills and other legal disputes that may arise with creditors and heirs during the disposition of an estate.
Visit our website or contact us (386) 734-8224 to schedule a free initial consultation with an estate planning attorney who is serving in DeLand, FL, today!