At Beacon Legacy Law, many of our clients are grandparents who want to create meaningful legacies that reflect their values and address their families' unique needs. Let’s examine smart estate planning strategies through the eyes of Jack and Elaine, a fictional Florida couple representative of the types of clients we serve. Jack and Elaine have worked hard for over 45 years, building a comfortable nest egg before retiring to an upscale community in Palm City. Their Mediterranean-style home has been the setting for countless family celebrations, from grandchildren's birthday parties to grand holiday gatherings. Now in their early 70s, they want to make sure their $3.2 million in assets provide for their family's future. Like many Florida seniors, Jack and Elaine face some tough estate planning decisions. Their older daughter is a successful corporate attorney in Tampa, while their son is raising three kids on a modest high school teacher’s salary. Meanwhile, their youngest daughter is a talented artist whose gallery is just starting to take off. Learn How to Claim Your Spot for Our Free Estate Planning Webinar! Table of Contents How Smart Estate Planning Ensures Everyone’s Needs Are Being Met Fairly Estate Planning for Transferring the Family Home Tax-Efficient Giving Strategies Planning for Long-Term Care Needs How Smart Estate Planning Ensures Everyone’s Needs Are Being Met Fairly Our Palm City estate planning lawyers often work with clients who taught their children that family means treating everyone fairly. As grandparents, they want to pass that value on to the next generation as well. However, "fair" doesn't always mean "equal" when it comes to child inheritance. For a couple like Jack and Elaine, here’s an example of what we might recommend: For their oldest daughter, who can afford private education for her children, Jack and Elaine focus on tax-efficient inheritance strategies. One strategy may involve directing their daughter’s share of the inheritance through vehicles that minimize the impact of estate taxes. For their son, whose children currently attend public school, they establish a trust for postsecondary educational expenses—ensuring their grandchildren can attend college without burdensome student loans. The trust could also include provisions for private school tuition if desired. For their younger daughter, Jack and Elaine might structure a business succession fund with capital infusions tied to specific gallery performance metrics. This approach rewards hard work while protecting the family's assets. Estate Planning for Transferring the Family Home Jack and Elaine’s Palm City home would fall under Florida's homestead protections. Florida Statute §732.401 affects their options for transferring the property. We might recommend that they: Create a Qualified Personal Residence Trust (QPRT), should estate taxation be a legitimate concern Set up provisions for property maintenance after their passing Structure a buyout agreement between siblings Include specific instructions for converting the property to rental income if desired Tax-Efficient Giving Strategies Jack and Elaine’s estate plan might also include several tax-minimizing approaches for gift-giving. Annual gifting. We might recommend that Jack and Elaine make strategic gifts within the annual exclusion limit ($19,000 per person in 2025) to reduce their taxable estate while helping family members now. 529 plans. Jack and Elaine could establish education savings accounts for each grandchild, front-loading five years of contributions to maximize tax-free growth. Charitable remainder trust. This financial vehicle could provide income during their lifetime while benefiting their favorite charities later. Planning for Long-Term Care Needs Many Florida seniors worry about draining their savings on future long-term care needs. To avoid this fate, we’d recommend a couple like Jack and Elaine create an estate plan that includes: Long-term care insurance to protect their assets Healthcare power of attorney designations Living will provisions Medicaid planning considerations
