FAQ Estate Planning & Elder Law

What is an estate plan?

An estate plan governs what happens to your assets after your death. In Florida, if you don’t have a deliberate, properly executed estate plan, the state will enact a “default” plan through intestacy laws outlined in Florida’s Probate Code. Drafting a comprehensive state plan allows you to manage and distribute your assets in a way you feel best fits you and your family.

What Is Legacy Planning?

Legacy planning is part of your estate planning process that allows you to not only pass down your wealth through generations, but pass along your personal values and beliefs. In legacy planning, Simpson Legal Solutions encourages you to leave notes, videos, and messages to loved ones with life lessons, stories, moments and anything else you want your loved ones to knows. This provides additional guidance to your loved ones who are later left managing your estate and distributing assets to ensure your wishes are honored.

What are the typical components of an estate plan?

This varies from plan to plan based on your individual or family needs. Oftentimes, estate plans include a Last Will and Testament or a Trust with a Pour Over Will, Powers of Attorney, Healthcare Directives, and pre-need guardianship designations.

At Simpson Legal Solutions, we make sure your estate plan isn’t composed of outdated “standard” or “fill-in-the-blank” legal documents, but rather a carefully crafted and comprehensive plan that takes your specific circumstances and family into account to ensure your wishes are both known and followed.

Why do I need an estate plan?

Estate plans don’t just help your family after your passing, they help you plan for your own future. Advanced Directives such as a Living Will, Durable Power of Attorney, or Designation of Healthcare Surrogate ensure that your wishes will be followed in the event of your incapacity or ongoing inability to make a decision in a medical setting. Estate planning can go even farther, giving authority to a loved one to handle your affairs including paying bills or making other financial decisions, consenting to healthcare decisions, selecting residency, applying for benefits, communicating with care specialists, and more in the event of diminished capacity due to a due to dementia or other cognitive decline. This is as much about setting yourself up for a secure future as well as providing for your family down the road.

I’m young, I don’t need that yet.

False. Okay partially false. Yes, you are young, but an estate plan is important for any adult over the age 18. Estate plans don’t just help you set up where assets go after your death, but help you let others know what your wishes are should you become incapacitated for any reason (think coma, by way of example). What type of care do you want the doctor to provide? Do you have someone you trust to relay your wishes? Who is caring for your children in the meantime? All of these are important questions that having an estate plan can help you resolve and give you peace of mind, no matter your age.

When does my estate plan need to be updated?

Creating an estate plan is not a one-and-done task. We recommend you work with us every three to five years (possibly more or less often depending on your circumstances) to have an estate plan “check-up”. The occurrence of special life events may mean its time to review your plan. You may need to update your estate plan if you:

Have had a major life event (marriage, divorce, birth or adoption of children or grandchildren, new job, loss of a job, retirement, receipt of inheritance, or death of a loved one);
Have had a significant change in health;
Have had a significant change in finances;
Relocated;
Want to change a personal representative, beneficiary, agent, or pre-need guardian;
Want to change the distribution of your assets;
Want to add additional beneficiaries; or
Acquired new property, bank accounts, or investment accounts.

Whatever life brings you, we are here to help weather the storms and celebrate milestones! We would be honored to help ensure your estate plan is up to date to reflect these life changes.

What happens if I don’t make an estate plan?

Failing to put together an estate plan often leads to chaos, excessive costs and taxes, unnecessary court involvement, inadequate incapacity planning, potential hurt feelings, delays in distributing inheritances, and even unexpected outcomes after death.

Fear and discomfort can keep you from having this important estate planning conversation. At Simpson Legal Solutions, we can provide you with guidance and advice on what options are available so that your wishes are followed.

Can I include a plan for my pets?

Absolutely! As an avid animal lover, Attorney Simpson is eager to help make sure all of your family members are included in your estate plan. An estate plan can help you to plan for your pet(s) future veterinary care, who their caregiver is, and allocate funds as needed.

What about Medicaid? I don’t think I qualify but I can’t afford a skilled nursing or a nursing home.

Long-term care in the United States is expensive. Per the Genworth Cost of Care Survey, the median annual cost of care for a private room in a nursing center is $100,375 ($89,297 for a semi-private room). In Port St. Lucie, that rate is even higher: $184,690 for a private room and $179,215 for a semi-private room. To check other areas, see www.carescout.com/cost-of-care.

Medicaid benefits may be the only way for some to pay for nursing home care, but there are financial restrictions to meet to qualify. In 2025, a single nursing home applicant in Florida must have an income under $2,901 per month and have assets under $2,000. A married couple, if applying together, have an income limit of $5,802 per month and less than $3,000 in assets.

Individuals who are over these income and asset levels but cannot afford nursing home care can benefit from the help of a knowledgeable attorney who can help with long-term planning. Each situation is different, but Simpson Legal Solutions can assist you to evaluate and recommend planning strategies to assist in paying for future long-term care.

I’m a Veteran – do I qualify for a Veteran’s Pension through the VA?

Similar to Medicaid, the U.S. Department of Veteran’s Affairs has specific eligibility requirements, which can be found at www.va.gov/pension/eligibility. These include family income and net worth criteria. The VA then using a calculation of your Maximum Amount of Payable Pension (MAPR) less your income to determine what your VA pension is. The yearly total is then divided into 12 monthly payments.

From December 1, 2024 through November 30, 2025, the net worth limit for eligibility was set at $159.240. Determining net worth is based on the VA’s qualifications and calculation methods, which we can help you determine, and a 3-year look-back period.

If interested in applying for VA benefits, contact us today to learn more about ethical planning.

This article is for general informational purposes only and is not legal advice. Contact us today to discuss your specific situation.

FAQ Estate Planning & Elder Law