People in their 40s often believe they have plenty of time to worry about estate planning. After all, if you created a basic will when your children were young, that should cover it, right?
Not quite.
At Welch Law, we regularly work with families who thought they had decades before needing to update their plans—until life threw them a curveball. Whether it’s a health scare, sudden wealth event, or change in family dynamics, one thing becomes clear: estate planning isn’t just for the elderly—it’s for the prepared.
As we approach the end of 2025, changes in federal estate tax law and increased complexity in family wealth make this the perfect time to revisit your plan—especially in Florida, where unique laws can either protect or complicate your legacy.
✅ Your Florida-Friendly Estate Planning Checklist
Below are the smart legal moves every Floridian in their 40s, 50s, and beyond should consider now—not later.
🧾 1. Update Your Core Legal Documents
These are your foundation:
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Last Will and Testament
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Revocable Living Trust
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Durable Power of Attorney (for financial matters)
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Health Care Surrogate & HIPAA Authorization
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Living Will (advance medical directives)
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Pre-Need Guardian Designation (Florida-specific form)
👨👩👧 2. Protect Your Children and Heirs
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Revisit guardianship designations for minor children
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Use trusts to delay or control inheritance
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Consider Special Needs Trusts for any dependents with disabilities
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Discuss “incentive trusts” for children in blended families or with special circumstances
🏛️ 3. Plan for 2026 Federal Tax Changes
The federal estate tax exemption is currently $13.99 million—but may drop to ~$5 million per person on January 1, 2026. This could expose more estates to the 40% estate tax. Waiting to act could mean missing key opportunities.
💼 4. Use Trusts That Work in Florida
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Revocable Living Trusts – Avoid probate, plan for incapacity
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Spousal Lifetime Access Trusts (SLATs) – Use your exemption now while benefiting your spouse
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Irrevocable Life Insurance Trusts (ILITs) – Keep insurance proceeds outside your estate
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Out-of-state Asset Protection Trusts – Use states like Nevada or South Dakota to safeguard wealth
💸 5. Make the Most of Tax-Free Gifting
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Use the $19,000 per recipient annual exclusion (2025 limits)
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Pay tuition or medical bills directly—these don’t count toward your exemption
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Consider gifting assets to irrevocable trusts for tax-free future growth
📈 6. Consolidate and Simplify
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Review and clean up outdated or unnecessary financial accounts
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Inventory all assets, including cryptocurrency and digital assets
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Consider enhanced life estate deeds (Lady Bird Deeds) for your homestead to simplify transfer at death
🧠 7. Don’t Overlook Long-Term Care Planning
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Consider long-term care insurance before premiums spike in your 50s
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Start Medicaid pre-planning if skilled nursing care may be needed
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Review elder law protections for aging parents or special needs beneficiaries
⚖️ What Happens If You Don’t Plan?
In Florida, failing to plan means:
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Your loved ones could face a time-consuming and expensive probate
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The court—not you—decides who manages your affairs or raises your children
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You miss out on critical tax-saving opportunities
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Family disputes may arise, leading to litigation or broken relationships
📍 Why Florida Residents Need a Local Plan
Florida’s laws are unique:
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No state estate or inheritance tax
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Strong homestead protections (but also limitations)
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Probate can be avoided with proper trust planning
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Out-of-state plans may not be valid under Florida law
🧭 Final Thoughts
Estate planning isn’t just about avoiding taxes. It’s about protecting your family, preserving your wealth, and making your wishes known. At Welch Law, PLLC, we build custom estate plans tailored to Florida families—whether you’re just getting started or need to update a dusty old will.
Don’t wait for a crisis to act. Let’s build your plan—intentionally and intelligently.
By: Edward J. Welch, Esq. ||| Estate Planning | Wills | Trusts | Asset Protection
If you would like to discuss your legacy options with an estate planning attorney in Jupiter or Palm Beach Gardens, Florida, schedule a complimentary call with Edward J. Welch at Welch Law, PLLC. At Welch Law, WE WANT TO DRAFT YOUR LEGACY!
Reference: Kiplinger (June 10, 2025) “Estate Planning Checklist: 13 Smart Moves” from Kiplinger.
