Like homestead, the elective share can wreak havoc on an estate. It basically means that a surviving spouse is entitled to a minimum of 30% of the deceased’s elective estate. The elective estate consists of the probate estate plus assets that pass outside of probate. It becomes applicable when a spouse is cut out or receives less than he or she is otherwise is entitled to receive under the law. An affirmative election is required, and an adversarial process ensues. Nobody is happy in these circumstances because their expectations differ from reality and it costs money and time to resolve it. Thoughtful planning should always address the issues relating to elective share.
Protect your family, assets and business, and gain the peace of mind of knowing you’re prepared and in control. You may feel apprehensive about estate planning, but it doesn’t have to be this way. We’ll help you achieve your estate planning goals and ensure you feel accomplished and confident. With our 4-step unique proven process, leaving a legacy you can be proud of is easier than you think. The alternative can mean significant taxes, chaos, court, costs, conflict (litigation) and a host of unpleasant and destructive surprises. Call us to get started today at 954-228-3369.
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