Rumor has it that Leonardo DiCaprio is engaged to his model girlfriend Kelly Rohrbach. This is big news for Hollywood’s ladies man. Time has come for Leo to hang his party hat and to update his estate plan!
Divorce, children, change in wealth accumulated and marriage are all reasons to update your estate plan. A revocable living trust is the most favorable estate planning option. A revocable living trust will offer maximum protection against creditors and the possibility of litigation. A couple considering marriage should consider creating two revocable living trusts. Each spouse will act as co-trustee of each other’s trust and will have full access to the assets held in trust. Upon the death of one spouse, the maximum allowable tax-free distribution will fund a newly created Bypass trust. The remaining assets will then fund a newly created Marital Trust. Assets remain safe for the children who, after both parents are deceased, will save big on estate taxes. In addition to the living revocable trust, every married couple will need the following:
Assignment of Property: These documents will help fund the trusts. Real property, bank and brokerage accounts, and personal property will be safely transferred into the trust.
Pour-Over Will: A will becomes public record upon death. For that reason, it’s best to keep the Will straight to the point. The Pour-Over Will will simply state the living trust exists and will ensure that all remaining assets, should there be any, “pour-over” into the trust immediately.
Power of Attorney: This document is a written authorization that allows the appointed individual to make financial decisions on your behalf, should you become incapacitated or otherwise unaware.
Designation of Health Care Surrogate: By designating a health care surrogate you are appointing an individual to handle your medical decisions, should you become incapacitated or otherwise unaware.
Living Will: The Living Will is an important document that allows your health care surrogate to give the doctor the necessary authorization to “pull the plug” if you are being kept alive artificially.
Marriage is the beginning of a long journey together. What better way to begin that journey than by being fully prepared and protected. Be sure to update your estate plan to fit accordingly with life’s changes. For more information on successful Florida estate planning and asset protection techniques, please visit our website at http://www.wfplaw.com or contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation.
It’s a Wild World. Are you Protected? SM