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

Coach Joe Philbin of the Miami Dolphins has had a rough season to say the least. With all of the pre-season hype, the Dolphin fans entered the season with playoff expectations but after three straight losses it’s become hard to remain optimistic. The most recent loss in London put Philbin’s job security in question and ultimately resulted in him being fired earlier today. Perhaps a more aggressive approach could have resulted in Philbin avoiding this unfortunate outcome but it’s too late now. While it may be too late for Philbin, the time is just right for you. Now is the time to be both aggressive and proactive in planning for our loved ones and avoid probate.

Probate is the legal process that takes place after someone has passed away. It’s a lengthy process that includes the following

1. Filing the deceased person’s will with the court and proving to the court that the will is valid. During this process the will may be challenged which will only further prolong the process.
2. Identifying and recording the deceased’s person assets.
3. Appraising the property value.
4. Paying off any remaining estate taxes and/or debts.
5. Distribution of the remaining property to deceased’s heirs.

Probate is costly and can take anywhere from six months to well over a year. The court system, debt collectors and lawyers will receive compensation before your family receives anything. Luckily, everyone can avoid probate through a number of ways.

One of the most favorable ways in which to avoid probate is through the creation of a living trust. By creating a living trust, you decide which assets are held in trust and who will receive them upon your death. Any asset held as part of the trust will avoid probate and will immediately be distributed to your beneficiaries by the designated trustee.

Another way in which you can avoid probate is to create a joint ownership of property. Co-owners are also referred to as “joint tenants” and own the property jointly with the right of survivorship. What does this mean? The right of survivorship means that upon one co-owners death the remaining interest is instantly transferred to the surviving owner without the need for probate.

Other ways in which you can avoid probate include gift or beneficiary designations, life insurance policies, and retirement plans. To learn more about probate avoidance and proper planning for your loved ones, schedule your free consultation with Wild, Felice & Partners, PA today. Call (954) 944-2855 or visit our website at http//www.wfplaw.com.

It’s a Wild World. Are you protected?SM

NFL star Jason Pierre-Paul of the New York Giants made headlines this year when he blew off part of his hand during a firework accident. Pierre-Paul went from celebrating a Super Bowl win to wondering if he will remain unsigned and without a career. While he may have lost some fingers and quite possibly his career, at least he didn’t lose his life.

This incident is a reminder of just how unpredictable life can be. Just like Pierre- Paul, you too have worked hard to accumulate your wealth. Now is the time to put in the extra work to protect all that you have worked for. A South Florida Estate Plan is the best way to ensure that you are prepared and your loved ones are protected.

What you need to be protected:

A Living Trust- A trust based plan is the most favorable estate planning option. Unlike a will, a living trust is not subject to probate and remains private upon death. Probate, the process of proving a will, is required by law and is a costly process that can take anywhere from 6 months to over a year.   By creating a trust, your assets will be distributed timely and in the manner that you choose. By choosing the trust you are also choosing to provide maximum protection for both you and your family. Your assets will be protected from possible creditors, litigation and divorce. Other important documents that will be included in your trust based plan include the following:

Last Will & Testament– Here is where you can specify any last wishes, direct any specific assets to beneficiaries and name the individual you want to be the legal guardian for any minor children.

Assignment of Property- By including this document, you can rest assured that all of your property is properly transferred to your trust and that nothing is left behind or subject to probate.

Durable Power of Attorney- Should you ever become hospitalized, disabled or otherwise incapacitated, this written authorization will allow the individual of your choosing to make financial and legal decisions on your behalf.

Living Will &Healthcare Surrogate- With these documents you are able to outline important healthcare decisions in advance. For example, deciding which individual will be appointed to make healthcare decisions on your behalf should you be unable to make them for yourself.

Don’t risk losing the wealth you’ve accumulated, protect it. With a living trust you can worry less because your wealth is safe! To learn more about estate planning, probate and asset protection, visit our website at www.wfplaw.com or call 954-944-2855 to schedule your free consultation.