A Prediction For Your Future: Life is Unpredictable.

Posted by on Apr 20, 2016 in estate planning, Probate, Trusts, Wills |

Life can bring some major changes to each of us at some point: marriage, divorce, birth of a child or death of a loved one.  Although we may not be able to do much to prevent change we can definitely do a lot in an effort to plan for the outcome that inevitably follows.  When considering how to best protect your family, there are a variety of options.  Perhaps the most “popular” planning device is the Revocable Living Trust, but Life Insurance is a great tool as well and can be used in conjunction with your trust based plan.

Holding assets in trust can provide a multitude of benefits, including creditor protection and control form beyond the grave.  However, some assets you pass on may carry expenses that your loved one’s cannot afford to pay.  For instance, you may own a business that will require overhead expenses to continue functioning until it is sold or you may leave a home that has an unpaid mortgage.  The trust is a great device for protecting your assets and avoiding probate but Life Insurance can be used to pay for these additional expenses or even replace income.

When considering the best way to protect yourself and your family, don’t limit your options.  Call (954)944-2855 for your free consultation today.

For more information on Estate Planning, Asset Protection and Probate visit our website at www.wfplaw.com.

It’s A Wild World.  Are You Protected?  SM

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Marital Bliss Turned To Marital Nightmare…

Posted by on Apr 13, 2016 in asset protection, estate planning, Probate, Trusts, Wills |

Being married is great:  you have someone who is obligated to laugh at your jokes, compliment you from time to time and who will binge watch TV shows on Sundays with you.  Perhaps one of the best benefits from being married, however, is the Unlimited Marital Deduction.  The Unlimited Marital Deduction allows for one spouse to transfer an unlimited amount of assets at any time free from tax.  This means that whatever one spouse leaves to their surviving spouse at death will be transferred, tax free!  This is great news for everyone! Well, almost everyone.  Unfortunately, the marital deduction does not apply to noncitizen spouses.  A noncitizen spouses will have to pay taxes just as anyone else who may inherit from the decedent.  If your estate exceeds the federal exemption amount ($5.45 million) this can truly become a nightmare.  Have no fear, there is a solution!

Enter the Qualified Domestic Trust, or QDOT Trust.  A QDOT Trust is used for noncitizen spouses in this situation and provides relief by deferring the federal estate tax that would have been due at the time of their spouse’s death and, instead, leaves a large amount of money behind for their benefit.  When the first spouse passes away, their assets will go into trust instead of directly to the surviving noncitizen spouse.  While the noncitizen spouse will not own the assets they can enjoy benefits throughout the remainder of their life, such as any interest that the trust may generate.  At their death the assets will then pass on to the other listed beneficiaries.

If this scenario seems familiar, then call (954)944-2855 for your free consultation today.  Protect yourself and your family by providing ultimate peace of mind!

For more information on Estate Planning, Asset Protection and Probate please visit our website at www.wfplaw.com.

It’s A Wild World.  Are You Protected? SM

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Posted by on Apr 5, 2016 in asset protection, estate planning, Trusts, Wills |

As the first week of April comes to a close we are able to get back on track and stop worrying about whether or not another prank is looming around the corner.  April Fools’ can be a fun day but let’s be honest, we all know someone who takes their jokes to another level.  My favorite this year may very well be the proposal prank.  Although for some the joke may be on them since some ladies aren’t too keen on giving that sort of ring back.  Whether by free will or if your joke back fired, here are some things to consider if you find yourself heading down the aisle soon:

  • Revocable Living Trust – Do you want your new love to receive everything you own? Perhaps you want to limit them only to the 30% elective share they are entitled to by law? No matter what your goals are regarding distribution, a Revocable Living Trust can achieve them.
  •  Last Will & Testament – Who knows, you may end up happy with your new love and decide to have children.       The Last Will and Testament will allow you to appoint guardians to raise your little ones in the event you both are deceased. You may also specify any burial or cremation requests.
  • Durable Power of Attorney – No matter if your newly wed to make important financial decisions or not, the choice as to who will actually make these decisions is up to you. The Durable Power of Attorney will allow you designate someone of your choosing.
  • Combination Living- Will & Designation of Healthcare Surrogate – Designate the individual of your choosing to make important healthcare decisions on your behalf, in the event you cannot do so yourself.

Don’t be the butt of a good joke – be prepared! There are a variety of life events that create a necessity for estate planning and marriage is definitely one of them. If you experience any life event that affects your relationships or distributions, you will want to have your plan reviewed by an experienced estate planning attorney and possibly updated.


For more information on Estate Planning and Asset Protection, visit our website at www.wfplaw.com or call (954) 944-2855 for your free consultation.


It’s A Wild World. Are You Protected?

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