IN THE SPIRIT OF AMERICAN INDEPENDENCE, our nation is encouraged by the latest job market rise. The labor department’s reports have shown that the economy has added 195,000 jobs in both May & June, when analyst were projecting only 160,000.
The thirteen colonies didn’t gain independence for four hundred forty-two days after start of American Revolution. Similarly, it’s taken a good minute to find that same sense of freedom from the depressed job market in South Florida.
The Red, White & Blue’s will to overcome the job market adversity is demonstrative of the motivating force we celebrate this week. With raising job rates, its increasingly more important to keep your triumphant spirit preserved with asset protection strategies. Such strategies will not only protect your hard earned assets, but provide you with the freedom to control their disposition.
When considering your future, claim independence from the unknown, and plan ahead with the following documents:
1. Living Trust – gain control, asset protection, & preclusion of unnecessary taxes through the use of this document.
- Consider: Who would you appoint as your Trustee? Keep in mind, you can be the Trustee, giving yourself greater control over your assets. Make sure you appoint a back-up (successor) Trustee(s) within the document.
2. Assignment of Property – place all of your property into the trust, and avoid costs & headache associated with probate.
- Note: Probate is a very expensive and time consuming process, therefore most prefer to avoid it altogether by assigning all of their property to the trust.
3. Last Will & Testament – used to distribute property to beneficiaries (or a trust), specify last wishes, and name guardians for minor children.
- Note: Again, in efforts to avoid probate, it may be wise to use a pour-over will so that anything that was not assigned to the trust will be directed to the trust upon the Testator’s death. While the will still has to go through probate, the pour-over will makes the process much more expedient & leaves less room for anyone to contest it’s validity.
4. Durable Power of Attorney (“DPA”) – gain control by designating someone to legally act on your behalf in the event that you become incapacitated.
- Consider: Who will you designate to make decisions on your behalf? Remember, the DPA can only make decisions for your benefit, not their own.
5. Combination Living Will & Designation of Healthcare Surrogate – gain control by making important healthcare decisions in advance.
- Note: This outlines important healthcare decisions in advance, and appoints a healthcare surrogate to make healthcare decisions for you when you become unable to do so yourself.
For more information on successful Florida estate planning and asset protection techniques, please 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