The month of March brings leprechauns dancing, rainbows and the color of green vomit everywhere…or that could be because you drank too much. Nevertheless, March is also a time to think about your pot of gold and how to protect it.
It would be nice to simply find a pot of gold at the end of a rainbow, but this is not the case. People work very hard to accumulate that wealth and spend little time protecting it.
At Wild Felice & Partners, we put together an asset protection plan to ensure your pot of gold stays in your possession. We do this through estate planning. For years, many associated estate planning with a will. While an estate plan does accomplish those goals, an estate plan does far more. Here’s how:
When your assets are in an estate plan, in some type of trust, they are protected from creditors, litigation, bankruptcy, divorce or greedy leprechauns. A trust allows you to create a Separate Share Trust Fund for each of your beneficiaries that you are able to control and protect from beyond the grave for up to 360 years.
In addition to protecting and controlling your assets, a trust may also limit your estate tax burden. It may double your tax-free distributions, which could save your family thousands of dollars. Think of it as another pot of gold for you and your loved ones.
Lastly, having a trust gives you privacy. A trust is a completely private document that prevents other from reinstating how you want your pot of gold to be divvied up after your passing.
You work hard to accumulate that post of gold, and Wild, Felice & Partners works very hard to protect it. To learn more about how you can protect your assets, visiting our website at www.wfplaw.com
Michael D. Wild is a Florida attorney specializing in the areas of estate planning, asset protection and probate administration. To learn more about estate planning, please contact the South Florida law firm of WFP Law at 954-944-2855 or via email at [email protected] to schedule your free consultation. It’s a Wild world. Are you protected?