While the suit-clad, briefcase-toting, fast-talking infant from Boss Baby doesn’t need anybody’s help, your baby certainly does! September is National Baby Safety Month, bringing with it helpful reminders on childcare, parenthood dos and don’ts, and other important safety information that will help keep your kids healthy and happy.

When you think of baby safety, you probably picture cutting up food into tiny pieces and covering your house with (nearly adult-proof) baby gates and locks. However, there is an aspect of infant protection that you may have overlooked: estate planning. Estate planning gives your child the financial security needed to keep him or her safe in the long run.

Estate Planning and Your Baby

There are multiple ways in which you can use your estate plan to protect your children. Here are some of them:

• A Durable Power of Attorney

If you are incapacitated, a durable power of attorney will act on your behalf, whether these actions include paying bills, managing your business, or taking care of your children. Selecting a durable power of attorney and placing, in writing, your expectations of him or her will allow you peace of mind that, if something were to happen, your POA would make important, responsible decisions regarding those most precious to you: your baby.

• Funeral Arrangements

Certainly, no one wants to think about their own death. It’s a rather morbid topic, even though Halloween is just around the corner. Spelling out your funeral process beforehand gives your relatives and friends time to manage your funeral without having to go through the anxiety of funeral arrangements in addition to the grieving process.

• Executors

Choosing a responsible executor of your will ensures that your children are being taken care of by someone who will get things done and put your kids where they need to go in the event of a crisis. Estate planning gives you the ability to select your will’s executor. Choose someone who will advocate for your children’s safety through the will execution process, making sure your kids get whatever they need.

• Beneficiaries

As you may have guessed, a major way that a will protects your babies is through your ability to name them as the beneficiary of your estate if something happens. You can name your child a beneficiary for different types of assets, and the money management will be handled by someone that can act on behalf of the minors. This way, you will make sure that your kids are settled financially in case anything happens.

If only babies were as competent and corporate-savvy as Boss Baby! But alas, they are not, and, thus, you have to take steps to protect those who are vulnerable and need it most. This National Baby Safety Month, start estate planning to keep your kids secure and protected if something were to happen.

Florida has been hit by almost five hundred hurricanes and tropical storms in the past 170 years. If there is one thing every Floridian knows, it’s hurricane season. Hurricane season divides Florida into two basic groups: people who think the storm “will pass” and aren’t worried about it and people who stay glued in mortal terror to their TV screen. It seems like storms are getting stronger; however, luckily, these storms are easier to track using the latest technology. In addition to packaged food, bottled water, flashlights, and other safety supplies comprising the must-haves on your disaster preparedness list, include estate planning as part of the readiness kit.

Confused? Hear us out.

Estate Planning as Part of Your Hurricane Routine

Estate planning is the ultimate form of disaster readiness because it helps you plan for what might happen if you’re incapacitated or killed in a storm. In Florida, which has survived more hurricanes than almost any other state, it’s commonplace to be unconcerned even by the largest hurricane. However, things happen, and a well-thought-out estate plan can help you prepare for the worst.

Here are several ways in which estate planning helps in a disaster situation like a particularly strong hurricane:

• Incapacitation or Death (Worst-Case Scenario)

If you are injured or killed, your estate plan will contain several important documents to help you, including a durable power of attorney, living will, and healthcare surrogate. A POA carries out decisions for you in the event that you cannot make them yourself. A living will is a directive that tells people your healthcare decisions if you are unable to do so yourself, and a healthcare surrogate is a trusted person who will act on your behalf in a medical emergency where you cannot make your own decisions.

In the event of major disaster in which you end up incapacitated, estate planning gives specific instructions on how to handle your medical care and other decisions.

• Property Management

After a hurricane, if you are unable to make your own decisions, your business and assets won’t be cast aside and throw to the government.  Estate planning allows you to dictate where your property goes, as well as to whom.  

• Funeral Arrangements

If the worst-case scenario occurs, you want to have your funeral prepared via an estate plan. This way, your family has an easier time making the arrangements and can focus on grieving and spending time together.

• Taking Care of Your Kids

If something bad happens, you’ll need to know that your kids will be taken care of. Estate planning means that you can list your kids as beneficiaries, dictate where they will go in the event of your passing away if they are underage, and make other important decisions pertaining to them. In the event of a life-changing disaster, this will be vital to your family’s safety.

Though you might not think of estate planning as a tool to have in your disaster-preparedness kit, it absolutely should be. Estate planning protects you and your family in the worst-case scenario, such as a major, life-altering storm.

Everyone loves their pets. In 2012, the American Veterinary Medical Association estimated that a little more than 70 percent of Americans have a pet. Even though most pet owners would like to believe they will always be around to take care of their pets, often this is not the case because of death or incapacity. Therefore, many people may want to leave something behind to ensure that their pet is taken care of in the event something happens.

Usually, an animal cannot inherit money, property, or an estate. Therefore, a pet could not be the beneficiary of a trust. Thus, even when someone would try and leave something behind for their pet, the Florida probate courts were unable to enforce the provisions.

However, in 1990, the National Conference of Commissioners on Uniform State Laws changed the Uniform Probate Code (UPC) to allow for the creation of pet trusts. Florida has since then adopted the UPC and has made pet trusts valid for the lifetime of the pet.

These pet statutes provide ways for the courts to distinguish the pets, uphold the trust, and decide the sensibility of assets. If the trust has been established to care for more than one animal, the trust will remain in effect until the death of the last animal. However, when creating a pet trust, testators should consider other factors, like arrangements for alternate caregivers, the day-to-day care requirements for the animal, including emergency care and the final disposition of the pet.

There are also other important considerations when establishing a pet trust, like determining whom the pet caregiver will be. The pet caregiver should be a person or organization that is actually willing to provide for the animal once you are gone. Therefore, it is best for a testator to speak to the potential caregiver before nominating them to ensure that they are willing to accept this responsibility. The pet owner should also consider whether the potential caregiver has the physical accommodations to provide for the pet. For example, if the pet owner has a dog or cat, the pet owner should consider whether the potential caregiver lives in a building that permits animals. Even though everyone would like to take care of their pets after they are no longer able to, it is best to consult with an estate planning attorney because drafting the proper document can be complex.

Whether your priority is your children, your pet, or just preserving your legacy, estate planning is important for everyone.  Don’t delay call today for your free consultation.

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

It’s A Wild World. Are Your Protected?

“Respect your elders.” This is a phrase we’ve all heard a million times, and for good reason. However, respecting your elders doesn’t just include thanking your grandma for the extra $20 she slips you when you visit her. You can truly help the elderly by assisting them in setting up an estate plan. Senior Citizens’ Day is coming up on the 21st, and there is no better gift than the peace of mind an estate plan brings.

Senior Citizens’ Day was first scheduled on August 14th, which is the date FDR passed the Social Security Act. In 1988, Ronald Reagan, officially moved the observance to the 21st, and it remains in place to raise awareness for issues affecting senior citizens. One such issue is seniors’ need for an estate plan, if they do not have one already.

Important Things to know About an Estate Plan

Elderly people should set up an estate plan containing three key documents: a health care surrogate, living will and testament, and durable power of attorney. These documents, among other elements of the estate plan, have many benefits, one of which is that they allow you to designate who will make medical and financial decisions on your behalf.

Here is a quick overview of the three:

1. Health Care Surrogate. If you become unable to make medical decisions for yourself due to illness or injury, this person will make them on your behalf.
2. Living Will and Testament: This written statement is a healthcare directive that allows you to manage your healthcare, even if you become incapacitated.
3. Durable Power of Attorney: This document gives someone authorization to act on your behalf legally, with whatever range of control you, the principal (donor), give them.

While there are many more facets of an estate plan, these three are the big ones to know.

How Estate Plans Help Our Seniors

Concrete plans for the future. When you think of the future, you might feel a sense of nervousness. No one wants to leave their loved ones behind to face a legal mess in probate court. Through estate planning, your affairs are well-organized and your legacy kept intact, just the way you want it to be.

Tax advantages. As the old saying goes, two things are unavoidable: death and taxes. Luckily, estate planning concerns both, and taking advantage of US tax laws by giving gifts is a way to lessen the size of your estate and reduce your estate tax.

Funeral arrangements. Although it may be morbid to think about, preplanning your funeral will give your family peace of mind. They will be grieving, and it is burdensome to plan a funeral while you’re in mourning. Making funeral arrangements beforehand allows you to have the funeral service you want, while also taking the weight off your family’s shoulders.

Knowing you’ll be in good hands. When deciding your healthcare surrogate and POA, you will want to pick the most responsible people in your family and discuss it with them to make sure they are up to the task. We all have “that” cousin or sibling we wouldn’t want handling anything even remotely important— it is a relief to know that you are in the hands of the competent people you’ve chosen.

Estate planning is so vital to maintaining an organized future. Help a senior citizen today by encouraging them to set up an estate plan.

If you would like more information on how Wild, Felice and Partners, P.A can help with protecting your asset, providing plan for your family and building your estate plan,  please call 954-944-2855 or visit us today at www.WFPLaw.com.

It’ll be time to go back to school soon, and, while you’re buying pencils, notepads, and books, you should also consider giving your children something more long-lasting than a shopping cart full of school supplies: a trust fund.

What is a Trust Fund?

A trust fund is a legal construct that holds property (money, land, possessions, etc.) for another person. The state legislature controls the trust, and some states allow for perpetual trusts, which last forever. There is often a “spendthrift” clause in the trust that prevents the grantor from using the fund’s money for their own gain.

There are three main parties to know when it comes to trust funds: the grantor, grantee, and trustee. The grantor establishes and donates the property to the fund. The grantee is the beneficiary of the fund, and the trustee is in charge of managing it.

Aren’t They Just for Rich People?

Trust funds have been mischaracterized. People think of the “trust fund babies” from movies: the blond, rich kids who always end up being the villain. However, kids who receive trust funds do not often fit this stereotype, and the benefits of trust funds don’t include being able to stick it to the other kids at a summer camp in an ‘80s movie. There are a lot of important advantages to trust funds that help kids have a bright future.

The Benefits of Trust Funds

Trust funds hold property until you feel that your child is ready to handle the responsibility. As you can imagine, teenagers and college kids aren’t exactly paragons of financial stability. By putting money away in a trust fund, parents know that their kids won’t end up in dire straits if worst comes to worst.

Trust funds have tax benefits as well, particularly when it comes to estate tax savings. They also protect assets from the beneficiaries themselves, if you don’t feel that they are responsible. For example, you can leave the profits of your business to your children, without the children being able to control the business. Trust funds are also great options for grandparents seeking to help their grandchildren pay for their education or other expenses, long after the grandparents are gone.

There are many different types of trusts, all of which have different specifications, but, as you can see, the phrase “trust fund baby” is misleading. They’re not just for rich people. They’re for anybody who wants to plan for a bright future for their children or grandchildren.

If you would like more information on how Wild, Felice and Partners, P.A can help with protecting your asset, providing plan for your family and building your estate plan,  please call 954-944-2855 or visit us today at www.WFPLaw.com.