A turkey is essential as a delicious sleep inducing holiday dish, but when it comes to your estate plan, you want to keep the gobble-gobble to a minimum. There are a variety of life events that can turn your estate plan into a turkey. This is why it is incredibly important to have your estate plan reviewed to ensure that it is still effective and true to your goals. While there is no specific time for when you need to have your estate plan reviewed, every three to five years is generally sufficient. However, if there is any particular life event that takes place that will affect your relationships or distributions, you may want to have your plan reviewed for alterations. Such life events include the following:

Children: Sometimes your Will & Last Testament will provide for after-born children, but you should take the document to your estate-planning attorney to ensure that your little bundle of joy is provided for. Additionally, you may want to set up a trust, a 529-college plan, alter beneficiary designations in your will, and nominate a legal guardian.

Marriage & Divorce: if you have recently married or divorced, you will want to take your current estate plan to your attorney to determine whether these life events are addressed in the documents. Furthermore, you may want to change your Personal Representative, Trustee’s, Guardian’s, etc.

Estate Size Increase: You want to make certain that your estate plans are tailored to your estate size. Therefore, when your estate increases, you may want to make some changes in terms of tax and estate planning. Furthermore, if you have an estate plan that is set up to avoid probate, and acquire new property, you will want to assign that property to your living trust. You also may want to consider a variety of estate planning strategies, anywhere from setting up an LLC to protect certain assets from lawsuits, to reducing the size of your estate for tax purposes.

If you have experienced any similar changes or time lapses since creating an estate plan, keep your turkey in its rightful place as an entree, and out of your estate plan — have it reviewed today! It’s a Wild world. Are you still protected?

YOU ARE WHAT YOU EAT: PASS THE VEGETABLES

Remember the days when your play-time was conditioned on your willingness to eat all of your vegetables? The parental encouragement to “eat your vegetables” has somehow managed to coexist with the warning that “you are what you eat” – which begs the question, who wants to be a vegetable? There are two universal truths: (1) broccoli is not tasty; and (2) no one wants to be a vegetable. But the truth of the matter is, temporary or permanent incapacity can happen to any of us. Thus, supplemental documents need to be in place prior to any capacity issues. We cannot help you develop a taste for broccoli; we can, however, prepare you for the unknown. There are many documents you should have in your plan to ensure that you are prepared when life passes the vegetables. Look to the following health-related documents to plan for the day where you many not wake up and smell the broccoli:

1. Durable Power of Attorney – this allows you to designate and authorize someone to legally act on your behalf, in the event that you become incapacitated. The instrument will specifically state the powers that you are giving the person that you nominate to act on your behalf. Furthermore, this person must make decisions that are in your best interest, not their own. Take careful consideration in determining who you want stepping into your shoes.

2. Combination Living Will & Designation of Healthcare Surrogate – 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. Be certain to name someone, otherwise, a proxy may be designated in which you would never chose yourself. You want to chose who’s hands your life is in, right?

Whether or not you are what you eat, and what you eat is vegetables — be sure to include medical-related documents into your estate plan, ensuring you have control when you otherwise would not!

After 71 years the Chicago Cubs finally return to the World Series following a win this Saturday against the LA Dodgers. Some attribute this win to preparation and hard work while others think they just got lucky – either way, fans are ecstatic to see their team return to the World Series!

While the Cubs celebrated their big win on Saturday you could be celebrating a personal win today. Estate planning truly makes everyone feel like a winner by providing instant peace of mind in knowing you protected your loved ones against life’s unexpected surprises.  There are different plans for every individual. Whether your priorities are privacy, to save on taxes, plan a future for your children, protect your assets against liability or ensure that your legacy last for generations – our attorneys can draft a plan to meet your needs.  It’s also important to acknowledge that life changes every day and so should your estate plan. Once the plan is in place we recommend coming back in and meeting with an attorney every 3 to 5 years, or sooner if a major life change occurs (such as a divorce, marriage, remarriage with a blended family, birth, or death).

Allow today to be your winning day! Call today for your free consultation at ( 954)944-2855 and provide your family with ultimate protection.

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

For more information on successful Florida estate planning an asset protection techniques please visit our website at www.wfp.com.

Some clients come to us wanting to give leave their assets to their favorite charity.  While some wish to leave all of it to a charitable cause others wish to leave certain properties or assets and keep the rest for their family.  Estate planning is such an amazing area of law with an array of vehicles that allow for experienced attorneys to plan for clients no matter what their needs may be.  Not only is there a trust that can accomplish this specific charitable goal but it can also provide tax deductions, asset protection and provide income for the lifetime of the Grantor- that’s you!  Meet the Charitable Remainder Trust.

The Charitable Remainder Trust is a great vehicle that will support your philanthropic side while continuing to provide for you and your family during your lifetime.  Here is how it works:  you as Grantor would transfer the property you wish to donate into the trust and designate a trustee.  Typically, the charity is designated as trustee and manages or invests your assets in order to generate some income.  You then will receive a percentage of the profits for a specific period of time that you choose -this will be laid out in the terms of the trust.  While these assets are held in trust they remain protected against unsecured creditors, allow you to earn a tax deduction and provide you with a lifetime annual income.  After you pass away, all of the assets that were held in the Charitable Remainder Trust, as well as any profits or residual interest that may have been generated, then become property of the charitable organization.  There really are no losers with this type of trust.  You win in a number of ways during your lifetime and then provide support to a charitable organization of your choosing upon your passing.  Everyone is a winner!

If you wish to protect your assets, save on taxes, provide for yourself and your family and then leave your legacy to a charitable organization then call us today for your free consultation at (954)944-2855.

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

IT’S A WILD WORLD.  ARE YOU PROTECTED?

By now, most of America has heard the sad news about the passing of both golf legend Arnold Palmer and Marlins pitcher, Jose Fernandez.  The news is yet again another reminder of just how fragile and unpredictable life can be.  Knowing that we will never have full control over our fate should push us to do whatever is necessary to protect our loved ones from the unknown.  One way we can offer our family protection is through the creation of an estate plan.  Estate planning is preparing during your life for how you wish your assets to be distributed or managed in the event you become incapacitated or pass away.  Assets such as your financial accounts, your children, your business or your real property – you can retain control over management even after death.  There are many estate planning tools to help you accomplish these goals.  Perhaps the most favorable tool used in protecting one’s assets is the Revocable Living Trust but what about the lesser discussed (but equally important) Irrevocable Trust?

An irrevocable trust is an estate planning and asset protection tool that provides creditor protection in a way that the Revocable Living Trust does not.  Upon execution the grantor relinquishes control of his or her assets, a realization that makes some clients uncomfortable.  However, it is the relinquishment of control or ownership of the assets that trigger the asset protection.  The assets will then be held in trust for the benefit of the beneficiaries and not the grantor, so any creditors of the grantor will be unable to reach these assets.  They remain safe and intact for the beneficiaries no matter what life decides to throw at you.  If the idea of losing control still seems unsettling, consider this:  you as the grantor create the terms of the trust.  You decide who will control distributions, how those distributions will be made and who will benefit from said distributions.  The Irrevocable Trust is a great planning tool for those who want that asset protection and want to have extended control.

For more information on Irrevocable Trusts or other Estate Planning tools, please visit our website at www.wfplaw.com or call (954) 944-2855 for your free consultation.

IT’S A WILD WORLD.  ARE YOU PROTECTED? SM