With Father’s day behind us, we still have an opportunity to celebrate Dad and thank him for everything he has done for you.  A father is for many of us a fountain of wisdom and the person we model ourselves to be, and for that reason it is important to let them know every day how important they are in our lives because unfortunately they won’t be around forever.  Take the time to tell him how much you appreciate all he has done and how he has shaped you.  To ensure that his legacy is preserved, consider planning for your future and that of your children after all, he worked hard so you could enjoy the fruits of his labor.

A common misconception is that only wealthy families and people in high risk professions need to put together an asset protection plan.  But in reality, anyone can be sued.  A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that will decimate your finances.   To make sure that your assets are protected from unforeseen creditors, consult an estate planning attorney that can help you navigate confidently the waters of wealth and family protection, so you and your family can have the peace of mind that only comes with knowing that you are prepared for anything.

Plain and simple, estate planning helps protect your family in the event that something bad happens to you. And, yet, 55% of Americans don’t even have a last will, leaving them vulnerable to costly court fees and legal battles.  But even though it’s predicated on incapacitation or death, estate planning doesn’t have to be morbid. In fact, it can actually be life-affirming, because the process will allow you to take a closer look at the people you most care about in life—and ensure their future happiness.

Don’t procrastinate.  Unless you have a crystal ball, you just never know when death will occur. With the help of an attorney, determine which type of document best suits your situation.  You’re the only one who knows the extent of your assets, but if you have minor children, you must get a will.  Keep your will or trust current, life is fluid. As you increase assets, and expand your family, your will or trust should be updated to meet your changing needs. For example, wills and trusts should be revised following unexpected events, such as a divorce or the death of a spouse or a child. A substantial inheritance should also trigger a revision to your will or trust.  Let someone you trust know where you keep your documents.  A family member, relative or trusted friend should be able to easily find your documents at the time of your death to prevent any confusion.

Estate planning and asset protection are proactive methods to secure your family’s future and to ensure their financial stability when you are no longer there to do it yourself.  One of the most difficult things to do is think about the possibility we may die unexpectedly or too early, leaving our children without one of the most important people in their lives.  But stepping up and making a legal plan to protect your children if something should happen to you is one of the best Father’s Day gifts you can give yourself and the people you love.

It’s a Wild world. Are you protected? SM

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.

June’s cover of Vanity Fair magazine revealed the transformation of Olympic Gold Medalist Bruce Jenner into a woman.  “Call me Caitlyn”, the cover reads.  Life is inherently full of changes, some undoubtedly more drastic than others and while Caitlyn’s transformation certainly falls into the more drastic type of life change, there are life changes that most people go through that may require counsel from an attorney.  Estate planning, for example, is an important undertaking and hiring an attorney to draft an estate plan for you is definitely a step in the right direction.  However, just because you already drafted an estate plan does not mean you can simply file it away and forget about it.  There are certain life changes that warrant a review of your estate plan in order to make it congruent with the changes in your life; it is recommended that you take a look at your estate plan every 3 to 5 years, because within those periods it is likely that one of the following major life events occur:

Getting married: Generally you would want to update your living trust and/or your will to indicate what provisions you would like to make for your new spouse. You should also address your separate property.  You may wish consider a prenuptial agreement if one or both spouses come to the marriage with significant assets.

Divorce or death of a spouse:  The end of a marriage should trigger the need to review your estate planning documents.  That could mean changing beneficiaries, trustees and changing Powers of Attorney and Health Care Surrogates.

Purchase or refinance of a home:  If you have a living trust, your house should be held in the trust. Many times lenders, upon a refinance, will take the property out of the trust, put the mortgage in place and then neglect to put it back into the trust. When buying property many people simply forget to take title in the name of the trust. To have the maximum benefit of the trust, all properties should be in the name of the trust. If your properties are not in your trust, work with your estate planning attorney to help transfer the properties to the trust.

New accounts:  Making sure all savings accounts, brokerage accounts or mutual fund accounts are in the trust is important to avoid probate and make transfer of title to your new beneficiaries easier.

The birth of a new child:  If you have a baby, adopt a child or have a new stepchild, all would trigger the need to review and update your estate planning.

Change is the only constant and your estate plan should be constantly changing.

It’s a Wild world. Are you protected? SM

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.

The loss of blues legend BB King has many of us feeling, well, blue. Nobody could be more upset than his children who are currently embattled in a litigation with longtime manager of BB King, Laverne Toney. In fact, three of his eleven children recently went to court to combat Toney in what they allege is a case of elder abuse.

Karen Williams, Rita Washington, and Patty King say that Toney was not providing proper medical care to their father, restricted his children and friends from visiting, and that there are large amounts of money missing from King’s bank account, to the tune of one million dollars.

Sadly, this type of fight is more common than not. When emotions are high and money is involved you never know how someone will respond. That is why it is so important to dot your I’s and cross your T’s when drafting your Will and Trust.

By having a Power of Attorney, BB King avoided the need for a formal Court-ordered Guardianship when he was older and his mental health was failing. On the other hand, the risk of using a power of attorney is that those with power can sometimes abuse it. The case in point for BB King’s children.

It is critical to work with an attorney well versed in the areas of estate planning and guardianship to make the entire process less stressful. By having the right person to guide you through the process, everyone benefits in the end. The Thrill May Be Gone but the legacy can live on.

In order to make it easy for your loved ones to say goodbye, you should consult the estate planning attorneys of Wild Felice & Partners, P.A. who can recognize potential pitfalls and how to avoid them.

It’s a Wild world. Are you protected?

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.