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.

What you need to know about “deceased -user policies”

Social networking is its own category of digital assets, as these accounts are more personal to the owner, and often leave behind a surviving legacy. Their value is rarely monetary, but rather sentimental to those the Networker has left behind. When planning ahead, the most important consideration for the Social Networker is the “deceased-user policies” that are agreed to upon creation of the account.

For example, Facebook allows a family member to “memorialize” the account, so that friends can continue to interact with the Facebook wall, in memory of the deceased. Certain access and features are limited to protect the account holder, and the account can be closed upon a formal request that meets certain criteria. Therefore, in your will, you can merely direct your personal representative to close or memorialize the account. This same memorialization can be made for LinkedIn accounts as well.

For Twitter, however, a family member can deactivate the account and receive an archive of the tweets by merely submitting basic information to twitter in a formal request. Therefore, the account holder may not be concerned with leaving provisions for such accounts, beyond an instruction that they merely be closed (or left open). There are some accounts, on the other hand, that will give family member’s access upon a court order. Keep this in mind for accounts that you specifically do or do not want others to have access to. If you do, then provide the username and password. Otherwise, you may want to include express language that prohibits access to these accounts. This will likely prevent a judge from ordering that your account be accessible to family members.

The Social Networker can start planning ahead today with the following steps: (1) make a list of your social networking accounts; (2) designate the accounts you want private verses those you would like passed on to loved ones; (3) read the user agreements for each account, or have an attorney do it for you (as these policies are often buried in legal language); (4) consult your estate planning attorney with your digital asset wishes, and incorporate them into your will &/or trust; (5) rest easy, your digital legacy is now protected!

The probate process is necessary to wind up the affairs the decedent leaves behind. It is necessary whether or not a decedent drafted a will. If someone dies without a will, he or she dies intestate. This means that Florida statutes determine the distribution of assets. On the other hand, a will determines how assets will be allocated to beneficiaries based on the wishes of the decedent. A Circuit Court Judge supervises the probate proceedings. The Last Will and Testament is validated and a personal representative is appointed to administer the estate. Creditors, including the IRS, must be properly paid before any beneficiary gets his or her share. Probate can easily cost between 3% and 7% of the total estate value. A will can also be contested which can delay the distribution for years adding to the expenses of the estate in the form of attorney fees and court costs.

There are some web programs that allow you to make “quick and easy” plans. However, “do-it yourself” wills can cause more harm than good. When it comes to estate planning, an ounce of prevention is worth a pound of cure. Planning ahead does not mean go to the office supply store and get a “fill-in the blank” will or download it from an unknown source. For a will to be valid, it must adhere to the Florida laws and requirements. There are very specific formalities for properly executing this legal document, such as, who can or should be a witness and, where and when you and your witnesses may sign. Improper execution can also cause a will to be contested. Also, certain family members may have rights given by statute. Minimize the possibility of your will being contested or invalidated by seeking a South Florida Estate Planning attorney. In addition, you may have certain desires that cannot be achieved with a “cookie cutter” document.

Even if you already have an estate plan, making the time to see your probate attorney to review documents is a high priority. Estate planning is not a one time process that is done once and never revisited. It is an ongoing activity because life can be capricious and people change. Don’t be that person who leaves loved ones with the extra burden of straightening your financial affairs. Unforeseen snares lie in wait to snag even the most carefully constructed estate plans. Many circumstantial changes may arise that affect major impact upon your life- without a moment’s notice. Is it not better to take some time to consult your attorney and be safe than sorry? A South Florida estate planning attorney has the requisite training and skill to shield clients against such uncertainties in life and construct a comprehensive plan on your behalf and for the protection of those you love most. Don’t delay and let another minute pass you by. Ward off the potential for disaster by calling your attorney today.

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!

How To Save Money This Back To School Season

August has arrived! The time to mark your calendars for your “back to school sales tax holidays!” This sales tax holiday has provided a couple days for shoppers to ravish the malls and department stores for clothing and school supplies. Here, in South Florida, your tax breaks will cover the standard clothing and school supplies, as well as computers and tablets (priced up to $750).

Florida state Rep., Larry Ahern, stated “[w]e are trying to take some of the burden off Florida families as they prepare for their children going back to school in August.” Speaking of burden’s – if you are participating in back-to-school tax savings, your child’s college years are probably just around the corner! While you can shop ‘til you drop every year, there are other tax-planning techniques that can be used to save for your child’s college expenses, while avoiding those pesky taxes.

The 529 Plan is a tax shelter for college savings. It allows you (or really, anyone) to contribute to an account to save for a designated person’s college education (it can be anyone, including yourself), and is not subject to federal taxation. The money in the plan can be used for any qualified expenses associated with college, including room & board, books, fees, computer, internet, etc. There is no age limit for when the plan can be used, and it can roll over to another family member (if little Jimmy Jr. decides not to go to college, sister Sally can use it). You can maintain control, and appoint a guardian/trustee to manage it upon death. So not only do you avoid tax on withdrawals, but any capital gains are taxfree as well. There is no federal income tax on money in the 529-college savings plan (plus, no income tax in Florida). NOTE: you have to keep in mind that any amount that you put in the 529-plan can be considered a “gift” for transfer tax purposes. However, the “annual exclusion” for the year 2016 (this amount changes every year), allows anyone to can make up to $14,000 in gifts that are excluded from transfer taxes (which are collected upon death, and subject to an exemption that is currently in the amount of $5,450,000).

So while you are stretching your legs for the mall-marathon that will be taking place each August, take a moment to consider the significant tax-free benefits of planning ahead for your child’s college education!