Peyton Manning is a name almost every American is familiar with, even if you’re not a football fan. This is likely because he is labeled one of the NFL’s most iconic figures. His list of successes is quite long and includes being a five-time MVP, Super Bowl MVP, and two-time Super Bowl winner. It’s estimated Manning has raked in around $247 million in earnings during his career. Now pushing 40 years of age, Manning is considering retiring from the game for good. Rest assured if he does, he will leave quite the legacy behind for both his fans and family; one that cannot be changed or altered in anyway. Just like Manning, you too should ensure your legacy is set in stone and protected for your family and future generations. Ok, the legacy you leave behind may not look quite like Manning’s (as I’m sure none of ours will) but that doesn’t make protecting it any less important.
No matter if you own a large estate, moderate estate or even a smaller one – protecting what you’ve worked hard for should be a priority. Estate Planning is the process of making arrangements during your life for the disposal of your property after you pass away and preparing for life’s unforeseen events that may leave you incapacitated. This may be accomplished in a number of ways but the most popular is by creating a Revocable Living Trust. A Revocable Living Trust will allow you remain in control even after you’re gone by allowing you to set restrictions on when your beneficiaries receive their share. You can choose the age they must attain to receive their share, ensure they graduate college, or set any other type of restriction you wish. The Revocable Living Trust can also protect the beneficiaries share against any unsecured creditors such as divorce, bankruptcy or litigation. Without a plan in place, your assets will not only be open to the possibility of unsecured creditors but you also risk your assets ending up in the hands of individuals you may not even like since they will be distributed according to Florida Law. With the Trust based plan, you can rest assured that everything will be distributed the way you choose and in the manner you deem fit. Along with your Trust based plan, you will receive other important documents such as:
Last Will and Testament: Nominate your Personal Representative, choose a Guardian for any minor child, and add any burial or cremation requests.
Living Will: Advanced directive or “pull the plug” document. Allows your healthcare surrogate to give the doctor the “ok” to pull the plug if you are being kept alive by artificial means.
Durable Power of Attorney: Nominate an individual to make financial decisions on your behalf or qualify you for public benefits, should you not be in a position to do so yourself.
Healthcare Surrogate & HIPAA Release: Nominate an individual to access your medical records and make informed decisions on your behalf, should you not be in a position to do so yourself.
You may not be considered a MVP in the NFL like Manning, but you can ensure you leave a legacy behind just as he has. Call the South Florida Law Firm of Wild, Felice & Partners today for your free consultation at (954) 944-2855. For more information on Estate Planning or Revocable Living Trusts, visit our website at www.wfplaw.com.
It’s A Wild World. Are You Protected? SM