Tis the season for scary decorations, fun costumes and pumpkin spice everything. As Halloween quickly approaches most Americans are stocking up on candy and preparing their homes for the tiny trick-or-treaters. Yes, having the scariest house on the block is important but properly planning your estate is even more important.
Did you know that less than half of all Florida residents have an estate plan in place? This may be attributed to the fact that most South Floridians feel that they are either too young or not wealthy enough to worry about estate planning. Yet, estate planning isn’t about being wealthy and it’s not about being “the right age.” Estate planning is about being proactive and taking the necessary steps during your lifetime to ensure your loved ones and the wealth you have accumulated are protected. Whether you want asset protection for peace of mind, want to ensure your loved ones avoid the mess of probate or you just want to reduce the possible estate tax, the South Florida law firm of Wild, Felice & Partners can help you accomplish your goals.
There are various techniques that can be used depending on what your goals are. The most desirable technique used in estate planning is the living trust. By creating a revocable living trust you are ensuring that your assets are safe from the possibility of litigation, bankruptcy, and divorce. During your lifetime you can revoke or amend your trust to fit accordingly with any life changes such as a marriage, divorce, children, or a change in wealth accumulated. Once deceased, the assets you included in the trust during your lifetime will avoid probate and, instead, be distributed immediately to the named beneficiaries in the manner that you choose.
Your trust based plan will also include a Pour-Over Will which will make certain that all remaining assets not included in the trust “pour-over” into the trust immediately. Your plan will also include the Durable Power of Attorney, Living Will, Healthcare Surrogate and HIPAA Release form. These healthcare documents allow you to designate and legally authorize someone to act on your behalf in the event you become incapacitated and unable to make both financial and healthcare decisions for yourself. For more information on the revocable living trust or any of the mentioned healthcare documents, please visit our website at http:/www.wfplaw.com.
Make October less scary by contacting the South Florida Estate Planning law firm of Wild, Felice & Partners at 954-944-2855 and schedule your free consultation today.
It’s a Wild World. Are you protected? SM