WHETHER you’re in South Florida or Timbuktu, you are already well aware that Miami Heat took their second straight NBA championship on Thursday night. LeBron James has been credited as the leader of this win, taking the title of Finals MVP. While LeBron has responded to his worshiping fans with statements of humility and gratefulness; his victory is not limited to his championships. Financial reports show that prior to Lebron’s arrival on the Heat, the franchise was valued at $425 million, and is now estimated to be $625 million.
While we can’t pull a LeBron & help you increase your profits by $200 million within a three year span; we can assist you with a triumphant victory in the estate planning department. The following five documents can help you increase control over your assets, and reduce the costs associated with probate.
- Living Trust – a living trust has become increasingly desirable due to its ability to avoid probate (the legal process of determining whether a will is valid). If you are married, you may want to designate yourself and your spouse as co-trustees, so that you have full control over the property while you are still alive. Side Note: such control does have tax consequences, so you will want to discuss this with your estate planning attorney.
- Assignment of Property – this is exactly that, assigning your property to your trust. In other words, placing your property into the trust. This includes both real & personal property. A trust does not do anything for you if there is no property in it.
- Last Will & Testament – this is your traditional will that is used upon death to distribute property to beneficiaries, specify last wishes, and name guardians for minor children.
- 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.
- 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.
When it comes to your estate, ask yourself, “What Would LeBron Do?” Clearly, he’d maximize winnings & profit! Whether you’re in South Florida or Timbuktu, protecting your assets & decreasing your costs is both a winning and profit maximization.
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 or via email at mwild@wfplaw.com to schedule your free consultation.
It’s a Wild world. Are you protected? SM