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.