If you’re quiet, you may be able to hear a few hundred hearts breaking across the Country as more and more ladies discover Ryan Gosling just welcomed his second daughter with Eva Mendes. A second baby for the Hollywood hot throb is a strong indicator that he is in it for the long haul with Eva, but it also means it’s time to start planning for the future of his growing family. While you’re picking up the pieces of your broken heart and facing the cruel reality that Ryan will never be yours, consider this:
When you welcome a new child to the world your priorities instantly change; you not only want to protect your child, you also want the best for them. Providing them with the protection and care you deem fit is easy while you’re alive but what would happen if you and your spouse were suddenly no longer around? It’s not an easy thought to grasp or even a thought we wish to consider; however, it is reality.
By creating an estate plan you are able to designate a guardian, someone who will raise your child the way you would want them to be raised. You’re not only able to direct where your assets will go but can also choose how you want them distributed. You can create restrictions on when your child receives their share, ensuring they are old enough to handle the inheritance in a mature way. Leaving a legacy behind to your children will allow them to go to college, have their dream wedding and have the financial stability to purchase their own home. A Living Revocable Trust is the most favorable option when considering how to achieve these goals. Your Revocable Trust plan will also include other important documents such as the Last Will and Testament, Living Will, Durable Power of Attorney, Healthcare Surrogate and HIPAA release. All seven documents provide ultimate protection to both you and your family.
Once your estate plan is in place it should be reviewed with an attorney at least once every 3 to 5 years. This is necessary to determine if any changes need to be made due to a possible marriage or divorce, additional birth of child, death of a beneficiary or trustee, possible changes in tax law, or legal drafting requirements.
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.
It’s A Wild World. Are You Protected? SM