Sometimes life just slaps you straight in the face for no reason. Just ask Justin Timberlake who was slapped in the face by a stranger while attending a golf tournament in Nevada this week. JT didn’t press charges but the man was arrested and charged with disorderly conduct. The Grammy star didn’t let the slap stop him from enjoying the golf course although I’m sure he was startled by the unexpected hit. That’s life, a series of expected and unexpected events. This is just one of the many reasons why estate planning is so important.
Size doesn’t matter when talking about your estate. Whether your estate is large or modest your priority should remain the same – to protect yourself and your family. Estate Planning is the process of making arrangements during your life for either the disposal of property at your death or to ensure someone trusted is designated to care for you and your financial affairs should you be unable to do so yourself. A properly executed estate plan can help save taxes, protect future generations from unsecured creditors, keep your wealth in the family for generations and guarantee that your assets are distributed to your children the same way they would have been if you were to remain alive. The most popular tool for achieving these goals is the Revocable Living Trust. The Revocable Living Trust will dictate how your assets will be distributed, allow for you to set restrictions on what age the beneficiaries must be to receive their share and even plan for those beneficiaries who may have special needs. With your trust plan you will also receive the following documents to ensure ultimate protection:
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.
Don’t wait until life smacks you in the face to react. Be proactive today and 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