I WISH I COULD RECORD MY DREAMS AND WATCH THEM LATER

Do you ever wake up in the morning and you can vividly remember the details of a crazy dream you just woke up from? Then you get out of bed, start your day, drive to work, and make a few phone calls. By the time you get to work and want to tell your best friend about your dream, you realize you can't remember what the dream was even about. 

The dream obviously had some meaning to you, but without it being written down, it just slipped through your fingers and *poof* no longer exists.

“You may not be able to record your dreams and watch them later, but you can record your wishes and your loved ones can watch them fall into place when you are gone.”

 

People always say that they are 'thinking' about the perfect estate plan. They have it written in their head but it's not quit ready to be written down on paper.  They feel that once they have  come up with the perfect plan, they will write it down. Until then, ehh, it can wait for a rainy day.

Don't delay- start today. You may have forgotten what you want to happen.

What should an estate plan consist of in South Florida?

Last Will & Testament: State your final wishes regarding who will receive or who will not receive from your estate, name guardians for your minor children, state directions regarding organ donation and burial.

Revocable Trust (Living Trust): In depth document that will state your final wishes. You are able to place stipulations and retain control of your assets during your lifetime. 

Durable Power of Attorney: Name someone to manage your financial affairs either immediately or in the future should you become unable to do so yourself. 

Healthcare Surrogate: Name someone to act on your behalf if you become unable to make medical decisions for yourself.

Living Will: Document that will state how and if you want to prolong your life if you fall into a vegetative state

REMEMBER:  Your estate plan will never be perfect. Stop using the excuse that you will start planning once you know exactly how you want it written. There are so many moving parts in your life, that your estate plan will be consistently changing.

However, if nothing is written down, your wishes will not be known to your loved ones.

You may not be able to record your dreams and watch them later, but you can record your wishes and your loved ones can watch them fall into place when you are gone.  

If you live in Miami-Dade, Broward, or Palm Beach counties it is time to start discussing with loved ones their estate planning needs. You can’t predict the future, but you can plan for it.

Contact an experienced estate-planning attorney at The Hershey Law Firm, in Plantation, Florida, at (954) 303-9468 to discuss your estate planning needs.

A Verbal Contract Isn't Worth The Paper It's Written On

Before smartphones and email, a phone call to speak with someone directly was the fastest form of communication. It was much faster then writing a letter, mailing the letter, and then impatiently waiting for the response. By the time you got a response, you might have forgotten the question asked or the question was no longer relevant.

Life moves so fast that our generation expects an immediate response to an email and text. If we don't respond immediately, we might cause a boyfriend/girlfriend to start 'wondering' why you didn't respond (which is grounds for a lot of pointless arguments).  You might lose a potential client if you don't respond immediately. They might assume you are not interested in their business or that you are too busy. The potential client will quickly move onto the next person hoping to gain the immediate attention they are seeking. 

Luckily, people still enjoy face-to-face communication. A lot of business takes place after hours over happy hour drinks and dinner.  If you verbally agree to working with someone over drinks, what are the chances one person might back out of the agreement the next day? With drinks flowing, people are more willing to enter into agreements.  Once they are sober, they might question that agreement and pretend it never existed. In the words of Jaime Foxx,  " blame it on the a a a a a alcohol"

“You should never leave your affairs up to chance. Leaving specific and detailed instructions in your will or trust can help solve complications down the line”

Well, the good thing is, it was only a verbal agreement. The bad thing is, it was only a verbal agreement.

When it comes to estate planning, many people make the common mistake of assuming their loved ones will honor their true wishes, as expressed verbally.  You should never leave your affairs up to chance. Leaving specific and detailed instructions in your will or trust can help solve complications down the line. There will be no question as to what your wishes are if they are clearly stated on paper.

In South Florida, there are a number of vehicles used with estate planning to protect both your assets and your wishes at your time of death. These documents will take away the possible 'he-said-she said' verbal agreements prior to your passing.

Revocable Trust(living trust): Allows you to control and manage assets in your trust while you are alive.

Living Will and Healthcare Surrogate- Will allow you to designate who will make medical decisions when you are unable to do so yourself.

Assignment of Property: Assign your property into your trust (real and personal property) to protect your assets.

Durable Power of Attorney: Designate and authorize someone to legally act on your behalf in the event you become incapacitated.

Last Will and Testament: Used upon death to distribute property to beneficiaries, specify last wishes, and name guardians for minor children.

If you live in Miami-Dade, Broward, or Palm Beach county contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.

You can’t predict the future, but you can plan for it.

PROCRASTION: THE ABILITY TO WITHSTAND THE URGE TO DO ANYTHING PRODUCTIVE.

Being a 'pro' at anything is something to be proud of. That means you are very talented. If you are an athlete, you would want to be a pro-athlete.  When it comes to estate planning, it is not an advantage if you have retained and maintain a 'pro' status when it comes to procrastinating.

To say you never procrastinate, is a lie.  Don't kid yourself. Everyone has fallen victim to the 'dark playground'. After all, the fact that you are reading this article means you are currently in the 'dark playground' and avoiding doing things that are actually on your 'to do list' (which I kindly appreciate and in this instance, I am more than happy to see that you are procrastinating)

“Stop being a ‘pro’crastinor and be ‘pro’active when it comes to your estate planning. There is no guarantee there will be a tomorrow, so prepare today.”

When it comes to estate planning, procrastinating should never be an option. It eventually causes family fighting and the chance of losing a portion of your estate to creditors. 

Great example of how procrastinating can cause more problems than expected.

Sonny Bono, passed away at the age of 62 due to complications from injuries sustained in a skiing accident. At the time of his death, Bono passed away with no estate planning, not even a simple will.  Fights ensued, due to the fact Bono had multiple marriages and children from each of those marriages. Even worse, at the time of his death, a secret love child surfaced wanting a piece of Bono's estate.

If Bono had not procrastinated and prepared his estate planning documents, he could have clearly stated who would and who would not receive from his estate (including a statement excluding any possible 'love children').

Stop being a 'pro'crastinor and be 'pro'active when it comes to your estate planning. There is no guarantee there will be a tomorrow, so prepare today.

If you live in Miami-Dade, Broward, or Palm Beach county contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs. You can’t predict the future, but you can plan for it.

Does a Durable Power of Attorney Last Forever?

Does a Durable Power of Attorney Last Forever?

Simply stated: Nothing Lasts Forever

What is a Durable Power of Attorney?

A Durable Power of Attorney is a document that grants a designated person to manage your financial affairs either immediately or in the future should you become unable to do so yourself. The designated person will have the power to buy and sell real estate, open and close bank accounts, file tax returns, etc. The word 'durable' allows the power to continue even after you become incapacitated.

Beware: A durable power of attorney is only effective while the principal is alive. Once that person dies, the durable power of attorney dies with them.  Therefore, you will not be able to use a Durable Power of Attorney to sell the home of a deceased person nor are you able to close financial accounts owned by the decedent.

What document is used once you die?

Once someone dies, it is important to have a Last Will & Testament. The Will names someone who can act as the personal representative/executor of the decedent's estate who will be responsible for administering the estate. After debts are paid, the personal representative is also responsible for distributing assets to the beneficiaries listed in the will.

“Therefore, you will not be able to use a Durable Power of Attorney to sell the home of a deceased person nor are you able to close financial accounts owned by the decedent.”

So if you are thinking of planning ahead and preparing your estate planning portfolio, make sure it includes documents that will be used while you are alive as well as when you are gone. Everyone should have a Durable Power of Attorney as well as a Last Will & Testament.

If you live in Miami-Dade, Broward, or Palm Beach contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs. You can’t predict the future, but you can plan for it.

Am I Too Young To Think About Estate Planning?

What makes humans different from other animals is that we know we are going to die. That knowledge gives us the incentive to make the most of the time we have and prepare accordingly for when our time comes.

There is no way to know when we are going to die. Young people assume they will wake up every morning, whereas old people are surprised each morning they wake up.

No one can honestly say they “enjoy” talking about their final days on this earth. However, it is a conversation that should be held between a husband and wife.  If you are not married, it is a conversation you should have with close family members and friends.

Estate planning is more  important for younger families with minor children.  You need to pre-plan and protect your surviving spouse along with appointing a guardian for your children. For example, a wife is the bread winner and the husband is  a “stay at home dad”. If husband and wife do not plan for death, and the wife dies, now the husband will have to go back to work and possibly find alternative living arrangements.

There are number of vehicles used with estate planning to protect both your assets and your wishes at your time of death: 

Revocable Trust(living trust): Allows you to control and manage assets in your trust while you are alive.

Living Will and Healthcare Surrogate- Will allow you to designate who will make medical decisions when you are unable to do so yourself.

Assignment of Property: Assign your property into your trust (real and personal property) to protect your assets.

Durable Power of Attorney: Designate and authorize someone to legally act on your behalf in the event you become incapacitated.

Last Will and Testament: Used upon death to distribute property to beneficiaries, specify last wishes, and name guardians for minor children.

“There is no way to know when we are going to die. Young people assume they will wake up every morning, whereas old people are surprised each morning they wake up.”

With the expertise of a South Florida estate planning attorney, you can start the process of thinking about what is important to you and how you would like protect your family and assets for the future. 

Fore more information on successful South Florida estate planning, please contact The Hershey Law Firm, PA in Fort Lauderdale, Florida at (954) 303-9468 to schedule your free consultation.