STEP RIGHT UP--FORM A STRAIGHT LINE--NO SKIPPING

Estate planning simply allows you to decide who will or will not receive from your estate when you are gone. Of course there are more complex issues surrounding estate planning, but for this moment, we are just going to focus on this one issue; beneficiaries.

A beneficiary is any person who gains an advantage and/or profits from something. You can be the beneficiary of someone's kindness, the beneficiary of a good education, or even the beneficiary of your own hard work.  When it comes to estate planning, you can be the beneficiary of an estate plan and receive money passed down from a loved one.

There is no black and white rule that says you must make your family members your beneficiaries of your will. Yes it is true, you cannot entirely disinherit a spouse, but if you were planning to do that, why are you even married to that person?

If your children did not treat you right while you were alive, why hand them a stack of cash that you worked so hard to receive and allow them to enjoy the fruits of your labor when you are gone?

If you fail to plan or if your plan is invalid because you thought you would save a few dollars by drafting your own documents, you will pass away 'intestate' and the state will decide who will receive from your estate based on Florida Statutes.

With proper estate planning, you can name specific beneficiaries to receive from your estate. If you want to leave everything to charity, go for it. If you want to leave $1.00 to your brother to annoy him from your grave, go for it. If you want to treat your children differently and give them different amounts, go for it.

Be sure to be specific when drafting your estate planning documents to avoid challenges to your will. Challenges to wills by distant relatives are so common that lawyers have a nickname for those people: "laughing heirs"- as in they will be laughing all the way to the bank if their challenge succeeds. People tend to come out of the woodworks and believe that they're closer than they are and should have some claim.  

There is no need to worry about a guilt trip when you are gone. Remember, you are GONE. Do not worry about how you will make a family member feel when they realize they are not a named beneficiary in your estate plan.  Be selfish, do what you feel is right inside, not what you think others would expect of you.

To avoid challenges to your will and make sure the right beneficiaries receive from your estate, you will need to work with an experienced estate planning attorney.

If you live in Miami-Dade, Broward, or Palm Beach county contact an experienced estate planning attorney at The Hershey Law Firm 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.

Children Do Not Inherit Until Both Parents Pass Away

One day you are at the beach in Fort Lauderdale when you get a call from your mother saying that your father passed away. Most people would break down in tears and cry. However, you had a horrible relationship with your father your whole life.  Instead, you get a big grin on your face. Your dad had a lot of money and now you are ready to collect. After all, you were his son, even with the bad relationship there is no way your father would have disinherited you.

It hurts to say this, but you will receive nothing while your mother is still alive. If one parent has passed away while the other is still alive, the answer is simple: the money is first inherited by the spouse.

In Florida when married people create estate plans, they typically ask for the money to go to their surviving spouse. The purpose behind this is to make sure their spouse is taken care of.  If there are children under the age of 18, this allows the spouse to comfortably provide for the children. There are some circumstances that a child under 18 might receive money in the form of a trust. With that said, the spouse is often put in charge of the trust until the child reaches 18.

It is extremely rare for adult children to receive any kind of inheritance until both parents have passed away. The reason for this is not to make the children feel cheated, but it is to help ensure that the needs of the living parent are not a burden or concern for the adult children.

“If one parent has passed away while the other is still alive, the answer is simple: the money is first inherited by the spouse.”

If you live in Miami-Dade, Broward, or Palm Beach counties it is time to start preparing your estate-planning portfolio. Make sure your spouse and children are taken care of when you are gone. You can’t predict the future, but you can plan for it.

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.