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.

Heroes Get Remembered, But Legends Never Die

Legend: MICHAEL JACKSON   

Estate Planning Mistake: FAILURE TO FINISH WHAT YOU START

The singer's fame and place in pop culture is so big that even though he was a human being like the rest of us, it seemed he would somehow live forever. That's partly why nearly everyone was shocked at his 2009 passing and still are today. 

Although the music legend, Michael Jackson, did so many things right in the music industry, one thing he failed to do right was his estate planning. One major lesson that can be learned from Michael Jackson's estate is: FAILING TO FINISH WHAT YOU START

Michael Jackson created a trust, but never fully funded it, which defeated a primary purpose of having a trust. This caused a lot of fighting within his family. His estate was made public when filed with the probate court and all secrets were let out for the world to see.

“If you never place the items you wish to keep protected into the safe, and someone robs your house, your assets are not protected. ”

Why would someone want a revocable trust?

What is a revocable trust?

A legal document that allows you to state your final wishes. In Florida, you can state who will receive and who will not receive from your estate. You are able to retain control of your assets during your lifetime and place stipulations on those who are to receive from your estate after your passing.  

What are the benefits of a revocable trust in Florida?

(1)Keep assets out of the probate court. Eliminates court fee and attorney's fees

(2)No delays and hassles associated with the probate process

(3)Private document. No one will ever have access to your financial information or who benefited from your estate.

How do you 'fund' a trust in Florida?

A trust is only as valuable as the assets that 'fund' it. If the trust is not funded, the trust is nothing more then a sheet of paper. Funding a trust simply means transferring property into the trust as well as retitling bank accounts, real estate and investments. 

For example, you purchase a safe that is fireproof, waterproof, and is drilled into the ground so a burglar cannot remove it easily from the home. If you never place the items you wish to keep protected into the safe, and someone robs your house, your assets are not protected. They were never placed in the safe. Same is true if you don't fund the trust with your assets. They will have to go through probate if not properly placed in your trust.

If you go through the effort of drafting a trust, make sure you complete the process and fully fund it. Last thing you want to do is pass away with a trust, and not get the full benefits of a trust.

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.

Pass the Turkey, Pass The Gravy, Pass the Durable Power of Attorney

It is that time of year again to sit down with your loved ones, over eat, and go around the table and say what you are thankful for. The reality of the situation is that you sit down to eat an overabundance of food with extended family members you sometimes wish were strangers. You hope you don’t come across as rude when you would rather pay attention to the football game on the television as opposed to listening their mundane stories. After all, if you really wanted to hear their stories throughout the year, you could have called them, texted or even sent a Facebook message.  

It is the start of the holiday season in South Florida and the last thing on your mind is planning your estate for when you pass away or preparing documents in case you become incapacitated. But in reality, this time of year makes you realize that if you do not properly plan your estate, family members that you are not too fond of might fight over your estate (and win). Is that really something you want to happen when you pass away?  I think not!

Start thinking about who you would like to make medical and financial decisions for you in case you are unable to make those decisions for yourself. Remember, if you are married, your spouse is not legally given the right to make medical and financial decisions for you.  That right must be placed in writing. Also, if you have “children” in college, you will need their written permission to make decisions for them. “Because I said so”, is no longer a valid answer as a parent once your child reaches the age of eighteen! 

“But in reality, this time of year makes you realize that if you do not properly plan your estate, family members that you are not too fond of might fight over your estate (and win)”

It is the perfect time for South Florida residents to think about building (or updating) their estate-planning portfolio:

Will: 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. 

Supplemental Documents 

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. 

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

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

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 Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.

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.