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If You Thought Half Was Bad: Updating Your Estate Plan After Divorce
If You Thought Half Was Bad: Updating Your Estate Plan After Divorce
How to avoid devastating, legal ramifications from the dissolution of marriage by revisiting the estate planning process.
Plantation,
FL,
United States of America
(sardnews.org)
10/11/2011
The art of estate planning is a lifelong process that needs to be revisited when major life events occur. A significant one that is inevitable in today’s society is marital dissolution. Unfortunately, divorce in South Florida is as common as fresh grouper and cold beer. The Sunshine State has one of the highest rates of divorce than any other state in the U.S. The 2009 US Census Bureau revealed that the divorce rate for men was 8.5 percent and 9.9 percent for women per 1,000 men and women aged 15 and over. Taxpayers are burdened with almost $2 billion a year as a result. Amidst the heartbreak, bitter emotions, financial drain and strains on family life, not many people stop to realize the significant estate planning implications that ensue. Failure to take action can result in even more dire, legal consequences.
Michael Wild, the managing partner of Wild, Felice and Partners, PA., a firm specializing in Estate Planning, Asset Protection, and Probate highlights some key estate plan components that should be addressed. “The first step individuals should take is revising their will. It’s important to account for all changing circumstances, whether it’s the addition of a new family member or acquisition of a new asset. Typically, the areas in need of modification are asset distribution and personal representative appointment.” Assistance from a highly qualified South Florida Estate Planning attorney will facilitate this process.
Michael continues, “Clients should review their trusts with an attorney to properly account for any necessary changes. For example, you might need to name a new Trustee and change your beneficiaries to exclude your soon to be estranged spouse. Clients may have multiple trusts in their estate such as Revocable Living Trusts and Qualified Personal Residence Trusts. Some may be more difficult than others to alter.”
Michael also offers insight on how to proceed with Life Insurance. “It might be in your best interest to reconsider who will receive your life insurance death benefits in the event of your death. “ Michael advises, “An individual should also analyze and determine the best death benefit payout options provided by the insurance carrier. For example, if there are young children, a structured benefit may be a more viable option than a lump sum payment. There will be guaranteed periodic subsistence payments over a longer period of time. Other options are available to cover major future expenses like college tuition.”
Michael Wild and the lawyers at Wild Felice & Partners, PA offer free consultations for both estate planning and probate administration.
To find out more about Michael Wild and the law firm of Wild Felice & Partners PA, please visit: www.wfplaw.com, or call Michael Wild directly at: 954-944-2855.
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About Wild Felice & Pardo, PA
Wild Felice & Pardo is a law firm in the greater Fort Lauderdale that focuses in the areas of estate planning, asset protection and probate administration. The firm has been serving families and small businesses in South Florida since 2006.
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