Estate Planning in Florida – Don’t Set It and Forget It!

Estate Planning in Florida, in the larger sense, can really be looked at like exercise. You know you’d be better off doing it, and even though you have to convince yourself to make the first move – you know you’ll feel great once you get the job done.

But just like exercise, you can’t just do it once, and then expect the effects to have you covered for life.

In fact, it’s not this way at all.

At Grimaldi Law Firm a Hollywood estate planning, real estate and probate law firm, we preach consistency when it comes to our first practice area. Time and time again, I remind my clients of the following fact: “Estate planning is not a one-time, set it and forget it task. If this is your approach, it will give you a false sense of security. Your estate plan should be revisited every 2-3 years, on top of any life event that may occur in between.”

In short? This is not an area of your life you should procrastinate on or sweep under the rug for a later time. There is no better time to create your estate plan, set specific times to revisit your plan, update accordingly as per the changes in your life – and be an advocate for your family’s financial and emotional future.

Why?

Estate planning serves to meet a few critical goals:

1. To ensure that children will be cared for by the people you want, in the way that you want

2. To protect against unwanted guardians in the event of an untimely death

3. To prevent foster care and state involved protective custody

4. To provide a financial plan that will ensure your children are taken care of

5. To make sure your family can receive the benefit of your life’s work and continue your business.

6. to Ensure your assets transfer smoothly to the next generation and, if possible, avoid probate.

7. In the event of incapacity, ensure your financial matters are taken care of and that your health care wishes are respected.

Once you have a plan, here are the crucial times to make sure you revisit your plan to keep things up to date and timely:

1. When a child is born

2. When your children reach school-age, revisit in case your original listed guardians are no longer alive or able to care for your child

3. If your child is diagnosed with a disability or has special needs that may impact how they need to be cared for

4. If you’ve started a business or made changes to an entrepreneurial venture that would require new information for your family to take into account once inheriting the business

5. When you’ve entered retirement and have different expectations for your surviving family

6. If you’ve experienced a crisis

7. If a child has become ill or passed away

8. If you’ve experienced an accident that requires long-term care

9. If you divorce and need to make changes to who acts on your behalf should you become incapacitated

10. If you are single and don’t know who would receive your assets or make healthcare decisions on your behalf

11. If you become a blended family

12. If you are a same sex couple or enter into a domestic partnership.

13.  If you relocate to another state of country.

As evidence by this long list, change is constant. One thing that should also be constant? How often you look into updating your estate plan. Make sure you’re covered and protected with Grimaldi Law Firm, located just minutes southwest of Fort Lauderdale.  At Grimaldi Law Firm, we provide our clients a free review of their estate plan every 3 years.

At Grimaldi Law Firm, your future is our present.

 About the Author:  Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law. 

 She can be reached at (954) 491-8707

or

melinda@grimaldi-law.com

 Special Note: The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

POM PLAN

Peace of mind. What does it mean to you? For the Grimaldi Law Firm, a leading estate planning law firm in Florida, there is nothing we celebrate more than peace of mind.

For some it may mean having little stress to deal with in day to day life. It may mean turning on an alarm system at night and knowing that your family is safe and sound. For others, it may mean financial security.

But for Grimaldi Law Firm, peace of mind means taking the steps necessary to protect your family should something happen to you, because there is nothing better than being prepared for life’s bumpy roads.

I may be an attorney specializing in real estate, wills and trusts, and probate law in Florida, but first and foremost, I am a mom. A new mom, at that. And it wasn’t until I became a mother to my son did I realize the importance of having a plan that would ensure that no matter what – my son would be taken care of should something happen to me. This was the peace of mind I needed to sleep soundly at night, and ultimately, the peace of mind I found other new moms around me needing.

With this, my Peace of Mind (POM) Plan, was also born.

The Grimaldi Law Firm’s POM Plan means you’ll achieve peace of mind by working together with me, personally, to put together a customized plan for your family. I will work alongside you and your family, offering comprehensive guidance to ensure that your children will be cared for by the people you want, in the way that you want, in case something happens to you.

The Family Piece of Mind (POM) Plan spares no details when it comes to developing a plan for your family’s future. From legal documents naming short-term guardians to medical powers of attorney for your minor children, you can rest assured that Grimaldi Law Firm will protect your family as if it were our own.

What else can you expect from a POM Plan?

• A custom, personalized wallet I.D. card with emergency contact information.

• Letters to the people you name as short-term guardians so the people you’ve named will know just what to do if called upon.

• Explicit instructions for how to care for your kids in the event you are in an accident

• Legal documents to name long-term guardians who will raise your children just as you would to avoid any family custody battles.

• Letters to your long-term guardians letting them know what to do if called upon.

• Instructions and guidelines for your long-term guardians on how you want your kids to be raised, including the values that are important to you.

The thing is, your family’s future does not just depend on making sure money is distributed amongst the people you love. It doesn’t mean only determining which child gets to keep the china, or who inherits your heirlooms. It means EVERY last detail is accounted for, and at the Grimaldi Law Firm, your future is our present.

About the Author:  Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law. 

She can be reached at (954) 491-8707

or

melinda@grimaldi-law.com

Special Note: The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

6 Cases When a Trust is Better Than a Will in South Florida

A will is one of the most basic South Florida estate planning documents, and everyone should have one to make sure that there is no question about what would happen to your assets and kids if something happens to you.  But there are some cases when having a trust in addition to a will is imperative; here are six of them:

Avoiding probate.  A trust will bypass the probate process, saving the people you love time and money.  To carry out instructions in a will, a probate must be opened in the county court of Broward or Miami-Dade, the county where you live, and that means your family is stuck dealing with the Court if you get hospitalized or after you die.  This can take an average of 9-12 months, all  the while your assets will be stuck in the process.

Providing for a person with special needs.  If you have a child or another dependent with special needs, a trust commonly known as a Special Needs Trust can protect assets for a special needs person without jeopardizing their qualification for government benefits.  A will allows you to transfer assets to a special needs person, but will not protect those assets.

Privacy.  Since a will undergoes probate in South Florida, it becomes public record.  A trust is private.

Blended families.  If you are part of a blended family, a trust can give you the flexibility you will want to make sure that children from prior marriages are provided for in the way you want.

Out-of-state property.  If you own property in another state besides South Florida, you can more easily transfer ownership via a trust than a will.  Transferring out-of-state property in a will usually means additional legal expenses because you could have probate in multiple states and that is no fund for the people you love.  This can be VERY expensive!

Asset protection.  If you want to protect the assets you leave your loved ones from creditors (including bankruptcy and divorce) a trust is the way to do it. It’s a gift you can give your loved ones that they could not easily (or at all) give themselves. 

If you would like to learn more about the use of trusts in South Florida to pass on what you care about to the people you love, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Family Planning Session, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article.

About the Author:  Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law. 

She can be reached at (954) 491-8707

or

melinda@grimaldi-law.com

Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

Estate Planning for Your Digital Afterlife

If you’re like most Americans, you have a rich digital life.  You may bank online, invest online and certainly interact socially online.  But where do those assets go after you go? And how will your loved one’s get access to them, if you haven’t left behind specific instructions and passwords?

Unfortunately, identity theft is rising even for the deceased.  A couple of years ago, TIME magazine reported that over 2.5 million Americans became victims of identity theft after they died.  Disposition of digital assets, like any other property, should be part of your estate plan.  Here are some tips for protecting your digital assets after death:

Take inventory of your digital assets.  Start by making a list of all your online accounts, including the website addresses, your usernames and passwords for each account.  Digital assets can also include documents on your computer – photos, videos or anything else you have created that may have value.  Store these assets in a secure system such as PasswordBox, SecureSafe or other Web-based digital asset management systems.

Determine what you want to happen with your digital assets.  You may want to pass along your more personal digital assets like family photos to your heirs.  Facebook allows accounts to be closed or set up as a memorial.  Google allows its users to designate a beneficiary for all Google accounts or through its Inactive Account Manager.  If you have a Yahoo! website or email account, it will be closed upon your death if your executor provides Yahoo with the proper proof.  Be clear about what you want and then provide the instructions and means for that to be carried out.

Create documentation giving your executor access to your digital accounts.  You can either have your estate executor take care of the disposition of your digital assets or create a separate power of attorney for digital assets if you want to have another family member take care of closing down or transferring your accounts.  However, bank, retirement and investment accounts will pass to those named on beneficiary forms, so be sure those are kept up to date.

To review an existing estate plan or create one for yourself and your family that includes the management of your digital assets, call our office today to schedule a time for us to sit down and talk about a Family Planning Session.

About the Author:  Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law. 

She can be reached at (954) 491-8707 

or

melinda@grimaldi-law.com

Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

Does Your Parent Need Help With Finances? Start Here

Caring for an aging parent is a common challenge for Baby Boomers, and now even Gen-X’ers and Millennials. And, stepping in to help manage your parents’ finances, without eroding their sense of independence and privacy, can be tricky.

Many aging parents are reluctant to ask their children for help with their finances. It means a loss of control, a trading of places from them taking care of you to you taking care of them, and can signify a loss of power that feels too frightening for your parents.

Nevertheless, you may be wondering what you can do when your parents start needing help.

A pile of unpaid bills, threatening calls from creditors or repeated instances of credit card fraud or financial scams are good indicators that your parent needs help managing his or her finances.

Financial caregiving is easiest when you already have a plan in place. You may be in a good position to make educated decisions about their finances, but without the proper information and legal authority, your options are limited.

If your parent needs help, the first step is to make sure you know what they have, where it is, and how you can access it, if necessary. 

Next, you want to make sure you know what bills are due, when and that their bills are being paid on time.

Unless you have the legal authority to manage your parents’ finances, you will need their help in getting access to their account and setting up auto-bill pay for them.

When you are ready, the first place to start is with a heart to heart conversation about whether your parent is ready for help and what that help could look like.

Then, if your parent is ready to help, you can ask him or her (or them) to legally designate you as either the Trustee of their trust or financial power of attorney holder, if they do not have a trust. And, be sure you are also designed as medical power of attorney, so you can make important care-giving decisions for your parent(s) if he, she or they cannot.

If your parent needs or wants help with finances, he or she may also need help with health care or the management of their estate. You can address these issues by working with an estate planning attorney who will help you develop an estate plan that considers your parent’s best interests.

When working with Melinda Grimaldi, at Grimaldi Law Firm, she will work with your family to ensure you have the authority required to help your parent with his or her finances.  This is also an opportune time for you to consider your own long-term financial planning. 

At Grimaldi Law Firm, we don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.  With our planning sessions, you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Planning Session. Mention this article to find out how to get this $750 session at no charge.

About the Author:  Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law. 

She can be reached at (954) 491-8707 

or melinda@grimaldi-law.com

Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

A Checklist: The 5 Most Loving Things You Can Do For the People You Love In the New Year.

It’s a new year, which means a new chance to do what you’ve been putting off until the time is right. That time is now. Here are 5 of the most loving things you can do for the people you love in the New Year because at some point you will become sick or die. And while we don’t like to think about it, the best way not to is to plan well and then put it out of your mind and live your life as if every day is your last.

1. Make a plan. A will, trust, power of attorney, health care directive and, if you have kids, a Peace of Mind Plan so you don’t leave your family to deal with an expensive court proceeding overseen by a judge who doesn’t know (or really care) about you or your family or unnecessary estate taxes.
2. Write a letter or record a CD. Pass on what really matters to your family -- your values, insights, stories and experience -- in written or recorded form so they can return to you long after you are gone.
3. Pay for and plan your funeral. Cremated or buried? Ashes or body where? Yes or no to a viewing? Make these decisions now and let your loved ones know, in writing, so they don’t have to wonder. And consider pre-paying for your funeral expenses, so they don’t have to scramble in a time of grief.
4. Plan to pay no taxes. Will there be taxes on your estate and how will your heirs pay them, if so? Meet with an Attorney to be sure because you’d be surprised how small an estate can be to be at risk for estate taxes or other costs, especially if there’s insurance involved.  You don’t have to be rich to think about this.
5. Get organized. Let loved ones know where they can  find your legal documents and other important paperwork, the key to your safe deposit box and be sure to include all of the password information to access online accounts, including email, Facebook, and other regularly accessed programs.

Three Health Care Documents You Need to Include in Your Estate Plan

Decisions about your health care are some of the most important you will ever make.  Including health care documents in your estate plan can ensure your decisions are always your choice, even if you cannot speak for yourself.

 Health care documents that clearly state your wishes should be included in your comprehensive estate plan. Here are three documents you need to include in your estate plan to ensure your wishes are respected:

 Health Care Directive

This document allows you to name a health care surrogate. This will be the individual who you grant the authority to make certain decisions on your behalf. A health care surrogate may also be called a health care agent.

 In your directive, you can include specific instructions on the health care measures you desire if you are unable to make decisions for yourself. These are life and death decisions; make sure your agent is someone you trust.  Work closely with an estate-planning lawyer to ensure your directive provides clear guidelines for your agent to follow.

HIPAA Authorization

Your health care surrogate will need access to your medical records in order to make educated decisions about your care. To do this, your agent will need a HIPAA authorization. This will ensure he or she has access to your medical records from HIPAA-covered health care providers.

Living Will Declaration

A living will provides specific guidelines for your end of life care. While your health care directive can include provisions for your agent to make certain decisions about your ongoing health care, a living will tells your agent how you would like those decisions made, such as if and when you want life support to be removed, whether you would want hydration and nutrition and what kind of care choices should be made for you, if you cannot make them for yourself. These types of absolute decisions about your life should be included in a living will for extra protection and assurance your desires will be known and honored.

These documents, if carefully crafted, will help you express and enforce your healthcare wishes, even if you cannot speak for yourself. If you want to ensure your preferences for your ongoing and end of life care are respected, contact us to discuss your options today. 

     Grimaldi Law Firm: Property. Planning. Protection.

About the Author:  Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law.  She can be reached at (954) 491-8707 or melinda@grimaldi-law.com.

Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

January 2017 Estate Planning Promotion

Let Grimaldi Law Firm help you scratch off estate planning on your to-do list!

If you have minor children, do no waste any time getting your family emergency response in place!

Checklist for your 2017 Estate Planning New Years Resolution

Now is the best time to sit down with an estate planning attorney to create or review your estate plan. 

If you do not have an estate plan yet, it so crucial that you do.  You do not need to have a large estate to benefit from estate planning.  The benefit of planning for death or incapacity is not for your benefit, it is a gift for your family.  This way, when times get tough, you have made matters a little easier for them.

One of the biggest problems we see with individuals who already have estate plans is failure to keep the plan updated to ensure that it continues to meet the changing needs of your dynamic family. Here is a short checklist:

1. Marriage/Divorce.Has there been a marriage, divorce, or separation of anyone named in your will or trust – such as your adult children or grandchildren?  Most persons want to ensure that their hard earned money goes to their children – or grandchildren –  not to any spouses or former spouses.  How about yourself?  Are you in the process of getting divorced?  If something were to happen to you prior to the divorce becoming final, you estate can go to your current spouse... something you probably do not want to have happen.  Further, you need to change your fiduciaries as well.
2. New Births Of Children/Grandchildren.  Has there been a birth or adoption of a child or grandchild?  First, if so, congratulations!  Second, this child may need to be added as a beneficiary of your will or trust with detailed instructions to make sure all funds are wisely spent first for education or health needs.
3. Discord in Family. Unfortunately, we have seen too many cases where family warfare breaks out among the children where the father, mother, or both are no longer around to maintain peace.   To avoid such disharmony, it is important to have clear instructions in your living trust and a strong, independentsuccessor trustee with good peace making skills.  
4. Disability of beneficiary. Have any of the persons you have named as a beneficiary suffered any type of mental or physical disability?  If so, it may be necessary to modify your instructions to make sure any funds designated for this beneficiary are used in the most effective way possible.  For example, if a beneficiary may be entitled to receive SSI or other government benefits, this beneficiary may need a Special Needs Trust.
5. Poor Money Managers in the Family. Are any children not good money managers?  Do you need to amend your trust instructions to make sure these funds are protected and cannot be grabbed by their creditors? 
6. Successor Trustee or other Fiduciary.This is the person you have appointed to step into your legal shoes if you become incapacitated – in other words, one of the most important decisions you can make.  Who have you appointed to take charge if you are incapacitated?  What is the order of succession of trustees?  Do more successors need to be added?  Do the successors need to be changed?

At Grimaldi Law Firm, these are all questions that we can help you answer.  We wish you a happy new year with all the health, wealth and happiness for you and your family!

Grimaldi Law Firm: Property. Planning. Protection.

About the Author:  Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law.  She can be reached at (954) 491-8707 or melinda@grimaldi-law.com

Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

Estate Planning for New Parents

When you are young and single, you are so busy building a career, traveling, and enjoying time with friends that you never think about the effects of getting older and eventually facing the end of your life or incapacity.

However, as you get older, get married and start a new life together with a house and children, the time has arrived to start thinking about exactly those things that never crossed your mind before.

Experiencing all the joys that your first child brings may be the only thing you want to focus on, but with the help of one of our professionals at Grimaldi Law, your estate plan can be discussed and finalized without any stress or worry. 

So what is an estate plan anyway? An estate plan is a legal document that states your wishes and describes in detail your plan for your assets once you die or become incapacitated.

An estate plan can keep several things organized and clear for your loved ones. As a new parent, one of the most important issues it can clarify is who will be the guardian of your child if something were to happen to you.  It can also create a trust for your child and name the beneficiaries for your 401 (k), IRA and life insurance policies. Please take note, when you first established these three you already named a beneficiary.  So it is important you check and reconfirm the names on the policies are still the ones you want.

If you have young children, an estate plan will also name an executor of your estate who will pay off any debt you have and distribute your assets. It can also set up a power of attorney in case you become unable to take care of your affairs, and it will specifically state your funeral arrangement wishes. Your loved ones will appreciate this – as it will alleviate the stress of trying to decide what you would have wanted.

Our team at Grimaldi Law, a South Florida Real Estate and Estate Planning firm, are ready to help you celebrate life’s greatest moments by planning for the future and ensuring that everything will be taken care of so you can concentrate on your family.  And as a parent, that is all you can wish for.

Grimaldi Law Firm, where your future is our present.

About the Author:  Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law.  She can be reached at (954) 491-8707 or melinda@grimaldi-law.com

Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.