Five Reasons to Never Give an Outright Inheritance To Your Children - and What to Do Instead!

Did you know that giving outright ownership of your assets to your children could put everything you’ve worked so hard to leave behind at risk?

Don’t worry, though. Grimaldi Law Firm is committed to ensuring your assets are taken care of safely and in the best way for your family. We are here to ensure you don’t run into any problems with ensuring your children are well-taken care of once you are no longer here.
Here are five reasons to hire an estate planning attorney in Florida to properly handle your future financial goals:

1.     Your Child’s Future Divorce

I know it’s not pleasant to think about, but considering recent statistics, it’s 42% likely your child will divorce during their lifetime. In most divorces, property is divided evenly. This means, if you have a married child, and you leave them an inheritance, as much as half of their inheritance could go to their ex-spouse should they choose to divorce.

2.     Extreme Debt/Bankruptcy

Debt happens – whether for reasons that involve student loans or even credit card debt, your child may incur such extreme debt that the only possible relief will come through bankruptcy. 

In the event of extreme debt, the inheritance you worked so hard to leave behind for your child could be compromised by debt collectors. The only way to ensure this is to protect this inheritance with legal help.

3.     Lawsuit

Unintended neglect that injures someone’s person or property could wipe out the inheritance you leave your children.  For example, ACE Financial Services, Inc. in 2012 found this lawsuit judgment that caused some unexpected inheritance drama:

●      $49 million in California for an automobile accident where the family of 21-year-old college student sued drivers of two vehicles involved in the multi-vehicle crash. The plaintiff was in a coma for one month and is expected to require lifetime 24-hour care. 

This is a prime example how, well-intended, but neglectful behavior on the part of your children could affect their financial futures forever.

4.     Mismanagement

According to Prof. Jay L. Zagorsky of Ohio State University, 40% of individuals inheriting less than $100,000 will spend or lose the entire inheritance and 18.7 % of individuals who inherit more than $100,000 will spend or lose the entire inheritance. If you’re worried about your child mismanaging their inheritance, you’re not alone.

    5. Lost Work Ethic: 

Vic Preisser, of the Institute for Preparing Heirs, has reported that unprepared children who inherit money are susceptible to excessive spending, identity loss, and guilt over receiving money they didn't earn. Additionally, Preisser says, "In a year to 18 months, everything falls apart -- marriage, finances -- and if there is a drug problem it becomes worse."

Clearly, outright inheritance for your children is not the best way to go.

Further, if the children are minors, they are not able to inherit!
We’ve got a plan for your family that is far, far better.

The Alternative:

An alternative to an outright inheritance to your children) is to gift your assets to your children at the time of your death via a Lifetime Asset Protection Trust.

A Lifetime Asset Protection Trust can be drafted to give your children full control of their inheritance (if you choose), but ensure they never own the inheritance. You are gifting your children with airtight asset protection, of the kind they couldn’t give themselves at any price. If your children ever get divorced, file bankruptcy, or are ordered to pay damages in a lawsuit, they can’t lose the inheritance, simply because they never owned it.

When you come in for a Family Planning Session at Grimaldi Law firm, if you desire to provide the most airtight form of asset protection for your child, and set up a structure that incentivizes them to invest and grow their inheritance rather than squander and waste it, we will discuss all the options with you then.

Because at Grimaldi Law Firm, your future is our present.

We 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.

Reasons to Establish a Trust in Florida

For most people, the words, “trust fund,” conjure up images of wealthy young college students on a golf course, or that new Bentley rolling into the nearest country club. As a wills and trust attorney in Florida, however, I’m here to tell you that you are all trust-worthy…

No matter how much money we’re worth.

Because a trust is nothing more than a vehicle used to transfer assets, many families opt to set up a trust to ensure that if something should happen to them while their children are still minors, assets will be appropriately distributed and allotted. According to a recent article at The Motley Fool, Trust Funds: They're Not Just for the Rich, and You Might Need One, trusts are especially useful for parents of minor children as well as those who wish to spare their beneficiaries the hassle of going to Court in the event of their incapacity or death.

Why would you want to avoid the court process, also known as Probate, in this case?

Well, maybe your assets are better left private – not a matter of public record. Perhaps your heirs, as lucky as they are to be receiving any inheritance, are not yet at the age where it is appropriate to share this kind of information with. When a trust is involved, however, you can rest assured that your matters will not be publicized. A trust is a private document and distributes assets upon your death without the need for probate.

Another downside to probate? The court process can take longer than is necessary and keep your family from getting access to your assets as quickly as they want or need them.

So, how does creating a trust for your family work?

With Grimaldi Law Firm, we’ll walk you through the entire process and ensure that all of your questions will be answered. We are, after all, gearing up to take care of your most precious assets of all – your family!

If you have minor children, you need to create a trust in order to leave your assets to them since minors cannot inherit directly. You will want to name a trustee to manage those assets for your children. Even if your children are adults, a trust can help protect assets you leave for them from creditors, legal judgments, divorce or even their poor money management habits.

In addition to this, you can even establish a trust for yourself. This would serve you well in the event you become incapacitated and cannot manage your own finances at some future time. Upon your incapacity, the trust assets are managed by a successor trustee, which avoids the need for a court-appointed conservator if you become incapacitated.

Trusts are also wonderful tools for those who are members of a blended family, the kind of family where a second marriage brings together children and inheritors from a previous marriage. If you are remarried and have children from a previous marriage, you can provide for your current spouse while ensuring your assets pass to your children from another marriage using a by-pass trust. With this kind of trust, the assets will pass to your children free of estate tax upon the death of your surviving spouse.

I’m sure, by now, it’s abundantly clear why a trust is necessary no matter your financial standing. You can learn more about how a trust might benefit you and your family by calling Grimaldi Law Firm to schedule a Family Wealth Planning Session, where we can identify the best strategies for you and your family.

At Grimaldi Law Firm, your present is our future.

We 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.

How to Tackle Estate Planning if You Don’t Plan on Getting Married

Marriage. It isn’t for everyone, and these days, more and more couples are opting to forego the marriage document, as there are now 15 million people living together, unmarried. At Grimaldi Law Firm, a leader in Florida Estate Planning Law, there is one thing that certainly is for everyone, and that’s protecting your future whether you believe in marriage or not.

Whatever your reasons are for not tying the knot, you cannot ignore the responsibility to still care for the loved ones you’ll one day leave behind.

Here are some tips and strategies for making the most of the estate planning process with your significant other when marriage just isn’t in the cards:

1.      Retirement Plans

What happens to all that retirement money that you worked so hard to save throughout your lifetime? Once you’re no longer living, you’ll want to make sure it goes to your partner and will need the right paperwork to make that happen. You will likely need a beneficiary designation.

Think having a will is going to cover you? A beneficiary designation takes priority over any will. The same goes for life insurance policies, so make sure you update the beneficiary of those policies as well. 

Also, consider your rollover/distribution options. In many cases companies discriminate against unmarried couples by forcing the non-spouse beneficiary to take a taxable lump-sum distribution of the entire amount.

2.      Account and Property Titling

 It doesn’t matter how long you’ve lived with your partner. If you’re unmarried and you survive your significant other, you are not guaranteed the right to keep or live in the home (especially if there are children from a previous marriage involved).  Even if that property has been your home for years!

There a few ways to ensure you can stay put in your home should you survive your partner:

Tenants in Common or Other Joint Ownership:     This allows ownership of a property by more than one person, regardless of their percentage of ownership. Not only does this allow you to be able to stay in the house upon the death of a partner, upon the sale of the property, each party receives their specific investment and share.

Trusts:    A trust is a surefire way to guarantee legal protection of your property and monetary assets if you are in a domestic partnership. Just like in a marriage, a trust would be drawn up to delegate assets, properties, or any investments in the way you want. The trust will have a clear cut blueprint of the legalities of what would happen if the trustee (the owner of the trust) dies, becomes disabled or becomes unable to transact on their own behalf.

3.      Will, Living Will, and Power of Attorney

 These are critical documents for anyone, whether single, married, or in a domestic partnership.

Living Will and Health Care Surrogate Designation

A living will is a legal document that describes your end-of-life wishes and decisions. This is important to ensure that if there comes a time when you no longer can speak for yourself, that your wants and health care desires are still carried out in a way that suits you and by the person that you wish.

Will

A will is the legal document that goes into detail about all your assets, and who will be named the beneficiaries once you pass away. Keep in mind that any retirement and brokerage accounts as well as life insurance policies will supersede your will, so make sure the beneficiary on those documents is the correct person to be making said decisions. Without this document, your assets will not be left to a non-married partner.  The state’s law will decide who it will be left to and this will likely not be who you want it to be.

Power of Attorney

A power of attorney gives a person the ability to act on your behalf when dealing with legal and financial matters. The person you choose should be a trusted family member or close friend who you can confide in and know with certainty that they will make sure your wants are executed accordingly, especially if you are ever mentally or physically unable to manage your own affairs.  A spouse may sometimes have access to certain accounts or decisions but not an unmarried partner.

There is not a one size fits all family nor a one size fits all estate plan.  Make sure your estate plan addresses your family’s needs… no matter what it looks like.

For any more information on how you can achieve peace of mind for your future regardless of whether or not you and your partner take a walk down the aisle, connect with Grimaldi Law Firm today.

Grimaldi Law Firm is an estate planning, real estate, business, and probate law firm located in Hollywood, Florida.

At Grimaldi Law Firm in Hollywood Florida, 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.

The Importance of Checking In with Aging Family During the Holidays

Another holiday season is upon us, and whether you’re celebrating Easter or Passover, you’re likely gearing up to visit with family you haven’t seen in a while.

At Grimaldi Law Firm, a leader in estate planning, real estate, probate and business law, we value family time more than anything! Not only is this a time to connect, enjoy, and celebrate – it’s a time to check in on those you love most.

If you are fortunate enough to have your parents joining you for this week’s celebrations, bear in mind that this is also a perfect opportunity to “check in.”  Or, more specifically, for adult children to perform a reality check on how their aging parents are doing health-wise, as well as assess financial and medical planning issues.

Remember, your parents spent 18 years or more taking the best care of you, so the cycle of life insists you do the same.

Three things to check for when visiting with your parents:

1.      Check your elderly relatives’ home for potential fall hazards. 

2.      Check for unopened mail. This is often a telltale sign that they are having a hard time caring for themselves or coping on their own.

3.      Check the pantry and refrigerator to ensure it is well stocked with healthy and nutritious options.  If a parent has lost weight or there is spoiled food around, this is a sign that they may need some additional help around the house.

Three things to do before you leave:

1.      Make a list of all your parents’ medications, get the phone numbers of their primary care physicians, and leave these numbers in a clear and visible place, like the refrigerator in case a parent should feel ill. 

2.      Be sure you have the license numbers of all vehicles in case one is stolen or your parent goes missing.

3.      Make decisions with your parents regarding health care directives. If they have not yet set up their estate planning documents, it’s time to help them create one.

If you’d like to learn more about wills, living wills, advance health care directives, power of attorney for health care designations or any other aspects of estate planning, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Family Wealth 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 Grimaldi Law Firm today, and mention this article to reserve your free spot.

At Grimaldi Law Firm in Hollywood Florida, 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.

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.