National Chocolate Eclair Day???

Posted by on May 31, 2011 in estate planning, Legal News, Probate, Trusts, Wills |

June is a month with a lot of important holidays.  The longest day of the year is in the month of June but I’m not using that fact to point out that
life is short and estate planning can’t wait. June also gives us Father’s Day but I’m not going to ask you if your father has his estate plan in order or even if you’ve done your part as a father or mother to assure that your children are protected. June is Gay Pride Month but the theme of this newsletter is not protecting your partner or avoiding will contests in a state that doesn’t recognize same sex partnerships.  Instead, I’d like to point out that I was born on June 22, which turns out to be National Chocolate Eclair Day.

I find it very upsetting that Donald Duck Day (June 9) is sandwiched between Name Your Poison Day and Iced Tea Day.  If you are planning on celebrating Insurance Awareness Day on June 28, be certain that all of your insurance is placed in an Irrevocable Life Insurance Trust.  Whatever holidays you celebrate, please remember to take some time and assure that your family is taken care of with some foundational estate planning.

For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?

 

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You No Longer Control Your Children .. As If You Ever Did

Posted by on May 27, 2011 in estate planning, Legal News, Probate, Trusts, Wills |

Congratulations! You’re the proud parent of a college bound teenager. This is an exciting time in your life; however, it can also be a time of concern for your family. You need a plan that includes safeguards for the unexpected events in life that always seem to come at the most unwelcome times. Once this plan is in place, you can relax with the knowledge that you have a sound financial and medical back-up plan that will protect your child from the unexpected times in life that could derail his or her educational future.  There are certain standard legal documents that should be prepared by a professional estate planning attorney who is familiar with the goals you wish to accomplish for your family.

The designation of a healthcare surrogate authorizes you to get information from a hospital or a doctor about your child. You will not be able to get this information once your child is 18 years old unless you have a document giving you permission to access the information. Additionally, your child may be unconscious and unable to give permission. Florida’s HIPPA laws prevent the dissemination of medical information to others unless there are written directives authorizing the permission.

You will also want to prepare a durable power of attorney. This agreement will allow you to control your child’s financial needs. A power of attorney will allow you to handle your child’s affairs even though he or she is considered to be a legal adult. Most importantly, a durable power of attorney can be drafted to allow you to access your child’s bank account in case you need to pay your child’s bills, restrict her spending, or add to her account.

A living will is a document that a person uses to make known her desires regarding life sustaining treatments. Even though this may be an unpleasant conversation to have during this joyous time in life, it is important to complete this document. Once this agreement is prepared, you will have peace of mind with medical decisions you may have to make for your child in the event of an untimely illness or accident.  Without a living will, the law requires the hospital to keep a person alive artificially permanently.

Needless to say, sending a child to college is one of the biggest emotional and financial events of your life. However, if you plan ahead, this can be a much less stressful situation.

For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?

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Homestead Protection and Your Estate Plan

Posted by on May 24, 2011 in asset protection, estate planning, Probate, Real Estate, tax, Trusts, Wills |

The homestead protection that the Florida Constitution provides is among one of the many benefits of living here.  Homestead’s main objective is to protect the family home.  However, homestead creates unique situations when it comes to probate. When a homestead property owner dies there are restrictions on how the property can be transferred to the family regardless of what a will says. Specifically, these restrictions come into play when the decedent has a spouse or minor children.

Who gets the property will depend on who survives the decedent. If the decedent leaves a spouse but no minor children, the spouse gets the property. If a decedent leaves a spouse and a minor child, the spouse gets a life estate in the property, with the property going to the minor child upon the spouse’s death. In the case that the decedent leaves a spouse and only adult children, the spouse also gets only a life estate. However, in this case the decedent may choose to leave the remainder interest to the children or the spouse.

The most important thing to remember is that the homestead laws override any clause in your will. Therefore, if the decedent is survived by a spouse or a minor lineal descendant, the decedent is not free to give the property to just anyone in a will. This makes it crucial to understand the effects homestead property will have on your overall estate plan.

For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?

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Who Are You Calling Small?

Posted by on May 19, 2011 in asset protection, estate planning, Legal News, Probate, Trusts, Wills |

Plantation FL  5/18/2011 –
Michael D. Wild, managing partner of Wild Felice & Pardo, PA has been selected as the Small Business Person of the Year for the city of Plantation for his accomplishments in both private legal practice and in community and civic affairs.  Over the past year, and throughout his entire legal career, Michael has provided the residents of South Florida with exceptional service and care that goes above and beyond the expected.  His extensive knowledge in the areas of estate planning and asset protection, as well as his humorous and caring bedside manner, allows his clients to feel a level of assurance and security that is often missing in most encounters with legal professionals.

According to Wild: “The most important aspect of my practice is the relationship that I build with my client.  I don’t see my clients as the
monetary means to a self-serving end. Instead, I treat every client as if they were a family member or friend, which incidentally often leads to that relationship forming.  I am often invited to dinner or other social engagements by my clients and many even attempt to marry me off to their daughters … to my wife’s chagrin.  The greatest compliment I can receive from my client is them telling me that they feel safer and more secure after sitting and talking with me.  The emotional security of my clients has always been a top priority.”

Michael D. Wild is an attorney in greater Fort Lauderdale that focuses his law practice on the areas of estate planning, asset protection and probate administration. He has been serving families and small businesses in the South Florida area since 2006.  For more information on successful Florida estate planning and probate techniques, or to schedule your free consultation with Michael Wild, please contact the South Florida law firm of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world.  Are you protected?

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Does Every Estate Go Through Probate?

Posted by on May 16, 2011 in asset protection, estate planning, Probate, Trusts, Wills |

Yes.  Whether you have a will or not, every estate must be probated.  Estates that are under $75,000 in total asset value may be probated through a summary administration which is faster and cheaper than a full administration.  Estates that are above $75,000 in total asset value must go through a full administration which can cost between 3 and 10 percent of the entire estate and take a minimum of one year prior to distribution.  The use of a living trust to own and manage assets during your life can reduce the size of your estate to the point of qualifying for a summary administration.  Any assets left outside of the trust must be probated or they cannot be distributed.  I get many referrals from people attempting to sell their deceased parents’ homes only to be told by the closing agent that the title isn’t clear and that the home needs to be probated in order to be able to sell it.  The longer you wait to probate an estate, the more costly it can become.  There are a number of pitfalls to watch out for and it is absolutely imperative to hire a probate attorney as soon as a loved one dies.

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation. It’s a Wild world.  Are you protected?

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