Don’t Be a Jughead. Think About Business Succession Planning

Posted by on Apr 23, 2012 in asset protection, corporate formation, estate planning, Probate, tax |

We’re all familiar with the ever popular Archie Comic book series. However, it’s a shame that the company is now subjected to bitter legal disputes between co-owners, Ms. Silberkleit and Mr. Goldwater, daughter in law and son of two original founders, respectively. Both have very different plans for the future of Archie and lack of common ground is disintegrating their work relationship. Ms. Silberkleit has an injunction issued against her from speaking publicly about the company and Mr. Goldwater has a defamation lawsuit on his back. Both parties have seemingly irreconcilable differences resulting in costly legal expenses, all which could have been avoided by a Business Succession Plan.

The founders of Archie, Louis H. Silberkleit and John L. Goldwater forgot that their business could well have been the largest asset they left their family. A good succession plan could have avoided the flaming legal contentions between the current CEO’s and safeguarded the future of the comic book empire. A crucial thing to consider is who will be the successor of the business. Two leaders of a company that continuously butt heads is unhealthy for the business. Other important affairs to consider are whether you want to keep certain relatives from inheriting your company, how to protect your children, what will happen to your business partners, and what the worth of your business is.

With a solid business succession plan in place, you can be sure of timely settlement of the estate after you are gone, avoid probate, and eliminate estate tax. Also, a solid plan ensures an agreeable price for a partner’s share of the business and ease of life insurance policy payouts. You can avoid liquidity issues and time constraints. This can prevent cash flow problems and the need to sell the business.

Learn from this Archie crisis. Avoid toxic family disputes and legal battles by preparing your South Florida Business Succession Plan today!

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

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Emancipate Your Family From The Chains of Financial Distress

Posted by on Apr 16, 2012 in asset protection, estate planning, Probate, tax, Trusts, Wills |

Today is Emancipation Day which is a holiday observed in Washington D.C. that marks the anniversary of the signing of the Compensated Emancipation Act, which Abraham Lincoln signed back in 1862. The Act had to do with the emancipation of slaves of African origin. Thanks to Lincoln, the Emancipation Proclamation soon followed.

However, today there is another form of emancipation we need to observe. It has less to do with “political emancipation” and more to do with “financial emancipation.” A properly designed South Florida asset protection plan will accomplish many important objectives. You will be able to free your loved ones from the burdens of heavy taxation by reducing your estate tax. You can eliminate probate. You may be able to protect your family savings and investments from lawsuits and claims.

With a solid South Florida estate plan drafted by your qualified South Florida estate planning attorney, you can protect against inadequate or unavailable insurance coverage. You should consider insulating your rental properties to reduce your exposure to potential lawsuits. You may also be able to protect your business assets and accounts receivable from potential claims.

There is so much you can do to help your family enjoy financial freedom when you are gone. Learn about proper will drafting, trust administration, and the probate process in order to have your intentions fully carried out and your family fully protected.

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

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The IRS Forgives Procrastinators But Estate Planning Does Not!

Posted by on Apr 13, 2012 in asset protection, estate planning, tax |

So, the Internal Revenue Service extended the deadline to file your 2011 tax returns for an additional two days. April 15 falls on a Sunday followed by Emancipation day on Monday. So for the procrastinators in South Florida, you are saved.

Unfortunately, when it comes to estate planning, you can’t take a holiday from death or request an extension. Procrastination can have deadly financial effects on your family if you keep making excuses or finding distractions to prolong this crucial process.

It is easy to neglect this concept now especially when we’re too busy filling out our 1040 forms. But doesn’t the pain of increasing income tax just make your head spin with thoughts of tax and more tax? Think about it for a minute. Although, Florida does not require state income tax, homeowners must pay property taxes. Also, Florida has a general sales tax of 6 percent. Don’t forget capital gains tax.

People rarely stop to consider another very important category of taxes.

Federal Estate Tax.

This is a tax imposed on property passed from deceased individuals to their heirs or beneficiaries. In 2011, estates worth more than $5 million were prey to Uncle Sam’s hungry appetite for freshly picked greens. However, although frequently overlooked, estate tax can be substantially reduced with the guidance of a highly qualified and experienced South Florida estate planning attorney.

South Floridians have to pay enough taxes. Why carry an additional burden when you might not have to? Without a proper plan, family members will be financially drained. The Fort Lauderdale law firm of Wild, Felice and Partners employs a wide array of successful techniques including trust formation, insurance benefits protection, and charitable gifting to strategically limit heavy taxation and save your loved ones hundreds of thousands of dollars.

While you may never get out of paying your income tax, you may get out of paying too much estate tax. But you have to act fast or you could end up taking a permanent vacation from life… leaving your loved ones in despair.

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

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Don’t Make An Easter Egg Hunt Out Of Your Estate Plan

Posted by on Apr 9, 2012 in asset protection, estate planning, Trusts, Wills |

Today, President Barack Obama kicked off the annual White House Easter Egg Roll with First Lady Michelle. Youngsters had a blast participating in the traditional egg-rolling races, obstacle courses, as well as other fun-filled sports and crafts. While egg hunts may be fun on the South Lawn, what your kids will not have fun doing is hunting for important estate planning documents once you are gone.

For those in South Florida who are not interested in playing hide and seek, it’s important to have original estate planning documents such as your will, stored in a safe and accessible place. Somewhere in your home or office that is protected from fire, floods, and South Florida hurricanes is suitable. A personal safe is commonly used; however, be sure to entrust the right person with the location of the safe and combination to the lock.

However, if you plan on using a safe deposit box, you might want to consider retitling it into the name of your Revocable Living Trust if the box is titled in your name only. This way, your successor trustee will be able to gain immediate access to your box without having to obtain a court order to open it. You can also include a trusted joint owner to the title to carry out your estate planning wishes.

Finally, your South Florida estate planning attorney should retain signed copies of all your estate planning documents. In the event your original documents are accidently destroyed, the documents can be recreated and everything can be resigned. This will destroy the presumption that you intended to destroy the documents if the originals cannot be found at the time of your death.

What might work on the South Lawn might not work in South Florida. Save your loved ones the trouble of hunting down your original legal documents and contact your South Florida estate planning attorney for more information today!

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

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Chocolate Eggs or Matzo Balls: They Should Have You Thinking About Your Estate Plan

Posted by on Apr 6, 2012 in asset protection, estate planning, Probate, Real Estate, tax, Trusts, Wills |

This holiday weekend many South Floridians will be getting together with family members to celebrate Easter and Passover 2012. Organizing family gatherings, preparing lavish meals, and participating in special songs and customs will be the focus of attention. Children in particular will be anticipating customary gifts.

If you’re struggling in preparing the perfect Easter basket for your little ones, here’s something to consider. There is nothing sweeter than the types of gifts that come from thoughtfully planning your South Florida estate plan.  For example, your will and living trusts are ideal vehicles in properly transferring assets to your children. Not even chocolate bunnies or candied eggs can compete with that.

There is so much to consider in such legacy planning that only a highly experienced and knowledgeable South Florida estate planning attorney can effectively guide you through this complex process. You might have family-owned businesses, retirement plans, and a life insurance policy. What about asset protection from creditor claims, special needs planning, trust administration, Florida probate and financial planning? You are not alone. Help is just a phone call away.

However, once you set up your solid estate plan, assets must be titled into trusts and periodically updated to reflect life changes such as marriage, birth of a new child, or divorce. If you already have one in place but neglected it for a few years, then it is time to resurrect your estate plan and review it with your attorney to account for all necessary changes, both personal and legal.

The best part is that estate planning is kosher and chametz-free. Sitting at the Seder table with the knowledge that you have provided for the future financial needs of you loved ones and ensured that your assets are ultimately distributed as you intend is a satisfying and rewarding feeling. After all, you never know when you will be having that Last Supper with your family. 

Time is never on our side so taking immediate action is a key ingredient to estate planning. Contacting your estate planning attorney not only gives you a peace of mind but also can reduce estate taxes for your family thus leaving them more and less to Uncle Sam.

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

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