ESTATE PLANNING, LIKE A GOOD MATZAH BALL SOUP

Posted by on Jan 15, 2013 in asset protection, estate planning, Legal News, Probate, tax, Trusts, Wills |

Matzah ball soup, a.k.a. the Jewish penicillin, is believed to be the “cure-all” to whatever ails you. But remember, you don’t need to be sick to enjoy a good matzah ball soup. That very same idea also applies to estate planning.

Many Floridians believe “I have plenty of time, and I will deal with my estate when the time comes.” And even more common, “Only old people need estate plans.” If you don’t wait until you’re sick to enjoy a good matzah ball soup, why wait for tragedy to approach or strike to plan for the future? Unfortunately, by then, it may be too late. An estate plan is not just about death. Whether you are still at the early part of your earning potential, have young children to worry about, or concerned with reducing the possible estate tax or probate mess, accomplishing these goals as quickly as possible is crucial. Like a good matzah ball soup, yourself and your loved ones deserve to enjoy the comfort of an estate plan during both the good times and the more challenging times.

Estate planning is an especially dynamic legal field. A “living trust” is the trust category most commonly employed for estate planning purposes. The two main living trust subcategories are “revocable” and “irrevocable.” As the respective terms imply, the Grantor may revoke the former type of trust at any point during his or her lifetime. Different trusts feature different legal requirements, and are designed to serve various purposes. Moreover, individual circumstances change over time that may dramatically affect your ideal estate planning strategy. A qualified lawyer should prepare all living trusts. Indeed, the Florida Supreme Court has decreed that the preparation of living trusts by any party other than a licensed Florida attorney constitutes the unauthorized practice of law. Consult a competent, qualified estate planning attorney in Florida today. Do not delay taking affirmative steps to secure the best future for yourself and your loved ones another moment.

Our law firm provides the knowledge and experience of a large law firm, while giving our clients the hands-on service and attention to detail that only a smaller firm can truly offer. Our lawyers regularly go beyond the customary services, tailoring their work to the specific needs of each client.

Our attorneys are well versed in a wide variety of legal practice areas which allows us to provide our clients with one-stop shopping for all of their legal needs. Rather than having to seek various individual counsels and having the headache of managing your own legal issues and costs, we provide the convenience of one South Florida location for all of your legal needs. You will receive the quality work product of a large law firm and the low cost and high attention to detail that small law firms are valued for.

At Wild Felice & Partners, we take customer service very seriously. It is our constant goal to exceed expectations and respond proactively to any legal issues that our clients may encounter. We pride ourselves on working together with our clients to set and achieve the desired outcome rather than merely categorizing our clients under a particular label and treating them each legal issue in a predisposed way.

We realize that each client’s needs are unique and treat each of our clients as if they are our only client. We hope you will take the time to contact one of our attorneys and truly experience all of the benefits that our South Florida law firm has to offer.

For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at (954) 944-2855 to schedule your free consultation. Estate planning is about those friends and family left behind, which is why we first ask our clients what their wealth transfer and asset protection goals are and then explain how we can accomplish those goals together. It’s a Wild world. Are you protected? SM

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ESTATE PLANNING CHALLENGES FOR LANDLORDS AND REAL ESTATE DEVELOPERS

Posted by on Jan 10, 2013 in estate planning, Probate, Real Estate, tax, Trusts, Wills |

Regardless of the size of your estate, advance estate, tax and business planning is crucial. However, estate, tax and business planning for landlords and real estate developers pose some unusual situations and potential issues-but also unique opportunities to resolve or minimize such matters. The real estate business is one that is usually conducted under multiple ownership entities—sometimes involving separate partnerships, separate financing with various levels of personal guarantees, different joint venture structures and management arrangements with separate entities controlled by the same landlord or developer.  Unlike most non-real estate businesses, upon the death of the landlord or developer the estate and its executors and trustees will be left to deal with multiple entities, partners, lenders, tax matters and various other issues.

So…you are probably wondering what can be done to prevent these potentail issues from occuring?

For example: If the landlord or developer is the general partner of a limited partnership (LP) or managing member of a limited liability company (LLC), advance planning should provide for a named successor who will have the same management rights and obligations as the decedent landlord or developer. Loss of control of an entity could mean loss of voting rights, the ability to retain the management company or future residual values and fees.

Wild Felice & Partners is a full-service, Fort Lauderdale, Florida based law firm with a specialty in estate planning, asset protection and probate administration. We utilize a combination of real estate law, estate planning strategies, corporate formation, family law, and asset structuring to assure that our clients are protected from potential litigation, creditors, and any other threats that may be looming.

Our law firm provides the knowledge and experience of a large law firm, while giving our clients the hands-on service and attention to detail that only a smaller firm can truly offer. Our lawyers regularly go beyond the customary services, tailoring their work to the specific needs of each client.

Our attorneys are well versed in a wide variety of legal practice areas which allows us to provide our clients with one-stop shopping for all of their legal needs. Rather than having to seek various individual counsels and having the headache of managing your own legal issues and costs, we provide the convenience of one South Florida location for all of your legal needs. You will receive the quality work product of a large law firm and the low cost and high attention to detail that small law firms are valued for.

At Wild Felice & Partners, we take customer service very seriously. It is our constant goal to exceed expectations and respond proactively to any legal issues that our clients may encounter. We pride ourselves on working together with our clients to set and achieve the desired outcome rather than merely categorizing our clients under a particular label and treating them each legal issue in a predisposed way.

We realize that each client’s needs are unique and treat each of our clients as if they are our only client. We hope you will take the time to contact one of our attorneys and truly experience all of the benefits that our South Florida law firm has to offer.

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 to schedule your free consultation. It’s a Wild world. Are you protected?SM

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ESTATE PLANNING FOR EVEN THE PROFESSIONAL ATHLETE

Posted by on Jan 8, 2013 in asset protection, estate planning, tax, Trusts, Wills |

While everyone needs to protect their wealth, loved ones and other interests, estate planning is critical for professional athletes. Professional athletes have special estate planning considerations that are unlike the more common issues addressed by estate planners.

Many professional athletes have the bulk of their wealth tied-up in long-term player contracts that are illiquid and unavailable. Typically, professional athletes have estate planning issues that cross state lines and require a broad knowledge of the laws of a number of states. Federal and state gift and estate taxes serve as a major road block to an athlete sharing his or her wealth with family.

At Wild, Felice & Partners, we have the knowledge and experience of a large law firm, while giving our clients the hands-on service and attention to detail that only a smaller firm can truly offer. Our lawyers regularly go beyond the customary services, tailoring their work to the specific needs of each client.

Athletes have unique retirement concerns because of the relatively short nature of their careers as players. Our attorneys are well versed in a wide variety of legal practice areas which allows us to provide our clients with one-stop shopping for all of their legal needs. Rather than having to seek various individual counsels and having the headache of managing your own legal issues and costs, we provide the convenience of one South Florida location for all of your legal needs. You will receive the quality work product of a large law firm and the low cost and high attention to detail that small law firms are valued for.

At the age of 33, Steve Smith has the same financial goals as most family men: build a college fund for his children, move to a bigger house, save for a secure retirement and give something back to the community. But there’s one big difference between Smith and most other 33-year-olds: tens of millions of dollars. That’s the size of the player contract signed by Smith, a wide receiver with the NFL Carolina Panthers. One of Smith’s biggest concerns is estate planning for his children. “You have to spell it out line by line” says Smith.

At Wild Felice & Partners, we take customer service very seriously. It is our constant goal to exceed expectations and respond proactively to any legal issues that our clients may encounter. We pride ourselves on working together with our clients to set and achieve the desired outcome rather than merely categorizing our clients under a particular label and treating them each legal issue in a predisposed way.

We realize that each client’s needs are unique and treat each of our clients as if they are our only client. We hope you will take the time to contact one of our attorneys and truly experience all of the benefits that our South Florida law firm has to offer.

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 to schedule your free consultation. It’s a Wild world. Are you protected?SM

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THE “FISCAL CLIFF”—NOT JUST BUZZ WORDS…PROTECT YOURSELF AND YOUR LOVED ONES TODAY

Posted by on Jan 2, 2013 in asset protection, estate planning, Legal News, Probate, tax, Trusts, Wills |

With every New Year comes change. With Y2K13 comes substantial changes in the United States Tax laws—as part of the so called “Fiscal Cliff”.  One of the areas of change in 2013 is the gift and estate tax law, especially the exemptions available to individuals and married couples from gift and estate taxes.

The House of Representatives—by a vote of 257-167, and the Senate—by a vote of 89-9 approved the Senate’s plan in attempt to avoid the fiscal cliff. President Barak Obama is expected to sign the bill into law. In the plan, the estate tax will rise to 40% with a $5 million exemption which will now be indexed to inflation. So far, the issue of gift tax has not been addressed. Unfortunately, the package sets up a mini fiscal cliff in two months (March 1, 2013), furthering confrontation over spending cuts, the debt ceiling, and the longer-term budget outlook.

While our South Florida estate planning attorneys have the expertise in tax planning, as well as the designations of LL.M. and CPA that provide for the highest level of professional service, our firm aims to shed the tax attorney paradigm that estate planners are often pigeon-holed with and focus instead on the dynamic relationships between our clients and their loved ones. Estate planning is about those friends and family left behind, which is why we first ask our clients what their wealth transfer and asset protection goals are and then explain how we can accomplish those goals together.

Whether our clients are still at the early part of their earning potential, have young children to worry about or are concerned with reducing the possible estate tax or probate mess left for their loved ones when they die, accomplishing these goals as quickly as possible is crucial. Our mortality is not in question; the only question is whether or not you choose to protect your loved ones and your wealth while you are still alive and able to do so.

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 to schedule your free consultation. It’s a Wild world. Are you protected?SM

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