Sylvia Browne Could Predict Your Future; You Can Plan For It!

Posted by on Nov 21, 2013 in estate planning |

crystal ballSYLVIA BROWNE, the psychic who used her paranormal abilities for detective work, died this Wednesday at the age of 77. She was revered by many for her psychic demonstrations on shows such as “Unsolved Mysteries,””Loveline with Dr. Drew” and “The Montel Williams Show.” Recently, however,  she received some backlash for telling a woman that her daughter, the then missing Amanda Berry, was dead. Berry was  later rescued from the home of Ariel Castro, along with several other young girls.

Among her many psychic skills was the ability to predict death. The renowned Silvia Browne could foresee her own death, but for most of us less-paranormal folk, we don’t get much of a warning. However, we can be prepared for the unknown with the following Estate Planning documents:

1. Living Trust – a living trust has become increasingly desirable due to its ability to avoid probate (the legal process of determining whether a will is valid). If you are married, you may want to designate yourself and your spouse as co-trustees, so that you have full control over the property while you are still alive. Side Note: such control does have tax consequences, so you will want to discuss this with your estate planning attorney.

2. Assignment of Property – this is exactly that, assigning your property to your trust. In other words, placing your property into the trust. This includes both real & personal property. A trust does not do anything for you if there is no property in it.

3. Last Will & Testament – this is your traditional will that is used upon death to distribute property to beneficiaries, specify last wishes, and name guardians for minor children.

4. Durable Power of Attorney – this allows you to designate and authorize someone to legally act on your behalf, in the event that you become incapacitated.

5. Combination Living Will & Designation of Healthcare Surrogate – this outlines important healthcare decisions in advance, and appoints a healthcare surrogate to make healthcare decisions for you when you become unable to do so yourself.

 

If you can’t predict your future, plan for it! 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.

It’s a Wild world. Are you protected?SM

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Help the Less Fortunate & Reduce Your Tax Liability

Posted by on Nov 15, 2013 in tax |

red cross

Recent news has reported that the Philippines typhoon death toll has reached over 3,600, with another 12,000 who have suffered injuries. Amidst this tragedy, coupled with the holiday spirit of helping the less fortunate, many are seeking to assist the people of the Philippines. If you would like to donate to this cause, be sure to find an organization that is qualified by the IRS, so you can make an itemized deduction on your tax return. Use the following tips to ensure that you can receive a deduction for your charitable donation:

1. Itemized Deduction: First of all, you cannot make a qualified charitable deduction under the “standard deduction,” as they can only be reported through itemized deductions.

2. Determine whether your donation is qualified for a deduction: To receive a deduction for your donation, it must be made to a “qualified organization.” The “Exempt Organizations Select Check” is an online tool provided by the IRS to help you determine whether your donation was made to a qualified organization. If you don’t want to do the research, you can always count on larger charitable organizations like Red Cross.

3. Keep a record: When you make a charitable donation to a qualified organization, you must maintain a record in the form of a bank record or a written communication from the qualified organization containing name of the organization, the date and amount of the contribution. If your contribution has a value of $250 or more, you must get a contemporaneous written acknowledgment from the qualified organization indicating the amount of the cash, a description of any property contributed, and whether your received a benefit in return (if so, it must include the estimated value of the benefit received).

4. Submit a Form 8283: If your charitable donation deductions exceed $500, you must submit a Form 8283 with your return. You can find the instructions for filling out this form here.

 

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.

It’s a Wild world. Are you protected?SM

 

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Typhoon Haiyan Relief Efforts: Crisis Mitigation in Your Own Life

Posted by on Nov 12, 2013 in asset protection, estate planning |

typhoonA rescue operation of 90 U.S. Marines and sailors have joined the relief efforts in the Philippines in the wake of the massive typhoon that has left behind a death toll that is projected to reach approximately 10,000.

It is events such as these where we are reminded of the unexpected nature of devastation, recognizing that you can never be too prepared for tomorrow. If you wish to aid the victims of the disaster stricken country, there are a variety of charities taking donations that will go directly to coordinating disaster relief. The Philippine Red Cross is accepting donations online, keeping donors updated on relief efforts through Facebook and Twitter. Save the Children has said that it will reserve 10% of donations received to help prepare for future emergencies. In this spirit of crisis mitigation, consider whether you are prepared for the unexpected. Do you have a health care surrogate in the event that you become incapacitated? Do you have a guardian for your children? Do you have a valid will that will distribute your assets specifically according to your wishes, while avoiding unnecessary taxes or the costs associated with probate? If any of these questions are answered with a “no,” you may want to consider created an estate plan with the following documents:

typhoon21. Living Trust – a living trust has become increasingly desirable due to its ability to avoid probate (the legal process of determining whether a will is valid). If you are married, you may want to designate yourself and your spouse as co-trustees, so that you have full control over the property while you are still alive. Side Note: such control does have tax consequences, so you will want to discuss this with your estate planning attorney.

2. Assignment of Property – this is exactly that, assigning your property to your trust. In other words, placing your property into the trust. This includes both real & personal property. A trust does not do anything for you if there is no property in it.

3. Last Will & Testament – this is your traditional will that is used upon death to distribute property to beneficiaries, specify last wishes, and name guardians for minor children.

4. Durable Power of Attorney – this allows you to designate and authorize someone to legally act on your behalf, in the event that you become incapacitated.

5. Combination Living Will & Designation of Healthcare Surrogate – this outlines important healthcare decisions in advance, and appoints a healthcare surrogate to make healthcare decisions for you when you become unable to do so yourself.

It’s a Wild world. Are you protected?SM

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.

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Is a Solar Eclipse Blocking Your Benefits?

Posted by on Nov 1, 2013 in asset protection, Probate |

eclipse SET YOUR EYES on a rare celestial sight this Sunday, as the sun is briefly blocked by a hybrid solar eclipse. This eclipse is a “hybrid” because it will start as an annular eclipse, creating a “ring of fire” around the sun, before it morphs into a total solar eclipse, completely blocking the sun. Although Kenya offers the best front row seats to view this hybrid solar eclipse, it can be seen on the East Coast of the U.S. at 6:30 a.m., or live online via the Slooh Space Camera.

Take a moment to visualize our beautiful South Florida sun completely blocked by the moon. The probate of your estate is much like such an eclipse. Although the suns rays are still effective through the moon, you lose your greatest benefit – light. In just the same way, probate can block the administration of your estate with delay, headache, and hefty expenses. Thus, you are not receiving the full benefits of your estate plan.

The best way to avoid a total, hybrid, or “ring of fire” estate plan eclipse is to incorporate a pour-over will and trust into your estate plan.  A will coupled with a trust effectively bypasses probate. The pour-over will takes all of the property that passes through the will, and funnels it into the trust. The property is then distributed to the trust beneficiaries pursuant to the terms of the trust.  Think of the pour-over will as a safety net that catches all of the assets that were not properly transferred into trust. This effectively removes all of the property from the Last Will & Testament, thereby leaving nothing to be administered through probate.

Don’t let the solar eclipse block your benefits, plan ahead! 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.

It’s a Wild world. Are you protected?SM

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