The University of Miami took planning ahead to an entirely new level this weekend by beginning the recruiting process of a 9-year-old point guard. While a lot can happen in the nine years before the Downey Christian School star makes her college decision (who knows if she will even want to play basketball by then?), Miami is showing foresight in looking forward to the future. Just as the school will be benefit from its forethought, so will you by having a proper estate plan in place. Currently, less than half of all Florida residents have an estate plan, yet the death rate in Florida has held steady at 100%. Regardless of age or health, it is never too early to start planning ahead because you never know what the future will bring.

A proper estate plan will answer three key questions: what are your assets? Where are they going? How will they get there? These questions are simple but the answer can be quite complicated. While a will is effective in transferring property at death, your estate would then have to be probated, a long process that delays your loved ones receiving their property. A devise from a will also removes any control you would have beyond the initial bequest. For example, once you give an asset to your child, you would not be able to determine if it goes to your grandchildren or to someone else; your child would have complete discretion. However, if you were to use a trust based estate plan, you would both retain control and avoid probate. Trusts also have the added benefit of asset protection from creditors. A trust based plan can be used to satisfy your estate planning goals, making sure that your loved ones are taken care of in all situations.

Whether you choose a will based plan or a trust based plan, your planning should also include a power of attorney, health care surrogates, and HIPAA releases. These planning tools may be overlooked, but their importance can not be overstated. The power of attorney and designation of a healthcare surrogate will allow important healthcare and financial decisions to be made for you in the event of incapacity or death, while the HIPAA release will make sure your healthcare surrogate will have access to whatever he or she needs to make informed decisions. By planning for the future and using these various techniques, your family will hopefully be protected creditors and other hassles when the time comes. Get ahead of the other 50% of Florida resident and get an estate plan now. It’s never too early to 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

It’s no secret that soccer is not America’s sport, and as the US Men’s National Team kicks off its World Cup run against Ghana tonight, both the team and the fans face a long and arduous road ahead. While the US team must deal with what experts have coined the “group of death,” the vast majority of American sports fans will watch soccer for the first time in four years, filled with confusion as they try to understand something they have no familiarity with. This process of headache and confusion is similar to what you will experience if you find yourself probating a family member or loved one’s estate. Just like the winner of this year’s World Cup will have great coaching, an experienced probate attorney can help guide you through the process.

Put simply, probate is the process of validating the will. A will is not effective in the state of Florida until it has been probated. Once duly probated, there is proof that there was no fraud, duress, mistake, or undue influence; that the will was unrevoked; and that the decedent was competent.¹ Unfortunately, the definition is often the simplest part of the probate process.

Probate in Florida is complex and not intuitive for those who do not have the requisite training. The personal representative of an estate has many responsibilities, including paying court fees, estate and gift taxes (if applicable), and funeral costs. The personal representative is also responsible for administering the estate, which requires taking possession of property in the name of the estate and distributing it according to the will. This may involve an accounting of the estate assets, a process you may not be equipped to handle. Furthermore, a personal representative may be required to get property appraisals and represent the estate’s interest in any litigation. A mishandling of probate may lead to an increased duration of the probate process, preventing the assets from being distributed, and even worse, it may leave you with personal liability.

If you think the World Cup takes a long time to resolve, that is nothing compared to how long probate can take. The potential for a long process may mean higher costs for you. Let our experienced lawyers carry the burden and facilitate a cost-effective transition of your loved one’s estate. 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

¹ Fl. Stat. 733.103

As summer wedding season kicks into full swing, now is the perfect time to look at how your estate plan affects your spouse. Whether you’re about to get married, are just married, have been married for years, or are (hopefully not) recently or in the process of a divorce, proper estate planning is a necessity in your life. So before you tie the knot under the South Florida sun, take a moment to look ahead and think what would happen to your spouse

If you die without a will, Florida intestacy laws dictate that the surviving spouse gets at least one half, and up to the full estate, depending on whether there are kids from prior marriages. This is good news if you are unfortunate enough to pass away without an estate plan while happily married; it is considerably worse news if you pass away while in the process of a divorce. What happens if you pass away en route to the wedding and you have not updated your estate plan? Your significant other may have been only thirty minutes away from being your spouse, but would get nothing from your estate in the eyes of the law. Timing and continuing to update your estate plan are crucial when dealing with the issue of marriage.

A will can be used to make sure that your spouse is taken care of by your estate, but a trust will give you more control over the distribution of your assets after you’re gone. For example, you leave everything to your spouse in your will. However, she remarries years later and dies without an estate plan. Depending on the child situation, the new spouse may inherit all of what was once your money. A trust can be used to make sure your spouse is provided for during his or her life, while making sure that your assets stay in your family after the spouse passes away.

In addition to protecting your assets, other estate planning should be done to prepare for different marriage situations. Such planning includes purchasing life insurance to deal with tax and liquidity issues, a power of attorney and designating a healthcare surrogate to make important decisions should you become incapacitated, and a HIPAA release so that your spouse can view medical records should the need arise. Furthermore, you should check the beneficiary forms on any retirement accounts and make sure they are all up to date; the beneficiary form will trump a counter-statement in a will or trust.

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

Fridays are usually considered to be one of the best days of the week; it’s the last day of the work week, the first day of the weekend, and the most common premier night for new movie releases. But from time to time a Friday may occasionally fall on the 13^th day of the month signaling a day full of anxiety and bad luck for those who consider themselves superstitious.  If you have lost a loved one that failed to create an estate plan in Florida, it is likely that you will soon be experiencing the horrifying process of Probate. However, with the right attorney the stress associated with probate can be significantly reduced.

Probate is the process of validating and distributing the decedent’s assets. This includes a variety of payments that the personal representative will be responsible for distributing, including those to creditors, the court fees, taxes and administration expenses (estate costs, funeral costs, etc.). Naturally, this will also include distributions to the beneficiaries entitled to the assets, as named in the will or trust. This entire process involves extremely complex considerations that are not apparent to anyone who is not trained in the practice of probate administration. Slight mistakes can result in a significant increase in both time and money; and thus it is very important to ensure that the estate is being administered properly. This process will involve tax related consequences, dealing with creditors, inventorying property, appraising property, paying off debts, court filings, procedures to avoid litigation, and considerations associated with exempt property, family allowance, and elective share benefits.

Find the right attorney to manage and avoid the pitfalls and problems associated with probate! 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

As summer descends upon South Florida, we’re all getting ready for some fun in the sun. Whether it’s a day of fishing or riding out to a sandbar, chances are everyone will be spending some time on a boat this summer. In addition to knowing where your life jacket is, you should also have a proper estate plan in place, to keep your loved ones afloat in the event of an accident.

Last year in Florida, 62 people died in boating accidents, with another 420 injured.¹ While these numbers might seem low when you consider the number of registered watercrafts in Florida, the price you pay if you are one of the unfortunate victims will be quite high. If you haven’t done the proper estate planning, you may find yourself at risk of losing everything, or leaving your family in a dire financial position. By taking full advantage of our estate planning services, you can kick back and relax this summer.

At Wild Felice & Partners, P.A., our services include living trusts and wills, as well as living wills, durable powers of attorney, and designation of a healthcare surrogate, which allow us to ensure that you and your family are protected, whatever summer brings. Whether you are injured or worse on the water or find yourself involved in a legal battle following a boating accident, the right estate plan and asset protection will keep you, your family, and your assets in the best possible position, even in the worst situations. You don’t always know what is going to happen, but with proper estate planning, you can get some sun and enjoy the water knowing that you have prepared for even the worst situations.

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

¹ Source: http://myfwc.com/media/2804479/2013-BoatingStatistics-injury.pdf