New Law offers 529-ABLE Plans For Special Needs Beneficiaries

Posted by on Jan 24, 2015 in Special Needs Trust |

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2015 is a special year. For the first time ever, disabled persons and their families receive a new type of savings with the benefits of tax-free growth.

This new saving vehicle is called 529 ABLE plans, authorized by Congress in late 2014. It is similar to a 529 college plan, yet it allows people with disabilities to save as much as $100,000 and still apply for additional benefits, such as Medicaid and Supplemental Security Income. A disabled person or family member(s) can make one-time or regular contributions into the 529 ABLE plan. The plan can grow “tax-free” if used on qualified expenses. These expenses include education, housing, transportation, employment training, legal fees and funeral expenses.

Sounds similar to a 529 plan? It is! The main differences between the two plans are the “options.” For example, a family opening a 529 plan must select a plan offered by the state in which they live; however a family opening a 529-ABLE plan can select a plan offered by any state. Didn’t we mention 2015 was going to be a special year?!

In order to qualify for the 529-ABLE plan, a certification is required by a doctor, and primarily for those who became disable before reaching the age of 26.

At Wild Felice and Partners, we have provided special needs planning to hundreds of South Florida families. We are excited to help families with this new plan as well. If you have any questions regarding the 529 ABLE or special needs planning, please contact us for a free consultation.

Our phone number is 954-944-2855 and website www.wfplaw.com

Wild Felice and Partners provide estate planning and asset protection in Fort Lauderdale, Plantation, Weston and Miami.

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Do-It Yourself Wills can cause more harm than good.

Posted by on Jan 22, 2015 in Wills |

Do-It Yourself Wills can cause more harm than good.

Do-It Yourself Wills can cause more harm than good.

When it comes to estate planning, an ounce of prevention is worth a pound of cure. Planning ahead does not mean go to the office supply store and get a “fill-in the blank” will or download it from an unknown source. For a will to be valid, it must adhere to the Florida laws and requirements. There are very specific formalities for properly executing this legal document, such as, who can or should be a witness and, where and when you and your witnesses may sign. Improper execution can also cause a will to be contested. Also, certain family

members may have rights given by statute.

Minimize the possibility of your will being contested or invalidated by seeking a South Florida Estate Planning attorney. In addition, you may have certain desires that cannot be achieved with a “cookie cutter” document. A knowledgeable attorney will be able to guide you through this process and draft a will that meets your specific needs.

To learn more about Wills & Trust, visit the Wild, Felice & Partners.

Michael D. Wild is a Florida attorney specializing in the areas of estate planning and asset protection. For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of WFP Law 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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New Year, New Plan: Start anew by updating your plan

Posted by on Jan 21, 2015 in estate planning, Trusts |

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Welcome this New Year with a resolution to make an appointment with your South Florida estate planning attorney to review your current estate planning documents and make any necessary updates to ensure all your wishes will be met. It’s time to embrace 2015 by shedding the old and starting anew.

Prudent individuals greet the New Year by taking the time to reflect on the past and set goals for the future. For the health conscious, this could mean taking the time to exercise, eat healthy, and making that doctor appointment for that annual medical checkup. For the savvy motorist, this means taking that precious car for a routine mechanical servicing. For the wise estate planner, making the time to see his or her estate planning attorney to review documents is a high priority. Estate planning is not a one time process that is done once and never revisited. It is an ongoing activity because life can be capricious and people change.

Don’t be that person who leaves loved ones with the extra burden of straightening your financial affairs. Unforeseen snares lie in wait to snag even the most carefully constructed estate plans. Many circumstantial changes may arise that affect major impact upon your life- without a moment’s notice. Is it not better to take some time to consult your attorney and be safe than sorry?

A South Florida estate planning attorney has the requisite training and skill to shield clients against such uncertainties in life and construct a comprehensive plan on your behalf and for the protection of those you love most. Don’t delay and let another minute pass you by. Ward off the potential for disaster by calling your attorney today.

It’s a Wild world. Are you protected?

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Estate Planning for your Newborn

Posted by on Jan 20, 2015 in estate planning |

Estate Planning for Your Baby

Estate Planning for Your Baby

If January has brought you a winter baby, an important dimension has been added to your estate plan. It is critical to plan for the care of your child in case of parental incapacity or death. A guardian should be appointed to look after your child in the event something tragic happens to you or your spouse. If you are a single parent, this need becomes even more pressing.

Failure to select a guardian for your child will result in a lengthy judicial process to determine the guardianship of your little one. Undesirable candidates may become his or her new caregiver. Your little one might even become ward of the state.

There are two kinds of guardians to consider. The first is known as a guardian of the estate. This is someone who manages the money or assets held by a child. On the other hand, a guardian of the person, is someone who becomes a substitute parent for the child. For example, your accountant brother-in-law may be the ideal candidate as guardian of your child’s estate, but his unceasing workaholic nature may not make him the preferred choice for guardian of the person.

Another important matter to consider is protecting your minor child from probate and a hefty estate tax bill by establishing a contingent trust. Don’t risk having your little one left with nothing. Protect assets from any predators or even the whims of an immature child with a spendthrift nature by consulting with your South Florida attorney now.

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Michael Wild is a South Florida attorney specializes in estate planning for new families. Click here to receive a free consultation.

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Estate Planning & Asset Protection Needs for the Newly Married Same-Sex Couple

Posted by on Jan 18, 2015 in asset protection, estate planning |

Estate Planning & Asset Protection Needs for the  Newly Married Same-Sex Couple

Estate Planning & Asset Protection Needs for the
Newly Married Same-Sex Couple

Same sex couples are saying “I do” from the white sandy beaches of Panama City all the way to the Southernmost point of Key West. As of January 6, 2015, Florida became the 36th state to allow same-sex marriage.

As they celebrate their new matrimony, Wild Felice and Partners provides same-sex couples with key information to ensure that each partner is taken care of. The laws have changed; therefore the estate planning and asset protection plans have to change as well.

One of the options use to protect the assets of both partners is referred to as Tenancy by the Entirety. A Tenancy by the Entirety is a designation that only married couples can use and offers excellent asset protection benefits, including the following:

Benefits of Tenancy by the Entirety:

  • Both spouses have an undivided interest in the property, with full rights to occupy and use it. As a result, neither spouse can transfer property without the other spouse allowing it.
  • If one of the spouses gets sued or incurs a liability, creditors and lawyers cannot go after his/her property because both spouses own the property simultaneously.
  • If one spouse dies, the other spouse automatically takes sole ownership of that property.

The lists of benefits could go on and on but we understand that you are in the throes of matrimonial bliss!

Wild Felice and Partners is dedicated to helping you understand the laws and make a seamless transition into your new marriage. As a legal couple in the state of Florida, we highly encourage setting up a free consultation to ensure that you and your spouse are protected.

Click here for a free consultation: http://wfplaw.com/Contact-Us.html

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