It’s Always The Right Time To Think About Your Estate Plan

Posted by on Sep 15, 2015 in asset protection, Business Plan, Elder Law, estate planning, Probate, tax, Trusts, Wills |

Many people mistakenly believe that estate planning is something done only for the wealthy. In reality, a basic estate plan is essential for everyone, regardless of income or net worth, because we all would like this process to be as seamless and easy as possible to reduce costs, delay and stress for our loved ones. The topic of estate planning, or even one’s mortality is a stressful one to discuss, but an important one. Without proper preparation and documentation, assets—like houses, retirement plans and savings accounts—can end up in limbo for years, sometimes requiring expensive legal assistance to straighten matters out.

Everyone should have the following items in place:

 

  1.  Living Trust –A trust can be more expensive to set up, but it provides benefits that a will cannot. First, when they’re structured properly, trusts will help avoid probate, which helps beneficiaries gain access to assets more quickly as well as save time and court fees. Depending on how it’s structured, a trust may also reduce estate taxes owed and can protect an estate from heirs’ creditors. 
  2. Assignment of Property – place all of your property into the trust, and avoid costs & headache associated with probate.
  3. Last Will & Testament – used to distribute property to beneficiaries (or a trust), specify last wishes, and name guardians for minor children.
  4. Durable Power of Attorney – A power of attorney is a written authorization that allows someone else to make financial and legal decisions for a person if that person should become hospitalized, disabled or otherwise incapacitated.
  5. Combination Living Will & Designation of Healthcare Surrogate – gain control by making important healthcare decisions in advance.

This will allow you to ward off:

  • unnecessary taxes
  • costs and headache associated with the probate process
  • creditors and outsiders who may have claims against you
  • any undesignated individual making legal or healthcare decisions on your behalf in case you become incapacitated

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 or www.wfplaw.com to schedule your free consultation.

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

Read More

Asset Protection… Are you protected?

Posted by on Sep 10, 2015 in asset protection, Business Plan, corporate formation, Digital Estate Planning, estate planning, Limited Liability Company, Real Estate, tax, Trusts, Wills |

Are you protected?

Are you protected?

Don’t leave your assets vulnerable to attack. Much like a goalie, asset protection planning will help to shield your assets from attack.

Asset protection is a broad term, encompassing many different techniques, but here at our South Florida law firm, we focus our asset protection on two areas: estate planning and business formation. In the area of estate planning, the main approach is to use trusts to dispose of your assets rather than a will. A trust protects your assets by first avoiding probate and all of the costs (both monetary and time) associated with that process. Secondly, trusts protect your assets by keeping them in your family. With a will, the asset is no longer yours to control following the first disposition, a trust allows you to control the asset for multiple generations. This makes sure that the inheritance will never be taken by divorce or remarriage. For example, if you want to give all of your estate to your daughter and then to her children, a trust allows you to do this without giving any to her spouse. Furthermore, a trust protects your beneficiaries from themselves, if they are either too young or not fiscally responsible. Because they are the beneficiary and not necessarily the trustee, you can name a trustee who will make the financial decisions for them. Finally, trusts offer asset protection by being creditor protected. Assets that are in a trust can not be reached by creditors, assuring that the inheritance remains with the beneficiary.

Choosing the proper business form also works as asset protection. If you own a business as a sole proprietor or even in a general partnership, you can be personally liable for all of the debts of the business. Limited partnerships, LLCs, and corporations can protect your asset from business debts. A limited partnership consists of two classes of partners: a general partner, who manages and is more active, and a limited partner, who is more like an investor. The limited partner’s liability is limited to whatever they have put into the company, whereas the general partner remains liable for all the debt. An LLC offers limited liability as well, while allowing for more active participation. The manager of a multi-member LLC makes the decisions and runs the company, but is still afforded protection. If someone sues an LLC, they can only recover the company’s assets. Subsequently, if a person sues the manager of an LLC for a personal matter, the assets of the LLC are protected from this personal creditor. Finally, a corporation offers protection to all of its shareholders while also offering increased flexibility with the management structure. A corporation allows for different classes of stock with different voting abilities. Corporations also allow you to raise capital by issuing stock.

Regardless of what business form you end up choosing, you must also engage in business succession planning. Because all of these business forms are separate legal entities, they will survive after you are gone. Therefore, you must plan for what happens to your companies or you risk them dying. If you have multiple members or partners in your company, you can arrange a plan beforehand in which they buy your shares at a predetermined price. The company could then purchase life insurance in that amount to make sure that the company does not have cash flow issues and does not have to sell off company assets to buy your stake.

Whether you are looking at asset protection from an estate planning or business formation standpoint, our attorneys can help be your goalie and protect the assets you’ve worked so hard to acquire.

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, or visit our website at www.wfplaw.com

It’s a Wild world. Are you protected?

Read More

Your Business Is Successful…Until This Happens.

Posted by on Mar 11, 2015 in Business Plan |

Four Vital Aspects to Include in Your Business Plan

Four Vital Aspects to Include in Your Business Plan

You have all-star employees, high profit margins, the corner office and your own private bathroom. Business is booming again and you think to yourself….oh what a wonderful world.

Until you get sued.

You can kiss that corner office and private porcelain potty goodbye, because the one thing you didn’t have was a business plan to protect yourself.

You are savvy in your industry, but may have forgotten a few very important aspects to a successful business plan. They include:

Partnerships for Asset Protection

Creating partnerships will limit your exposure to liability now and avoid losses to your business and family in the future. In fact, a creditor will not have access to any property that is titled to the limited partnership or to a multi-member LLC.

Click here if you wish to learn more: http://wfplaw.com/Partnerships-for-Asset-Protection.html

Corporate Formation

By forming a corporation, you can limit your exposure to lawsuits and reduce your overall liabilities. In addition, forming a corporation comes with a plethora of tax benefits.

Click here to learn more: http://wfplaw.com/Corpoate-Formation.html

Document Drafting

Proper legal preparation of your corporate documents, employment contracts and non-compete agreements can be crucial to the protection of your work product.

Business Succession Planning

Implementing a plan in the event of your death, illness, or incapacitation can protect your fellow colleagues as well as your family. Sometimes your business could be the largest asset you leave to your family. But without a business succession plan, you risk probate and no say in how the business is handled after your death.

Click here to learn more: http://wfplaw.com/Corpoate-Formation.html

Wild Felice and Partners understands every business is unique. We are able to provide a full range of services to ensure your business is protected at all angles. We pride ourselves on providing accurate advice for your specific business needs.

If you have any questions regarding business planning, estate planning or asset protection, we here to help.

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

Read More