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

The loss of blues legend BB King has many of us feeling, well, blue. Nobody could be more upset than his children who are currently embattled in a litigation with longtime manager of BB King, Laverne Toney. In fact, three of his eleven children recently went to court to combat Toney in what they allege is a case of elder abuse.

Karen Williams, Rita Washington, and Patty King say that Toney was not providing proper medical care to their father, restricted his children and friends from visiting, and that there are large amounts of money missing from King’s bank account, to the tune of one million dollars.

Sadly, this type of fight is more common than not. When emotions are high and money is involved you never know how someone will respond. That is why it is so important to dot your I’s and cross your T’s when drafting your Will and Trust.

By having a Power of Attorney, BB King avoided the need for a formal Court-ordered Guardianship when he was older and his mental health was failing. On the other hand, the risk of using a power of attorney is that those with power can sometimes abuse it. The case in point for BB King’s children.

It is critical to work with an attorney well versed in the areas of estate planning and guardianship to make the entire process less stressful. By having the right person to guide you through the process, everyone benefits in the end. The Thrill May Be Gone but the legacy can live on.

In order to make it easy for your loved ones to say goodbye, you should consult the estate planning attorneys of Wild Felice & Partners, P.A. who can recognize potential pitfalls and how to avoid them.

It’s a Wild world. Are you protected?

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.

The recent derailment of an Amtrak train left at least eight casualties and many more injured.  Nobody who boarded the train that fateful day was expecting this to happen, rather they were just going about their day as they would any other.  Death is a difficult topic to approach, because nobody likes to think that someday it will happen.  It is important however, because you want to make sure that you are ready for when it happens and because, unfortunately, it can happen at any time.

Waiting too long to draft an estate plan can be troublesome as well.  When a person dies, there may be reasons to question the mental capacity of the individual at the time he or she prepared an estate plan. Undue influence or fraud from third parties, who take advantage of a close relationship with the decedent for personal gain, can be reason to challenge a legal document after death.  Another reason that can be grounds to challenge a legal document is whether it was properly executed and with all the formalities required.

Powers of attorney, for example, are powerful documents that grant another individual broad discretion over medical and financial decisions. Such an important power should involve careful planning. Standard legal forms found online, software programs with legal templates, and other self-help documents, are attractive to many individuals due to the ease of access and low cost. However, template powers of attorney are not always the equivalent of a proper Florida power of attorney drafted by a lawyer.

Many states, like Florida, have strict requirements regarding execution of valid powers of attorney or advance directives.  In order to make it easy for your loved ones to say goodbye, you should consult an estate planning attorney who can recognize potential pitfalls and how to avoid them.

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.

What is Elder Law?

Seniors are the fabric of our family. Their idiosyncrasy’s, morals and mannerisms lace through the generations. Even if you received your bad temper from your mother or type A personality from your father, you are thankful for everything they have done for you and your family. It is important to care for them as they have for you.

Elder law ensures the matriarchy and patriarch of your family is taken care of in various areas of their life. This includes three major categories:

1. Estate Planning
2. Long Term Care
3. Guardianship

Estate Planning

Your parents or elderly family members may have created a will several years ago. It is important that they updated their basic estate planning documents such as wills, trusts, durable power of attorney, health care surrogate and living will. It is recommended a specialized elder law attorney review these documents once a year.

Long Term Care

As your loved one gets older, you want to provide them the upmost care; however you are afraid of the costs associated with this care. Wild Felice and Partners have provided our clients assistance with the long-term costs such as nursing home or assisted living facilities. We can also assist with the requirements and application process of to be admitted into a home.

The government can assist with these costs, especially if you or your loved one has served in the military. It is important to speak with an estate planning and elder law attorney to ensure you are getting the full benefits you and your loved one deserves.

Guardianship

As your loved one gets older, it is very important to have a power of attorney in place to ensure he/she receives the exact treatment and care noted in the will. If the documents are not properly implemented, they may not uphold under the law.

History of Elder Law

The concept elder law was established in 1965 and signed into law under the Older Americans Act (OAA) by President Lyndon John. This authorized grants to States for service programs, funding for research and training projects in the field of again.

In 2000, it was amended National Family Caregiver Support Program, which was intended to help hundreds of thousands of family members who are struggling to care for their older loved ones who are ill or who have disabilities.

Elder law is not only a broad form of law but can also be a complicated one. We highly recommend working with a specialized elder law attorney so you can get the best long-term care, with the most benefits and at the discretion of your loved one.

To learn more about the benefits of elder law visit http://wfplaw.com/Elder-Law.html

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Wild Felice & Partners is a full-service, Fort Lauderdale, Florida based law firm with a specialty in estate planning, asset protection, elder law, and probate administration. 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.

Wild Felice & Partners, PA
Attorneys at Law
101 North Pine Island Road,
Suite 201
Fort Lauderdale, Florida 33324

On any given day, there are over 150,000 Floridians receiving home care services. Such care ranges from homemaker/companions to registered nurses, providing services of everything from meal preparation to medical treatment. When structuring an arrangement for long term care, the individual’s environment plays a critical role in their quality of life, as studies have shown that patients recover faster in the comfort of their own homes.

There are a variety of factors that should be considered in order to structure a cost effective arrangement for home care, while both enhancing the older adult’s quality of life and preparing for future medicaid eligibility. Often, when an older adult is in a condition of health that does not require medical nursing care, a family member or friend will assist with personal care. This can become quite burdensome for the relative or friend, who must balance daily obligations with the responsibilities of caregiving. As a result, many have turned to personal care agreements (a.k.a. personal services contacts), allowing the older adult to contract with a relative/friend for services rendered. The caretaker is compensated, the older adult receives necessary assistance, and the payment is considered a transfer of value (not a gift); thus reducing the older adult’s countable assets, and enhancing Medicaid eligibility.

A personal care agreement should specifically address the duties of both parties, and structured in a manner that ensures legal enforceability. The agreement should be in writing, signed before the services are rendered, and the compensation must be reasonable (in comparison to what other third party caregivers are charging for the same services).

A personal care agreement is an excellent tool for older adults who wish to use a family member or friend as a caregiver, while accelerating their Medicaid eligibility. For these arrangements to work effectively, it is very important that the contracts are drafted properly. For this reason, older adults that are looking into a personal care agreement should consult an attorney who is familiar with elder law issues to first determine whether the agreement is appropriate under the circumstances, and to further ensure that it is structured to enhance all potential advantages.

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