While the damage of Hurricane Irene is in the billions, Congress is currently in the process of enacting law that could cost the American people trillions.

On August 2nd, Congress approved the Budget Control Act of 2011, which calls for the appointment of a bi-partisan committee to propose new tax legislation by November 30, 2011 that would reduce the deficit over the next 10 years by $1.5 trillion.  One of the first ways they will simplify the tax legislation will be to begin closing the loopholes in the current tax code, especially those breaks given to dead people.  Soon after that, we will see the removal of automatic portability, a reduction in the estate tax exemption amount and an increase in the overall estate tax.  After all, dead people tend to fight less than live people when being overtaxed.

What does this mean for you?  Well, while many experts in my field (along with myself) have been preaching that all Americans have to get a comprehensive estate plan in place prior to December 31, 2012, the date we may have to focus on is actually November 30, 2011.  For those that are calendar-impaired, THAT’S ONLY NINETY (90) DAYS FROM TODAY!!!

Rather than wasting your summer praying in vain for a savior to rise from these streets and enact a more favorable tax code (which may never come), you should be scheduling a free consultation with an estate planning attorney that can walk you through the process of using the current tax laws to your advantage before they possibly go away in three months.

For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?

Next week is September which means that football is back and Labor Day weekend is upon us but there are some other September holidays of which you may be less familiar.

September 2^nd is National Beheading Day so your clients better have their estate plans in place before that celebration.

September 6^th is National Fight Procrastination Day but I’ll tell you about how that connects with estate planning later.

September 12^th is National Pet Memorial Day and while pets can’t have their own estate plans, they can play a large part in the estate plans of their owners.

September 16^th is Stay Away From Seattle Day, probably because that is where they hold all of the beheadings.

No matter what day it is, it is crucially important that you protect your family by having a comprehensive estate planning drafted well before you need it.

For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?

Whether you divorce her or not is up to you but you need to adjust your estate plan either way.  If you stay with her, you need to be certain that you name the executor and trustee that you desire.  If you don’t want her to get everything upon your death, you need to be very explicit about that in your trust.  If you want your parents or siblings to be the guardian of your children instead of her parents and siblings, you need to stipulate that in your will (and you need to survive her).  Who do you want making health care decisions for you?  Financial decisions?  Pulling the plug on your death bed?

Maybe you decide to divorce her.  Your marital settlement agreement will most likely require that you procure a life insurance policy.  Your life insurance policy should be owned by an Irrevocable Life Insurance Trust and not in your own name.  If you already had an estate plan drafted, you’ll want to amend or restate all of the documnets to remove your now ex-wife from them completely.  That is, unless you want her to still control all of your financial and medical decision making if you become incapacitated.  Remember that line above regarding pulling the plug?  It probably shouldn’t be left to your ex-wife.

And ladies, this goes for you too.  After you wash that man right out of your hair, you had better erase him from your financial life as well.  Aside from removing him from the above mentioned documents and drafting an entirely new estate plan, you’ll definitely want to have a trust put in place, if you haven’t already.  If you die before your ex, he will be the guardian of any minor children that you had together.  However, by using a trust to manage your assets instead of leaving them outright to your minor children, at least he wont inherit your stuff.

For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?

Billionaire Warren Buffett urged U.S. lawmakers Monday to raise taxes on the country’s super-rich to help cut the budget deficit, saying such a
move will not hurt investments. Buffett, one of the world’s richest men and chairman of conglomerate Berkshire Hathaway Inc , said his federal tax bill last year was $6,938,744. Buffet went on to say “That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income – and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent,” he said.

Mr. Buffett enjoys the benefits of a sophisticated financial plan.  He has also established an estate plan that enables his loved ones a comfortable life and the realization of philanthropic activities. Although we may not all be as rich as Warren Buffet, and most of us don’t want to be taxed more we should follow his example and plan for both life and death. Remember you only die once, make sure you do it right consult an estate planning attorney to ensure your loved ones enjoy your legacy.

For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?

People forget things all the time. Rumor has it that Joe Robbie forgot to sign his estate plan. The only difference between the two instances is that my omission resulted in you not receiving a blog post and Joe Robbie’s omission resulted in a $47 million estate tax bill, millions of dollars in legal fees and the never ending renaming of a football stadium.

Don’t make the same mistake Joe Robbie did; get your estate plan in place before it’s too late.

For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?