A fatal mistake in estate planning is not having a plan. Although, Carey’s plan involves joining “American Idol” as the new judge, South Floridians who do not have a Will in place, risk placing their loved ones at the mercy of another type of judge…the one presiding over the Probate court.

For example, if you have any minor children, they may not end up with the guardians of your choice and raised with the “Vision of Love” you imagined. Instead, the Probate judge will determine guardian appointment when there are no express instructions stated in a Will. You might unintentionally be “Bringin’ On the Heartbreak” when your little ones end up in the wrong hands or in foster care as wards of the state!

In addition, without a properly drafted Will directing the distribution of your assets, Florida laws of intestacy are triggered. This means that state law will govern who gets your assets and how much. The result may be one that you may not have had in mind. Without a Will, your wishes concerning burial or cremation procedures will also not be fulfilled.

Therefore, it is of utmost importance to have an estate plan in place that ensures your wishes are honored after you die. The last thing you want is your loved ones trying to make it “Through the Rain” when a simple call to your South Florida estate planning attorney can avoid unnecessary heartbreak in the future.

If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?

Let’s hope it would more likely parallel a movie titled “The Fall of the Estate Tax”.

In this nonexistent film, a legendary Caped Crusader would instead use his intellect and detective skills in fighting high taxes for economic welfare.

Since we live in reality, the best way to reduce Federal estate tax is to keep abreast of new legislation and take advantage of every given opportunity.

Think of tax-free gifting as the bat-mobile in achieving this goal, especially for large estates. The annual exclusion gifts for 2012 are set at $13,000 per person, per recipient. The federal applicable lifetime exemption for transfers has increased to $5.12 million per person, which is the highest exemption thus far. There are also
gift and estate tax charitable deductions and also marital deductions to strongly consider. Maximizing all these incentives is smart planning. Over the long run, you can transfer significant sums of money out of your estate along with any appreciation, thereby reducing the tax.

Did you know that Forbes magazine listed Batman, aka Bruce Wayne, as the 9th richest fictional character with an estimated fortune of $5.8 billion? BusinessWeek named him as one of the ten most intelligent American superheroes. You can bet Gotham’s finest would be spending hours in his Batcave strategically gifting assets from his estate plan.

However, lucky for the rest of us, we have our highly qualified South Florida Estate Planning Attorney.

If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?

Even love drunk celebrities that jump on Oprah’s couch get divorced. Tom Cruise and Katie Holmes who were married for more than 5 years are no longer Hollywood’s picture perfect couple. The painful truth is that divorce in America is an epidemic with one in two marriages doomed to fail.

Estate planning becomes critical during such a major change in one’s life. It is paramount to contact your estate planning attorney so that you can update your Will and all necessary documents to reflect your new marital status. Not doing so is just risky business.

When you married, you probably left a large portion of your estate to your spouse by designating him or her as the primary beneficiary of your Will. You might want to rethink your asset distribution and appoint a new personal representative to administer your estate. Your attorney can redraft your entire Will or prepare a specialized addendum called a “codicil” to reflect these changes.

You may also want to update supplementary documents concerning incapacity such as the Durable Power of Attorney form and the Designation of Health Care Surrogate form. After divorce, the last person you probably want making financial and health care decisions on your behalf is your ex-spouse.

To avoid heading up the creek, you should also thoroughly review any existing Revocable Living Trusts. Most people prefer to remove the name of their ex-spouse as Trustee or beneficiary of the trust. When it comes to amending the terms of a trust, certain tax advantages could be lost so it’s important to consult your attorney as soon as possible.

With respect to life insurance, you will most likely prefer to re-designate the beneficiary of your policy. However, keep in mind that if such a step is taken prior to the final entry of a Divorce Decree, any accumulated cash value may be deemed a marital asset and thus become subject to equitable distribution in a divorce settlement.

The dissolution of marriage is a difficult and painful process; however, in South Florida, modifying your estate plan doesn’t have to be a mission impossible. With the help of your qualified South Florida estate planning attorney, all contingencies will be accounted for to ensure the protection of your assets and proper allocation to your intended beneficiaries.

If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?

Although his time was nearing at the age of 86, it is still hard to believe that Andy Griffith died today in his hometown in North Carolina. He was a legendary icon who knew how to capture our hearts with his homespun humor and small town sensibility. Coping with a loss is very difficult but there is also a time when to get practical and realistic. This means not only taking a look at “who” the decedent leaves behind, but also “what” he leaves behind. The one to sort this issue out will definitely not be just another “Face in the Crowd.”

It will be the Personal Representative.

Everyone should have an estate plan in place and it is the Personal Representative who will be solely responsible for decisions regarding your estate after you die. In Florida, there are certain qualifications that must be met before one is eligible. The benefit of having a will drafted is that you can appoint who you would like to administer your estate.

These are big shoes to fill and due to the complexity involved, Florida Probate Rule 5.030 requires representation by an attorney licensed to practice in the state of Florida.

As a hypothetical, suppose Andy was a resident in Florida and he had a will appointing his wife Cindi, as his Personal Representative. There are many duties and responsibilities she will have to fulfill.

She will be required to collect all debts owed to Andy including but not limited to any salary, wages, pension, loans, and dividends. She must pay debts to his creditors. Finally, she will be responsible for distributing the actor’s estate to beneficiaries according to the terms of his will and the Florida Probate Code.

There are specific pleadings that need to be filed with the probate court. All tangible, personal property will need to be marshaled, inventoried, and properly preserved. She might need to obtain appraisals and consider insurance binders on uninsured property such as expensive vehicles and boats. With respect to any businesses Andy may have owned, she may need to continue operation or liquidate in order to satisfy obligations of the estate. She may need to arrange for ancillary administration if Andy owned any real property outside of Florida. She will have a duty to invest his assets as a prudent investor. A notice to creditors must be filed. Income tax and estate tax returns cannot be neglected.

Luckily, having an attorney present to guide a Personal Representative through this process will make this task less daunting and more manageable. Your South Florida estate planning attorney will simplify the process by handling important legal and administrative matters so you don’t have to.

Like the sheriff would say, “Gee, I appreciate it and good night.” May Andy have an eternal good night’s rest.

If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?