Oscars 2013: Lights, Camera, Estate Planning!

Posted by on Feb 25, 2013 in asset protection, estate planning, tax |

Did you know that the gift bags (aka “swag bags”) celebrities received at this years Academy Awards were valued at more than $47,000? Some of the goodies found inside were thousands of dollars worth of weight loss retreat programs, passes to worldwide VIP nightclubs, expensive hand creams and water filtration devices to name a few. However, these lavish gifts were not really free. The price these celebrities will have to pay comes in the form of a hefty tax bill to Uncle Sam. Each Hollywood star will be required to report the value of these swag bags on his or her federal income tax return for income tax purposes. An estimated calculation at the 2013 top individual tax rate of 39.6 percent means each bag will produce a tax bill of just under $19,000.

Unfortunately, the IRS not only wants a cut out of your ordinary income during your working life, but also wants a cut out of what you own after you die. In the world of estate planning, you basically leave behind your very own swag bag of goodies to your loved ones in the form of assets. These may include your house, car, and cash to name a few. Your beneficiaries may be subjected to another type of tax called the death tax.

An estate valued over $5.12 million becomes a taxable estate which is taxed a top rate of 35%. The tax bill can become astronomical and a huge burden on your loved ones. However, with proper and strategic estate planning from your South Florida estate planning attorney, you can mitigate this burden. The stars try to avoid paying the tax by giving away their swag bags to a qualified charity and claim a tax deduction. Learn about the various options available in estate planning so that you can preserve your wealth and protect your assets.

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For more information on how to plan for you business’ future, contact our South Florida law firm of Wild, Felice & Partners, PA for a free consultation at (954) 944-2855.

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

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Estate Plans Speak Louder Than Words- Show Your Loved Ones Just How Much You Love Them This Valentine Season

Posted by on Feb 15, 2013 in estate planning |

Valentine’s Day is a reminder how important it is to show the special people in our lives just how much we love them. South Florida estate planning is the perfect gift for achieving this. By getting your estate plan in order, you are essentially saying, “I want to make sure you are well taken care of and protected…. physically, financially and emotionally, no matter what happens in life. With this ultimate gift, I want to protect you today, tomorrow, and long after I am gone.” If that doesn’t express true and endless love, I don’t know what will.

After all, we strive to protect our loved ones on a daily basis. We pay for health insurance just in case our children get sick. We pay for car insurance just in case our spouses get into an accident. We save money in a pre-paid college plan just in case our children need help paying for school. Do you see how we consistently plan for life’s “what if’s;” however, we rarely stop to consider life’s “certainty?” The death rate in South Florida is 100 percent. South Florida estate planning protects your family and helps eliminate any tax burden you might shoulder after you are gone.

Don’t just tell that special someone in your life or your beloved family members just how much you love them. Show them by setting an appointment with your South Florida estate planning attorney today. You will be guided through the entire process on how to make sure your loved ones are well-taken care of this Valentine season.

For more information on how to plan for you business’ future, contact our South Florida law firm of Wild, Felice & Partners, PA for a free consultation at (954) 944-2855.

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


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If the Holy Father Can Admit To Mortality, Why Can’t You?

Posted by on Feb 11, 2013 in estate planning, Legal News, Wills |

Many of us struggle with the concept of death and become torn by conflicting feelings of reality and what we believe won’t happen. Deep down, we all know that one day we will die. However, we believe it won’t happen today or tomorrow. It won’t happen next week or next month. We still have next year and the following years after that to flourish on this Earth.  This kind of mentality translates into false notions that we will never die so we have nothing to worry about.

The problem is we are all mortals.This truth radiates today from the Vatican walls of the papal palace.  Pope Benedict XVI, 85, has come to terms with this by  announcing his resignation from papal office due to his declining health. The Bishop of Rome admitted to his age-related incapacity preventing him from adequately fulfilling his papal duties.

We are all at risk of becoming mentally and physically incapacitated. It can be from advanced age, car accident, stroke, you name it. It’s better to protect yourself and your loved ones before its too late. Do you have a Living Will? Do you have a Designation of Healthcare Surrogate? What about your Durable Power of Attorney? If the answer to these questions are no, then its time to answer an even more important question. What are you waiting for? These documents dictate what happens to you in the event you become incapacitated. Who will make medical decisions on your behalf if you become unable to? Who will take care of your finances? These legal instruments are your answer.

Life is short. We can’t predict or control when we are going to die. However, we can control what happens after we are gone. Always expect the best but be prepared for the worst. Get your estate plan in place today.

The pope has carefully examined his conscious and so should you. It is time to release your white smoke and follow its trail to the office of your South Florida estate planning attorney today.

For more information on how to plan for you business’ future, contact our South Florida law firm of Wild, Felice & Partners, PA for a free consultation at (954) 944-2855.

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


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Posted by on Feb 7, 2013 in asset protection, corporate formation, estate planning, Family Law, Legal News, Probate, Real Estate, tax, Trusts, Wills |

The Nike “Just Do It” campaign allowed the company to increase their share of the sneaker business from 18% to 43% between the years 1988 and 1998. There must be something to it…

People tend to not like dealing with estate planning because they believe that it is an acknowledgment of their mortality, so they put it off. But lack of action is not smart. Estate planning is a process involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. It can involve the services of a variety of professionals, including your lawyer, accountant, financial planner, life insurance advisor, banker and broker. Estate planning covers the transfer of property at death as well as a variety of other personal matters and may or may not involve tax planning. The core documents most often associated with this process are your will and your trust.

At Wild, Felice & Partners, P.A. we take great pride in our ability to successfully cater to the needs of all Floridians. Whether you are a highly successful and high net worth individual or you are still working hard on creating your nest egg, we can help you accomplish your goals. We assist our clients in determining how best to structure their holdings, as well as assisting in the disposing of such assets during and after their lifetime. Our attorneys focus primarily on minimizing a variety of estate related taxes, while simultaneously protecting assets from third party creditors.

Our South Florida firm routinely utilizes a variety of estate planning tools, including Trusts, Wills, Powers of Attorney, Health Care Surrogates, Funding Techniques, and more. In addition, we may advise for the formation and funding of a family limited partnership which provides, among other things, asset protection, a positive method of control and a long term plan for the accumulation of wealth that will remain outside of one’s taxable estate. By utilizing the estate planning techniques that we have perfected, we may be able to protect your family from unnecessary hassles and save them tens of thousands of dollars.

Take a cue from Nike: “JUST DO IT.”

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 to schedule your free consultation. It’s a Wild world. Are you protected?SM

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If The Super Bowl Can Blackout So Can You: Get Your Estate Planning In Place Before Your Lights Go Out

Posted by on Feb 4, 2013 in Legal News |

Just to quickly clear something up, and most of last night’s Super Bowl spectators would agree, it was Beyonce’s electrifying half-time performance that caused the blackout, not some glitch in the Superdome’s power system. Despite the half-hour standstill in the third quarter when most of the lights and scoreboards went dark, it was a great game… depending on who you were rooting for.

However, another thing can be said about America’s biggest sporting event. Sports carry with it risks of serious injury. Studies have shown that NFL football players sustain head injuries to such a high degree resulting in memory-related diseases such as Alzheimer’s disease. Statistics unveil the number of former football players with this disease to be a staggering nineteen times the normal rate for men ages 30-49.

It’s not only in football where risk of injury is inherent. Life also carries risks. Just think of how many people get into car accidents every year. What about health problems that afflict the elderly? What about employees injured on the job? Can you imagine what it must be like to be unable to physically take care of yourself or to lose the mental capacity to make decisions on your own? Who will take care of your loved ones?

No matter what we do, there is always a risk of injury. However, you can protect yourself and your family by accounting for these dire possibilities. Creating an estate plan with specific supplemental documents can ensure your wishes are met. A Designation of Health Care Surrogate is a document that is based on statutory language found in Florida Statute 765.203. It allows the designated person or persons to make medical decisions on your behalf. A Living Will is a form that allows you to state whether you want your life to be artificially prolonged or whether you prefer to be allowed to die naturally. This document contains the statutory language found in Florida Statute 765.303. Without a correctly executed Living Will, you must be kept alive artificially no matter what your true wishes are or how much it costs your family financially. A Durable Power of Attorney form is designed to allow the designated person or persons to manage your financial affairs either immediately or in the future should you become mentally or physically unable to do so.

The best way to be certain of which supplemental documents you need as part of your estate plan is to consult with your South Florida estate planning attorney. Here at Broward County, our attorneys will evaluate your needs and desires and outline a plan that is best for you. Supplemental documents ensure that your estate is handled as you wish during your lifetime and after you die.

Last night’s Super Bowl is testament to how unpredictable life is. Arm yourself with the right estate planning tools to protect yourself and your family from such unwelcomed events.

For more information on how to plan for you business’ future, contact our South Florida law firm of Wild, Felice & Partners, PA for a free consultation at (954) 944-2855.

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


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