The 8th Anniversary of Hurricane Katrina – Prepare Yourself For The Unexpected

Posted by on Aug 29, 2013 in asset protection, estate planning, Probate |

HKTODAY marks the eight year anniversary of Hurricane Katrina, and the destruction that befell New Orleans. It is days like these where we are reminded of the unexpected nature of devastation, recognizing that you can never be too prepared for tomorrow. In the spirit of crisis mitigation, consider whether you are prepared for the unexpected. Do you have a health care surrogate in the event that you become incapacitated? Do you have a guardian for your children? Do you have a valid will that will distribute your assets specifically according to your wishes, while avoiding unnecessary taxes or the costs associated with probate? If any of these questions are answered with a “no,” you may want to consider created an estate plan with the following documents:

1. Living Trust – a living trust has become increasingly desirable due to its ability to avoid probate (the legal process of determining whether a will is valid). If you are married, you may want to designate yourself and your spouse as co-trustees, so that you have full control over the property while you are still alive. Side Note: such control does have tax consequences, so you will want to discuss this with your estate planning attorney.

2. Assignment of Property – this is exactly that, assigning your property to your trust. In other words, placing your property into the trust. This includes both real & personal property. A trust does not do anything for you if there is no property in it.

3. Last Will & Testament – this is your traditional will that is used upon death to distribute property to beneficiaries, specify last wishes, and name guardians for minor children.

4. Durable Power of Attorney – this allows you to designate and authorize someone to legally act on your behalf, in the event that you become incapacitated.

5. Combination Living Will & Designation of Healthcare Surrogate – this outlines important healthcare decisions in advance, and appoints a healthcare surrogate to make healthcare decisions for you when you become unable to do so yourself.

Hurricane Katrina is the poster child for the disaster that can transpire when you are unprepared – take a lesson from Mother Nature, and be equipped for tomorrow’s unexpected!  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

 

 

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Change is Bad for Miley Cyrus; Good For Your Estate Plan!

Posted by on Aug 27, 2013 in asset protection, estate planning |

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SIMILAR to her new single, “We Can’t Stop,” Miley Cyrus can’t seem to stop the evolution of change that has recently caused a ruckus among fans and critics alike. The adorable “Hannah Montana” Disney star has cultivated a very strong change within the past years, resulting into the evolution of an especially alarming reputation with her provocateur-meets-streetwalker image. Winston Churchill once stated that “to improve is to change.” However, in Miley’s case, the only thing that has improved with her recent change is the gossip magazines’ ratings. I think what Churchill meant was, “to change is to improve,” and he was probably talking about your estate plan. Although change may be a sore subject for Miley, altering your estate plan after a life change is very good! If you have experienced any of the following life changes, it may be time to update your estate plan!

 Marriage & Divorce: If you have recently married or divorced, it is important to go back through your current estate plan to see whether these life events are addressed in your will or trust documents. First and foremost, marriage does not revoke a will. Divorce, however, may have an effect on the validity of the will. When you fail to amend your will following a divorce, and unless there is a provision within it that states otherwise, the will is treated as if the former spouse died upon divorce (wishful thinking, right?). As an alternative, the divorce or dissolution of marriage judgment can contain such language stating that the provisions in the will regarding the former spouse are valid, notwithstanding the divorce. Therefore, if you no longer want your former spouse to be the beneficiary of any portion of your estate, you need to check the language of your current will. If you get married following the execution of an estate plan, your spouse is entitled to an intestate share (in Florida, this is “per stirpes”) of your estate by statute, unless the new spouse waives the right, or the document itself provides otherwise (intent not to provide for new spouse, or provision providing for spouse in contemplation of marriage). Also, you may have had your former spouse designated as a Power of Attorney, or health-care surrogate. Thus, it is very important to ensure that your estate plan is consistent with your wishes following a divorce or marriage.

Children: if you have a new child following the creation of your estate plan, it is important to ensure that your new bundle of joy is provided for. You may want to set up a trust, a 529-college plan, alter beneficiary designations in your will, and nominate a legal guardian.

Estate Size Increase: You want to make certain that your estate plans are tailored to your estate size. Therefore, when your estate increases, you may want to make some changes in terms of tax and estate planning. Furthermore, if you have an estate plan that is set up to avoid probate, and acquire new property, you will want to assign that property to your living trust. You may want to consider a variety of estate planning strategies, anywhere from setting up an LLC to protect certain assets from lawsuits, to reducing the size of your estate for tax purposes.

So while all this talk of Miley’s evolution may be giving change a bad rap, remember that a change in your estate plan following new life events is always a good thing. 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

Florida based estate planning attorney Michael Wild is interviewed about the ins and outs of estate planning.

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President Obama Rates Colleges: #1 – Debt Free

Posted by on Aug 22, 2013 in tax |

college hatTODAY President Obama announced his plans for a new and improved college rating system that will rank schools based on their graduation rates, tuition, student debt, and average earnings of graduates. The President suggests that this plan is a response to the rising costs of colleges and the accrued debt that is resulting. He noted that “a higher education is the single best investment you can make in your future,” further stating that debt has become “a barrier and burden for too many American families.” What President Obama failed to mention was the efforts that you can make to help prevent your children from facing future college debt.

In the spirit of future of “college rating systems,” consider a 529-plan as a took to keep your children out of debt!

A 529 college plan is a tax-shelter for tuition savings. It allows you (or really, anyone) to contribute to an account to save for a designated person’s college education (it can be anyone, including yourself), and is not subject to federal taxation. The money in the plan can be used for any qualified expenses associated with college, including room & board, books, fees, computer, internet, etc. There is no age limit for when the plan can be used, and it can roll over to another family member. You can maintain control, and appoint a guardian/trustee to manage it upon death. So not only do you avoid tax on withdrawals, but any capital gains are tax-free as well. NOTE: you have to keep in mind that any amount that you put in the 529 plan can be considered a “gift” for transfer tax purposes. However, the “annual exclusion” for the year 2013 (this amount changes every year), allows anyone to can make up to $14,000 in gifts that are excluded from transfer taxes (which are collected upon death, and subject to an exemption that is currently in the amount of $5,250,000).

While congress is deciding whether to support this new college rating system, make your own determination on how you are going to contribute to the debt-free-college-America! 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

 

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Take A Lesson From Dick Van Dyke & Dick-Van-Don’t Get Swallowed In The Flames of Disaster!

Posted by on Aug 20, 2013 in asset protection, estate planning, Legal News |

untitledAccording to TMZ, 87 year old Dick Van Dyke’s Jaguar erupted into flames while driving in LA. Fortunately, he was pulled from the fire by a passing good-Samaritan. While the legendary actor’s car is now crispy ash on the side of the 101 freeway, he managed to escape the bizarre car explosion without any injuries.

Events such as these remind us that tragedy can strike without a moment’s notice, and it is important to always be prepared!  If you were involved in an accident, who would have the authority to make decisions on your behalf? Who can access your medical records? Have you designated a guardian for your children? Have you designated someone to make financial decisions for you in the event that you cannot? These are all questions, that when answered, can protect your family and assets when tragedy strikes.

Create a shield against the flames of tragedy with the following documents:

 

  1. Living Trust – used to gain control over the who, when, and what of how your assets are distributed. A trust is a great way to protect your assets & preclude unnecessary taxes. You can designate yourself as a Trustee, while designating trustworthy successor Trustee’s to manage the trust when you are no longer able to do so.
  2. Assignment of Property – place all of your property into the trust, and avoid costs, loss of privacy, & headache associated with probate. Probate is the process of validating your will; therefore, when all of your assets are distributed through the trust, there is nothing within the will to validate. As an alternative, you can merely assign property to the trust that you specifically want to preclude from probate, for the purposes of privacy.
  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 – In the event that you become incapacitated, this document designates someone to step into your shoes and make financial decisions on your behalf. That person can only make decisions for your benefit, and not their own.
  5. Combination Living Will & Designation of Healthcare Surrogate – Create a living will that states whether you would want life-prolonging medical treatment. Furthermore, the designation of a healthcare surrogate ensures that someone you trust is making medical decisions for you when you cannot. Otherwise, State statute will determine who can make those decisions for you.

 

Take a lesson from Dick Van Dyke and don’t get swallowed in the flames of disaster – plan ahead!

 

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.

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Celebrity News – A Constant Reminder to Prepare For The Unexpected!

Posted by on Aug 14, 2013 in asset protection, estate planning, Trusts, Wills |

Angelina_Jolie_Brad_Pitt_CannesE! News reports the a recent celebrity catastrophe, stating that British Airways scheduled both Angelina Jolie & Jennifer Aniston for the same flight from Los Angeles to London on Sunday. Shock! Horror! Although the airline managed to participate in some quick crisis mitigation, it begs the question: if the universe will allow Jolie & Jen to randomly schedule the same flight, what unexpected misfortune rests in the Gods of tomorrow?

 

 

If there is any moral to this story, it is to plan ahead. If you died tomorrow, or became incapacitated, would you have the following benefits?

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  • asset protection
  • control over your assets
  • protection for your loved ones
  • preclusion of unnecessary taxes
  • creditor protection
  • limited/no transfer taxes for following generations

 

 

If the answer is no,  the following 5 documents will ensure that you are prepared for any unexpected misfortunes that may lay ahead!

  1. Living Trust – gain control, asset protection, & preclusion of unnecessary taxes;  designated a trustworthy (no pun) Trustee.
  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 – gain control by designating someone to legally act on your behalf, in the event that you become incapacitated.
  5. Combination Living Will & Designation of Healthcare Surrogate – gain control by making important healthcare decisions for yourself in advance.

 

Learn from the misfortunes of these celebrities, and plan ahead! 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

 

South Florida Estate Planning Attorney, Michael Wild, shares horror stories of those who failed to plan ahead!

 

 

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