Missing Plane, Missing Plans

Posted by on Mar 28, 2014 in asset protection, estate planning, Trusts, Wills |

malaysiaNearly three weeks ago, Malaysia Airlines Flight 370 vanished. Australian authorities said Friday that they have shifted the search area to a different patch of ocean. Today, the saga continues in trying to find an answer and more importantly, the plane itself.

It is events such as these where we are reminded how unexpected life can be, recognizing that you can never be too prepared for tomorrow. This occurrence leaves us with an abundance of uncertainty and makes clear that you have no control over your fate. However, with the right attorney you can ensure that your plans live on. There is a variety of estate-planning techniques in Florida that can be used to protect yourself and your family from a burdensome situation in uncertain times.

Living Trust a living trust has become the best way to maintain control over all of your assets and distributions, while avoiding the hassle, expense, and lack of privacy associated with probate.

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.

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. You may decide that you will not want any life prolonging procedures in the event that you have one of the following conditions: (i) terminal condition (ii) end-state condition; or (iii) persistent vegetative state. In this case, you want to ensure that you have such wishes outlined in your living will.

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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The Bachelor: A Lesson in Happily-Ever-After from the Not-So-Prince-Charming

Posted by on Mar 11, 2014 in asset protection, corporate formation |

imagesONCE upon a time (cue happily ever after music), there was a Bachelor named Juan Pablo, who wanted to protect his love – the most beautiful of all of the reality show contestants in the land.  So he got on one knee, and told her that he “liked her a lot,” and proposed to “go get a burger.” ..if you just heard the record scratch to a halt, it’s because this is not your story-book-happy-ending.  Instead, Juan Problematic’s proposal went something like this:

“I have a ring here in my pocket, and I’m not going to use it. I’m not 100 percent sure that I want to propose to you, but at the same time, I’m 100 percent sure I don’t want to let you go. I like you a lot.” WINK-WINK. “A lot.”

While millions sat on their couches in disbelief of the major glitch in the Bachelor fairytale, Mr. Not-so-Prince-Charming should get credit for one thing: he gets to keep the lady, without the risk associated with a proposal.

Whether in the storybooks, or good ol’ reality, the happy ending remains the same: you want to enjoy the benefits of life, without the risk of loss. The same is true with protecting your assets. The following LLC plan is among the many strategies that can  allow you to enjoy the benefits of your assets, without putting your name on it (or a ring on it).

LLC Based Juan Pablo Asset Protection Plan:

Much like Juan Pablo’s situation, an LLC  allows you to use and control an asset, without titling it in your name. Rather, it will be owned by the LLC or LLP. Therefore, by separating your assets into LLC’s, you are safeguarding them from being pulled into a lawsuit brought against you, as they are owned by the LLC.

An LLC is a “Limited Liability Company.” It provides the desirable liability features of a corporation, without all of the extra hassle (paperwork, etc). Lets say you have a boat. So you give it a clever name (e.g. Juan’s Problemo), and put it in an LLC. A judgment against you is not valid against the LLC and the asset it holds (the boat). Furthermore, lets say you have an investment property (a high risk lawsuit property), and a tenant injures themselves on the property, and commences a lawsuit. If organized correctly, they can only sue the LLC alone. Your home and other assets (bank account, etc.) may not be touched, because you do not own the property, thus you are not personally liable. It’s like being a stockholder in a corporation.

Due to the fact that there are several requirements to properly forming an LLC, you will want to seek an attorney (that has a thorough understanding of such asset protection) to assist you in ensuring that the LLC is valid; otherwise, your safeguarding efforts will be futile. Also, keep in mind, the timing of the asset transfer cannot be done to actively avoid a present creditor, as it may be considered a “fraudulent conveyance.” Therefore, it is important to partake in these asset protection strategies prior to any legal or financial problems.

By utilizing estate-planning techniques, you can protect yourself and your family from unnecessary hassles, while safeguarding your assets. With the help of an estate-planning attorney, there are a variety of tools that can be customized to your goals, and implemented to ensure that you get the assets, without risking your name – Juan Pablo style.

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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