Not surprisingly, cemeteries in the city of Cambridge, Massachusetts are not willing to accept the body of Boston Marathon bomber, Tamerlan Tsarnaev.  A lone uncle of Tsarnaev, along with his funeral director, plan to ask the city of Cambridge for a burial plot instead.  The uncle told reporters that Muslim tradition call for his nephew to be buried and he would like it to be in Cambridge as that was his home for the last 10 years.   On Sunday, several protesters gathered outside the funeral home holding signs and American flags chanting “USA!”  The signs contained messages urging Americans not to bury the bomber on US soil.

The dilemma is emotional and stressful for all involved.  Even when you remove the terrible events surrounding this burial, final ceremonies and funeral arrangements are taxing on any grieving family.  The best way to alleviate some of this stress at a painful time is to plan ahead.  Leaving behind written instructions for your survivors can prove a great relief both emotionally and financially.  Otherwise, Florida state law will dictate who will have the right to decide how to handle your remains.  Oftentimes this leads to disputes between your remaining family members.

Our team of successful Florida estate planning attorneys can help you memorialize your preferences including:

• burial verse cremation requests
• funeral services
• leaving pets behind
• creation of a Living Will to dictate whether you want your life artificially prolonged or if you prefer to be allowed to die naturally
• designating a Health Care Surrogate to make medical decisions on your behalf

And for those forward thinkers that already have an estate plan in place, it’s a good idea to review your plans annually to ensure they still reflect your wishes.

For more information on creating a set of written instructions upon your passing,  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?

This week famed NBA center Jason Collins came out as the first openly gay athlete in a major men’s American team sport.  “I’m a 34-year-old NBA center. I’m black. And I’m gay,” Collins stated in the May 6, 2013, issue of Sports Illustrated.

Motivated by the recent Boston Marathon bombings, Collins acknowledged that he was done waiting for the perfect moment to come out.  He stated “things can change in an instant, so why not live truthfully?”

In a world of uncertainty, it is imperative that gay and lesbian couples to take advantage of proper estate planning.  The current laws do not afford same-sex unions the same legal protections as traditional married couples.  As it stands now your partner will most likely inherit nothing upon your death and could even be forced to move out of your shared home.  Same-sex partners in Florida also have no legal rights in the following areas:

• No elective share, or inheritance of a portion of the deceased’s estate.
• Not considered next of kin regarding decisions about your partner’s medical treatment when your partner is incapacitated.
• Not considered next of kin regarding hospital visitation rights.
• Not considered next of kin regarding decisions about your partner’s burial services.
• No protective tax treatment in terms of IRA’s and retirement plans.
• No shared access to their partner’s Social Security benefits or Medicare benefits.

Don’t just sit idle hoping that everything will work out.   Make sure your beloved partner is protected upon your passing.  At Wild Felice & Partners, we can work with you to draft a comprehensive estate plan to recreate some of the rights and benefits of traditional married couples.  Some key elements include:

• Last Will and Testament to ensure that your estate is not blindly distributed according to intestacy laws.
• Living Will which will specify how you would like to be taken care of in case of incapacity.
• Designation of Health Care Surrogate which will allow your same-sex partner to give informed consent for your medical treatment.

Our South Florida law firm treats estate planning in terms of a married couple, so the fee plan for a same-sex couple will naturally get the same treatment.  For more information on how to plan for your partner’s future, contact our South Florida law firm of Wild, Felice & Partners, PA for a free consultation at (954) 944-2855.

President Barack Obama’s April 10 FY 2014 proposed budget contains a number of estate, gift, and generation-skipping transfer (GST) tax proposals.  Starting in 2018, it is proposed that the tax scenario will revert back to 2009 rules in order to trim the $1.8 trillion deficit, namely by relying on taxing the estates of high-income earners.

If passed, the following parameters will be implemented:

• Gift tax rate of 45% (as opposed to the current 40%)
• $3.5 million estate tax exemption (as opposed to the current $5 million)
• $1 million gift  tax exemption

The provision would replace the current American Taxpayer Relief Act (ATRA) that was created to permanently provide relief to the estates of hard working decedents.  The new provisions would be effective for the estates of individuals that pass away, and for transfers made, after December 31, 2017,

What does this mean for you?  This means that over time much smaller estates would be taxed at a much higher rate that may threaten the wealth you worked your whole lifetime to accrue.

With the unpredictable budget proposals affecting estates across Florida, it is crucial to schedule a routine review with a well-versed South Florida estate planning attorney.  For more information on successful Florida estate planning and effective asset protection tools, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation.

Being properly informed is the best way to stay a few steps ahead of the shifting estate tax patterns.

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

As President Barack Obama officially declared the Boston Marathon explosions “acts of terrorism,” Americans were quick to rally and show off the true spirit of our nation.  Tons of Boston businesses handed out supplies and offered safe havens for all affected.  Hotlines opened up as did blood banks throughout the US and in South Florida.  And as always, the donations of generous Americans started rolling in.

In the wake of yesterday’s tragedy, we are reminded with just how fragile life is and how lucky we are.  Many of us want to donate to charities that help victims and their families.  For those fortunate enough to make sizeable donations, the US government rewards such gratuity.

A smart way to qualify for income tax and estate tax deductions are through two common estate planning techniques known as Charitable Lead Annuity Trusts or Charitable Remainder Trusts.      Charitable Lead Annuity Trusts (“CLATS”) allow an individual to transfer their assets to a beneficiary upon their death who can then donate the assets to a charity of their choosing.  This will be treated as a charitable deduction and can substantially reduce your overall federal estate tax.   A Charitable Remainder Trust (“CRT”) is an irrevocable trust.  Once created, this trust distributes a portion of its assets at least once a year to a non-charitable beneficiary.  After a specified number of years or upon the death of the trustee, the remaining balance in the trust is donated to a designated charity.  This type of trust can immediately reduce an individual’s taxable income.

But the intricacies of such charitable trusts are best handled by experienced Florida estate planning attorneys.  For more information on Florida income tax and estate tax deduction 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

The world watched in horror as the stabbing spree at a Texas Community College unfolded on Tuesday, April 9th.  At least  14 people were injured at the hands of mentally unstable student Dylan Andrew Quick, 20.  Quick used a “razor-type knife”  and began slashing students in between classes.  Amazingly, none of the injuries were fatal.

This can be attributed to the quick response of fellow students and faculty who tackled the stabbing suspect to  the ground and sat on him until Rescue Workers arrived.  Unfortunately random acts of violence have become all too common.   But proper planning helped mitigate the injuries in this attack.  Employees, staff, and students in every profession  have gotten the message that if chaos strikes, don’t sit idly by and hope for the best.  That’s too risky.  The same can be said  of unexpected circumstances in life such as sudden accidents or death.  We can’t prevent catastrophes, but we CAN have a contingency plan in place in case they do occur.

Severe injury or death of a loved one is always followed by panic, shock, and frequently chaos.  In case you become  disabled or incapacitated in Florida, who will call the shots?  Who will give informed consent regarding the type of medical  treatment you should receive?

Our team of experienced South Florida estate planning attorneys can help you prepare crucial documents that reflect your  medical and financial desires.  This includes:

1. Durable Power of Attorney – will allow the designated person(s) to manage your financial affairs should you become  mentally or physically unable to do so.
2. Designation of Health Care Surrogate – allows the designated person(s) to make medical decisions on your behalf.
3. HIPAA Release – HIPAA (the Health Insurance Portability and Accountability Act of 1996) requires health care providers  to be very careful how they release health care information. You will name one or more persons who will be able to have  access to all of your medical information.
4. Living Will – will state whether you want your life to be artificially prolonged or whether you prefer to be allowed  to die naturally.

The best way to be certain of which supplemental documents you need as part of your estate plan is to consult with your  estate planning attorney.

For more information on successful Florida estate planning and medical designation choices,  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?