Kim Kardashian just can’t get out of the spotlight these days. She recently got flour bombed on the red carpet at her fragrance launch, which came as a shock to all onlookers. It probably had something to do with an angry PETA activist. Another bomb Kardashian took not too long ago concerned her very short marriage to basketball player Kris Humphries that lasted only 72 days. To avoid a third bomb, she should consider estate planning if she has not already done so.

Even short marriages necessitate updating wills and other estate planning documents.

When a major event in life happens, such as a marriage or birth of a child, then a will should be updated to reflect the intentions of the decedent in how assets should be distributed. For example, if you do not want to give any assets to your new spouse or a new child, then the will should be updated to explicitly state this.

Kardashian’s divorce is yet another major life event making it crucial to update estate planning documents. People usually do not want their ex-spouse to inherit anything. Even if Kim married Kris for publicity, she might marry again and decide Kris should get nothing. Taking the time to update her will would save an immense amount of confusion and litigation if she were to die. Ideally, a will should be updated before a divorce is finalized. Why you ask? Consider this. If a spouse passes away during divorce many states will treat that person as still married and allow the ex-spouse-to-be, to inherit a portion of the estate even if the spouse is not mentioned in the will.

When your life changes, it’s important to keep your estate plan up to date to reflect these important changes or you might just get doused in a powder of probate mess.

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?

So, everyone’s familiar with Kristen Stewart’s new popular movie Snow White and the Huntsman. Like the bloodthirsty queen in her hunt for eternal power, proper estate planning documents can provide you with the best asset protection so you can have power and control from the grave or… glass coffin . Like the queen who seeks Snow White’s heart in order to remain the fairest of them all, there are four key documents that lie at the heart of estate planning.

1. Last Will and Testament– this legal document sets forth how and to whom your assets will be distributed. It sets forth who the appointed personal representative of your estate is, and if you have minor children, who will be their guardians. Without a properly executed Will, your assets may pass through Florida’s laws of intestacy.

2. Durable Power of Attorney– this critical document allows you to nominate a person who will have power to make all non-medical decisions for you in the event you become incapacitated. For example, they can pay your bills, manage your bank accounts, and run your business.

3. Designation of Health Care Surrogate– this document allows you to designate someone to make medical decisions for you in the event you become incapacitated. If you do not designate someone, the court might appoint someone to make the decisions for you. The courts’ choice might be against your wishes and extremely costly.

4. Living Will– This relates to “end of life” decisions. In the event you are in an “end stage condition” or a permanent vegetative state, you can include instructions that let your loved ones and caregivers know whether or not you wish to be kept artificially alive by machines.

Create your fairytale estate plan today by including all these critical documents. It’s a good feeling to know that with a solid estate plan in place you will have your family members well protected. Then, when it is your time to look into the magic mirror of death, you can be sure that you are the fairest of them all.

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?

South Florida may not have a very large Irish population, but we’re all Irish when it comes to St. Patrick’s Day. On Saturday, most of Floridians will be painting the town green with the Irish spirit in all of us. Why not ponder a little something while spending all of this week’s paycheck downing infamous green beers or pints of dark Guinness? Is there a way you could save more of your hard earned money?

Well, you’ve found your four-leaf clover. You can paint your estate plan green and save some of those green Benjamins you’ve worked so hard for.

Did you know that the average American works about 80,000 hours in a lifetime? However, national statistics reveal that 80% of Americans die without a will. Less than half of all Florida residents have an estate plan in place. Such a result is a nice pot for Uncle Leprechaun to dip into and hoard your treasures.

Do you know that establishing a Revocable Living Trust avoids probate, thus saving you tens of thousands of dollars while providing your family with complete asset protection?

Do you know that proceeds from a South Florida life insurance policy may carry a hefty estate tax? Establishing an Irrevocable Life Insurance Trust will transfer life insurance benefits into a trust and save your family hundreds of thousands of dollars.

Do you know that about 50 million lawsuits are filed each year? If you own your own business, then choosing the right business entity can protect you from creditor claims. A Limited Liability Company will shield your personal assets from debts and liabilities. A Limited Liability Partnership will protect your personal assets from the mistakes of your partners. The Family Limited Partnership is an ideal legal entity for the family business venture. The main benefit is that the partnership itself pays no taxes. Rather, individual partners report all property or assets in direct proportion to their respective FLP interests on personal tax returns.

This weekend, contemplate step dancing your way into a more solid and secure estate plan. There are many options available that our highly skilled and knowledgeable attorneys can apprise you of.  But don’t delay. Actions speak louder than thoughts.

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?

Despite Tiger’s uncooperative Achilles’ tendon and Peyton Manning’s quest for a new football team, these two high profile celebrities share a common link- the high net worth of a professional athlete.

Forbes estimated the net worth of Tiger Woods to be about $600 million. As for Peyton Manning, it’s reported to be about $115 million dollars. However, with his soaring popularity with football fans and looming new offers with possible endorsement deals, it’s only going to increase.

With such wealth, power, and popularity also comes responsibility. That is, to oneself and to one’s family members. Asset protection and wealth preservation is the solution. Where there are deep pockets, there is also vulnerability to threats. Utilizing the right estate planning strategies and asset structuring can protect from potential litigation and creditor claims.  A solid estate plan will reduce estate taxes, avoid probate, and also lower court and attorney fees. It also provides some well needed privacy for high worth assets as respite from all that high media attention sports celebrities get these days.

Here in South Florida, there are so many benefits to be enjoyed from asset protection trusts such as  Charitable Remainder Trusts, Irrevocable Life Insurance Trusts, Qualified Personal Residence Trusts and so much more. Tiger and Peyton, as Floridians, might want to consider these options if they do not already have an estate plan in place.

It takes years of hard work to accumulate your wealth. But it can take seconds to lose it all. That’s why South Florida estate planning is one of the most critical processes every individual should engage in.

March Madness has a lot to do with estate planning. It is a team sport. Our lawyers work together with our clients to achieve the same goal in creating the perfect designed estate plan that will cater to his or her individual needs. When our clients win, we win…without the swinging or tackling.

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?

Apparently, it happens!

Louse White, an 81-year-old woman from Rhode Island asked a family member to buy her a lottery ticket from a local supermarket following an intense craving for rainbow sherbet ice cream. She ended up winning the Powerball jackpot. What did she do with all those millions? She was smart. She took the time to consult with her attorneys first, prior to claiming her sweet prize.   She and her attorney created the Rainbow Sherbet Trust to protect her newly acquired $210 million.

In South Florida, new trusts are being devised constantly. Concerned about heavy taxation on your life insurance policy? There’s an Irrevocable Life Insurance Trust for that. Are you feeling like a humanitarian today? There’s a charitable trust for that.  You finally decided to protect your family vacation home? Say hello to Family Trusts. So, you have decided to leave everything to your spoiled Maltese poodle? There’s a Pet Trust for that. As you can see, there’s a gourmet selection of trusts to choose from to cater to your every need. The most common one is called a “living trust” which includes a “revocable” and “irrevocable” trust.

Handling a princely sum of money can be overwhelming and stressful. Retaining an experienced and knowledgeable attorney is critical for protecting your money. New trusts are being devised constantly. Each one features different legal requirements and are designed to serve various purposes. Keep in mind that circumstances change over time that may dramatically affect your estate planning strategy. Consult a qualified South Florida estate planning attorney today and protect your money like Louse White did.

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?