DJ Calvin Harris was involved in a car accident when his SUV was struck by a VW Beetle.  Even though the VW was significantly smaller in size, it still caused a violent crash that resulted in one of the young teenagers breaking her hip and landed Harris in the hospital.  Luckily, everyone is alive and recovering but this incident is a reminder of how unpredictable life can be.

What if something like this (or worse) happened to you?  Do you know who would continue to pay your bills?  Who would make important healthcare decisions on your behalf?  If you have children, do you know who will raise them if you are no longer around?  Or how it is that your assets will be distributed?  Wouldn’t you want the ability to answer these questions and remain in control of your future no matter how unpredictable life may be?  The great news is that you can with an estate plan.

A properly executed estate plan will allow you to remain in control, either during times of incapacity or even after you’re long gone.  By executing documents like a Durable Power of Attorney or a Healthcare Surrogate and HIPAA release you are able to designate an individual to make important financial and healthcare decisions on your behalf.  A Last Will and Testament will appoint guardians to raise your children and include cremation or burial requests.  You can even direct how your assets will be distributed in your Will but it will be subject to Probate.  If Probate is something you wish to avoid then the Revocable Living Trust may be a better option for you.

For more information regarding estate planning and your options, please call (954)944-2855 for your free consultation or, visit our website at:  www.wfplaw.com.

It’s A Wild World.  Are You Protected? SM

If you’re quiet, you may be able to hear a few hundred hearts breaking across the Country as more and more ladies discover Ryan Gosling just welcomed his second daughter with Eva Mendes.  A second baby for the Hollywood hot throb is a strong indicator that he is in it for the long haul with Eva, but it also means it’s time to start planning for the future of his growing family.  While you’re picking up the pieces of your broken heart and facing the cruel reality that Ryan will never be yours, consider this:

When you welcome a new child to the world your priorities instantly change; you not only want to protect your child, you also want the best for them.  Providing them with the protection and care you deem fit is easy while you’re alive but what would happen if you and your spouse were suddenly no longer around?  It’s not an easy thought to grasp or even a thought we wish to consider; however, it is reality.

By creating an estate plan you are able to designate a guardian, someone who will raise your child the way you would want them to be raised.  You’re not only able to direct where your assets will go but can also choose how you want them distributed.  You can create restrictions on when your child receives their share, ensuring they are old enough to handle the inheritance in a mature way.  Leaving a legacy behind to your children will allow them to go to college, have their dream wedding and have the financial stability to purchase their own home.  A Living Revocable Trust is the most favorable option when considering how to achieve these goals.  Your Revocable Trust plan will also include other important documents such as the Last Will and Testament, Living Will, Durable Power of Attorney, Healthcare Surrogate and HIPAA release.  All seven documents provide ultimate protection to both you and your family.

Once your estate plan is in place it should be reviewed with an attorney at least once every 3 to 5 years.  This is necessary to determine if any changes need to be made due to a possible marriage or divorce, additional birth of child, death of a beneficiary or trustee, possible changes in tax law, or legal drafting requirements.

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

With all the media buzz over the recent passing of musical genius Prince you’re likely hearing a lot about Probate and may be wondering what the heck it is and why you should care.  Florida has one of the worst Probate systems in our country which is why it is so important to take the time to understand the process and plan accordingly.

What is it and why should I care?

If you pass away with assets left by Will then your assets must go through the Probate process.  Probate is the legal process of proving a Will in court.  The size of your estate will determine which type of probate administration will be necessary.  A smaller estate (one where the assets are valued at less than $75,000) will require a Summary administration.  Summary administration is less costly but may still last as long as a year, which means your beneficiaries will have to wait quite some time before receiving whatever is you left them (no matter how much they may need the assistance).  If your estate is worth more than $75,000, then your estate will require a full administration which is very costly and can take years before it is finished.  At a time when everyone should be focused on grieving and healing, they will instead be forced to deal with the judicial system and related stress that accompanies it.

Probate is time consuming, costly and offers no real benefit to the family members left behind which is why you should really consider avoiding it all together.

How can I avoid Probate?

Probate avoidance can be accomplished in a number of ways but the most favorable tends to be through a Revocable Living Trust.  By creating a Revocable Living Trust you not only ensure Probate avoidance but you remain in control of how your assets will be distributed.  If you die without an estate plan in place, you die intestate – which means that Florida intestate succession laws will decide who gets your assets.  By being proactive you remain in control of your assets, may be able to reduce estate taxes, can name guardians on behalf of your minor children and, of course, avoid probate.

For more information on Probate, Estate Planning, and Asset Protection, visit our website at www.wfplaw.com or call (954) 944-2855 for your free consultation.

It’s A Wild World.  Are You Protected? SM

Life can bring some major changes to each of us at some point: marriage, divorce, birth of a child or death of a loved one.  Although we may not be able to do much to prevent change we can definitely do a lot in an effort to plan for the outcome that inevitably follows.  When considering how to best protect your family, there are a variety of options.  Perhaps the most “popular” planning device is the Revocable Living Trust, but Life Insurance is a great tool as well and can be used in conjunction with your trust based plan.

Holding assets in trust can provide a multitude of benefits, including creditor protection and control form beyond the grave.  However, some assets you pass on may carry expenses that your loved one’s cannot afford to pay.  For instance, you may own a business that will require overhead expenses to continue functioning until it is sold or you may leave a home that has an unpaid mortgage.  The trust is a great device for protecting your assets and avoiding probate but Life Insurance can be used to pay for these additional expenses or even replace income.

When considering the best way to protect yourself and your family, don’t limit your options.  Call (954)944-2855 for your free consultation today.

For more information on Estate Planning, Asset Protection and Probate visit our website at www.wfplaw.com.

It’s A Wild World.  Are You Protected?  SM

Being married is great:  you have someone who is obligated to laugh at your jokes, compliment you from time to time and who will binge watch TV shows on Sundays with you.  Perhaps one of the best benefits from being married, however, is the Unlimited Marital Deduction.  The Unlimited Marital Deduction allows for one spouse to transfer an unlimited amount of assets at any time free from tax.  This means that whatever one spouse leaves to their surviving spouse at death will be transferred, tax free!  This is great news for everyone! Well, almost everyone.  Unfortunately, the marital deduction does not apply to noncitizen spouses.  A noncitizen spouses will have to pay taxes just as anyone else who may inherit from the decedent.  If your estate exceeds the federal exemption amount ($5.45 million) this can truly become a nightmare.  Have no fear, there is a solution!

Enter the Qualified Domestic Trust, or QDOT Trust.  A QDOT Trust is used for noncitizen spouses in this situation and provides relief by deferring the federal estate tax that would have been due at the time of their spouse’s death and, instead, leaves a large amount of money behind for their benefit.  When the first spouse passes away, their assets will go into trust instead of directly to the surviving noncitizen spouse.  While the noncitizen spouse will not own the assets they can enjoy benefits throughout the remainder of their life, such as any interest that the trust may generate.  At their death the assets will then pass on to the other listed beneficiaries.

If this scenario seems familiar, then call (954)944-2855 for your free consultation today.  Protect yourself and your family by providing ultimate peace of mind!

For more information on Estate Planning, Asset Protection and Probate please visit our website at www.wfplaw.com.

It’s A Wild World.  Are You Protected? SM