• Trust – Does your trust document make a distribution to your ex-spouse? Is your ex-spouse the trustee over your assets? Do you want to put your  home in a trust to avoid homestead, ensuring your ex-spouse does not have control over it in the event that it is passed to minor children?
•  Last Will & Testament – are your children’s distributions going to made out right? Are they minors? If so, your ex spouse will likely be named guardian over the assets to which he / she will effectively have control.
• Durable Power of Attorney – is your ex-spouse designated to legally act on your behalf? Some power of attorney documents do not address whether the power terminates upon divorce.
• Combination Living Will & Designation of Healthcare Surrogate – Do you want your ex-spouse making healthcare decision for you?

Living in Florida sure does have its perks! You’re never too far from a gorgeous beach, you’re greeted with warm weather and blue skies almost daily and you can make weekly trips to Disney (if you really wanted to).  Unfortunately, being a resident of Florida also means you or your loved ones could be subjected to the state’s probate process.  When compared to other states in our country, Florida’s probate process is known to be both higher in costs and last a great deal longer.  With proper planning and funding, you can ensure your loved ones avoid this tedious and emotional process.

There are two ways in which property can pass at death: through a Will or a Will substitute. The goal for every individual should be to have their assets controlled by a Will substitute.  Some examples of Will substitutes include joint ownership of accounts, beneficiary designation, pay on death or transfer on death designations and life insurance.  These Will substitutes allow for assets to pass by operation of law to the named beneficiary, therefore avoiding probate.  A Living Trust is another Will substitute which allows your assets to pass outside of Probate.  Think of the trust as a durable safe that has been built to hold your all of your assets.  Once your attorney has built your “safe” you take it home and put it away because now you’re done, right? Wrong!  If you fail to put anything into this“safe” then nothing has been accomplished.  You must fund your trust.

Funding may seem like a scary concept since you are titling assets in the name of the trust or listing the trust as beneficiary. Have no fear! You, as grantor and trustee of your Living Trust, remain in complete control of these assets until your death.  Therefore, you can carry on as usual and continue to control your assets in the same manner.  As part of your trust based plan, you will receive an Assignment of Property, a document that will ensure that all of your personal property makes its way into your trust.  In addition to the Assignment of Property, you will also receive a Pour Over Will.  This Will will act as a safety net for any accounts you may have forgotten to add to your trust.  Beware, however, that these accounts will have to go through the Probate process before the trust will control the manner in which they are distributed.  This further illustrates the importance of properly designating your accounts and funding your trust ahead of time to avoid Probate altogether.  It should be clear at this point that funding is the final and perhaps most crucial part of the estate planning process.  Fund your trust with the assets you wish to protect and those assets will avoid probate.

If you have a trust or are considering creating a trust then know the attorneys at Wild, Felice& Partners are proud of you but don’t stop there. Take that final step and ensure your trust is properly funded so those assets remain safe and avoid Probate.  Protect yourself and your family.  Call us today for your free consultation at (954) 944-2855.

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

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

Peyton Manning is a name almost every American is familiar with, even if you’re not a football fan.  This is likely because he is labeled one of the NFL’s most iconic figures.  His list of successes is quite long and includes being a five-time MVP, Super Bowl MVP, and two-time Super Bowl winner.  It’s estimated Manning has raked in around $247 million in earnings during his career. Now pushing 40 years of age, Manning is considering retiring from the game for good.  Rest assured if he does, he will leave quite the legacy behind for both his fans and family; one that cannot be changed or altered in anyway.  Just like Manning, you too should ensure your legacy is set in stone and protected for your family and future generations.  Ok, the legacy you leave behind may not look quite like Manning’s (as I’m sure none of ours will) but that doesn’t make protecting it any less important.

No matter if you own a large estate, moderate estate or even a smaller one – protecting what you’ve worked hard for should be a priority.  Estate Planning is the process of making arrangements during your life for the disposal of your property after you pass away and preparing for life’s unforeseen events that may leave you incapacitated.  This may be accomplished in a number of ways but the most popular is by creating a Revocable Living Trust.  A Revocable Living Trust will allow you remain in control even after you’re gone by allowing you to set restrictions on when your beneficiaries receive their share.  You can choose the age they must attain to receive their share, ensure they graduate college, or set any other type of restriction you wish.  The Revocable Living Trust can also protect the beneficiaries share against any unsecured creditors such as divorce, bankruptcy or litigation.  Without a plan in place, your assets will not only be open to the possibility of unsecured creditors but you also risk your assets ending up in the hands of individuals you may not even like since they will be distributed according to Florida Law.  With the Trust based plan, you can rest assured that everything will be distributed the way you choose and in the manner you deem fit.  Along with your Trust based plan, you will receive other important documents such as:

Last Will and Testament: Nominate your Personal Representative, choose a Guardian for any minor child, and add any burial or cremation requests.

Living Will:  Advanced directive or “pull the plug” document.  Allows your healthcare surrogate to give the doctor the “ok” to pull the plug if you are being kept alive by artificial means.

Durable Power of Attorney:  Nominate an individual to make financial decisions on your behalf or qualify you for public benefits, should you not be in a position to do so yourself.

Healthcare Surrogate & HIPAA Release:  Nominate an individual to access your medical records and make informed decisions on your behalf, should you not be in a position to do so yourself.

You may not be considered a MVP in the NFL like Manning, but you can ensure you leave a legacy behind just as he has.  Call the South Florida Law Firm of Wild, Felice & Partners today for your free consultation at (954) 944-2855.  For more information on Estate Planning or Revocable Living Trusts, visit our website at www.wfplaw.com.

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

Chances are that at some point you have considered using your IRA funds to make some type of profitable investment (or you will at some point in your future!).  You may have also felt limited in doing so to either investing in only stocks or bonds.  If you find yourself nodding your head while reading this blogpost, then rest assured you’re not alone in feeling that way – most individuals feel limited in their options when investing their IRA funds.  The good news is that taking control of your IRA is only two steps away!

1. In order to open up your investment options you should first consider moving your IRA to a Self Directed Custodian. Truth is, you could stop here but there will be a few draw backs. First, you will have to consult with the custodian prior to making investments, such as purchasing a piece of real estate inside your IRA. The custodian would have to title the real estate on behalf of your IRA – a task that would not only be time consuming and inconvenient, but costly since the custodian will charge extra fees for it. If this doesn’t seem appealing, then move onto step two below.
2. Once you have moved your IRA to a Self Directed Custodian, you then will want to create an IRA Checkbook Limited Liability Company (“LLC”). Once you create this Checkbook LLC, the Self Directed Custodian will give you a check for the amount of cash you desire from your IRA. You will then deposit this check into your LLC’s account and, since you are the manager of this account, you have full “checkbook control” over the assets. Now the options really begin to open up! You can purchase real estate, stocks, bonds, notes and make other investments permitted by the IRS. If this task seems a bit confusing or scary, have no fear – the attorneys at Wild, Felice and Partners will guide you through the process and simplify everything along the way.

For more information about IRA investing or the Checkbook LLC, please call the South Florida Law Firm of Wild, Felice & Partners at (954) 944-2855.  Call today to schedule your free consultation and allow our attorneys to provide you with the ultimate peace of mind!

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