Ex-NBA star Lamar Odom was found unconscious, vomiting and foaming from the mouth last week in Las Vegas, Nevada. Since his admission to the hospital, blood tests revealed that both cocaine and opiates were found in his system and he had suffered from an overdose.  Odom’s initial condition was listed as critical and he was comatose for most of the week.  Luckily, his condition has improved significantly and he is now awake and breathing on his own.  Still, Odom’s mental state may not permit him to make his own financial and medical decisions. This tragedy reminds us of how important it is to make certain that all of the necessary healthcare documents are in place and that your estate plan in up to date.

Whether you have never considered an estate plan before or if you have an older plan in place, now is the time to visit our South Florida office for a free consultation. Life is unpredictable and changing constantly.  Therefore, it is important to have an estate plan that is updated accordingly with these changes.  By creating an estate plan, you are ensuring that your loved ones and the wealth you have accumulated are both protected.  The most desirable way to accomplish this goal is by creating a living trust.  Since the trust will hold your assets, they will not be subject to the lengthy and costly process of probate.  Instead, your assets will be distributed in a manner you deem appropriate and to whichever beneficiary you desire.  Unlike a will where your wishes become public record upon your death, the content of your trust will remain private.  The trust based plan will also include all of the necessary healthcare documents, such as:

Durable Power of Attorney: Appoint the individual you see fit to make all of your financial decisions, should you become incapacitated or otherwise unaware of your surroundings.

Designation of Health Care Surrogate:   Designate a healthcare surrogate to handle your medical decisions, should you become incapacitated or otherwise unaware of your surroundings.

Living Will: An important document that allows your healthcare surrogate to give the doctor the necessary authorization to “pull the plug” if you are being kept alive by artificial means.

Lamar Odom’s tragic event is proof of how fragile life can be. Prepare yourself for the unpredictable by calling the South Florida firm of Wild, Felice & Partners today for your free consultation.

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

Tis the season for scary decorations, fun costumes and pumpkin spice everything. As Halloween quickly approaches most Americans are stocking up on candy and preparing their homes for the tiny trick-or-treaters. Yes, having the scariest house on the block is important but properly planning your estate is even more important.

Did you know that less than half of all Florida residents have an estate plan in place? This may be attributed to the fact that most South Floridians feel that they are either too young or not wealthy enough to worry about estate planning. Yet, estate planning isn’t about being wealthy and it’s not about being “the right age.” Estate planning is about being proactive and taking the necessary steps during your lifetime to ensure your loved ones and the wealth you have accumulated are protected. Whether you want asset protection for peace of mind, want to ensure your loved ones avoid the mess of probate or you just want to reduce the possible estate tax, the South Florida law firm of Wild, Felice & Partners can help you accomplish your goals.

There are various techniques that can be used depending on what your goals are. The most desirable technique used in estate planning is the living trust. By creating a revocable living trust you are ensuring that your assets are safe from the possibility of litigation, bankruptcy, and divorce. During your lifetime you can revoke or amend your trust to fit accordingly with any life changes such as a marriage, divorce, children, or a change in wealth accumulated. Once deceased, the assets you included in the trust during your lifetime will avoid probate and, instead, be distributed immediately to the named beneficiaries in the manner that you choose.

Your trust based plan will also include a Pour-Over Will which will make certain that all remaining assets not included in the trust “pour-over” into the trust immediately. Your plan will also include the Durable Power of Attorney, Living Will, Healthcare Surrogate and HIPAA Release form. These healthcare documents allow you to designate and legally authorize someone to act on your behalf in the event you become incapacitated and unable to make both financial and healthcare decisions for yourself. For more information on the revocable living trust or any of the mentioned healthcare documents, please visit our website at http:/www.wfplaw.com.

Make October less scary by contacting the South Florida Estate Planning law firm of Wild, Felice & Partners at 954-944-2855 and schedule your free consultation today.

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

Rumor has it that Leonardo DiCaprio is engaged to his model girlfriend Kelly Rohrbach. This is big news for Hollywood’s ladies man. Time has come for Leo to hang his party hat and to update his estate plan!

Divorce, children, change in wealth accumulated and marriage are all reasons to update your estate plan. A revocable living trust is the most favorable estate planning option. A revocable living trust will offer maximum protection against creditors and the possibility of litigation. A couple considering marriage should consider creating two revocable living trusts. Each spouse will act as co-trustee of each other’s trust and will have full access to the assets held in trust. Upon the death of one spouse, the maximum allowable tax-free distribution will fund a newly created Bypass trust. The remaining assets will then fund a newly created Marital Trust. Assets remain safe for the children who, after both parents are deceased, will save big on estate taxes. In addition to the living revocable trust, every married couple will need the following:

Assignment of Property: These documents will help fund the trusts. Real property, bank and brokerage accounts, and personal property will be safely transferred into the trust.

Pour-Over Will: A will becomes public record upon death. For that reason, it’s best to keep the Will straight to the point. The Pour-Over Will will simply state the living trust exists and will ensure that all remaining assets, should there be any, “pour-over” into the trust immediately.

Power of Attorney: This document is a written authorization that allows the appointed individual to make financial decisions on your behalf, should you become incapacitated or otherwise unaware.

Designation of Health Care Surrogate: By designating a health care surrogate you are appointing an individual to handle your medical decisions, should you become incapacitated or otherwise unaware.

Living Will: The Living Will is an important document that allows your health care surrogate to give the doctor the necessary authorization to “pull the plug” if you are being kept alive artificially.

Marriage is the beginning of a long journey together. What better way to begin that journey than by being fully prepared and protected. Be sure to update your estate plan to fit accordingly with life’s changes. For more information on successful Florida estate planning and asset protection techniques, please visit our website at http://www.wfplaw.com or 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

Coach Joe Philbin of the Miami Dolphins has had a rough season to say the least. With all of the pre-season hype, the Dolphin fans entered the season with playoff expectations but after three straight losses it’s become hard to remain optimistic. The most recent loss in London put Philbin’s job security in question and ultimately resulted in him being fired earlier today. Perhaps a more aggressive approach could have resulted in Philbin avoiding this unfortunate outcome but it’s too late now. While it may be too late for Philbin, the time is just right for you. Now is the time to be both aggressive and proactive in planning for our loved ones and avoid probate.

Probate is the legal process that takes place after someone has passed away. It’s a lengthy process that includes the following

1. Filing the deceased person’s will with the court and proving to the court that the will is valid. During this process the will may be challenged which will only further prolong the process.
2. Identifying and recording the deceased’s person assets.
3. Appraising the property value.
4. Paying off any remaining estate taxes and/or debts.
5. Distribution of the remaining property to deceased’s heirs.

Probate is costly and can take anywhere from six months to well over a year. The court system, debt collectors and lawyers will receive compensation before your family receives anything. Luckily, everyone can avoid probate through a number of ways.

One of the most favorable ways in which to avoid probate is through the creation of a living trust. By creating a living trust, you decide which assets are held in trust and who will receive them upon your death. Any asset held as part of the trust will avoid probate and will immediately be distributed to your beneficiaries by the designated trustee.

Another way in which you can avoid probate is to create a joint ownership of property. Co-owners are also referred to as “joint tenants” and own the property jointly with the right of survivorship. What does this mean? The right of survivorship means that upon one co-owners death the remaining interest is instantly transferred to the surviving owner without the need for probate.

Other ways in which you can avoid probate include gift or beneficiary designations, life insurance policies, and retirement plans. To learn more about probate avoidance and proper planning for your loved ones, schedule your free consultation with Wild, Felice & Partners, PA today. Call (954) 944-2855 or visit our website at http//www.wfplaw.com.

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