Tue12

Do I need an estate plan?

Posted by on May 12, 2015 in estate planning |

Do I need an estate plan?

Ask-Michael

The two biggest misconceptions made by most South Floridians that lack comprehensive estate planning is that they are either too young to worry about it or not wealthy enough to worry about. However, the fact remains that very rarely is estate planning solely about the money.

An estate plan allows you to have control over who gets all of your assets and when they get your assets after you are gone. Therefore, an estate plan is really for anyone who is mortal.

If you have a people in your life you wish to protect, contact Michael Wild for a free consultation. Call us at 954.944.2855 or contact us here.

Wild Felice and Partners provide estate planning and asset protection in Fort Lauderdale, Plantation, Weston and Miami.

Read More
Fri01

Don’t Draft Your Own Estate Plan

Posted by on May 1, 2015 in estate planning |

Don't Draft Your Own Estate Plan

The big moment came and went. Mr.Crablegs himself will be sporting the good old black, white and red. Despite his checkered past, Winston still beat out Mariota.

At Wild Felice and Partners we fully condone the draft, but it should stop there. When one attempts to draft other areas of their life, things can get really stinky. Like drafting your own estate plan.

Take Alice for example. Ninety-year-old Alice decided to get preprinted wills from a local office supply store. Much like Mad Libs, Alice filled in the empty spaces and considered this paperwork her will. Upon her death, this “document” failed to conform to the laws of the state in which she lived.

Rather than paying an experienced attorney to prepare her will, her family suffered through a long, lengthy and costly probate. A process even longer and probably more pain staking than Bruce Jenner’s gender transition.

We remind you that nothing is more important than caring for your family. An estate plan, drafted by a specialized estate plan attorney will provide you the piece of mind and ability to control your assets from beyond the grave.

For more information on how to shield your family from the perils of probate and the rising estate tax, contact our South Florida law firm for a free consultation: http://wfplaw.com

 

Read More
Fri24

Don’t Just Set It and Forget It

Posted by on Apr 24, 2015 in estate planning |

Estate Planning

Over 70 percent of all Americans have no estate planning documents whatsoever. Of the 30 percent that do, most have only basic documents like a Last Will and Testament, with no regard to probate avoidance, estate tax reduction or asset protection. Of those people that do incorporate a Revocable Living Trust into their foundational estate plan, over 90 percent will leave the trust underfunded or unfunded at death, causing the unnecessary loss of assets and unnecessary delay of distribution. Some basic estate planning upkeep could alleviate all of these concerns.

Your estate plan should be reviewed with an attorney at least once every 3 to 5 years. I review my clients’ estate plans each year to determine if any changes need to be made due to a change in tax law (as happened in 2010), legal drafting requirements (as happened in 2005) or the Probate Code (as happens most years). However, the more pressing changes almost always occur on the personal side of the equation.

Over the course of every 5 year period, most families will see a birth, a death, a marriage or a divorce and this event could cause the need for an amendment to the estate plans of the individual members of that family. Additionally, the beneficiaries might be at different ages or competency levels and the Trustees, Personal Representatives and Guardians might be in different stages in life, areas of the country or financial levels than they were when you originally drafted your plan, which would cause the immediate need to revise and choose new role players.

Another consideration is the age of your attorney. Your estate planning attorney needs to be able to walk your children or other beneficiaries through the administration process. Is your attorney still alive? Is he still practicing? Will he still be practicing when you die? Does he practice in the state in which you currently live?

Any estate planning attorney should give you a free consultation for the review of your estate plan. An ounce of prevention is worth a pound of cure. A simple review and possible amendment to your estate plan today will save your family large amounts of money and time after you are gone.

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.

Read More
Fri24

The Need for Proper Business Structure

Posted by on Apr 24, 2015 in Limited Liability Company |

15300923_xl

There are a variety of business entities that can be incorporated into your wealth preservation plan. A Limited Liability Company (LLC) is a commonly used structure that provides its “members” (owners) with control over assets, without the risks associated with having title in their own personal names.

By owning your assets in an LLC, you are safeguarding them from being pulled into a lawsuit brought against you, as you do not “own” them. The LLC provides higher liability protection than a corporation and, if organized correctly, any potential creditor or litigant would be limited to gaining only a charging lien against the LLC. Your home and other assets (bank account, etc.) may not be touched, because you do not own the business directly, thus you are not personally liable. It’s like being a stockholder in a corporation.

Due to the fact that there are several requirements to properly forming an LLC, you will want to seek an attorney (that has a thorough understanding of such asset protection) to assist you in ensuring that the LLC is valid; otherwise, your safeguarding efforts will be futile. Also, keep in mind, the timing of the asset transfer cannot be done to actively avoid a present creditor, as it may be considered a “fraudulent conveyance.” Therefore, it is important to partake in these asset protection strategies prior to any legal or financial problems.

By utilizing estate-planning techniques, you can protect yourself and your family from unnecessary hassles, while safeguarding your assets. With the help of an estate-planning attorney, there are a variety of tools that can be customized to your goals, and implemented to ensure that you get to enjoy your assets and investments without that pesky law suit target that comes when you own them in your own name.

Read More
Wed22

Save the Planet…From Probate.

Posted by on Apr 22, 2015 in estate planning, Trusts |

Why you need an estate plan

This Earth Day, Michael Wild encourages you to plant a little more green. And when we say green, we’re not talking about 4-20, but rather, planting more green into your estate plan.

The Benefit of Estate Planning, Earth Day Style

  1. By rooting your hard earned assets into a trust, you are protected from creditors digging for ways to steal what is rightfully yours.
  1. The stress of probate heats up faster than Global Warming. By having an estate plan in place, you avoid an arduous process that is costly and time consuming.
  1. The Government has a zero-tolerance policy during probate cases, emitting as many ways to charge you hundreds and thousands of dollars. In fact, probate can cost up to 10% of the value of your estate.
  2. Your loved one may become be endangered. A trust is nature’s way of keeping you in control when you are experiencing your day of going into the Earth; control of who gets what, how they receive it, and where they can keep from beyond the grave.
  1. Like the big oak tree in front of your window, an estate plan allows privacy. Your trust is private and secret, only people you designate will be privy to your estate plan.

With all this green in your estate plan, you can breath a sigh of relief!

To learn more about estate planning, contact Michael Wild at http://wfplaw.com.

Wild Felice & Partners is a full-service law firm with a specialty in estate planning, asset protection, elder law, and probate administration in Plantation, Fort Lauderdale, Sunrise, Parkland, Coral Springs and Westin.

 

Read More