In life we are often faced with some tough questions like “should I quit my job” or “does this dress make me look fat?” Navigating the answers to such questions can be challenging but at Wild Felice and Partners, we have realized that not all questions are created equal. While we may not have answers for your wife as she twirls around in a dress from circa 1989, we do have the answers to the most common estate planning questions.

Why do I need an estate plan?

It is often believed that only the old and wealthy need an estate plan. This is far from the truth. In fact, anyone who is mortal needs an estate plan. Even Moses died eventually so you definitely need a plan. In most cases, wealth is not the driving factor behind setting up an estate plan, it’s the control over who gets all of your assets and when they get your assets after you are gone.

What is the difference between a will and a trust?

A will is a document that describes one’s preference about how they wish to distribute their assets after their death. A living trust on the other hand, allows a person to entrust his/her assets to a grantor or trustee. The grantor has the responsibility of transferring the assets of the trust to the person’s beneficiaries, or managing those assets on behalf of those beneficiaries.

The main difference between the two estate planning options is probate. By having a trust, a person avoids probate. Probate requires the family members of the deceased to attend court and hear arguments from those who may contest the will. Probate also allows creditors to attack the estate and ties up the assets for years. The cost of probate ranges from 3 to 10 percent, depending on the assets. With a living trust, because the assets were transferred prior to his/her death, the family does not have to go through probate.

When should I get an estate plan? When should I make updates?

It is never too early to start. Sit down and take stock of all of your assets, including investments, retirement accounts, insurance polices, real estate, business venture and valuables. Next, decide what you want to achieve with those assets and who you wish to inherit them.

Once you do have an estate plan, it is very important to update it. Things change, we get married, divorced, lose money, gain money, have children or relocate. Anytime you have a big change in your life, we want to know about it. It’s not because we’re nosy, but simply, because we want to make sure you are taken care of.

Have more questions? Wow, you ask a lot of questions! All joking aside, the attorneys at Wild Felice and Partners are more than happy to answer all of your questions. We also provide free consultations. 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.

National 2-1-1 day is right around the corner! 2-1-1 Broward offers a live, 24 –hour comprehensive helpline, and support services to individuals and families in our community seeking crisis intervention assistance and/or information and connections to health and human services in Broward County. The help line offers a wide variety of help from housing, food, financial assistance, to relief from abuse, family issues, depression, childcare and suicide prevention. Every call is immediately connected to a skilled, trained counselor at a crisis center in the area. Reaching out to someone with personal information may feel a little uncomfortable at first, however it’s important to understand that these skilled counselors are trained to assist you in specialized areas and understand that all information spoken about is confidential.

Some benefits of 2-1-1 Broward include:

Michael Wild as Captain 211

• Provides an easy to remember three digit number;
• Links new residents to the community and helps them access services;
• Prevents the loss of life through suicide/homicide or abuse;
• Helps keep families intact;
• Contributes to the overall well-being of caller and their families;
• Eliminates confusion and frustration about where to go for help;
• Improves access to health and human services;
• Provides information about emergency shelters and evacuation during storms/disasters

Michael Wild is the managing partner of WFP Law, specializing in the area of estate planning, asset protection, wealth transfer and probate administration.  Michael is very active in his community and has proudly been serving the Broward, Palm Beach and Miami-Dade communities since 2006. Michael currently is on the Board of Directors for 211 Broward and states, “My main focus is to ensure that everyone is aware of 2-1-1 Broward. I encourage people going through tough times to reach out to these skilled counselors and use their assistance to help guide you to the right path.”

Rumor has it that Captain 211, Michael Wild, will be visiting Ft. Lauderdale! Captain 211 and his minions will begin their journey on Las Olas Blvd at 11:30 am in front of Grille 401. From there, they will be visiting Timpano, the Riverside Hotel and Hoffman’s Chocolates, among other locations in Downtown Fort Lauderdale. Captain 211 wants your support by snagging a picture with him and posting it on Facebook, Twitter, and or Instagram with the hashtag, #Captain211. Not only do you get to post a cool photo for everyone to see, but by posting a photo you are entered into a contest and the winner will be announced at the Non-Profit Academy Awards on Friday, February 13^th.  Michael is honored to help such a great organization and looks forward to seeing everyone there! For more information on Broward 2-1-1 please visit their website at http://211-broward.org/

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.

2015 is a special year. For the first time ever, disabled persons and their families receive a new type of savings with the benefits of tax-free growth.

This new saving vehicle is called 529 ABLE plans, authorized by Congress in late 2014. It is similar to a 529 college plan, yet it allows people with disabilities to save as much as $100,000 and still apply for additional benefits, such as Medicaid and Supplemental Security Income. A disabled person or family member(s) can make one-time or regular contributions into the 529 ABLE plan. The plan can grow “tax-free” if used on qualified expenses. These expenses include education, housing, transportation, employment training, legal fees and funeral expenses.

Sounds similar to a 529 plan? It is! The main differences between the two plans are the “options.” For example, a family opening a 529 plan must select a plan offered by the state in which they live; however a family opening a 529-ABLE plan can select a plan offered by any state. Didn’t we mention 2015 was going to be a special year?!

In order to qualify for the 529-ABLE plan, a certification is required by a doctor, and primarily for those who became disable before reaching the age of 26.

At Wild Felice and Partners, we have provided special needs planning to hundreds of South Florida families. We are excited to help families with this new plan as well. If you have any questions regarding the 529 ABLE or special needs planning, please contact us for a free consultation.

Our phone number is 954-944-2855 and website www.wfplaw.com

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