What Is an Irrevocable Trust?

An irrevocable trust is an estate planning and asset protection tool that provides creditor protection and gives the grantor extended control over the assets. With an irremovable trust, the grantor gives away the asset to the beneficiaries during the grantor’s life. Because the asset is for the benefit of the beneficiaries and not the grantors, creditor of the grantor can’t reach it because it is in a trust, creditors of the beneficiaries can’t reach it either. The only downside to an irrevocable trust is that upon the execution, the grantor loses control of the asset, even while he is alive.

To learn more about irrevocable trust visit http://wfplaw.com/Irrevocable-Trusts.html or you can call WFP at 954-944-2855 today for a free consultation.

Wild Felice & Partners, PA
Attorneys at Law
101 North Pine Island Road,
Suite 201
Fort Lauderdale, Florida 33324

As you read this you take in a big gulp of fresh air without even thinking twice. You’re alive. You’re busy. You’re participating in the daily grind.

At a time like this why would you even be thinking about death? With that, instead of talking about death, let’s talk about living. Living Trusts, that is.

First and foremost, what is a living trust?

A revocable living trust is a written agreement designating someone to be responsible for managing your property. You create this trust while you are alive, hence living. And you can change or cancel the trust at anytime time, also hence revocable.

Who is involved with a living trust?

A living trust involves four parties, you, the trustee, the person you are designating to be responsible for your assets, the beneficiaries and the attorney who will be assisting you in creation of this trust.

Michael Wild, managing partner of Wild, Felice and Partners specializes in these agreements and can assist and answer any additional questions you may have.

Benefits of a living trust:

The benefits far exceed the minimal time it takes to set up a revocable living trust. Here is why:

Avoid Probate: Avoid the long, arduous and costly process of probate by setting up a living trust. In fact, did you know that probate can cost up to 10% of the value of your estate? That is enough to make you pick up the phone and call Michael Wild immediately. (But really, our number is 954-944-2855). 

Tax Reduction: Raise your hand if you like taxes! While you keep both your hands firmly by your side, you should be glad to know that living trusts could save your family hundreds of tax dollars.

Reduce Court & Attorney Fees: And the money benefits continue…a living trust helps you save on attorney fees often charged during the probate process.

Control: Even after your last breath, you have exact knowledge of who will receive your assets, how they receive it, when they get it and even how they use it.

Privacy: We all hear of celebrities forgetting to execute a living trust, as a result their private assets are now available for all to see. Whether your Philip Seymour Hoffman, Robin Williams or John Doe, who wants everyone to know your private money matters?

Revocable: That’s a great word, it rolls off the tongue so nicely, don’t you think? It also is great for a living trust; allowing the individual to change or amend their trust anytime. Well, unless you are dead… and that would make a great sequel to the movie Ghost.

To learn more about Revocable Trusts visit our website at www.wfplaw.com, you can also schedule a free consultation at http://wfplaw.com/Contact-Us.html

Take a nice deep breath, because we are here to help.

We work hard for the money, so hard for it, honey. We work hard for the money, so you better treat it right… and get yourself an asset protection plan.

We may be a little off regarding the lyrics of Donna Summer’s 1983 hit, but we are right on point when it comes to protecting yourself.

Whether you’re a multi-million dollar singer/songwriter or janitor, everyone should have an asset protection plan in place. These plans are no longer for the ultra rich or business owners, they are created for anyone who cares about protecting the assets they work hard to obtain.

With that said, Wild Felice & Partners provides the four main benefits of having an asset protection plan:

1. If you have experienced a car accident, a medical emergency or lose your job, you are susceptible to creditors and potential lien holders. These circumstances make you an easier target for a lawsuit, thus putting your home, cars, money, retirement accounts etc. at risk.

2. Almost every insurance policy has exclusions or limits, an asset protection plan should cover anything missing by your insurance coverage.

3. The more unprotected assets you own, the more likely a creditor could sue you or your business for those assets. Most attorneys do an in-depth analysis of your assets prior to stepping foot in court in order to see where you are most vulnerable. Have the peace of mind that your assets are protected before, during and after legal proceedings.

4. Asset protection not only protects your money, but also preserves it. This investment will appreciate in value, the older it is, the strong it becomes.

So as you stare at the clock, which seems to be going backwards and cursing us for getting “She works hard for the money” stuck in your head, remember the importance of protecting your assets.

To learn more or schedule a free consultation, contact Wild Felice & Partners at http://wfplaw.com/Contact-Us.html or call us at 954-944-2855.

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Wild Felice & Partners is a full-service, Fort Lauderdale, Florida based law firm with a specialty in estate planning, asset protection, elder law, and probate administration. Our law firm provides the knowledge and experience of a large law firm, while giving our clients the hands-on service and attention to detail that only a smaller firm can truly offer.

Amidst the rollercoaster of emotions, planning of the funeral, writing of the eulogy and hosting far away relatives, the passing of a family member is not an easy one. With the advent of digital assets, not only are you transitioning their death in the physical world, spiritual world and mental world but also the digital world.

A new law in Delaware called the Fiduciary Access to Digital Assets and Digital Accounts Actallows a beneficiary access to the digital assets of the recently deceased.

This includes emails, social media accounts, health records, cloud storage and access to Grandma’s Farmville account. Some companies including Google and Twitter are already offering users the option of assigning a beneficiary. On Google, for instance, a beneficiary is contacted if an account is inactive for a certain period of time. This gives the beneficiary access to emails (Now an even better reason to start cleaning out that inbox!), ability to shut down the account or even set up an auto-reply message to friends.

Twitter also provides this service, but requires a death certificate prior to access.

Supporters of the new law hope that this legislation will spread to other states, assisting family members during these troubled times.

Whether it’s funeral flowers or a Farmville finale, Delaware-ings are provided more access to there loved ones digital accounts. Perhaps this is something that will make its way to the good ol’ Sunshine State.

Wild Felice & Partners is a full-service, Fort Lauderdale, Florida based law firm with a specialty in estate planning, asset protection, elder law, and probate administration. To learn more, Please contact Wild Felice & Partners, South Florida Estate Planning Attorneys at http://wfplaw.com/

The ALS Ice Bucket Challenge has become a viral Internet sensation, raising over  $15 million so far for the ALS Association to research Lou Gehrig’s disease. Not only has this phenomenon multiply donations to find a cure, but it has also spread ALS awareness.

Awareness of this terrible disease can make you think about the sudden changes life can bring regardless of whether you know someone who has been affected by ALS.   Regardless of age or health, it is never too early to start planning ahead because you never know what the future will bring to you or your loved ones.

A proper estate plan will answer three key questions: what are your assets? Where are they going? How will they get there? These questions are simple but the answer can be quite complicated. The planning process takes time and varies depending on the particular circumstances of each individual. An estate plan is a living entity; as factors in your life change, your plan should be altered accordingly. With the assistance of the right attorney you can choose from a variety of estate-planning techniques in Florida to create an estate plan that fits your needs and wishes such as:

• Living Trust & Assignment of Property – a living trust allows you to distribute your assets while ultimately avoiding probate (the legal process of determining whether a will is valid). Re-examine your income stream and how you will want your assets distributed after your death. This is a good time to look at your entire estate and determine if you will need additional tax planning.
• Last Will & Testament – this is your traditional will that is used upon death to distribute property to beneficiaries, specify last wishes, and name guardians for minor children. You may want to change who you have designated as a guardian, or burial requests.
• Durable Power of Attorney – this allows you to designate and authorize someone to legally act on your behalf, in the event that you become incapacitated. As time goes on, you may want to change who will have the power to make financial decisions on your behalf. Furthermore, you want to ensure that your power of attorney document provides “super powers” to allow the agent to make decisions regarding retirement accounts, public benefits, gift exemptions, disclaiming property, and similar provisions that have financial consequences to your estate.
• Combination Living Will & Designation of Healthcare Surrogate – this outlines important healthcare decisions in advance, and appoints a healthcare surrogate to make healthcare decisions for you when you become unable to do so yourself. You may decide that you will not want any life prolonging procedures in the event that you have one of the following conditions: (i) terminal condition (ii) end-state condition; or (iii) persistent vegetative state. In this case, you want to ensure that you have such wishes outlined in your living will.

Planning for the future and using the technique that’s right for you will protect your family from hassles when the time comes. Get ahead of the other 50% of Florida resident and get an estate plan now. It’s never too early to plan ahead.

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