What is Elder Law?

Seniors are the fabric of our family. Their idiosyncrasy’s, morals and mannerisms lace through the generations. Even if you received your bad temper from your mother or type A personality from your father, you are thankful for everything they have done for you and your family. It is important to care for them as they have for you.

Elder law ensures the matriarchy and patriarch of your family is taken care of in various areas of their life. This includes three major categories:

1. Estate Planning
2. Long Term Care
3. Guardianship

Estate Planning

Your parents or elderly family members may have created a will several years ago. It is important that they updated their basic estate planning documents such as wills, trusts, durable power of attorney, health care surrogate and living will. It is recommended a specialized elder law attorney review these documents once a year.

Long Term Care

As your loved one gets older, you want to provide them the upmost care; however you are afraid of the costs associated with this care. Wild Felice and Partners have provided our clients assistance with the long-term costs such as nursing home or assisted living facilities. We can also assist with the requirements and application process of to be admitted into a home.

The government can assist with these costs, especially if you or your loved one has served in the military. It is important to speak with an estate planning and elder law attorney to ensure you are getting the full benefits you and your loved one deserves.

Guardianship

As your loved one gets older, it is very important to have a power of attorney in place to ensure he/she receives the exact treatment and care noted in the will. If the documents are not properly implemented, they may not uphold under the law.

History of Elder Law

The concept elder law was established in 1965 and signed into law under the Older Americans Act (OAA) by President Lyndon John. This authorized grants to States for service programs, funding for research and training projects in the field of again.

In 2000, it was amended National Family Caregiver Support Program, which was intended to help hundreds of thousands of family members who are struggling to care for their older loved ones who are ill or who have disabilities.

Elder law is not only a broad form of law but can also be a complicated one. We highly recommend working with a specialized elder law attorney so you can get the best long-term care, with the most benefits and at the discretion of your loved one.

To learn more about the benefits of elder law visit http://wfplaw.com/Elder-Law.html

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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.

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

Estate Planning Blunders

We all make mistakes.

Forgot to turn off the coffee pot, oops.

Burnt the chicken, things happen.

Give all your retirement savings to your ex-husband instead of your children, no big deal.

Here is where we insert the sound of a screeching halt.

People make mistakes, but the latter of the three should not be one of them.

As Halloween approaches, it’s time to gather around and tell the scariest stories you have ever heard. Disclaimer: these stories may cause one to lose sleep, experience night sweats, and worst of all… call an attorney.

Story I: The not-so-wise old man.

Benjamin* was successful gentleman; he worked hard and amassed significant wealth throughout his life. One day, Benjamin met a beautiful younger woman. As a widow, he was happy to have found someone to enjoy his time with. Benjamin was smitten over the bombshell and decided to take the relationship to the next level and give her partial control of his assets during his lifetime.

Unbeknownst to him, the girlfriend had transferred a significant portion of the estate to herself. At his death, his children were left with nothing. Once it was discovered, it was too late. The assets were spent or transferred out of jurisdiction.

The lesson learned: don’t date young women or pick the right person to be in control of your assets before and after your passing.

Story II: Money to strangers

As an attorney looked over his client’s trust he became a little disturbed. William* was set to give $50,000 to two different people that he did not even know! How is that even possible you ask?

William knew he had to set up a trust. One night he used the trusted and credible Internet to do so. However, when he copied and pasted an old trust from the Internet, he failed to take out the previous information.

Thank goodness William was smart enough to meet with an attorney and get this fixed before it could have been a true horror story. 

Story III: Cheap is expensive.

We all love the Mad Libs game. You get a story and are prompted to fill in the blanks within the story before reading it. It always ends in barrels of laughter. This story however, does not leave anyone laughing.

Probate is not a game, but perhaps Alice* thought so. 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. No laughing matter there…

*All names have been changed

To learn more about Estate Planning  and avoiding these situations, visit our website at www.wfplaw.com, you can also schedule a free consultation at http://wfplaw.com/Contact-Us.html.

What is Estate Planning?

Bobby has heard he needs estate planning, but Bobby is too embarrassed to admit he doesn’t know what estate planning actually is? Don’t be embarrassed Bobby. Estate planning covers the transfer of property at death, as well as a variety of other personal matters. The core documents associated with estate planning are your will and your trust. Depending on your estate, it may or may not involve tax planning. At WFP, estate planning is really counseling from professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. This should be a personal process and is all about what you want. Don’t trust a lawyer who tries to give you some cookie cutter document.

To learn more about estate planning click here, you can also call the experienced South Florida estate planning attorneys at WFP at 954-944-2855 for a free consultation today.

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

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.