Graduation is a special occasion that is full of emotions for the graduating class as well as their families. Teenagers are becoming young adults and as parents, we worry about whether we gave our children the sufficient tools to step into the real world. You might have taught them how to use a bank account, balance a checkbook, and use credit cards responsibly, but as parents you are never really sure if you have done enough. However, there is no need to worry if we plan ahead and take an extra step to create an estate plan that will ensure they are as protected as possible. Once this plan is in place, you can relax with the knowledge that you have a sound financial and medical back-up plan that will safeguard your child from the unexpected times in life that could derail his or her educational future.  In Florida, there are certain standard legal documents that should be prepared by a professional estate-planning attorney who is familiar with the goals you wish to accomplish for your family.

For example, the designation of a healthcare surrogate authorizes you to get information from a hospital or a doctor about your child. You will not be able to get this information once your child is 18 years old unless you have a document giving you permission to access the information. Additionally, your child may be unconscious and unable to give permission. Florida’s HIPPA laws prevent the dissemination of medical information to others unless there are written directives authorizing the permission.

You will also want to prepare a durable power of attorney. This agreement will allow you to control your child’s financial needs. A power of attorney will allow you to handle your child’s affairs even though he or she is considered to be a legal adult. Most importantly, a durable power of attorney can be drafted to allow you to access your child’s bank account in case you need to pay your child’s bills, restrict her spending, or add to her account.

Seeing your kid go off to college can be as exciting as it is nerve-racking but planning ahead will give you some peace of mind.  Make a resolution to sit down with an estate planning attorney and create a plan that will meet your current needs while giving your children a truly meaningful gift: financial security for their future.

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

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.

Nothing says happy mother’s day like a bouquet of beautiful flowers. However it may sometimes be difficult to find the perfect arrangement of flowers that will fit mom’s style and your budget.  Shopping around can be fun, but only when the shopping is of something you know about.  Decisions on estate planning on the other hand, are not as simple as choosing a color and a style. 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.

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

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.

Mother’s day, some say it’s the best day of the year to show our mothers how much we love them, others say everyday should be mother’s day, Hallmark calls it a payday. Regardless of your feelings on the “Holiday” don’t we all feel the need to take care of those who took care of us? So for this mother’s day get the one you love a gift that will last forever and more. Estate planning offers methods to protect yourself and those you love for the long term

1.   Living Trust – the best way to maintain control over all of your assets and distributions, while avoiding the hassle, expense, and lack of privacy associated with probate.

 2.  Assignment of Trust – this is exactly that, assigning your property to your trust. In other words, placing your property into the trust. This includes both real & personal property. A trust does not do anything for you if there is no property in it.

 3.  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.

 4.  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.

 5.  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.

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

If the bloody water, locusts, pesky frogs, and blackout darkness had failed to convince Pharaoh that it was time to release the Israelite slaves, we are pretty sure the 11th plague, probate, would have had Pharaoh hosting a go-away party with swag bags full of matzo.

Probate is the process of administering an estate, and validating a will. Sounds harmless? Well, it has many features in which you may recall from Exodus 12:

1. Water into blood – probate can take a perfectly simple distribution of assets, and transform it into a substance that renders the estate worthless; as months of attorney and court fees drain the estate of its resources.
2. Frogs – you thought frogs were pesky little creatures? They’ve got nothing on the claims of contesting beneficiaries and third parties. The process of probate provides a broad opportunity for creditors and other third parties to claim an interest in the decedent’s property. This prolongs the process, and increases the costs of administration.
3. Lice – You can’t quite see them, but each itch is a constant reminder that they are there, and you’ve got to scratch. This is much like probate procedures. From one moment to the next, you are having to deal with a different notice (scratch), filing (scratch), hearing (scratch), etc. (scratch, scratch, itch, itch).
4. Flies – A day of swarming flies is much like a year of probate; at the end of it, you are so bitten up and exhausted with swatting, that even when it stops, you have a long recovery period to look forward to.
5. Dying Livestock – you’ve got valuable livestock keeling over left and right, just like you would have estate assets dropping in value during the probate period. Through this administrative process, that cash cow might not be managed correctly. If you had, however, put it in a trust, with a trustee managing it, you would cashing in – not dropping out.
6. Boils – we know a couple of things about boils: (1) painful, & (2) ugly. Yes, that pretty much sums up probate.
7. Storms of Fire – Hail and fire destroys everything in its path.  A couple years of dealing with the stress of determining the appropriate distribution between family members has the same effect, often leaving family dynamics in a heavily damaged state of affairs.
8. Locusts – Pharaoh tried to negotiate when it came to the 8th plague, saying that all of the men could leave, but not the women and children. We know that did not work out so well for foolish-Pharaoh. This big-fat-fail is a common feature of negotiations regarding property distributions during probate administration.
9. Darkness – probate effectively prolongs the time that families have deal with the darkness associated with the loss of a loved one, as it can last for years, and serve as a daily stressor to grieving family members.
10. Death of First-Born – before this final plague, God instructed Moses to mark lamb’s blood over the doorposts as a protection from the “smite” of the plague. A trust based estate plan is much like this protecting method that spared the people from the “destroyer.” Such a plan incorporates a pour-over will and trust into your estate plan.  A will coupled with a trust effectively bypasses probate. The pour-over will takes all of the property that passes through the will, and funnels it into the trust. The property is then distributed to the trust beneficiaries pursuant to the terms of the trust.  This effectively removes all of the property from the Last Will & Testament, thereby leaving nothing to be administered through probate.

In the spirit of passover, don’t be a foolish-Pharoah; plan ahead, and avoid probate! 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

The lucky Power Ball winner claimed his prize on April Fool’s day however his price of $425 Million was no joke. Apparently the idea of being a millionaire has not affected his judgment, he kept his big win a secret until he had his financial and legal plan in place. Now that he has come forward to claim his prize it is important for him that his identity remains a secret from the public.

But why should we all wait for a strike of luck to plan ahead? There are plans you can set in place to ensure that you maintain control in the event of life’s unexpected surprises. An estate plan can give you piece of mind even if you can’t predict when your lucky stars will align in your favor. Whether your priorities are privacy or protection of your loved ones, with the right attorney you can ensure that your plans live on.

By utilizing estate-planning techniques, you can protect yourself and your family from unnecessary hassles, while safeguarding your current  assets and any other asset your lucky stars  brings your way.

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

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.