Recent polls reveal that “It’s a Wonderful Life” has been voted the Christmas film of all time. The classic film took the number one spot over other Christmas favorites, including Elf, Love Actually, Home Alone, and the Muppet Christmas Carol.

Although we can all agree that It’s a Wonderful Life, most of us are not prepared for it to end! The “Happy Holidays” and “Merry Christmas” salutations are rarely accompanied with the declaration that “we are all going to die;” we thought we would steal the Grinch’s moment, and be the bearers of bad news. If you have lost a loved one that failed to put a probate-avoiding-estate plan into place, you will be dealing with a mighty gruesome process. However, with the right attorney (and maybe a little holiday eggnog), the stress associated with probate can be significantly reduced.

Probate is the process of validating and distributing the decedent’s assets. This includes a variety of payments that the personal representative will be responsible for distributing, including those to creditors, the court fees, taxes and administration expenses (estate costs, funeral costs, etc.). Naturally, this will also include distributions to the beneficiaries entitled to the assets, as named in the will or trust. This entire process involves extremely complex considerations that are not apparent to anyone who is not trained in the practice of probate administration. Slight mistakes can result in a significant increase in both time and money; and thus it is very important to ensure that the estate is being administered properly. This process will involve tax related consequences, dealing with creditors, inventorying property, appraising property, paying off debts, court filings, procedures to avoid litigation, and considerations associated with exempt property, family allowance, and elective share benefits. In Florida, you cannot avoid the probate process, but you can shift the burden to a trusted attorney who can provide the most expedient and stress free process as possible.

It is a wonderful life, but don’t let it be a Grinch in death – find the right attorney to manage and avoid the pitfalls and problems associated with 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

If your sickness mitigation plan is packaged in one little pill that claims to enrich your body with not one, but “multi” vitamins,” the newly-published editorial in Annals of Internal Medicine suggests that a reevaluation is in order. The piece says that “taking supplements offers no benefit when it comes to preventing cardiovascular disease, cancer or a second heart attack.” However, those in the study lived healthier lifestyles than the average American, because most Americans don’t have a healthy diet, and therefore, don’t get the vitamins and minerals they need. Thus, if you are dealing with a vitamin C deficiency, you can guzzle some OJ, or pop your multivitamin; nevertheless, you will need a back up plan to mitigate your health risks. Furthermore, until your packaged-plan includes a mortality pill, you will also need to prepare for health related events that extend beyond the common vitamin deficiency. The following documents will ensure that you maintain control of your assets during sickness, incapacity, and death (aka, the life-deficiency).

When dealing with sickness, you will want to have a Combination Living Will & Designation of Healthcare Surrogate in place – 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. In the event of incapacitation, you will also want to have a document drafted that names a Durable Power of Attorney who can step in your shoes and legally act on your behalf. In terms of after-life planning, you want to make sure that your loved ones are protected, and your assets are distributed according to your wishes. This will require the following:

• Living Trust – a living trust has become increasingly desirable due to its ability to avoid probate (the legal process of determining whether a will is valid). If you are married, you may want to designate yourself and your spouse as co-trustees, so that you have full control over the property while you are still alive. Side Note: such control does have tax consequences, so you will want to discuss this with your estate planning attorney.
• Assignment of Property – 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.
•  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.

Don’t let a little deficiency stand in your way – 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

SYLVIA BROWNE, the psychic who used her paranormal abilities for detective work, died this Wednesday at the age of 77. She was revered by many for her psychic demonstrations on shows such as “Unsolved Mysteries,””Loveline with Dr. Drew” and “The Montel Williams Show.” Recently, however,  she received some backlash for telling a woman that her daughter, the then missing Amanda Berry, was dead. Berry was  later rescued from the home of Ariel Castro, along with several other young girls.

Among her many psychic skills was the ability to predict death. The renowned Silvia Browne could foresee her own death, but for most of us less-paranormal folk, we don’t get much of a warning. However, we can be prepared for the unknown with the following Estate Planning documents:

1. Living Trust – a living trust has become increasingly desirable due to its ability to avoid probate (the legal process of determining whether a will is valid). If you are married, you may want to designate yourself and your spouse as co-trustees, so that you have full control over the property while you are still alive. Side Note: such control does have tax consequences, so you will want to discuss this with your estate planning attorney.

2. Assignment of Property – 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.

If you can’t predict your future, plan for it! 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

Recent news has reported that the Philippines typhoon death toll has reached over 3,600, with another 12,000 who have suffered injuries. Amidst this tragedy, coupled with the holiday spirit of helping the less fortunate, many are seeking to assist the people of the Philippines. If you would like to donate to this cause, be sure to find an organization that is qualified by the IRS, so you can make an itemized deduction on your tax return. Use the following tips to ensure that you can receive a deduction for your charitable donation:

1. Itemized Deduction: First of all, you cannot make a qualified charitable deduction under the “standard deduction,” as they can only be reported through itemized deductions.

2. Determine whether your donation is qualified for a deduction: To receive a deduction for your donation, it must be made to a “qualified organization.” The “Exempt Organizations Select Check” is an online tool provided by the IRS to help you determine whether your donation was made to a qualified organization. If you don’t want to do the research, you can always count on larger charitable organizations like Red Cross.

3. Keep a record: When you make a charitable donation to a qualified organization, you must maintain a record in the form of a bank record or a written communication from the qualified organization containing name of the organization, the date and amount of the contribution. If your contribution has a value of $250 or more, you must get a contemporaneous written acknowledgment from the qualified organization indicating the amount of the cash, a description of any property contributed, and whether your received a benefit in return (if so, it must include the estimated value of the benefit received).

4. Submit a Form 8283: If your charitable donation deductions exceed $500, you must submit a Form 8283 with your return. You can find the instructions for filling out this form here.

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

A rescue operation of 90 U.S. Marines and sailors have joined the relief efforts in the Philippines in the wake of the massive typhoon that has left behind a death toll that is projected to reach approximately 10,000.

It is events such as these where we are reminded of the unexpected nature of devastation, recognizing that you can never be too prepared for tomorrow. If you wish to aid the victims of the disaster stricken country, there are a variety of charities taking donations that will go directly to coordinating disaster relief. The Philippine Red Cross is accepting donations online, keeping donors updated on relief efforts through Facebook and Twitter. Save the Children has said that it will reserve 10% of donations received to help prepare for future emergencies. In this spirit of crisis mitigation, consider whether you are prepared for the unexpected. Do you have a health care surrogate in the event that you become incapacitated? Do you have a guardian for your children? Do you have a valid will that will distribute your assets specifically according to your wishes, while avoiding unnecessary taxes or the costs associated with probate? If any of these questions are answered with a “no,” you may want to consider created an estate plan with the following documents:

1. Living Trust – a living trust has become increasingly desirable due to its ability to avoid probate (the legal process of determining whether a will is valid). If you are married, you may want to designate yourself and your spouse as co-trustees, so that you have full control over the property while you are still alive. Side Note: such control does have tax consequences, so you will want to discuss this with your estate planning attorney.

2. Assignment of Property – 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.

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.