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.

Nearly three weeks ago, Malaysia Airlines Flight 370 vanished. Australian authorities said Friday that they have shifted the search area to a different patch of ocean. Today, the saga continues in trying to find an answer and more importantly, the plane itself.

It is events such as these where we are reminded how unexpected life can be, recognizing that you can never be too prepared for tomorrow. This occurrence leaves us with an abundance of uncertainty and makes clear that you have no control over your fate. However, with the right attorney you can ensure that your plans live on. There is a variety of estate-planning techniques in Florida that can be used to protect yourself and your family from a burdensome situation in uncertain times.

Living Trust – a living trust has become 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.

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.

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.

ONCE upon a time (cue happily ever after music), there was a Bachelor named Juan Pablo, who wanted to protect his love – the most beautiful of all of the reality show contestants in the land.  So he got on one knee, and told her that he “liked her a lot,” and proposed to “go get a burger.” ..if you just heard the record scratch to a halt, it’s because this is not your story-book-happy-ending.  Instead, Juan Problematic’s proposal went something like this:

“I have a ring here in my pocket, and I’m not going to use it. I’m not 100 percent sure that I want to propose to you, but at the same time, I’m 100 percent sure I don’t want to let you go. I like you a lot.” WINK-WINK. “A lot.”

While millions sat on their couches in disbelief of the major glitch in the Bachelor fairytale, Mr. Not-so-Prince-Charming should get credit for one thing: he gets to keep the lady, without the risk associated with a proposal.

Whether in the storybooks, or good ol’ reality, the happy ending remains the same: you want to enjoy the benefits of life, without the risk of loss. The same is true with protecting your assets. The following LLC plan is among the many strategies that can  allow you to enjoy the benefits of your assets, without putting your name on it (or a ring on it).

LLC Based Juan Pablo Asset Protection Plan:

Much like Juan Pablo’s situation, an LLC  allows you to use and control an asset, without titling it in your name. Rather, it will be owned by the LLC or LLP. Therefore, by separating your assets into LLC’s, you are safeguarding them from being pulled into a lawsuit brought against you, as they are owned by the LLC.

An LLC is a “Limited Liability Company.” It provides the desirable liability features of a corporation, without all of the extra hassle (paperwork, etc). Lets say you have a boat. So you give it a clever name (e.g. Juan’s Problemo), and put it in an LLC. A judgment against you is not valid against the LLC and the asset it holds (the boat). Furthermore, lets say you have an investment property (a high risk lawsuit property), and a tenant injures themselves on the property, and commences a lawsuit. If organized correctly, they can only sue the LLC alone. Your home and other assets (bank account, etc.) may not be touched, because you do not own the property, thus you are not personally liable. It’s like being a stockholder in a corporation.

Due to the fact that there are several requirements to properly forming an LLC, you will want to seek an attorney (that has a thorough understanding of such asset protection) to assist you in ensuring that the LLC is valid; otherwise, your safeguarding efforts will be futile. Also, keep in mind, the timing of the asset transfer cannot be done to actively avoid a present creditor, as it may be considered a “fraudulent conveyance.” Therefore, it is important to partake in these asset protection strategies prior to any legal or financial problems.

By utilizing estate-planning techniques, you can protect yourself and your family from unnecessary hassles, while safeguarding your assets. With the help of an estate-planning attorney, there are a variety of tools that can be customized to your goals, and implemented to ensure that you get the assets, without risking your name – Juan Pablo style.

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

February is the month of heart shaped chocolates and cards that express how your heart belongs/beats/flutters/etc. for your Valentine. Thus, it’s not necessarily an ideal time to be confronted with the grave reminder of how fleeting life can be, and the importance of planning for the unknown. However, for many, such planning is for the benefit of family and loved ones. Although we have little control over our fate, you can ensure that your loved ones are protected in the event of your own sickness or death. The following estate planning documents can be customized to ensure that your loved one’s are protected, not only in health, but also in sickness and death.

• Last Will & Testament – used to distribute property to beneficiaries (or a trust), specify last wishes, and name guardians for minor children. You can use a pour over will that funnels all of your property into the trust, to ensure greater asset protection for your loved ones.
• Living Trust – gain control, asset protection, & preclusion of unnecessary taxes; designate a trustworthy (no pun) Trustee. You can further provide that your assets continue in trust for the benefit of your loved ones, providing them greater protection from the claims of others.
• Durable Power of Attorney – gain control by designating someone to legally act on your behalf. There are many types of POA’s (“power of attorney”), but a “Durable” power of attorney means the power will be in effect even when you become incapacitated. Therefore, ensuring that any important business related decisions can be made in the event that you cannot make them yourself.
• Living Will & Designation of Healthcare Surrogate – make important healthcare decisions for yourself in advance. Determine who can access your health records and make medical decisions on your behalf.

 Ensure that you’re heart beats for your loved ones – even when it doesn’t! 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