We’ve all heard the honeymoon horror stories, but the Newlywed Cliff-Hanger has them all beat. Newly married, Jordan Linn Graham, told police that while hiking in Glacier National Park, she got into a heated argument with her hubby of one week, Cody L. Johnson. She claimed that instead of just walking away, her anger caused her to push Johnson in the back with both hands, causing him to fall face first off a cliff.

Stories such as this beg the question: If you were to be pushed of a cliff today, would your estate be in order? The daily news is a constant reminder of how crucial it is to always be prepared for tomorrow’s unknown. The following five documents will ensure that you maintain control over your assets and protect your loved ones, in the event that you are incapacitated or have fallen over life’s cliff.

1. Living Trust – gain control, asset protection, & preclusion of unnecessary taxes; ensuring asset protection for your beneficiaries.
2. Assignment of Property – place all of your property into the trust, and avoid costs & headache associated with probate.
3. Last Will & Testament – used to distribute property to beneficiaries (or a trust), specify last wishes, and name guardians for minor children.
4. Durable Power of Attorney – gain control by designating someone to legally act on your behalf, in the event that you become incapacitated.
5. Combination Living Will & Designation of Healthcare Surrogate – gain control by making important healthcare decisions for yourself in advance.

Don’t get caught in a cliffhanger – plan ahead, & be prepared! 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

South Florida Estate Planning Attorney, Michael Wild, answers the question: “At what age should I create an estate plan?”

THE  co-authors of DC Comics’ “Batwoman,” J.H. Williams and Haden Blackman, have declared that they are leaving the title after the publisher “prohibited” Batwoman’s marriage to her girlfriend, Maggie Sawyer. Although this romance won’t be blooming in the comic-books, there is good news for the same-sex-marriage community. The IRS just ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal income tax purposes. Although the Supreme Court  held the Defense of Marriage Act (“DOMA”) to be unconstitutional back in June, it’s been unsettled whether same-sex couples would receive tax benefits in States that did not recognize their marriage. On August 29th, the IRS and Department of Treasury ruled that same-sex couples that were married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes in ALL States, including those that do not recognize same-sex marraiges. For a refresher on some of these benefits, click here.

Furthermore, same-sex couples can file a refund claim for 2010, 2011 and 2012 if they were legally married in those tax years. To file a refund claim for income taxes, taxpayers should use a Form 1040X; for estate and gift tax purposes, they should file a Form 843. If you are in a state, such as Florida, that does not recognize same-sex marriage, but you were married in a state that does recognize it – be sure to contact an estate planning attorney to ensure that you receive the full benefits of the this ruling, as it pertains to gift and estate taxes!

Keep in mind, however, this ruling does not apply to registered domestic partnerships, civil unions, or similar formal relationships recognized under state law – marriage alone!

While Batwoman and Maggie Sawyer won’t be reaping the benefits of the Supreme Court Decision, coupled with this latest Revenue Ruling; those who are are in legally binding same-sex marriages can look forward to tax-saving benefits of saying “I do.”

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

TODAY marks the eight year anniversary of Hurricane Katrina, and the destruction that befell New Orleans. It is days like these where we are reminded of the unexpected nature of devastation, recognizing that you can never be too prepared for tomorrow. In the 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.

Hurricane Katrina is the poster child for the disaster that can transpire when you are unprepared – take a lesson from Mother Nature, and be equipped for tomorrow’s unexpected!  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

SIMILAR to her new single, “We Can’t Stop,” Miley Cyrus can’t seem to stop the evolution of change that has recently caused a ruckus among fans and critics alike. The adorable “Hannah Montana” Disney star has cultivated a very strong change within the past years, resulting into the evolution of an especially alarming reputation with her provocateur-meets-streetwalker image. Winston Churchill once stated that “to improve is to change.” However, in Miley’s case, the only thing that has improved with her recent change is the gossip magazines’ ratings. I think what Churchill meant was, “to change is to improve,” and he was probably talking about your estate plan. Although change may be a sore subject for Miley, altering your estate plan after a life change is very good! If you have experienced any of the following life changes, it may be time to update your estate plan!

 Marriage & Divorce: If you have recently married or divorced, it is important to go back through your current estate plan to see whether these life events are addressed in your will or trust documents. First and foremost, marriage does not revoke a will. Divorce, however, may have an effect on the validity of the will. When you fail to amend your will following a divorce, and unless there is a provision within it that states otherwise, the will is treated as if the former spouse died upon divorce (wishful thinking, right?). As an alternative, the divorce or dissolution of marriage judgment can contain such language stating that the provisions in the will regarding the former spouse are valid, notwithstanding the divorce. Therefore, if you no longer want your former spouse to be the beneficiary of any portion of your estate, you need to check the language of your current will. If you get married following the execution of an estate plan, your spouse is entitled to an intestate share (in Florida, this is “per stirpes”) of your estate by statute, unless the new spouse waives the right, or the document itself provides otherwise (intent not to provide for new spouse, or provision providing for spouse in contemplation of marriage). Also, you may have had your former spouse designated as a Power of Attorney, or health-care surrogate. Thus, it is very important to ensure that your estate plan is consistent with your wishes following a divorce or marriage.

Children: if you have a new child following the creation of your estate plan, it is important to ensure that your new bundle of joy is provided for. You may want to set up a trust, a 529-college plan, alter beneficiary designations in your will, and nominate a legal guardian.

Estate Size Increase: You want to make certain that your estate plans are tailored to your estate size. Therefore, when your estate increases, you may want to make some changes in terms of tax and estate planning. Furthermore, if you have an estate plan that is set up to avoid probate, and acquire new property, you will want to assign that property to your living trust. You may want to consider a variety of estate planning strategies, anywhere from setting up an LLC to protect certain assets from lawsuits, to reducing the size of your estate for tax purposes.

So while all this talk of Miley’s evolution may be giving change a bad rap, remember that a change in your estate plan following new life events is always a good thing. 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

Florida based estate planning attorney Michael Wild is interviewed about the ins and outs of estate planning.

TODAY President Obama announced his plans for a new and improved college rating system that will rank schools based on their graduation rates, tuition, student debt, and average earnings of graduates. The President suggests that this plan is a response to the rising costs of colleges and the accrued debt that is resulting. He noted that “a higher education is the single best investment you can make in your future,” further stating that debt has become “a barrier and burden for too many American families.” What President Obama failed to mention was the efforts that you can make to help prevent your children from facing future college debt.

In the spirit of future of “college rating systems,” consider a 529-plan as a took to keep your children out of debt!

A 529 college plan is a tax-shelter for tuition savings. It allows you (or really, anyone) to contribute to an account to save for a designated person’s college education (it can be anyone, including yourself), and is not subject to federal taxation. The money in the plan can be used for any qualified expenses associated with college, including room & board, books, fees, computer, internet, etc. There is no age limit for when the plan can be used, and it can roll over to another family member. You can maintain control, and appoint a guardian/trustee to manage it upon death. So not only do you avoid tax on withdrawals, but any capital gains are tax-free as well. NOTE: you have to keep in mind that any amount that you put in the 529 plan can be considered a “gift” for transfer tax purposes. However, the “annual exclusion” for the year 2013 (this amount changes every year), allows anyone to can make up to $14,000 in gifts that are excluded from transfer taxes (which are collected upon death, and subject to an exemption that is currently in the amount of $5,250,000).

While congress is deciding whether to support this new college rating system, make your own determination on how you are going to contribute to the debt-free-college-America! 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