E! News reports the a recent celebrity catastrophe, stating that British Airways scheduled both Angelina Jolie & Jennifer Aniston for the same flight from Los Angeles to London on Sunday. Shock! Horror! Although the airline managed to participate in some quick crisis mitigation, it begs the question: if the universe will allow Jolie & Jen to randomly schedule the same flight, what unexpected misfortune rests in the Gods of tomorrow?

If there is any moral to this story, it is to plan ahead. If you died tomorrow, or became incapacitated, would you have the following benefits?

• asset protection
• control over your assets
• protection for your loved ones
• preclusion of unnecessary taxes
• creditor protection
• limited/no transfer taxes for following generations

If the answer is no,  the following 5 documents will ensure that you are prepared for any unexpected misfortunes that may lay ahead!

1. Living Trust – gain control, asset protection, & preclusion of unnecessary taxes;  designated a trustworthy (no pun) Trustee.
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.

Learn from the misfortunes of these celebrities, and 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

South Florida Estate Planning Attorney, Michael Wild, shares horror stories of those who failed to plan ahead!

WELCOME to South Florida, where the month of August departs from “National Back-to-School Month” for the Florida-Foodies ! That’s right, Miami Spice is back, and the good folks of South Florida have the next month to consume the most succulent, scrumptious dishes that may weight heavy on the scales, but are light on the wallet.

But don’t stop there, South Florida! Incorporate the spirit of savings into your estate plans with these coin-purse preserving tips!

• Create a will, but avoid probate! – this can be done through the use of a pour-over will and living trust. A pour-over will takes all of the property that passes through the will, and funnels it into the trust. This property is then distributed to the trust beneficiaries pursuant to the terms of the trust. A pour-over will functions to ensure that all of the decedent’s property is transferred into trust. Think of it as a safety net that catches all of the assets that were not properly transferred into trust. All the contents of the net are then poured into the trust, ensuring that all of the property is ultimately distributed through the living trust.

The benefits of avoiding probate are twofold:

(1) safeguarding your loved one’s from the mental and emotional anguish of the probate process,  which can take anywhere from 6 months to 2 years

(2) financial savings – you can expect to pay about three to seven percent of the total estate value in addition to court fees, personal representative fees, attorney’s fees, accounting fees, appraisal and business valuation fees, bond fees, and anything else that may come up along the way.

• Designate a durable power of attorney  – ensure that proper financial decisions are made in the event that you cannot! The designation of a durable power of attorney (“DPA”) functions as a transfer of the grantors power, in the event that he or she becomes incapacitated. Imagine the DPA to be a power-wielding hat, and you wear it to make your own financial and legal decisions. You can only transfer your hat to the individual (or sometimes entity) that you have designated as a power of attorney. A “durable” power of attorney means that the power hat is still effective even when you (the “principal”) are incapacitated. Remember, anyone who is sporting your power hat can only use such powers for your benefit, not their own.

• Virtual will – include your digital assets into your estate plan with instructions for their use for the following financial benefits:

1. Prevention of identity theft – if no one has knowledge or access to your accounts (bank accounts, trading accounts, credit card accounts, etc.), there is a higher probability that identity theft will go unnoticed.
2. Easy discovery of electronic bills and similar accounts, to avoid late fees & cancellations that will create losses for the estate.

Use August to plan for your taste-buds and your future with proper estate planning techniques that will preserve your piggy-bank! 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

Michael D. Wild, managing partner, offers highlights of matters relating to wills and trusts.

Alex Rodriguez, the highest paid player in major league baseball, has been suspended through the end of the 2014 season.  The MLB has banned 12 other players for violating MLB’s drug policy through their involvement with the South Florida anti-aging clinic, Biogenesis.  Three of the players included All-Stars: Nelson Cruz of the Texas Rangers, Everth Cabrera of the San Diego Padres, and Jhonny Peralta of the Detroit Tigers.

For Rodriguez (A-Rod) this would financially require him to forfeit his salaries from the remainder of this season and all of next.  From a legal perspective, the Constitution does not cover major league baseball; A-Rod’s agreement is governed by contract law.  Since the humbled player has decided to appeal his suspension, under the provisions of his collective bargaining agreement, A-rod can still play while he appeals.

Either way, Monday was a career-altering day everyone involved.  Hopefully the players’ financial future is not a complete wash out for lack of financial planning.  Florida residents, in order to stay on top of your financial game, utilize an estate planning attorney for successful asset protection and estate planning techniques.  A properly designed asset protection plan can help cover all your  financial bases:

• Last Will & Testament to distribute property and name guardians for minor children.
• Living Trust to gain control of assets and avoid unnecessary taxes during your lifetime.
• Protection of family savings and investments from lawsuits and claims.
• Protection against inadequate or unavailable insurance coverage.
• Insulation of rental properties reducing your exposure to potential lawsuits.
• Protection of business assets and accounts receivable from potential claims.
• Reduction of estate taxes.

Planning for the future with a proper estate plan can help defray life’s curveballs.  Contact our team of experienced South Florida attorneys for more information on Florida estate planning and asset protection techniques.  Call the law firm of Wild Felice & Partners, P.A. at (954)-944-2855 to schedule your free consultation today.

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

Everyone is buzzing about this weekend’s release of “The Wolverine,” starring Hugh Jackman.  Estimated ticket sales for Friday through Sunday were around $55 million and $86.1 million internationally.

Did you know that in the Marvel Universe the Wolverine first manifested his superhero strength in his adolescent years while attempting to save his parents and their estate?  In the late 19th Century, Wolverine was born to wealthy landowners John and Elizabeth Howlett in Alberta, Canada.  Their groundskeeper was a violent alcoholic who, after being fired, invaded the Howlett estate and attempted to kidnap Wolverine’s mother.  It was at this moment that Wolverine mutated from a boy to a superhero.  His claws came out along with an unbridled ferocity to safeguard his family.

Although we live in Florida and not in the Marvel universe, most individuals can relate to this innate desire to protect our loved ones.  You can let our claws come out in a more subdued fashion by leaving behind a set of detailed instructions as to who can and cannot touch your estate.

Our team of loyal yet fierce South Florida estate planning attorneys can assist you in drafting a comprehensive estate plan comprised of a Living Trust, Last Will and Testament, Durable Power of Attorney, and a Designation of Healthcare Surrogate. This will allow you to ward off:

• unnecessary taxes
• costs and headache associated with the probate process
• creditors and outsiders who may have claims against you
• any undesignated individual making legal or healthcare decisions on your behalf in case you become incapacitated

Planning for the future with a proper estate plan can help secure your superhero legacy.  Contact our team of experienced South Florida attorneys for more information on Marvel-ous Florida estate planning and asset protection techniques.  Call the law firm of Wild Felice & Partners, P.A. at (954)-944-2855 to schedule your free consultation today.

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

THE DUKE & DUCHESS OF CAMBRIDGE debuted their little dashing-debonair progeny yesterday.  Although the little Prince has been gracing this earth with his royal presence for two days now, he still remains unnamed. But you know what they say about newborn babies: once you figure out the name, the hard part is over, right? Everyone from here to Timbuktu is hand on hip, tapping their foot, awaiting this name; so no pressure!

While William & Kate are debating a name fit for a Prince, hop on the royal bandwagon and start considering an Estate Plan fit for a King. In the spirit of all that is royal, lets consider your family to be a monarchy – making you the head of state, as King or Queen. It is your role to give a sense of stability and continuity to your little nation. Protect your assets; protect your people! Create an estate plan fit for a King with these 5 documents:

1. Living Trust – gain control, asset protection, & preclusion of unnecessary taxes;  designated a trustworthy (no pun) Trustee.
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.

As far as our little Prince goes, all we can do is hope that he will receive an original name (like James or George) so we can all rest assured that the poor little guy won’t get teased in the school yard … palace courtyard.

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.