Summer is finally here, and with that brings Father’s Day. Family picnics, barbeques, celebrations, and everything else that comes along with the holiday should not have you forgetting about your estate plan. The truth is, the holiday should not only be about celebrating, but should also be reminding you that it is important to protect you and your loved ones. If you do not already have a solid estate plan in place, NOW is the perfect time to create one.

Wild Felice & Partners is a full-service, Fort Lauderdale, Florida based law firm with a specialty in asset protection. We utilize a combination of estate planning, real estate, corporate formation, family law, and asset structuring to assure that our clients are protected from potential litigation, creditors, and any other threats that may be looming. A properly designed asset protection plan can accomplish many of your most important objectives:

• 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.
• Elimination of probate.
• Reduction of estate taxes.

While our South Florida estate planning attorneys have the knowledge and experience to provide the highest level of estate tax planning, our firm aims to shed the tax attorney paradigm and focus instead on the dynamic relationships between our clients and their loved ones. WFP Law realizes that estate planning is truly for the loved ones that we leave behind.

Our comprehensive estate plans include the following:

• Living trust
• Assignment of Property
• Last Will and Testament
• Durable Power of Attorney
• Combination Living Will & Designation of Healthcare Surrogate

So for this Father’s Day, utilize the holiday to protect you fathers and grandfathers, and set up a solid estate plan.  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

News outlets have been blowing up with news regarding Apple Inc & their sour tax practices. While it may seem as though an Apple a day keeps the profits hidden away; a big crunchy bite is not the cure for foreign tax collectors. France has a sour taste in its mouth (likely, from a granny smith), and has hit Apple with a $6.5 million tax bill.

While there is not enough caffeine this side of the Mississippi to fully discuss taxation and legal tax shelters, it is important to note that individuals who do not report their foreign assets may be subject to some hefty fines.

Any U.S. person that transfers assets to, and holds an interest in a foreign bank account or entity may be required to report under both the IRS code, as well as the Bank Secrecy Act.

If you have a financial account or any foreign assets, there are two major reporting requirements that you need to be aware of (keep in mind, this list is not exhaustive):

#1 Report of Foreign Bank & Financial Accounts – “FBAR” (Form TD F 90-22.1):

• A “U.S. person” that has a financial interest or other authority over foreign financial accounts that have an aggregate value exceeding $10,000, must report an FBAR (unless it falls within one of the exceptions). This includes anything from a bank account to a trust.

#2 Statement of Specified Foreign Financial Assets – Form 8938:

• Taxpayers that have an interest in an account or asset with specified foreign financial assets that exceed $50,000 (on the last day of the tax year) or $75,000 (at any time during the tax year) must report those assets to the IRS.

Florida residents, the filing of #1 does not preclude the filing of #2, & vise-versa. Furthermore, failure to report will result in penalties. Back to our “apple” analogy: if you fail to report, an apple a day does not keep the fines away. It is always better to report, than to face the alternative.

Because of the complex nature of taxes, you should consider seeking a Florida attorney to ensure that you are properly reporting your foreign assets, and avoiding fines.

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

In thursday night’s 30th anniversary episode of “Wheel of Fortune,” Autumn Ernhard’s name went down in the books as the second wheeling-wonder fortunate enough to reach $1 million in winnings. She left the show with a fortune figure of $1,030,340.00, stating she was in “utter shock” & “shaking.” It is undetermined whether her “shakes” are a result of muscle fatigue from the new hefty burden in her pockets, or the nerves associated with planning her estate & further preserving her new fortune.

The million-dollar-side-effects can be cured with the help of a Florida estate planning attorney.

Ease your mind with the top 5 estate planning strategies to cure a case of the shakes:

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). There are three parties involved in a trust: (1) you, the creator; (2) the trustee(s) (who manage the assets in the trust); and (3) the beneficiaries. 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. 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

This is no “yo-mama” joke – Single Mother Breadwinners are bringing home the bacon!

A new report shows that 40 percent of all households with children (under age 18) include mothers that are the primary or sole breadwinner for the family. The Pew Research Center reported that in the past five decades, breadwinner moms have increased by almost 30 percent! Furthermore, the research shows that 63% of these lady-breadwinners are single mothers.

Although these single mothers are bustling about to bring home the bacon, fry it in a pan, and serve it to their children before they rush back to work; one important step should not be overlooked – estate planning.

It may seem like there is no time for the breadwinner to collect the crumbs for future planning, but the benefits of safeguarding your “bacon” outweigh the hassle. Single Mother Breadwinners (“SMB”) of South Florida should pay close attention to potential issues when creating an estate plan.  Such issues include (but are not limited to):

• Guardianship – if there is no other parent involved, it is important to appoint a primary guardian – the individual who will have custody of your minor children. Creating a will that appoints a guardian will ensure that your child’s interests are protected according to your wishes.
• Trusts – a trust is valuable for many, many reasons.  They protect your assets while providing for your minor children. Regardless of whether the SMB has a truck full of Wonder Bread or a jar full of crumbs, she may not want her minor children to receive her assets outright. Rather, she can use a trust, appoint a trustee, and be certain that her assets are being managed and distributed appropriately.
• College Planning, The 529 Plan – a 529 plan allows you (or really, anyone) to contribute to an account that is not subject to federal taxation to save for your child’s college education. There is no age limit for when the plan can be used, and it can roll over to another family member. The SMB can have control and appoint a guardian/trustee to manage it upon her death.

It’s a Wild world, Single Mother Breadwinners. Are you protected?SM

For more information on successful Florida estate planning and business succession planning, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation.

AND THE RESULTS ARE IN – Kellie Pickler & her partner Derek Hough have Cha-Cha-Cha’d their way to the Dancing With the Stars’ Hall of Fame, as the Season 16 Champions! The petite, pixie-cut Pickler is now the proud owner of the DWTS “mirror ball trophy.” The dancing queen has dominated both American Idol & Dancing with the Stars – what’s next, Top Chef? Project Runway? Survivor?

Regardless of where Pickler decides to direct her talents, her youth (age 26) & celebrity status will do little to protect her growing wealth without the implementation of estate planning.

Marilyn Monroe was 36 when she died. Although she had a will & trust, she did not have an estate plan in place to ensure all of her assets were distributed to her desired beneficiaries, and estate taxes absorbed over half of her net estate.

NFL Quarterback, Steve McNair, died at the age of 36. He had $20 million in his estate, but no will in place to provide for his four children. After years of probate, taxes, and legal fees, there is still no resolution in sight.

In cases like that of Marilyn Monroe & Steve McNair, where the estate exceeds the exemption equivalent, there are many estate planning techniques that can be used to limit estate taxes in Florida such as:

• Bypass Trust
• QPRT (Qualified Personal Residence Trust)
• ILIT (Irrevocable Life Insurance Trust)
• QTIP (Qualified Terminable Interest Property trust)

Over half of adults under the age of 34 do not have a will or estate plan in place.  Regardless of age, you want to protect your assets and ensure that you have control over their distribution.  Learn a lesson or two from these celebrities – you are never too young to waltz your way into estate planning protection.

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