Yesterday, after one hundred and twenty one minutes of play, the US Men’s National Team was eliminated from the 2014 World Cup by Belgium. Despite the loss, US goalie Tim Howard had a historic performance, recording a World Cup record 16 saves. Because of Howard’s outstanding plays protecting the goal, the USA was in the game until the final whistle was blown. Protection is the name of the game, whether it’s soccer or your assets and our attorneys can make sure all your goals are met.

Asset protection is a broad term, encompassing many different techniques, but here at our South Florida law firm, we focus our asset protection on two areas: estate planning and business formation. In the area of estate planning, the main approach is to use trusts to dispose of your assets rather than a will. A trust protects your assets by first avoiding probate and all of the costs (both monetary and time) associated with that process. Secondly, trusts protect your assets by keeping them in your family. With a will, the asset is no longer yours to control following the first disposition, a trust allows you to control the asset for multiple generations. This makes sure that the inheritance will never be taken by divorce or remarriage. For example, if you want to give all of your estate to your daughter and then to her children, a trust allows you to do this without giving any to her spouse. Furthermore, a trust protects your beneficiaries from themselves, if they are either too young or not fiscally responsible. Because they are the beneficiary and not necessarily the trustee, you can name a trustee who will make the financial decisions for them. Finally, trusts offer asset protection by being creditor protected. Assets that are in a trust can not be reached by creditors, assuring that the inheritance remains with the beneficiary.

Choosing the proper business form also works as asset protection. If you own a business as a sole proprietor or even in a general partnership, you can be personally liable for all of the debts of the business. Limited partnerships, LLCs, and corporations can protect your asset from business debts. A limited partnership consists of two classes of partners: a general partner, who manages and is more active, and a limited partner, who is more like an investor. The limited partner’s liability is limited to whatever they have put into the company, whereas the general partner remains liable for all the debt. An LLC offers limited liability as well, while allowing for more active participation. The manager of a multi-member LLC makes the decisions and runs the company, but is still afforded protection. If someone sues an LLC, they can only recover the company’s assets. Subsequently, if a person sues the manager of an LLC for a personal matter, the assets of the LLC are protected from this personal creditor. Finally, a corporation offers protection to all of its shareholders while also offering increased flexibility with the management structure. A corporation allows for different classes of stock with different voting abilities. Corporations also allow you to raise capital by issuing stock.

Regardless of what business form you end up choosing, you must also engage in business succession planning. Because all of these business forms are separate legal entities, they will survive after you are gone. Therefore, you must plan for what happens to your companies or you risk them dying. If you have multiple members or partners in your company, you can arrange a plan beforehand in which they buy your shares at a predetermined price. The company could then purchase life insurance in that amount to make sure that the company does not have cash flow issues and does not have to sell off company assets to buy your stake.

Whether you are looking at asset protection from an estate planning or business formation standpoint, our attorneys can help be your goalie and protect the assets you’ve worked so hard to acquire.

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)

Yesterday, one day before the anniversary of the Supreme Court’s DOMA ruling, we saw more steps toward marriage equality, with judges in both Indiana and Utah ruling in favor of same-sex marriage. A federal judge found Indiana’s ban on same-sex marriage to be unconstitutional, while a federal court of appeals in Utah upheld a previous ruling that the state’s ban on same-sex marriage was unconstitutional. While both of these rulings represent a continued trend toward marriage equality (all federal district courts have ruled the same way on the subject) and are cause to celebrate, Florida still does not recognize same-sex marriage. This stance makes it of particular importance for same-sex couples to prepare and create a comprehensive estate plan to make sure that their partners are taken care of and afforded all the possible rights under the law.

The estate of any resident who dies in the state without a last will and testament will be distributed according to Florida intestacy laws. While this is never the ideal way to distribute estate property, it is particularly troublesome for same-sex couples. Florida law says that the estate goes first to the surviving spouse. Since Florida does not recognize same-sex marriage, the estate would go to family members instead of your partner. Having a will can assure that your assets go to your partner as you say, rather than to who the state says.

A trust based estate plan is always a favorable option, given its control flexibility, creditor protection, and ability to avoid probate. Trusts may be even more important to same sex couples in that they are private documents and they do not have to go in front of a judge (given the state’s stance on same-sex issues, avoiding the court as much as possible is ideal.) Not only does a trust based estate plan assure that your partner receives his portion of your estate just as with a will, it gives you more control over who gets your assets than just the first disposition. With a trust, you can give everything to your partner, and then control where it goes after that. Sadly, we’ve seen cases where family has not been accepting of the relationship. With a trust, you can make sure that instead of your assets going to a relative you are not close with, it can go to close friends, other family, or even the charity of your choice. A trust will also make sure that the assets your beneficiaries receive are protected from creditors.

Another pressing issue for same-sex estate planning in Florida is guardianship. Since 2010, same-sex couples are now able to adopt children in Florida. All couples in the state with minor children should designate in their will or in a guardianship form filed with the state who the child’s guardian should be. Absent a guardian designation, the courts would determine who the child’s guardian will be. Don’t leave such an important decision up to anyone but you and your partner; make sure your estate plan names a guardian if you have a minor child.

Finally, you should be sure to designate a healthcare surrogate and power of attorney to make medical and financial decisions for you in the event of incapacitation. To assure that your medical surrogate can make the most informed decisions regarding your health, you should also sign a HIPAA release form that allows your partner (or whoever your surrogate is) to see your medical records.

As more and more states recognize same sex marriage, we hope that Florida soon follows suit. Until then, make sure that you have a proper estate plan in place from a firm that works with same-sex planning.

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 five-year anniversary of Michael Jackson’s death. Though the King of Pop left a huge mark on the music industry, with 13 Grammy awards and a record setting 26 American Music Awards, he will also be known in legal circles for the mistakes he made with his estate planning. As far as celebrities go, Jackson did more estate planning than most. He had a will and he also set up a living trust. However, Jackson failed to adequately fund the trust, meaning he did not transfer his assets into it. You can think of a trust like a safe. It doesn’t matter how great the safe is if you don’t put anything in it. The funding caused an issue for Jackson’s estate as it created ambiguity in ownership, allowing the usually private trust documents to become public record in probate court.

 Since he is gone, Jackson will never have the chance to fix his mistakes and change his estate planning. You, however, are lucky. You don’t have to be a megastar like the King of Pop to benefit from estate planning, and looking at where Jackson went wrong, you can learn from his mistakes. When done properly, a will and living trust pair well together. As previously stated, a trust is a private document, but a will is not. Therefore, the use of a pour-over will can be used to maximize your privacy while assuring that all your assets make it into your trust. By making sure that your trust is properly funded with an assignment of property and a pour-over will, you will be able to avoid probate (in turn keeping your estate matters private) and provide asset protection to your beneficiaries.

Jackson’s trust mistake also led to the question of who owned the estate’s share of the business that owned many of The Beatles’ songs. If you own a business, business succession planning should be part of your estate plan. Through a combination of life insurance, business forms, and agreements, you can plan for exactly what happens to your business at your death and help to make sure that the business lives on after you are gone (or that your beneficiaries are compensated, depending on your goals.)

One thing Jackson did right that all estate plans with minor children should have is that he named a guardian. When you and your children are older, a guardian isn’t important, but it could change the life of a minor child. If you and your spouse were to die on the way back from a nice dinner or on your way to an anniversary trip, who would look after your children? This is a major reason why younger people should take the time to look into an estate plan now.

Michael Jackson is one of many celebrities who have made mistake planning mistakes, but you don’t have to follow them. Look at proper estate planning today.

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 University of Miami took planning ahead to an entirely new level this weekend by beginning the recruiting process of a 9-year-old point guard. While a lot can happen in the nine years before the Downey Christian School star makes her college decision (who knows if she will even want to play basketball by then?), Miami is showing foresight in looking forward to the future. Just as the school will be benefit from its forethought, so will you by having a proper estate plan in place. Currently, less than half of all Florida residents have an estate plan, yet the death rate in Florida has held steady at 100%. Regardless of age or health, it is never too early to start planning ahead because you never know what the future will bring.

A proper estate plan will answer three key questions: what are your assets? Where are they going? How will they get there? These questions are simple but the answer can be quite complicated. While a will is effective in transferring property at death, your estate would then have to be probated, a long process that delays your loved ones receiving their property. A devise from a will also removes any control you would have beyond the initial bequest. For example, once you give an asset to your child, you would not be able to determine if it goes to your grandchildren or to someone else; your child would have complete discretion. However, if you were to use a trust based estate plan, you would both retain control and avoid probate. Trusts also have the added benefit of asset protection from creditors. A trust based plan can be used to satisfy your estate planning goals, making sure that your loved ones are taken care of in all situations.

Whether you choose a will based plan or a trust based plan, your planning should also include a power of attorney, health care surrogates, and HIPAA releases. These planning tools may be overlooked, but their importance can not be overstated. The power of attorney and designation of a healthcare surrogate will allow important healthcare and financial decisions to be made for you in the event of incapacity or death, while the HIPAA release will make sure your healthcare surrogate will have access to whatever he or she needs to make informed decisions. By planning for the future and using these various techniques, your family will hopefully be protected creditors and other hassles when the time comes. Get ahead of the other 50% of Florida resident and get an estate plan now. It’s never too early to 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

It’s no secret that soccer is not America’s sport, and as the US Men’s National Team kicks off its World Cup run against Ghana tonight, both the team and the fans face a long and arduous road ahead. While the US team must deal with what experts have coined the “group of death,” the vast majority of American sports fans will watch soccer for the first time in four years, filled with confusion as they try to understand something they have no familiarity with. This process of headache and confusion is similar to what you will experience if you find yourself probating a family member or loved one’s estate. Just like the winner of this year’s World Cup will have great coaching, an experienced probate attorney can help guide you through the process.

Put simply, probate is the process of validating the will. A will is not effective in the state of Florida until it has been probated. Once duly probated, there is proof that there was no fraud, duress, mistake, or undue influence; that the will was unrevoked; and that the decedent was competent.¹ Unfortunately, the definition is often the simplest part of the probate process.

Probate in Florida is complex and not intuitive for those who do not have the requisite training. The personal representative of an estate has many responsibilities, including paying court fees, estate and gift taxes (if applicable), and funeral costs. The personal representative is also responsible for administering the estate, which requires taking possession of property in the name of the estate and distributing it according to the will. This may involve an accounting of the estate assets, a process you may not be equipped to handle. Furthermore, a personal representative may be required to get property appraisals and represent the estate’s interest in any litigation. A mishandling of probate may lead to an increased duration of the probate process, preventing the assets from being distributed, and even worse, it may leave you with personal liability.

If you think the World Cup takes a long time to resolve, that is nothing compared to how long probate can take. The potential for a long process may mean higher costs for you. Let our experienced lawyers carry the burden and facilitate a cost-effective transition of your loved one’s estate. 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

¹ Fl. Stat. 733.103

As summer descends upon South Florida, we’re all getting ready for some fun in the sun. Whether it’s a day of fishing or riding out to a sandbar, chances are everyone will be spending some time on a boat this summer. In addition to knowing where your life jacket is, you should also have a proper estate plan in place, to keep your loved ones afloat in the event of an accident.

Last year in Florida, 62 people died in boating accidents, with another 420 injured.¹ While these numbers might seem low when you consider the number of registered watercrafts in Florida, the price you pay if you are one of the unfortunate victims will be quite high. If you haven’t done the proper estate planning, you may find yourself at risk of losing everything, or leaving your family in a dire financial position. By taking full advantage of our estate planning services, you can kick back and relax this summer.

At Wild Felice & Partners, P.A., our services include living trusts and wills, as well as living wills, durable powers of attorney, and designation of a healthcare surrogate, which allow us to ensure that you and your family are protected, whatever summer brings. Whether you are injured or worse on the water or find yourself involved in a legal battle following a boating accident, the right estate plan and asset protection will keep you, your family, and your assets in the best possible position, even in the worst situations. You don’t always know what is going to happen, but with proper estate planning, you can get some sun and enjoy the water knowing that you have prepared for even the worst situations.

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

¹ Source: http://myfwc.com/media/2804479/2013-BoatingStatistics-injury.pdf