SCANDAL is back, and is gaining heat with its steamy performances. The third season premiered this Thursday, with significant growth; showing a 57% increase in viewers. The ABC drama stars Kerry Washington, also known as Olivia Pope – the fierce crisis mitigator who protects the images of the nation’s public figures, including the President, whom she is having a running on and off affair with.

Unfortunately, when it comes to real life, we can’t exactly call on “Olivia Pope” to run around fixing our problems. We can, however, mitigate future crises by planning ahead.

Consider the following estate planning documents as a means to “Olivia Pope” your life:

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.

What would Olivia Pope do? She would 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

YOU would have to be living under a rock to avoid hearing about the current government “shutdown.” For the estimated 800,000 federal workers who’s jobs are now on hold, this news is especially unwelcome. While there is nothing we can do to get the House & the Senate to agree on anything, we can lay out a plan to thwart the negative effects of  one of life’s surprising crises.

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.

Consider incorporating the following documents into your estate plan:

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.

Prevent a shutdown on your assets, 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

Jon “Bones” Jones & Alexander “The Mauler” Gustafsson  go head-to-head this upcoming Saturday, where Jones will  attempt to take the UFC record for consecutive lightweight title defenses. Gustafsson, however, has won six straight fights, and is on a role. In this history-making matchup, who will succumb to defeat? Jones is known for his double-leg takedown, while Gustafsson has stopped 84% of the takedown attempts he’s faced.

Each fight plan is incorporated as a means of constructing a distinct strategic advantage, & the same is true for wealth management and asset protection plans. While a Last Will & Testament is an essential component of any winning fight plan, it is often necessary to tackle your goals with the incorporation of a Living Trust. Look to the following fight plans to determine which supplies the best hooks & double-leg’s for your asset protection goals.

Will & Last Testament Fight plan: Control of Your Assets

A Will is crucial in any estate plan. This is the document that will be used to determine your intent regarding the distribution of your property. Thus, without it, all of your assets will be distributed according to State statute, which may be a departure from your own personal wishes. Furthermore, if you have any minor children, you can designate a legal guardian, thereby communicating your wishes to the court when the time comes for a guardian to be appointed. As you can see, this is the foundation of your game plan.

Will Coupled with Trust Fight Plan: Control & Protection of Your Assets

This fight plan combines your testamentary wishes with further protection by having the Will pour-over into a Trust. The will coupled with a trust effectively bypasses probate, which is the validation of the will — a process that is often incredibly time consuming and often expensive. The pour-over will takes all of the property that passes through the will, and funnels it into the trust. Said 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 to trust. Think of the pour-over will 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. Furthermore, all of the decedent’s property is distributed by the terms of one document alone (the trust), allowing for simplicity and clarity.

You need a Last Will & Testament in every takedown; however, combining it with a Living Trust may be one of your most important strategic advantages! 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?

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