One year ago today, Randy Savage (more affectionately known as the WWF’s “Macho Man”) died of a sudden, massive heart attack while driving with his wife. He was only 58 years old. The only drugs found in his system were a prescription painkiller and a small amount of alcohol. Savage had never been treated for heart problems and there was no evidence he knew of any heart condition.

Tomorrow is not promised to any of us. Some men (and women) think that they are too Macho to worry about estate planning. No matter how young, fit or safe you believe that you are, the only certainty is that you will die. The only control we have is whether or not our Will, Trust and other estate planning documents are in place at the time of our death.

If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?

The 5th of May is finally upon us and although Cinco de Mayo is not widely celebrated in Mexico, it is the most celebrated holiday of Mexican culture in the U.S. Even though 1 in 4 South Floridians are Hispanic, everyone will probably be enjoying a little bit of salsa, margaritas, and cheesy enchiladas.

Here’s some more food for thought to add to your fiesta menu- estate planning.

Unfortunately, estate planning rarely gets the attention it deserves. One day we are all going to die and it is important to determine what will subsequently happen to all the assets that we own.

First of all, every South Floridian should have a will. This is especially true if you are married and have minor children. Your will not only stipulates the distribution of all your assets but also appoints a trusted guardian to look after your little ones when you pass away.

What will happen if you become seriously injured or incapacitated? You need a living will and medical directives to express your wishes to stay on life support or end all artificial means of living.

You can spice up your plan by reducing estate taxes, insulating your assets from creditor claims, and ensuring smooth transfer of property through trust formation and administration.

Estate planning is a complex field of law. It is important to contact a highly skilled South Florida estate planning attorney. You will learn about the necessary tools and strategic ways in protecting your assets you probably never thought possible. Don’t be surprised if your reaction is something like “Holy Guacamole! I should have done this sooner!”

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?

We’re all familiar with the ever popular Archie Comic book series. However, it’s a shame that the company is now subjected to bitter legal disputes between co-owners, Ms. Silberkleit and Mr. Goldwater, daughter in law and son of two original founders, respectively. Both have very different plans for the future of Archie and lack of common ground is disintegrating their work relationship. Ms. Silberkleit has an injunction issued against her from speaking publicly about the company and Mr. Goldwater has a defamation lawsuit on his back. Both parties have seemingly irreconcilable differences resulting in costly legal expenses, all which could have been avoided by a Business Succession Plan.

The founders of Archie, Louis H. Silberkleit and John L. Goldwater forgot that their business could well have been the largest asset they left their family. A good succession plan could have avoided the flaming legal contentions between the current CEO’s and safeguarded the future of the comic book empire. A crucial thing to consider is who will be the successor of the business. Two leaders of a company that continuously butt heads is unhealthy for the business. Other important affairs to consider are whether you want to keep certain relatives from inheriting your company, how to protect your children, what will happen to your business partners, and what the worth of your business is.

With a solid business succession plan in place, you can be sure of timely settlement of the estate after you are gone, avoid probate, and eliminate estate tax. Also, a solid plan ensures an agreeable price for a partner’s share of the business and ease of life insurance policy payouts. You can avoid liquidity issues and time constraints. This can prevent cash flow problems and the need to sell the business.

Learn from this Archie crisis. Avoid toxic family disputes and legal battles by preparing your South Florida Business Succession Plan today!

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?

Today is Emancipation Day which is a holiday observed in Washington D.C. that marks the anniversary of the signing of the Compensated Emancipation Act, which Abraham Lincoln signed back in 1862. The Act had to do with the emancipation of slaves of African origin. Thanks to Lincoln, the Emancipation Proclamation soon followed.

However, today there is another form of emancipation we need to observe. It has less to do with “political emancipation” and more to do with “financial emancipation.” A properly designed South Florida asset protection plan will accomplish many important objectives. You will be able to free your loved ones from the burdens of heavy taxation by reducing your estate tax. You can eliminate probate. You may be able to protect your family savings and investments from lawsuits and claims.

With a solid South Florida estate plan drafted by your qualified South Florida estate planning attorney, you can protect against inadequate or unavailable insurance coverage. You should consider insulating your rental properties to reduce your exposure to potential lawsuits. You may also be able to protect your business assets and accounts receivable from potential claims.

There is so much you can do to help your family enjoy financial freedom when you are gone. Learn about proper will drafting, trust administration, and the probate process in order to have your intentions fully carried out and your family fully protected.

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?

So, the Internal Revenue Service extended the deadline to file your 2011 tax returns for an additional two days. April 15 falls on a Sunday followed by Emancipation day on Monday. So for the procrastinators in South Florida, you are saved.

Unfortunately, when it comes to estate planning, you can’t take a holiday from death or request an extension. Procrastination can have deadly financial effects on your family if you keep making excuses or finding distractions to prolong this crucial process.

It is easy to neglect this concept now especially when we’re too busy filling out our 1040 forms. But doesn’t the pain of increasing income tax just make your head spin with thoughts of tax and more tax? Think about it for a minute. Although, Florida does not require state income tax, homeowners must pay property taxes. Also, Florida has a general sales tax of 6 percent. Don’t forget capital gains tax.

People rarely stop to consider another very important category of taxes.

Federal Estate Tax.

This is a tax imposed on property passed from deceased individuals to their heirs or beneficiaries. In 2011, estates worth more than $5 million were prey to Uncle Sam’s hungry appetite for freshly picked greens. However, although frequently overlooked, estate tax can be substantially reduced with the guidance of a highly qualified and experienced South Florida estate planning attorney.

South Floridians have to pay enough taxes. Why carry an additional burden when you might not have to? Without a proper plan, family members will be financially drained. The Fort Lauderdale law firm of Wild, Felice and Partners employs a wide array of successful techniques including trust formation, insurance benefits protection, and charitable gifting to strategically limit heavy taxation and save your loved ones hundreds of thousands of dollars.

While you may never get out of paying your income tax, you may get out of paying too much estate tax. But you have to act fast or you could end up taking a permanent vacation from life… leaving your loved ones in despair.

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?

Today, President Barack Obama kicked off the annual White House Easter Egg Roll with First Lady Michelle. Youngsters had a blast participating in the traditional egg-rolling races, obstacle courses, as well as other fun-filled sports and crafts. While egg hunts may be fun on the South Lawn, what your kids will not have fun doing is hunting for important estate planning documents once you are gone.

For those in South Florida who are not interested in playing hide and seek, it’s important to have original estate planning documents such as your will, stored in a safe and accessible place. Somewhere in your home or office that is protected from fire, floods, and South Florida hurricanes is suitable. A personal safe is commonly used; however, be sure to entrust the right person with the location of the safe and combination to the lock.

However, if you plan on using a safe deposit box, you might want to consider retitling it into the name of your Revocable Living Trust if the box is titled in your name only. This way, your successor trustee will be able to gain immediate access to your box without having to obtain a court order to open it. You can also include a trusted joint owner to the title to carry out your estate planning wishes.

Finally, your South Florida estate planning attorney should retain signed copies of all your estate planning documents. In the event your original documents are accidently destroyed, the documents can be recreated and everything can be resigned. This will destroy the presumption that you intended to destroy the documents if the originals cannot be found at the time of your death.

What might work on the South Lawn might not work in South Florida. Save your loved ones the trouble of hunting down your original legal documents and contact your South Florida estate planning attorney for more information today!

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?