South Florida may not have a very large Irish population, but we’re all Irish when it comes to St. Patrick’s Day. On Saturday, most of Floridians will be painting the town green with the Irish spirit in all of us. Why not ponder a little something while spending all of this week’s paycheck downing infamous green beers or pints of dark Guinness? Is there a way you could save more of your hard earned money?

Well, you’ve found your four-leaf clover. You can paint your estate plan green and save some of those green Benjamins you’ve worked so hard for.

Did you know that the average American works about 80,000 hours in a lifetime? However, national statistics reveal that 80% of Americans die without a will. Less than half of all Florida residents have an estate plan in place. Such a result is a nice pot for Uncle Leprechaun to dip into and hoard your treasures.

Do you know that establishing a Revocable Living Trust avoids probate, thus saving you tens of thousands of dollars while providing your family with complete asset protection?

Do you know that proceeds from a South Florida life insurance policy may carry a hefty estate tax? Establishing an Irrevocable Life Insurance Trust will transfer life insurance benefits into a trust and save your family hundreds of thousands of dollars.

Do you know that about 50 million lawsuits are filed each year? If you own your own business, then choosing the right business entity can protect you from creditor claims. A Limited Liability Company will shield your personal assets from debts and liabilities. A Limited Liability Partnership will protect your personal assets from the mistakes of your partners. The Family Limited Partnership is an ideal legal entity for the family business venture. The main benefit is that the partnership itself pays no taxes. Rather, individual partners report all property or assets in direct proportion to their respective FLP interests on personal tax returns.

This weekend, contemplate step dancing your way into a more solid and secure estate plan. There are many options available that our highly skilled and knowledgeable attorneys can apprise you of.  But don’t delay. Actions speak louder than thoughts.

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?

Despite Tiger’s uncooperative Achilles’ tendon and Peyton Manning’s quest for a new football team, these two high profile celebrities share a common link- the high net worth of a professional athlete.

Forbes estimated the net worth of Tiger Woods to be about $600 million. As for Peyton Manning, it’s reported to be about $115 million dollars. However, with his soaring popularity with football fans and looming new offers with possible endorsement deals, it’s only going to increase.

With such wealth, power, and popularity also comes responsibility. That is, to oneself and to one’s family members. Asset protection and wealth preservation is the solution. Where there are deep pockets, there is also vulnerability to threats. Utilizing the right estate planning strategies and asset structuring can protect from potential litigation and creditor claims.  A solid estate plan will reduce estate taxes, avoid probate, and also lower court and attorney fees. It also provides some well needed privacy for high worth assets as respite from all that high media attention sports celebrities get these days.

Here in South Florida, there are so many benefits to be enjoyed from asset protection trusts such as  Charitable Remainder Trusts, Irrevocable Life Insurance Trusts, Qualified Personal Residence Trusts and so much more. Tiger and Peyton, as Floridians, might want to consider these options if they do not already have an estate plan in place.

It takes years of hard work to accumulate your wealth. But it can take seconds to lose it all. That’s why South Florida estate planning is one of the most critical processes every individual should engage in.

March Madness has a lot to do with estate planning. It is a team sport. Our lawyers work together with our clients to achieve the same goal in creating the perfect designed estate plan that will cater to his or her individual needs. When our clients win, we win…without the swinging or tackling.

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?

Apparently, it happens!

Louse White, an 81-year-old woman from Rhode Island asked a family member to buy her a lottery ticket from a local supermarket following an intense craving for rainbow sherbet ice cream. She ended up winning the Powerball jackpot. What did she do with all those millions? She was smart. She took the time to consult with her attorneys first, prior to claiming her sweet prize.   She and her attorney created the Rainbow Sherbet Trust to protect her newly acquired $210 million.

In South Florida, new trusts are being devised constantly. Concerned about heavy taxation on your life insurance policy? There’s an Irrevocable Life Insurance Trust for that. Are you feeling like a humanitarian today? There’s a charitable trust for that.  You finally decided to protect your family vacation home? Say hello to Family Trusts. So, you have decided to leave everything to your spoiled Maltese poodle? There’s a Pet Trust for that. As you can see, there’s a gourmet selection of trusts to choose from to cater to your every need. The most common one is called a “living trust” which includes a “revocable” and “irrevocable” trust.

Handling a princely sum of money can be overwhelming and stressful. Retaining an experienced and knowledgeable attorney is critical for protecting your money. New trusts are being devised constantly. Each one features different legal requirements and are designed to serve various purposes. Keep in mind that circumstances change over time that may dramatically affect your estate planning strategy. Consult a qualified South Florida estate planning attorney today and protect your money like Louse White did.

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?

Nick Lachey and Vanessa Minnillo will soon be entering parenthood. This is going to be a very exciting yet challenging time for them. They are going to be busy choosing furniture and toys to decorate the baby room. They will also be looking for the right doctor to ensure a smooth delivery process and oversee the physical health of their first child.

What the newly weds should also be doing is carefully selecting the right attorney to ensure the financial health and security of their baby. Estate planning is often overlooked when it comes to planning the arrival of a child. A critical point is to designate a guardian who will raise the child in the event that both Nick and Vanessa die or are rendered incapacitated. With a newborn on the way, it is also important they recheck their life insurance policy, draft a will if they have not done so already, and establish a trust. They should also include an advanced health care directive. By contacting their estate planning attorney and taking advantage of the right legal tools, Nick and Vanessa will be able to shield their assets from potential creditors, preserve their wealth, and minimize estate taxes.

However, you don’t have to attain 98-degree celebrity status to consider estate planning. The key is not how much property you own. Rather, it is all about distributing what you do have the smart way. Right here in South Florida, our legal team can help you distribute your assets in an efficient, secure, and financially advantageous manner. Over 4 million babies are born in the United States each year yet the death rate in Florida is 100 percent. Take care of your little ones by setting up a solid estate plan as soon as possible.

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?

Did you know that today, residents are celebrating Texas Independence Day? Texas remained a republic until being annexed by the United States in 1845 to gain independence from Mexico. William B. Travis is remembered today for signing one of his famous Alamo letters with the words “Victory or Death” while besieged by the Mexican army in San Antonio de Bexar.  This letter is universally regarded as one of the most heroic letters ever written while under impending death.  He vowed never to surrender or retreat.

Travis’ story is inspiring; especially when it comes to South Florida estate planning. However, you don’t have to choose between victory and death. Here in Florida, you can have both. If you die the right way, you can die like a hero to your family. It all starts with fighting for their financial protection and security by shielding your hard-earned family savings and investments from potential lawsuits and creditor claims. You can overcome the battle against inadequate or unavailable insurance coverage. You can soldier on until you can be sure your loved ones are protected against the burden of probate and estate taxes.

Finally, you can win the financial war by arming yourself and your family with the necessary tools only a highly qualified and experienced estate-planning attorney can equip you with. You can save your family from splitting headaches and emotional pain by harnessing the power of living trusts. The two main subcategories are “revocable” and “irrevocable” trusts. Learn about the benefits by contacting your South Florida attorney today.

But don’t stop there! You need to account for crucial supplementary documents as well.  It’s important to understand that a will is not enough. Have you designated a durable power of attorney? Have you assigned a health care surrogate? Do you have a living will in place? These are just few of a myriad of questions that need to be considered.

You can make your mark in history like Travis did. But, for you it will be more personal and significant to the people closest to you.  Correctly leaving behind your legacy to the people that matter most to you ensures their ultimate protection.  This is the kind of glory worth basking in. But you can’t choose a day on the calendar to create your estate plan. You have to do it as soon as possible. Call 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?

Simple. They make it look good.

The movie, “The Descendants” was nominated for Best Picture at the Oscars this weekend. One thing is for sure, George Clooney, who plays King, a wealthy trial lawyer, makes you want to learn more about estate planning. “The Descendants” is packed with a medley of complicated issues involving wills and trusts.

The movie sheds some light on the reality and complexities of estate planning. For example, end-of-life care becomes an issue in the film when King’s wife lies in a coma. That’s why it is critical to draft a living will. This legal document allows you to state whether you want your life to be artificially prolonged or whether you prefer to die naturally. If you do not have a validly executed living will in the state of Florida, you will be kept alive artificially irrespective of your wishes or the costs to your family.

There is also the issue of joint ownership that is addressed in the film. King and his cousins are left valuable Hawaiian real estate in a trust that is about to expire. When a trust designates land to multiple people, the threat of disagreement looms in the horizon. Did you know that just one owner might prevent the sale of the property? Don’t let such a legal nightmare burden your family. A highly skilled South Florida estate planning attorney will counsel you on more effective strategies in the transfer of property.

Other issues that arise are the legal limits of how long a trust can last, the special challenges of long-term trusts, and the designation of trustees. Rumor has it that the movie director even consulted an expert attorney in order to get the facts correct for viewership.

Life is not a movie. The complexities and dire consequences of improper estate planning are very real. The best way to avoid disastrous results is to start now. It is crucial to periodically review your estate plan and make necessary changes. If there is something of utmost value that can be taken away from the Oscars, it’s the necessity and exigency of estate planning. Learn from George Clooney. Consult your South Florida attorney 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?