As the first week of April comes to a close we are able to get back on track and stop worrying about whether or not another prank is looming around the corner.  April Fools’ can be a fun day but let’s be honest, we all know someone who takes their jokes to another level.  My favorite this year may very well be the proposal prank.  Although for some the joke may be on them since some ladies aren’t too keen on giving that sort of ring back.  Whether by free will or if your joke back fired, here are some things to consider if you find yourself heading down the aisle soon:

• Revocable Living Trust – Do you want your new love to receive everything you own? Perhaps you want to limit them only to the 30% elective share they are entitled to by law? No matter what your goals are regarding distribution, a Revocable Living Trust can achieve them.
•  Last Will & Testament – Who knows, you may end up happy with your new love and decide to have children.       The Last Will and Testament will allow you to appoint guardians to raise your little ones in the event you both are deceased. You may also specify any burial or cremation requests.
• Durable Power of Attorney – No matter if your newly wed to make important financial decisions or not, the choice as to who will actually make these decisions is up to you. The Durable Power of Attorney will allow you designate someone of your choosing.
• Combination Living- Will & Designation of Healthcare Surrogate – Designate the individual of your choosing to make important healthcare decisions on your behalf, in the event you cannot do so yourself.

Don’t be the butt of a good joke – be prepared! There are a variety of life events that create a necessity for estate planning and marriage is definitely one of them. If you experience any life event that affects your relationships or distributions, you will want to have your plan reviewed by an experienced estate planning attorney and possibly updated.

For more information on Estate Planning and Asset Protection, visit our website at www.wfplaw.com or call (954) 944-2855 for your free consultation.

It’s A Wild World. Are You Protected?

• Trust – Does your trust document make a distribution to your ex-spouse? Is your ex-spouse the trustee over your assets? Do you want to put your  home in a trust to avoid homestead, ensuring your ex-spouse does not have control over it in the event that it is passed to minor children?
•  Last Will & Testament – are your children’s distributions going to made out right? Are they minors? If so, your ex spouse will likely be named guardian over the assets to which he / she will effectively have control.
• Durable Power of Attorney – is your ex-spouse designated to legally act on your behalf? Some power of attorney documents do not address whether the power terminates upon divorce.
• Combination Living Will & Designation of Healthcare Surrogate – Do you want your ex-spouse making healthcare decision for you?

Chances are that at some point you have considered using your IRA funds to make some type of profitable investment (or you will at some point in your future!).  You may have also felt limited in doing so to either investing in only stocks or bonds.  If you find yourself nodding your head while reading this blogpost, then rest assured you’re not alone in feeling that way – most individuals feel limited in their options when investing their IRA funds.  The good news is that taking control of your IRA is only two steps away!

1. In order to open up your investment options you should first consider moving your IRA to a Self Directed Custodian. Truth is, you could stop here but there will be a few draw backs. First, you will have to consult with the custodian prior to making investments, such as purchasing a piece of real estate inside your IRA. The custodian would have to title the real estate on behalf of your IRA – a task that would not only be time consuming and inconvenient, but costly since the custodian will charge extra fees for it. If this doesn’t seem appealing, then move onto step two below.
2. Once you have moved your IRA to a Self Directed Custodian, you then will want to create an IRA Checkbook Limited Liability Company (“LLC”). Once you create this Checkbook LLC, the Self Directed Custodian will give you a check for the amount of cash you desire from your IRA. You will then deposit this check into your LLC’s account and, since you are the manager of this account, you have full “checkbook control” over the assets. Now the options really begin to open up! You can purchase real estate, stocks, bonds, notes and make other investments permitted by the IRS. If this task seems a bit confusing or scary, have no fear – the attorneys at Wild, Felice and Partners will guide you through the process and simplify everything along the way.

For more information about IRA investing or the Checkbook LLC, please call the South Florida Law Firm of Wild, Felice & Partners at (954) 944-2855.  Call today to schedule your free consultation and allow our attorneys to provide you with the ultimate peace of mind!

It’s A Wild World.  Are You Protected? SM

Sunday night’s game left the New England Patriots fans in a state of horror. The Pats won the coin toss (as usual) but what happened next changed everything…they decided to kick in overtime.  The Pats were kicking themselves afterwards (pun intended) because that decision caused them to lose the game when the final pass was made to Erick Decker for a 6-yard touchdown.  Not everything left to chance will result in your favor, even if at first glance it appears that way.  This is one of the many reasons why proper estate planning is crucial.  If you’re scratching your head and wondering why estate planning makes a difference at all, just consider what will happen if you die without a plan and leave everything to chance…or, to be more specific, to statute.

The decision to create an estate plan is entirely yours to make but don’t be mistaken; just because you don’t create a plan doesn’t mean that one will not exist when you are gone.  By avoiding proper estate planning today you are allowing the State of Florida to take full control of your estate later on.  Your estate is made up of everything you own.  This entire estate will have to pass through probate; a legal process that can last for more than a year, may cost up to 10% of your estate and could result in the surviving family members arguing and suffering from major stress.  Since you have allowed the state to take full control, Florida will then decide who gets what and how much they will take.  If you have minor children, Florida will also decide who will be awarded custody and is fit to raise them.  This could very well result in someone you don’t like benefiting from your hard work, enjoying all you’ve left behind and shaping the remainder of your children’s lives.

This mess can be avoided and you can gain full control by creating an estate plan today. Every individual has different circumstances and goals that they wish to achieve, which is why there are various vehicles used in protecting your assets.  If, for example, you are only interested in appointing a guardian then a Will based plan may be appropriate for you.  If, however, you are interested in protecting your wealth for minors or for future generations (or maybe you even want to disinherit someone) then a Revocable Living Trust based plan would be a better option. No matter what plan you settle on, you will also receive other important documents, such as an Assignment of Property, Living Will, Durable Power of Attorney, Healthcare Surrogate, and HIPAA Release form.

Whatever your goals are, our attorneys will help you to reach them and provide you with the ultimate prize; peace of mind.

Don’t leave anything to chance (or statute!), gain control today by contacting the South Florida Law Firm of Wild Felice & Partners. Schedule your free consultation today by calling (954) 944-2855.

For more information about Estate Planning and Asset Protection, visit our website at www.wfplaw.com.

It’s A Wild World. Are You Protected? SM

The Miss Universe pageant was especially entertaining this year thanks to Steve Harvey crowning the wrong winner. Miss Colombia enjoyed seeing her dreams come true and the false sense of security that followed for a brief moment before it was literally taken away and given to someone else.  Can you imagine how she must have felt?  The bad news is there is a chance you may feel something very similar without proper estate planning.  If you have a taxable estate, your hard earned wealth may end up in the hands of the government instead of remaining with your loved ones, continuing to support their health and wellbeing as you had hoped.

Taxes aren’t just for the living. Estate tax is a tax on the right to transfer your property after death.  This means that all of the property you own will be subject to federal estate tax.  Currently, the tax exemption amount is $5.43 million dollars.  This means that up to 5.43 million dollars of your estate can pass without being taxed but the remainder is not so fortunate.  If you have a taxable estate, there is still hope: you can still save by taking full advantage of the available federal tax exemptions or by creating an estate tax saving trust, such as a Qualified Terminable Interest Trust or a Bypass Trust.

Most Americans are familiar with Federal Tax Law Exemptions such as the personal estate tax exemption, marital deduction and charitable deductions. Taking advantage of these deductions will allow you to leave substantial amounts of property free of estate taxes.  Making annual gifts is another way to cut back on estate taxes.  Annual gifts of $14,000 per person may be made tax free.  Be very careful to not exceed $14,000 because then the gift becomes taxable and the amount of your personal exemption will be reduced.  It is best to keep any gifts under this amount to ensure you maximize your personal exemption.

Other then taking advantage of the Federal Estate Tax Exemptions, you can also seek the assistance of a qualified estate planning attorney to create an estate tax saving trust, such as a Qualified Terminable Interest Trust (“Q-TIP Trust”) or a Bypass Trust. The Q-TIP Trust is ideal for any married individual who may wish to retain control over any remaining property once their spouse passes away.  This is typically the case with those who are well into their second marriage and both spouses have children from a previous marriage.  In this particular situation, your surviving spouse will benefit from what you left behind but whatever remains after their passing will then be left to your children from your prior marriage.

Many times the Q-TIP Trust is utilized in conjunction with a Bypass Trust. A Bypass Trust shelters the property from estate taxes and “bypasses” the property from your spouse to someone else, such as your children.  Your spouse continues to benefit from the trust during their lifetime, even though the sole benefit of this trust is for your children.

Don’t continue to be comforted by a false sense of security. Protect your crown!  Call the South Florida office of Wild, Felice & Partners, P.A. today for your free consultation.  Allow our attorneys to help you plan for your future and provide you with peace of mind.  Call (954)944-2855 or visit our website for more information at www.wfplaw.com.

It’s A Wild World. Are You Protected? SM