Living in Florida sure does have its perks! You’re never too far from a gorgeous beach, you’re greeted with warm weather and blue skies almost daily and you can make weekly trips to Disney (if you really wanted to).  Unfortunately, being a resident of Florida also means you or your loved ones could be subjected to the state’s probate process.  When compared to other states in our country, Florida’s probate process is known to be both higher in costs and last a great deal longer.  With proper planning and funding, you can ensure your loved ones avoid this tedious and emotional process.

There are two ways in which property can pass at death: through a Will or a Will substitute. The goal for every individual should be to have their assets controlled by a Will substitute.  Some examples of Will substitutes include joint ownership of accounts, beneficiary designation, pay on death or transfer on death designations and life insurance.  These Will substitutes allow for assets to pass by operation of law to the named beneficiary, therefore avoiding probate.  A Living Trust is another Will substitute which allows your assets to pass outside of Probate.  Think of the trust as a durable safe that has been built to hold your all of your assets.  Once your attorney has built your “safe” you take it home and put it away because now you’re done, right? Wrong!  If you fail to put anything into this“safe” then nothing has been accomplished.  You must fund your trust.

Funding may seem like a scary concept since you are titling assets in the name of the trust or listing the trust as beneficiary. Have no fear! You, as grantor and trustee of your Living Trust, remain in complete control of these assets until your death.  Therefore, you can carry on as usual and continue to control your assets in the same manner.  As part of your trust based plan, you will receive an Assignment of Property, a document that will ensure that all of your personal property makes its way into your trust.  In addition to the Assignment of Property, you will also receive a Pour Over Will.  This Will will act as a safety net for any accounts you may have forgotten to add to your trust.  Beware, however, that these accounts will have to go through the Probate process before the trust will control the manner in which they are distributed.  This further illustrates the importance of properly designating your accounts and funding your trust ahead of time to avoid Probate altogether.  It should be clear at this point that funding is the final and perhaps most crucial part of the estate planning process.  Fund your trust with the assets you wish to protect and those assets will avoid probate.

If you have a trust or are considering creating a trust then know the attorneys at Wild, Felice& Partners are proud of you but don’t stop there. Take that final step and ensure your trust is properly funded so those assets remain safe and avoid Probate.  Protect yourself and your family.  Call us today for your free consultation at (954) 944-2855.

For more information on Probate and Estate Planning, visit our website at www.wfplaw.com

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

Peyton Manning is a name almost every American is familiar with, even if you’re not a football fan.  This is likely because he is labeled one of the NFL’s most iconic figures.  His list of successes is quite long and includes being a five-time MVP, Super Bowl MVP, and two-time Super Bowl winner.  It’s estimated Manning has raked in around $247 million in earnings during his career. Now pushing 40 years of age, Manning is considering retiring from the game for good.  Rest assured if he does, he will leave quite the legacy behind for both his fans and family; one that cannot be changed or altered in anyway.  Just like Manning, you too should ensure your legacy is set in stone and protected for your family and future generations.  Ok, the legacy you leave behind may not look quite like Manning’s (as I’m sure none of ours will) but that doesn’t make protecting it any less important.

No matter if you own a large estate, moderate estate or even a smaller one – protecting what you’ve worked hard for should be a priority.  Estate Planning is the process of making arrangements during your life for the disposal of your property after you pass away and preparing for life’s unforeseen events that may leave you incapacitated.  This may be accomplished in a number of ways but the most popular is by creating a Revocable Living Trust.  A Revocable Living Trust will allow you remain in control even after you’re gone by allowing you to set restrictions on when your beneficiaries receive their share.  You can choose the age they must attain to receive their share, ensure they graduate college, or set any other type of restriction you wish.  The Revocable Living Trust can also protect the beneficiaries share against any unsecured creditors such as divorce, bankruptcy or litigation.  Without a plan in place, your assets will not only be open to the possibility of unsecured creditors but you also risk your assets ending up in the hands of individuals you may not even like since they will be distributed according to Florida Law.  With the Trust based plan, you can rest assured that everything will be distributed the way you choose and in the manner you deem fit.  Along with your Trust based plan, you will receive other important documents such as:

Last Will and Testament: Nominate your Personal Representative, choose a Guardian for any minor child, and add any burial or cremation requests.

Living Will:  Advanced directive or “pull the plug” document.  Allows your healthcare surrogate to give the doctor the “ok” to pull the plug if you are being kept alive by artificial means.

Durable Power of Attorney:  Nominate an individual to make financial decisions on your behalf or qualify you for public benefits, should you not be in a position to do so yourself.

Healthcare Surrogate & HIPAA Release:  Nominate an individual to access your medical records and make informed decisions on your behalf, should you not be in a position to do so yourself.

You may not be considered a MVP in the NFL like Manning, but you can ensure you leave a legacy behind just as he has.  Call the South Florida Law Firm of Wild, Felice & Partners today for your free consultation at (954) 944-2855.  For more information on Estate Planning or Revocable Living Trusts, visit our website at www.wfplaw.com.

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

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