In life we are often faced with some tough questions like “should I quit my job” or “does this dress make me look fat?” Navigating the answers to such questions can be challenging but at Wild Felice and Partners, we have realized that not all questions are created equal. While we may not have answers for your wife as she twirls around in a dress from circa 1989, we do have the answers to the most common estate planning questions.

Why do I need an estate plan?

It is often believed that only the old and wealthy need an estate plan. This is far from the truth. In fact, anyone who is mortal needs an estate plan. Even Moses died eventually so you definitely need a plan. In most cases, wealth is not the driving factor behind setting up an estate plan, it’s the control over who gets all of your assets and when they get your assets after you are gone.

What is the difference between a will and a trust?

A will is a document that describes one’s preference about how they wish to distribute their assets after their death. A living trust on the other hand, allows a person to entrust his/her assets to a grantor or trustee. The grantor has the responsibility of transferring the assets of the trust to the person’s beneficiaries, or managing those assets on behalf of those beneficiaries.

The main difference between the two estate planning options is probate. By having a trust, a person avoids probate. Probate requires the family members of the deceased to attend court and hear arguments from those who may contest the will. Probate also allows creditors to attack the estate and ties up the assets for years. The cost of probate ranges from 3 to 10 percent, depending on the assets. With a living trust, because the assets were transferred prior to his/her death, the family does not have to go through probate.

When should I get an estate plan? When should I make updates?

It is never too early to start. Sit down and take stock of all of your assets, including investments, retirement accounts, insurance polices, real estate, business venture and valuables. Next, decide what you want to achieve with those assets and who you wish to inherit them.

Once you do have an estate plan, it is very important to update it. Things change, we get married, divorced, lose money, gain money, have children or relocate. Anytime you have a big change in your life, we want to know about it. It’s not because we’re nosy, but simply, because we want to make sure you are taken care of.

Have more questions? Wow, you ask a lot of questions! All joking aside, the attorneys at Wild Felice and Partners are more than happy to answer all of your questions. We also provide free consultations. Call us at 954.944.2855 or contact us here.

Wild Felice and Partners provide estate planning and asset protection in Fort Lauderdale, Plantation, Weston and Miami.

Estate Planning & Asset Protection Needs for the
Newly Married Same-Sex Couple

Same sex couples are saying “I do” from the white sandy beaches of Panama City all the way to the Southernmost point of Key West. As of January 6, 2015, Florida became the 36^th state to allow same-sex marriage.

As they celebrate their new matrimony, Wild Felice and Partners provides same-sex couples with key information to ensure that each partner is taken care of. The laws have changed; therefore the estate planning and asset protection plans have to change as well.

One of the options use to protect the assets of both partners is referred to as Tenancy by the Entirety. A Tenancy by the Entirety is a designation that only married couples can use and offers excellent asset protection benefits, including the following:

Benefits of Tenancy by the Entirety:

• Both spouses have an undivided interest in the property, with full rights to occupy and use it. As a result, neither spouse can transfer property without the other spouse allowing it.

• If one of the spouses gets sued or incurs a liability, creditors and lawyers cannot go after his/her property because both spouses own the property simultaneously.

• If one spouse dies, the other spouse automatically takes sole ownership of that property.

The lists of benefits could go on and on but we understand that you are in the throes of matrimonial bliss!

Wild Felice and Partners is dedicated to helping you understand the laws and make a seamless transition into your new marriage. As a legal couple in the state of Florida, we highly encourage setting up a free consultation to ensure that you and your spouse are protected.

Click here for a free consultation: http://wfplaw.com/Contact-Us.html

Estate Planning Blunders

We all make mistakes.

Forgot to turn off the coffee pot, oops.

Burnt the chicken, things happen.

Give all your retirement savings to your ex-husband instead of your children, no big deal.

Here is where we insert the sound of a screeching halt.

People make mistakes, but the latter of the three should not be one of them.

As Halloween approaches, it’s time to gather around and tell the scariest stories you have ever heard. Disclaimer: these stories may cause one to lose sleep, experience night sweats, and worst of all… call an attorney.

Story I: The not-so-wise old man.

Benjamin* was successful gentleman; he worked hard and amassed significant wealth throughout his life. One day, Benjamin met a beautiful younger woman. As a widow, he was happy to have found someone to enjoy his time with. Benjamin was smitten over the bombshell and decided to take the relationship to the next level and give her partial control of his assets during his lifetime.

Unbeknownst to him, the girlfriend had transferred a significant portion of the estate to herself. At his death, his children were left with nothing. Once it was discovered, it was too late. The assets were spent or transferred out of jurisdiction.

The lesson learned: don’t date young women or pick the right person to be in control of your assets before and after your passing.

Story II: Money to strangers

As an attorney looked over his client’s trust he became a little disturbed. William* was set to give $50,000 to two different people that he did not even know! How is that even possible you ask?

William knew he had to set up a trust. One night he used the trusted and credible Internet to do so. However, when he copied and pasted an old trust from the Internet, he failed to take out the previous information.

Thank goodness William was smart enough to meet with an attorney and get this fixed before it could have been a true horror story. 

Story III: Cheap is expensive.

We all love the Mad Libs game. You get a story and are prompted to fill in the blanks within the story before reading it. It always ends in barrels of laughter. This story however, does not leave anyone laughing.

Probate is not a game, but perhaps Alice* thought so. Ninety-year-old Alice decided to get preprinted wills from a local office supply store. Much like Mad Libs, Alice filled in the empty spaces and considered this paperwork her will. Upon her death, this “document” failed to conform to the laws of the state in which she lived.

Rather than paying an experienced attorney to prepare her will, her family suffered through a long, lengthy and costly probate. No laughing matter there…

*All names have been changed

To learn more about Estate Planning  and avoiding these situations, visit our website at www.wfplaw.com, you can also schedule a free consultation at http://wfplaw.com/Contact-Us.html.