Your pet might be only part of your life; for him, you are his everything, the only person in his whole life. About 62 percent of all households in the United States have a pet, approximately 78.2 million dogs and 86.4 million cats are owned in the United States. (Source: APPA)

With a pet trust, you pick a trustee—a person who will manage the money you are funding the trust with, and a caregiver—this person will care for your pet. The trustee disperses funds to the caregiver, who will then use the money to care for the pet in the manner you have expressed in the trust.  Many people wonder why they do not just leave money and instructions for pet caregiving in their will, rather than make a separate trust.  The reason is because it can take a long time to process a will, and meanwhile your animals’ lives may be at risk if no steps are taken to care for them.  Your beloved pet might end up in a shelter, or worse, euthanized.

It is recommended that one should place specifics into their trust—such as details on the type of care their animal should receive and an alternative pet care giver, should something happen to your primary pet guardian. Consult an estate planning attorney when creating a pet trust, as state laws on pet trusts differ.

For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation. It’s a Wild world. Are you protected?SM

Gift giving is the surest way to help loved ones of all ages, establish a legacy, and reduce estate taxes. Yet, many people are hesitant to make significant gifts to loved ones because of the potential pitfalls.

“The wealth could be wasted or spent unwisely by the recipients…”

“Simple mismanagement by an unsophisticated heir might cause the money to disappear in scams or unwise investments or spending…”

“The wealth could be dissipated though gambling, substance abuse, or bankruptcy…”

“The wealth eventually could leave the family in a divorce…”

However, those pitfalls can be avoided with some creative giving strategies by gifting through trusts. Creating an irrevocable trust will give your family peace of mind that your assets will remain secure and be disbursed properly in a timely manner.

What are the main advantages of having an irrevocable trust?

• Asset Protection. Assets placed into an irrevocable trust are not considered to be owned by the grantor. Therefore, if you place an asset into an irrevocable trust, it will be instantly protected from creditors and judgment liens and may be protected from bankruptcy trustees and divorce as well.

• Avoiding Probate. Trusts allow your family to avoid probate. Probate is an arduous process that is costly and time consuming. It could delay the distribution of your assets for years. Additionally, probate can cost up to 10% of the value of your estate.

• Tax Advantages. The assets of the trust are not counted as part of your estate, so the estate taxes are lower or even completely eliminated. In addition, many irrevocable trusts also reduce your annual income tax burden.

• Lower Court and Attorney Fees: Distribution through a trust can save you on the attorney and executor’s fees charged to probate a will.

• Asset Protection for Beneficiaries. An irrevocable trust can protect your beneficiaries from having their inheritance taken from them through litigation, bankruptcy, creditors or divorce.

• Privacy. Irrevocable trusts are private documents and not subject to public record. Your family secrets and private bequests are not subject to public scrutiny or the eyes of undesirable claimants.

It is important to remember that a trust will be more beneficial to you and your family if it is executed before you need it. Although some people establish trusts after they inherit money, the benefit of privacy will be lost if you wait. Less than half of all Florida residents have an estate plan in place yet the death rate in Florida has held steady at 100 percent. The reason for this lapse in judgment is most likely due to a focus on the word “estate” rather than the word “planning.” The two biggest misconceptions made by most South Floridians that lack comprehensive estate planning is that they are either too young to worry about it or not wealthy enough to worry about. However, the fact remains that very rarely is estate planning solely about the money.

A Florida estate planning attorney can advise you on the type of trust that will most benefit you and your situation. This will give you and your family financial security and peace of mind.

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 to schedule your free consultation. It’s a Wild world. Are you protected?SM

The answer is simple, everyone. (And yes, that includes you…)

Whether you are a parent, a property owner, or a professional, you need to protect your family and assets. No estate is too small for planning. Estate planning is a process involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. It can involve the services of a variety of professionals, including your lawyer, accountant, financial planner, life insurance advisor, banker and broker.

Organizing your assets can help avoid family fights and reduce the stress of probate. If you fail to plan ahead, the court will appoint someone to handle your assets and personal care. Your assets will be distributed to your heirs according to a set of rules known as intestate succession. Contrary to popular belief, everything does not automatically go to the state if you die without a will. Your relatives, no matter how distant, will have priority in inheritance ahead of the state. Still, they may not be your choice of heirs. An estate plan gives you much greater control over who will inherit your assets after your death.

Less than half of all Florida residents have an estate plan in place yet the death rate in Florida has held steady at 100 percent. The reason for this lapse in judgment is most likely due to a focus on the word “estate” rather than the word “planning.” The two biggest misconceptions made by most South Floridians that lack comprehensive estate planning is that they are either too young to worry about it or not wealthy enough to worry about. However, the fact remains that very rarely is estate planning solely about the money.

While our South Florida estate planning attorneys have the expertise in tax planning, as well as the designations of LL.M. and CPA that provide for the highest level of professional service, our firm aims to shed the tax attorney paradigm that estate planners are often pigeon-holed with and focus instead on the dynamic relationships between our clients and their loved ones. Estate planning is about those friends and family left behind, which is why we first ask our clients what their wealth transfer and asset protection goals are and then explain how we can accomplish those goals together.

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 to schedule your free consultation. It’s a Wild world. Are you protected?SM

About 71 years ago, today, Japanese warplanes attacked the U.S. naval base at Pearl Harbor, Hawaii. It was a devastating time for our nation and as President Roosevelt said, it was “a date that will live in infamy.” We will forever be indebted to the millions of U.S. troops and veterans that fought for our country.

The country we live in is our home. The house we live in is also our home, on a more personal level. In fact, it is our fortress that we all would like to protect from surprise enemy attack. For many South Floridians, the home is the largest asset. Estate planning revolves around the concept of asset protection. Your South Florida estate planning attorney can help you ward off any possible creditor strike on your estate. The key lies in “how” you own your home.

In Florida, joint tenants by the entirety (TBE), is a special type of joint tenancy recognized between married couples. The great benefit is that if one spouse is encumbered with an individual debt or judgment against him or her, the property cannot be partitioned or subject to forced sale without the permission of both spouses. The justification in this approach is that it would be unfair for a non-debtor spouse to lose his or her primary residence in order to satisfy a debt which is not the product of his or her own doing. In addition, neither husband nor wife may convey his or her interest in the real property without the consent of the other. Finally, when one spouse dies, the surviving spouse will take title to the entire property while avoiding probate.

Another way to jointly own title is through joint tenants with right of survivorship (JTWROS). Like TBE, this approach to holding real estate avoids probate. However, unlike TBE, creditors may be able to force partition and sale of the debtor’s interest. This approach to holding title would not adequately protect the home asset of the other spouse or unmarried titleholder. A creditor may be able to seize the interest of the debtor resulting in a huge misfortune to the non-debtor.

In South Florida, TBE is a very effective asset protection plan for a married couple. In Florida, unlike most other states, all types of property, including real property, tangible and intangible personal property may be titled as TBE. However, there are still drawbacks that must be considered, therefore; it would be wise to seek legal counsel. In the long run, this security against creditors may be lost following dissolution of marriage or death of a spouse. There are other issues to consider such as how TBE affects estate tax. Your South Florida attorney can assist you through the implementation of estate planning techniques that can achieve optimal estate tax planning.

For more information on successful Florida estate planning, please contact the South Florida law firm of Wild Felice & Partners, P.A. at (954) 944-2855 to schedule your free consultation. While our South Florida estate planning attorneys have the expertise in tax planning, as well as the designations of LL.M. and CPA that provide for the highest level of professional service, our firm aims to shed the tax attorney paradigm that estate planners are often pigeon-holed with and focus instead on the dynamic relationships between our clients and their loved ones.

Estate planning is about those friends and family left behind, which is why we first ask our clients what their wealth transfer and asset protection goals are and then explain how we can accomplish those goals together.

It’s a Wild world. Are you protected?SM

Michael Dresser said that “Thanksgiving is America’s national chow-down feast, the one occasion each year when gluttony becomes a patriotic duty.” Johnny Carson described Thanksgiving as an emotional holiday. “People travel thousands of miles to be with people they only see once a year. And then discover once a year is way too often.” Others view it as a time to count their blessings of bounty, good health, or elastic waistbands. Thanksgiving is really about gathering together with family members and giving thanks to the good people in our lives.

Thanksgiving holiday weekend is also an ideal time to discuss estate planning matters with loved ones. Understandably, no one wants to discuss his or her death and incapacity. Adopting an optimistic approach regarding this subject would be as successful as trying to start a new diet on Thanksgiving Day. Rather, a more realistic approach is more comforting like grandma’s traditional apple pie.

It’s important when everyone is gathered together to discuss your healthcare wishes. What would you do if you suddenly became seriously ill or injured? What type of medical care would you want to receive? Who would you want look after your children? What if you die without a will in place? Who would you want to get your property?

Granted, sitting around discussing your death and distribution of assets may not be your idea of the perfect holiday season; however, it is this kind of future planning that effects your family in the future. It is important to adopt a pragmatic mentality about the future and set aside some time to discuss these very important issues with the people you love and care the most about. It is equally important to explore various options on fulfilling your wishes with your South Florida estate planning attorney.

For more information on successful Florida estate planning, please contact the South Florida law firm of Wild Felice & Partners, P.A. at (954) 944-2855 to schedule your free consultation. While our South Florida estate planning attorneys have the expertise in tax planning, as well as the designations of LL.M. and CPA that provide for the highest level of professional service, our firm aims to shed the tax attorney paradigm that estate planners are often pigeon-holed with and focus instead on the dynamic relationships between our clients and their loved ones.

Estate planning is about those friends and family left behind, which is why we first ask our clients what their wealth transfer and asset protection goals are and then explain how we can accomplish those goals together.

It’s a Wild world. Are you protected?SM

Timing is everything when it comes to Sunshine State probate.

A quick resolution to the Florida probate process is the ointment to what could result in a rather protracted and costly legal process. This is achieved through the assistance of a qualified South Florida probate attorney who has the specialized skill, experience, and legal knowledge to avoid many time-consuming complications. Having a trained ally to advocate for your interests also ensures that all your legal rights and interests are fully preserved and adequately protected.

Why is time so important in probate cases?

After a person dies, his or her estate that is subject to probate must have his or her debts paid off and assets distributed among the heirs and beneficiaries. Taxes, interest, and asset depreciation must be accounted for. Due to many complex legal and financial issues, prompt settlement of all financial matters is vital in preserving assets and minimizing liabilities.

Without careful planning, Florida probate can take a long time.

The total length of time required to conclude estate settlement varies widely. Total value and type of the decedent’s assets are primary determinants of the time factor. For instance, a deceased might have left behind a lot of real estate, antiques, or jewelry. As illiquid assets, such items must be appraised and fully accounted for prior to final sale or other distribution. This can add considerably to the total time required to complete probate. Conversely, an estate containing few assets or those that are easily liquidated such as life insurance proceeds or bank accounts, close much faster.

In addition, Florida statutes require all estates to remain open at least three months after being formally admitted to probate court. This requirement is designed to afford creditors or other third parties an ample opportunity to file any adverse claims. Thus, even simple probate cases typically take at least 5-6 months to close. However, without an attorney to file this notice to creditors, the window of opportunity to file claims against the estate is greatly widened.

Finally, the IRS dictates how long the administration of a taxable estate drags on for. Final closure is prohibited until there is final IRS approval of the Estate Tax Form 706. In addition, applicable laws allow the personal representative or probate attorney up to nine months after a decedent’s death to file this document.

As you can see, probate closure can take years and years. Take remedial measures now by consulting an experienced attorney for advice and guidance.

For more information on successful Florida estate planning, please contact the South Florida law firm of Wild Felice & Partners, P.A. at (954) 944-2855 to schedule your free consultation. While our South Florida estate planning attorneys have the expertise in tax planning, as well as the designations of LL.M. and CPA that provide for the highest level of professional service, our firm aims to shed the tax attorney paradigm that estate planners are often pigeon-holed with and focus instead on the dynamic relationships between our clients and their loved ones.

Estate planning is about those friends and family left behind, which is why we first ask our clients what their wealth transfer and asset protection goals are and then explain how we can accomplish those goals together.

It’s a Wild world. Are you protected?SM