Well… at least the team’s multi-billionaire owner is.

Miami Heat fans, when not preoccupied with Kevin Durant or silenced by LeBron James’ basket moves, are well acquainted with Micky Arison, probably the richest man in Florida.

Also the CEO of Carnival Cruises, Micky is no stranger to the concept of estate planning. Did you know that his father, Ted Arison, co-founder of the Cruise Lines, went so far as to renounce his citizenship in order to avoid paying estate taxes?

In 2003, the Arison family sold more than $100 million of Carnival stock in order to reduce their controlling stake in the company and diversify their investments as part of an estate and tax planning strategy.

Micky has even formed the Micky and Madeleine Arison Family Charitable Trust with a philanthropic commitment to the University of Miami as well as Miami’s City Ballet, Children’s Museum, Art Museum, and the American Red Cross.

Arison has been described as a very competitive person who hates the prospect of losing. Yet, the business of owning a professional sports team can cause serious financial difficulties for surviving family members after the death of its owner. In 2009, Micky probably stayed afloat with the news surrounding death of Bill Davidson, majority owner of the NBA’s Detroit Pistons, whom the Miami Heat just happened to defeat in the 2006 NBA championship.

Davidson’s spouse Karen, inherited the team through a complex series of trusts along with her two adult children. She contemplated selling the team to a private equity investor, which was consummated last year. It was speculated that although the estate was worth billions, she would not owe any estate tax. However, after her death, her children would be left to pay Uncle Sam’s hefty tax bill.

It would not be surprising if Micky has already engaged in smart business succession planning by accounting for the Miami Heat in his estate plan in order to save his family from the bullets of heavy taxation.

However, the core of estate planning is in actuality, not about how much money you make. It’s really about protecting your loved ones, regardless of your income level or age.

We already know what the man behind the Miami Heat is doing to solidify his estate plan.

The question now remains… what are “you” doing about yours?

If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. 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?

Coaches might now think twice before telling players that getting their bell rung is a badge of courage.

Currently, over 2,000 football players have filed class action lawsuits that have now been consolidated into the biggest concussion-related lawsuit against the NFL. Former players contend that the NFL concealed information that linked football-related head trauma to long-term brain damage. The plaintiffs claim the league should be liable for the care of those suffering dementia, Alzheimer’s disease, and other neurological conditions.

NFL’s linebacker and no stranger to the Miami Dolphins, Junior Seau, seems to have offered himself up as human evidence. There are strong suspicions that the “Tasmanian Devil” shot himself so that his brain could be studied for possible damage due to chronic traumatic encephalopathy.

Although Seau was not a plaintiff in the filed lawsuits, his estate could benefit from the NFL paying a claim. Let’s imagine for a minute that Seau was a resident of Florida and had not committed suicide. In the case of wrongful death, under the Florida Probate Code, the appointed personal representative of his estate would bring action against the league and seek recovery of damages.

For the average Joe watching Seau from the stands or from home; his or her personal representative would most likely bring a wrongful death claim from an incident of negligence arising from a car accident or medical malpractice. The validity of such a suit would be determined and settlement negotiations made. Consideration would be given regarding the costs and benefits of prolonging probate administration.

In Florida, regardless whether the decedent was a football pro, the personal representative is solely responsible for decisions regarding the estate and must be represented by an attorney unless he or she is the sole interested party of the estate.

With that being said, it will be interesting to see the outcome of this pending lawsuit. It looks like the NFL may be taking a way harder hit then their average player’s 900-1500 headshots per season.

If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. 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?

Wisconsin’s Gov. Walker is the nation’s first governor to survive a recall election despite the roars of union workers protesting at the Capitol. Voters apparently endorsed his business like approach requiring public employees to contribute more to their health insurance and pension benefits, like in the private sector. His plan erased a billion dollar budget deficit, reduced unemployment rate to below 7 percent, and prevented layoffs of policemen, firefighters, and teachers.

With our lackluster economy, investment uncertainty, and decreasing home values, the important question now becomes what is your strategy for protecting your family against financial distress and fragmented relationships? With a properly constructed estate plan, you can save your family tens of thousands of dollars, protect them from creditor claims, and undue taxes. However, this is not an easy task. Due to these hard times, there has been an increase in contested estates and heated disputes among heirs and beneficiaries.

There are some steps you can take to avoid family conflict and unnecessary probate litigation.

The pinnacle of a solid estate plan is to hire a good South Florida estate planning attorney. It’s important to select one that is highly qualified with the knowledge of Florida state laws and experience in this complex area of law.

Selecting the right personal representative to administer your estate and trustees to manage your trusts requires a well thought out plan. If you anticipate unavoidable family friction, it might be best to appoint a professional fiduciary such as a bank to manage your affairs.

Most people don’t think to sit down with family members to discuss their intentions and how they wish to bequeath their assets. However, clear and effective communication can help avoid unpleasant family disputes once you are gone. In addition, updating and confirming your estate plan over time will minimize challenges to your estate. Finally, always make sure your assets are clearly titled to avoid any confusion in the future.

If the family divide still cannot be mended, you can always try taking Walker’s advice and offer them some brats and beer.

If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. 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?

Astrue v. Capato, although a very unusual recent case, exemplifies the importance of creating a precisely worded, up to date estate plan that takes into account all possible life contingencies. This case is especially important if you do not want to unintentionally disinherit your children.

Florida resident Robert Capato and his wife Karen decided to freeze his sperm upon his diagnosis of esophageal cancer and upon learning that treatment could render him sterile. Following Robert’s death, Karen underwent in-vitro fertilization while living in Florida using his stored sperm. She then moved to New Jersey and gave birth to twins.

The problem was that Robert’s will, signed in Florida, failed to mention any children who might be born subsequent to his death. Karen, the child she conceived with Robert while he was alive, and his children from a prior marriage were the only named beneficiaries. According to Florida law, children conceived after a parent’s death cannot inherit from that parent, unless that are referred to in his or her Will.

When Karen claimed Social Security Survivor Benefits for the twins; her application was denied because Robert was already dead when the twins were conceived. The U.S. Supreme Court became involved ruling that Florida laws of intestacy applied because the children were conceived in Florida and therefore, the twins were not eligible for government benefits.

You can avoid such dire consequences by taking action now. All it takes is one simple phone call to your South Florida estate-planning attorney to avoid putting your loved ones through such grief and turmoil.

If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. 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?

It’s not surprising that celebrity marriages melt faster than a stick of butter in a hot frying pan. So, it came as no shock after Katy Perry and Russell Brand recently called it quits. During their short marriage she was filming her movie “Part Of Me” where a camera crew accompanied her on world tours and filmed private moments with Russell.

Her ex-husband is now asking her to edit his scenes out but his requests have fallen on deaf ears. Apparently the footage reveals a not so pleasant Russell that could tarnish his public image. Maybe this is a form of retaliation on Katy’s part or maybe a healing process in letting the whole world see the real Mr. Brand.

However, the best remedial measures she can take after a painful divorce is to protect her assets. One commonly overlooked area of estate planning after a considerable life change such as a divorce, is updating one’s beneficiary designation forms. If Katy has designated Russell as the beneficiary of any life insurance policies she may have taken out or under any saving and investment plans, she should remove him. Otherwise, in the event she turn from “Hot” to permanently “Cold” with no more “Last Friday Night” excursions to sing about, the funds will be transferred to Russell’s estate. Now, that could really put a dent to an already broken heart.

It’s important to talk to your South Florida estate planning attorney on how to modify your estate plan so that your “intended” beneficiaries are accounted for so that you do not mistakenly disinherit them.

If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. 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?

This Memorial Day South Floridians and citizens all across the nation took some time to remember the men and women who died while serving in the U.S. Armed Forces. Cemeteries and memorials were visited to honor those who have been wounded or died while serving our country.

Other people give back in another meaningful way. They make gift bequests to veteran and military charitable organizations. For example, donors might gift a certain percentage of their estate to these foundations. Proceeds guarantee continued growth and development of future educational programs and provide benefits for our soldiers. However, it is a good idea to have your South Florida attorney assist you during this process.

Such a bequest can provide estate tax benefits. If you are considering this option, there is a variety of valuable gifting vehicles your South Florida attorney can apprise you of including the use of specialized trusts such as Lead trusts, Charitable trusts, and Remainder trusts to suit your specific agenda.

Creating your legacy through planned giving is an admirable act that demonstrates your core, personal values and character. By making your mark on humanity, why not also benefit your estate?

If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. 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?