The market dropped about 5 percent today.  With the economic failures in Greece and Italy and now most of Europe, the global economy is even more unstable than the US economy, whose credit rating is lower than AAA for the first time since 1941.  So many people think that they can protect themselves against the market by trying to time it or by investing in gold or by keeping their money in cash.  I have heard the jokes about 401 k’s turning into 201 k’s after a market dip and the sob stories of people who were forced back into the work force after years of retirement because thier fixed income is no longer as fixed as they need it to be.

While we may not be able to protect ourselves from a diving economy or an unstable market, we are able to protect our families from the unnecessary stress, cost and inconvenience of probate and the possible 55 percent estate tax liability coming in 2013.  However, while we have no control over the market, we spend large portions of our day worrying about it and while we have total control over our estate planning, over 70 percent of Americans still don’t have a Trust and over half of all Americans don’t even have a Will.

The lack of a comprehensive estate plan will do a lot more harm to your family than an ill advised investment.  Make an appointment to have your estate plan drafted today because there is no excuse for being unprepared.

For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, 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?

Recently, The District Court of Appeals of the State of Florida, Fifth District found that a decedent is not permitted, through his will, to forgive a debt owed to him when his estate is not solvent to pay the debts and the costs of administration of his estate.

William C. Wallace executed his will and then 11 days later, killed his incapacitated wife, his stepdaughter and then himself. The only asset in the estate was a one-half interest in a note and related mortgage on real property, issued by Wallace’s son prior to the execution of the will. The will had a provision that provided for discharge of the note and cancellation of the decedent’s interest. Several claims were filed against the estate, including a credit card debt and wrongful death claims filed by the estates of the decedent’s wife and stepdaughter. The estate also incurred the curator’s fees and costs, the personal representative’s fees and the personal representative’s attorney’s fees, which were substantial due to the litigation involved in probating the decedent’s will. The decedent’s one-half interest in the promissory note was the only non-exempt asset available to pay the estate’s administrative costs, debts, and expenses.

Therefore, as a consequence of the will’s provision to forgive the note, the estate would not have any funds to pay its obligations. The case found its way to The District Court of Appeals of the State of Florida, Fifth District. That court held that forgiveness of a debt can occur only after creditors and expenses are paid. Thus, the ruling would be contrary to the decedent’s final wishes.

You only die once; make sure you do it right. Although a very tragic story, this case shows us that careful planning is necessary. Just because you include a provision in your will doesn’t mean it will be carried out. If your will is contrary to law or public policy it will be useless.  After you’re dead, you can’t come up with a “plan B”, so consult an experienced attorney and do it right the first time.

For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, 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?

48,000 people die in the United States each week and there are still 4 weeks until the start of the season. That means that nearly 100,000 people will die before the season kicks off and over 1.2 million people will die before the Super Bowl. Talk about a futures bet!

August is more than just the prologue to football season. Did you know that August is also a month that celebrates estate planning reminders?

 August is National Catfish Month which reminds all of those people that get squeamish when talking about death to Suck It Up and get the estate plan drafted.

 August is National Eye Exam Month which reminds us to minimize our estate tax so that the IRS doesn’t rob our families blind after we die.

 August is National Golf Month which reminds us to have each estate plan reviewed every 3 to 5 years to see if there is a hole in one.

 August is also National Peach month which reminds us that probate is the pits.

With the tragic death of singer Amy Winehouse being the trending topic right now on news outlets and social networking platforms, atleast one estate attorney could not help but wonder whether the pop-star’s estate plan was in order.  After some research, it appears that Winehouse refused to be another high-profile cautionary tale of estate planning.  Reports indicate that she left her estate in terrific order with all major assets protected and interest set to be distributed to where she so desired.

British law seemingly favors spouses and ex-spouses when it comes to estate inheritance after ones death.  Winehouse did not wish for her assets to go to her ex-spouse, however, who is currently incarcerated.  Therefore, Winehouse planned accordingly by creating a specific will that redirected her estimated 16.4 million dollar estate to her parents and brother.

While this is really seeing the silver lining of such a sad story, that positive aspect is one that always goes appreciated by a decedent’s family and loved ones as well as estate attorneys worldwide.  It is always such a pleasure to hear celebrity success stories of estate planning, such as Winehouse’s, because too often it is the horror story that gets such sensational media exposure.  Too often celebrities leave their estate a mess and, as a result, the world hears about how certain assets ended up in the wrong hands, how a very specific loved one received no inheritance due to statutory law, or how millions of dollars in interest in the estate were lost due to estate taxes and probate administration.

No matter how big or small your estate is there are things you can do to protect your assets and assure that your family and loved ones are taken care of.  Some of the basics of a good estate plan include setting up a will, a living trust, and a power of attorney. A will gives you the opportunity to specify exactly who receives what assets.  A trust can be a smart way to avoid high estate tax charges by slowly transferring funds to intended inheritors reducing the overall value of your estate.  And a power of attorney allows you to appoint a trusted family member to handle your finances after you die.

These are some basic estate planning steps that every person should take whether a pop-star sensation or not.  It is irresponsible to go through life without an estate plan.  An ill planned estate can leave loved ones wanting and heartbroken more so than they would feel during a natural grieving process.  Call a reputable estate attorney now and set up an estate plan that is right for you.

For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, 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?

The lockout has ended and the NFL is back!  Will you live long enough to see the 2011 season kick off?

Miracles happen all the time in the NFL in the form of comebacks.  And by comeback, we’re not talking about Brett Favre’s decision to come out of retirement after every offseason.

The greatest post-season comeback in NFL history was on January 3^rd 1993 when the Buffalo Bills defeated the Houston Oilers, 41-38, in overtime of an AFC playoff game.  With 13:19 left in the third quarter, quarterback Frank Reich led the Bills to 5 TD’s in 20 ½ minutes to force an overtime.  The Bills then won the game in overtime on a field goal.

Another great NFL comeback was the ultimate “David vs. Goliath” win on February 3^rd 2008 during Super Bowl XLII when the New York Giants upset the New England Patriots, 17-14, voiding them of their “Perfect 19-0 Season.”   Eli Manning led the Giants on a game winning drive that included the timeless “Catch-42,” a miraculous gravity defying catch over midfield, in which David Tyree completed the catch by pressing the ball against the back of his helmet.

And who can forget the “Comeback King,” Joe Montana.  Montana recorded 31 fourth-quarter comebacks during his NFL Career. One of his 31 comebacks came during a Super Bowl.  But his most impressive comeback had to of been on September 24^th 1989 when the 49ers defeated the Eagles, 38-28.  Montana completed 11 of 12 passes for 227 yards and 4 TD’s in the fourth quarter.

These comebacks prove that no lead is ever safe in the NFL, and no win is guaranteed.  Miracles happen all the time in professional football.  Unfortunately, we can’t guarantee your future.  You could die before the 2011 season finally kicks off, or tomorrow, or today even.  But what we can guarantee is the future of your estate.  With a proper estate plan in place, your assets can be well protected and your future can be as guaranteed as when the quarterback takes a knee to run down the last few seconds of the game.  Call a qualified estate attorney now to form an estate plan that is right for you and your family.

For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, 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?

Over the weekend, the US Women’s Soccer team suffered a devastating overtime shootout loss in the World Cup to the Japanese Women’s team.  Despite the score, the US seemingly dominated the entire game, but Japan was able to sneak in a last second goal during regulation to tie the game 2-2 and force a shootout.  In overtime, the US team missed a few essential shots and one of the stars of the team, goalkeeper Hope Solo, could not make the big saves to bail out the US team.  In the end, it was a disappointing loss, especially after such a dramatic and unexpected victory of the heavily favored team Brasil early in the tournament.  Congratulations to the Japanese Women’s team on their World Cup.

When the game of life is on the line and the final shootout you are facing is literally life and death, put in an estate attorney from Wild Felice and Pardo to be your goalkeeper.  We have the instincts and quick reflexes to deflect any difficult shot that life takes to assure your assets are protected. Call us, and start protecting your most precious goal – your family estate.

For more information on successful Florida estate planning and probate, please contact the South Florida law firm of Wild Felice & Pardo, 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?