TAX DAY BE DAMNED: GIVE OR IT SHALL BE TAKEN

Posted by on Apr 19, 2017 in asset protection, estate planning, tax |

billing, bureaucracy, cop

TAX DAY BE DAMNED: GIVE OR IT SHALL BE TAKEN

Tax day just passed and you may have made a commitment that you will make better tax decisions for 2016; just like you promised for 2015. The time has come to introduce this resolution to your inner humanitarian, as you can make donations to a good cause, while reducing your tax liability. This year, be sure to find an organization that is qualified by the IRS, so you can make an itemized deduction on your tax return. Use the following tips to ensure that you can receive a deduction for your charitable donation.

1. Itemized Deduction: First of all, you cannot make a qualified charitable deduction under the “standard deduction,” as they can only be reported through itemized deductions.

2. Determine whether your donation is qualified for a deduction: To receive a deduction for your donation, it must be made to a “qualified organization.” The “Exempt Organizations Select Check” is an online tool provided by the IRS to help you determine whether your donation was made to a qualified organization. If you don’t want to do the research, you can always count on larger charitable organizations like Red Cross.

3. Keep a record: When you make a charitable donation to a qualified organization, you must maintain a record in the form of a bank record or a written communication from the qualified organization containing name of the organization, the date and amount of the contribution. If your contribution has a value of $250 or more, you must get a contemporaneous written acknowledgment from the qualified organization indicating the amount of the cash, a description of any property contributed, and whether your received a benefit in return (if so, it must include the estimated value of the benefit received).

4. Submit a Form 8283: If your charitable donation deductions exceed $500, you must submit a Form 8283 with your return. It’s a Wild World, are you protected?

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The Top 3 Fallacies of Estate Planning

Posted by on Apr 5, 2017 in estate planning |

Thanks to the cautiousness that was brought on April Fool’s Day, we are more careful to decide what we take as fact and fiction. The same goes for estate planning: you want to dispel all those false truths, and learn the truth.

False: Estate Planning and Wealth Preservation Techniques are only for Millionaires.

If you are not bringing in at least eight figures, you simply have no possible use for a wealth preservation plan, right? Wrong. If you have anything to lose, it is worth protecting. In fact, if you have air in your lungs, you will benefit from standard health related estate planning documents. A wealth preservation plan can ensure that what large or little amount of wealth that you do have, is preserved in both life and death. Wealth preservation is not just about concerns associated with extreme wealth; but also with the human element. You have a legacy, and the property and relationships that you acquire throughout your life warrant protection. Furthermore, such techniques allow you to maintain control in situations where you would ordinarily have none.

False: Estate Planning is strictly for senior citizens.

If you still have to pay $12 at the movie theater, in stead of the discounted $8 reserved for senior citizens, you are not precluded from the benefits of an estate plan. In fact, the earlier you start planning, the better. Creating a cohesive estate plan earlier in life provides many benefits over those initiated later down the road; especially when it comes to shielding your assets from the claims of creditors. Florida has adopted the Uniform Fraudulent Transfer Act, meaning you cannot transfer your assets to intentionally avoid a creditor. Timing is among the many factors that the court will look at, as well as the purpose for your transfers. If you protect your property on the onset, for the purpose of achieving standard estate planning benefits, you will be effectively protecting your property from the claims of others. Furthermore, there are many strategies that are used to insulate income from unnecessary taxes; as a result, their benefits accrue through time.

False: Estate Plans are like the energizer bunny, they last forever.

While, technically, estate plans do last forever, the problem is that they may not “keep going & going” effectively. There are a variety of life events that warrant a reevaluation of your estate plan, especially those regarding relationships and property. Divorce and remarriage require alterations within your documents to ensure that your properties, and appointed persons, are in unison with your wishes. Changes in your wealth and property should also merit a second look at your documents, and whether they parallel with your goals. Thus, it is incredibly important to have your attorney look over your estate planning documents, following any significant changes in relationships or wealth.

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Keep Calm and Prepare for April Fools. 

Posted by on Mar 27, 2017 in asset protection, estate planning, Probate, Special Needs Trust, tax, Trusts, Wills |

April Fools is one week away and for some this means it’s time to brace yourself.  Maybe you have children that scheme all year or perhaps you are married to the ultimate prankster – whatever your situation may be, it’s time to prepare for a possible heart attack and get your estate plan in place today.

A properly executed estate plan will allow you to remain in control, to some degree, either during times of incapacity or even after you’re long gone.  By executing some important documents, you can rest easy knowing who will raise your children, how your children’s inheritance will be managed and where everything will be going.  Some important documents to consider include:

  • Revocable Living Trust – Whatever assets held in trust will avoid probate, saving your loved ones the money and hassle.  The trust will also direct the trustee to manage and distribute your assets according to your terms.
  • Last Will & Testament –  Nominate your Personal Representative, choose a Guardian for any minor child, and add any burial or cremation requests.
  • Durable Power of Attorney – Nominate an individual to make financial decisions on your behalf or qualify you for public benefits, should you not be able to do so yourself.
  • 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.
  • Designation of Healthcare Surrogate & HIPAA Release – Designate the individual of your choosing to make important healthcare decisions on your behalf, in the event you cannot do so yourself.

Don’t just prepare for the anticipated pranks coming next week – prepare for your future and family today!  Call (954) 944-2855 for your free consultation.

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

It’s A Wild World. Are You Protected?

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Do It For Your Heart.

Posted by on Feb 21, 2017 in asset protection, estate planning, Misc., Probate, Trusts, Wills |

February is American Heart Health Month.  A full month dedicated to spreading awareness about heart disease, which happens to be the leading cause of death among men and in women in the United States.  This is a scary reality for most Americans who love their pizza, hot dogs and beer but the good news is that this disease is preventable.  You can decrease your chances of suffering from heart disease by making healthier choices, such as exercising more, choosing healthier foods and creating an estate plan!  Well, maybe an estate plan can’t prevent heart disease but it will ensure that your family is taken care should anything happen to you.

Estate planning is important for individuals of all ages, from all backgrounds – no matter if you’re married or single.  By planning today, you eliminate any possible arguments about who gets what, can plan for your children’s future, and even provide for your grandchildren!  A solid estate plan should include the following:

The Revocable Living Trust is a great option for those who wish to avoid probate and provide asset protection for their beneficiaries.  The trust can keep your beneficiaries’ inheritance safe against unsecured creditors and allow them to receive what’s held in trust free of probate.  This is a real advantage since Florida’s probate system is both time consuming and costly.  In addition to probate avoidance, the living trust allows the Grantor to retain control during their life.  They may amend as many times as they wish or revoke entirely.  As life changes, so should your estate plan!

The Last Will and Testament will be included in your plan.  In your will, you will appoint minors on behalf of your children, nominate a personal representative on behalf of your estate and specify your wishes regarding cremation or burial.

The Durable Power of Attorney is a powerful document that is only valid for the duration of your life.  Once signed it will allow the designated individual to make important financial decisions on your behalf in the event you are unable to do so yourself.

The Healthcare Surrogate will allow the designated individual to speak with medical staff and assist in making important medical decisions on your behalf if you are incapacitated and unable to do so yourself.  The HIPPA release is included as well to allow for your healthcare surrogate to review medical documents and receive information on your behalf.

You may have the healthiest heart around but that shouldn’t stop you from creating an estate plan.  Call the South Florida Office of Wild, Felice & Partners today at (954) 944-2855 for your free consultation and prepare yourself for the unforeseen.

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A NEW ADDITION TO THE FAMILY: ESTATE PLANNING FOR YOUR CHILD

Posted by on Jan 31, 2017 in 529 Plan, estate planning, Family Law |

Baby Feet Underneath a Blue Blanket

If January has brought you a winter baby, an important dimension has been added to your estate plan. It is critical to plan for the care of your child in case of parental incapacity or death. A guardian should be appointed to look after your child in the event something tragic happens to you or your spouse. If you are a single parent, this need becomes even more pressing.

Failure to select a guardian for your child will result in a lengthy judicial process to determine the guardianship of your little one. Undesirable candidates may become his or her new caregiver. Your little one might even become ward of the state.

There are two kinds of guardians to consider. The first is known as a guardian of the estate. This is someone who manages the money or assets held by a child. On the other hand, a guardian of the person, is someone who becomes a substitute parent for the child. For example, your accountant brother-in-law may be the ideal candidate as guardian of your child’s estate, but his unceasing workaholic nature may not make him the preferred choice for guardian of the person.When selecting a guardian for your child, consider the two types and select the ideal candidate with the skills and attributes that best suit those roles.

Another important matter to consider is protecting your minor child from probate and a hefty estate tax bill by establishing a contingent trust. Don’t risk having your little one left with nothing. Protect assets from any predators or even the whims of an immature child with a spendthrift nature by consulting with your South Florida attorney now.

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LIFE IS TOUGH. SEEK SOME INSURANCE.

Posted by on Jan 11, 2017 in asset protection, estate planning, Probate, tax, Trusts, Wills |

Let’s face it – life requires insurance.  Cars crash, homes get flooded and people pass away. As morbid as this topic may seem it’s purely realistic and the best way to deal with it is to be prepared.  Most Americans fail to realize the importance of life insurance.  Once a loved one passes, they are likely to leave behind a variation of expenses such as a funeral bill, business expenses, or an unpaid mortgage.  These expenses can cause the surviving family to deal with an unnecessary financial burden and experience a great deal of stress.  Have no fear, life insurance is a great way to alleviate this stress!  Once your policy is coupled with the right estate planning technique you can walk away with peace of mind knowing that the family will be fully protected.

An Irrevocable Life Insurance Trust (ILIT) is an estate planning tool that is commonly used.  The ILIT will allow your family to continue to benefit from the life insurance policy without the hassle of a possible tax issue.  Great news, right?!  Here is how it works:  The ILIT transfers the benefit into the trust while you relinquish all control over the policy.  This relinquishment of control is required by the IRS to avoid possible estate taxes.  Doing this removes the life insurance policy from your estate and decreases any potential taxation the family may have faced.  Now, all that remains is an increase in overall asset protection for the family!

Considering creating an ILIT?  Be sure to first consider who you will designate as Trustee, the individual who will distribute the assets, as well as who you wish to designate as a beneficiary (can be a spouse, child or any other individual you deem appropriate).  The terms of the trust are up to you – you can choose how you wish the assets to be distributed but be certain you are happy with how it’s created because once in place the terms of the ILIT cannot be changed.

This estate planning technique offers tax free protection for the family.  Alleviate the potential financial burden your family could face by calling an experienced estate planning attorney today!

For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners at 954-944-2855 to schedule your free consultation.

It’s a Wild World.  Are You Protected?

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