Did you know that an estimated 71.4 million U.S. households own at least one bird, fish, reptile, cat or dog? It cannot be denied that pets are our beloved companions in life.  Animals have played an important role in the lives of human beings since ancient times.  For example, just look at ancient Egyptian civilization. Different kinds of creatures were highly revered and perceived as representations of deities. A number of mummified cats and carefully wrapped dogs have even been found in Egyptian tombs buried along side their owners! Animals played a significant role in Greek Mythology and the concept of animal spirits that can be called upon for protection & help is evident in Native American cultures.

In today’s society, it is common practice to treat our furry friends as part of the family. And with family, we all know how important it is to make sure they are protected when we die. It is becoming increasingly popular in today’s culture to include pets in our South Florida estate plans through the creation of a Pet Trust. No one can demonstrate this better than real estate mogul Leona Helmsley and Florida heiress Gail Posner. Helmsley left millions in her pet trust fund so her precious Maltese poodle would be taken care of according to her wishes. Posner left $8.3 million Miami mansion and $3 million in her trust fund to her overly pampered Chihuahua. Florida law defines animals as personal property and like other such property are subject to the probate process. So even though Fluffy the cat may seem as part of the family, under the law, Fluffy is just considered akin to a car or piece of jewelry. Not taking Fluffy into account could mean he will end up in a shelter, put to sleep, or thrown out onto the street to fend for himself. For some peace of mind, creating a Pet Trust will ensure the easy transfer of the ownership of pets to make sure they are in good hands after you die. Or, you can follow the ancient Egyptian approach and just have Fluffy join you underground.

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?

Surely, Steve Job’s death came as a shock to us all when he past away last week. The CEO of Apple Inc. was just 56 years old. He left behind his wife, son, and 3 daughters. His net wealth was estimated to be in the billions.

We all know Jobs was a perfectionist in his business pursuits. He continuously sought new ways to strategically position his products by foreseeing and setting innovative trends in the industry of technology. He was meticulous at managing and protecting both his business and private affairs. Jobs once said “It comes from saying no to 1,000 things to make sure we don’t get on the wrong track… it’s only by saying no that you can concentrate on the things that are really important.” It would come as no surprise that one of the 1000 things that Jobs said “no” to was the prospect of leaving his family without the protection of an estate plan. He most likely foresaw the need to get his assets in order so that the most important people in his life, his family, would be sheltered from the legal and financial burdens arising from endless courtroom proceedings and hefty estate taxes. Since Jobs liked to keep his personal life out of the public eye, he probably established a trust to maintain the privacy of his assets and its distribution to his family. His loved ones may very well be lucky enough to avoid traditional probate and public scrutiny. We will probably have to wait for the next few months to find out what will transpire with Job’s multi-billion dollar estate, that is, if we ever do.

We should all follow Job’s lead. Protect your family and get your estate in order today. It’s time to get…as Apple Inc. once said “Wildly innovative”.

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?

Benjamin Franklin said there were only two things certain in life: death and taxes. He was absolutely right. But he forgot one more important thing…probate! It is of vital importance that survivors of a deceased person understand what probate means, the procedures involved, and the legal ramifications of their decisions, which is why everyone should take the time to sit down with a South Florida Probate Attorney.

Probate is the legal process employed by probate courts in identifying the assets of a decedent, paying off any existing debts, and distributing assets to the beneficiaries of an estate. This process is triggered by presenting the decedent’s death certificate. Although there is no set time frame for the entire probate process, survivors of a decedent can generally expect the process to last at least 6 months. However, depending on the complexity of the estate, it can take many years before probate is resolved. One can also expect to be in the frequent presence of a judge, attorneys, the executor of the deceased’s will, health care providers, the IRS if any taxes such as estate or income are owed, and credit card companies if there are any outstanding debts. This can seem like a daunting process no one wants to be a part of.

There is hope. This situation can become less painful by choosing a law firm you can trust to help you navigate through this complicated process in an efficient and simplified manner.  An attorney will ensure your will is properly written and executed and help you establish a trust that fits your needs. You will receive guidance on gifting and property transfers that will save your family a headache by the possibility of almost avoiding probate altogether.

For more information on successful Florida estate planning and probate, please contact the South Florida law firmof 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?

There is more involved in selecting the right executor to execute a will then is commonly thought. The ‘chosen one’ is delegated the responsibility in administering a will through the South Florida probate process, a court process that involves accounting for assets, paying bills, and distributing property according to the decedent’s wishes. Personality is everything. The ideal candidate is someone who is trustworthy and willing to take on a role that demands a high tolerance for rules, formalities, and of course, tedium. This task is not for the faint at heart. The probate process can take years, especially for bigger and more complicated estates. The executor must be mentally prepared to play the middle role in the inevitable situations of disputing heirs. This means, more trips to the courthouse and more legal proceedings.

The ideal executor should also keep up to date with news on tax law and investments.  Monitoring progress and overseeing that everything is done according to plan is no task for amateurs. It is also a good idea to confront the person that’s anticipated to take on the job. That way, the ‘executor to be’ can consider whether he or she will be able to fulfill the role successfully and meet expectations of the ‘decedent to be.’ If there is a conflict of interest, there is still a pool of candidates to choose from. The last thing someone wants is Grandson Bachelor looking like a deer in headlights when he realizes he is now solely responsible for managing and distributing the assets in Granny Smith’s estate when all he can think about is the next Mardi Gras or Oktoberfest. Although family members are usually appointed as executors, it is important to make the selection carefully and wisely; otherwise someone might be turning in their grave. Don’t be the victim of an executorship gone bad.

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?

Whether you divorce her or not is up to you but you need to adjust your estate plan either way.  If you stay with her, you need to be certain that you name the executor and trustee that you desire.  If you don’t want her to get everything upon your death, you need to be very explicit about that in your trust.  If you want your parents or siblings to be the guardian of your children instead of her parents and siblings, you need to stipulate that in your will (and you need to survive her).  Who do you want making health care decisions for you?  Financial decisions?  Pulling the plug on your death bed?

Maybe you decide to divorce her.  Your marital settlement agreement will most likely require that you procure a life insurance policy.  Your life insurance policy should be owned by an Irrevocable Life Insurance Trust and not in your own name.  If you already had an estate plan drafted, you’ll want to amend or restate all of the documnets to remove your now ex-wife from them completely.  That is, unless you want her to still control all of your financial and medical decision making if you become incapacitated.  Remember that line above regarding pulling the plug?  It probably shouldn’t be left to your ex-wife.

And ladies, this goes for you too.  After you wash that man right out of your hair, you had better erase him from your financial life as well.  Aside from removing him from the above mentioned documents and drafting an entirely new estate plan, you’ll definitely want to have a trust put in place, if you haven’t already.  If you die before your ex, he will be the guardian of any minor children that you had together.  However, by using a trust to manage your assets instead of leaving them outright to your minor children, at least he wont inherit your stuff.

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?

It is more than likely that the reason for establishing your estate plan is to ensure that your family is financially secure after you are gone. Estate planning for families with minor children can present challenges and difficult choices to parents. The challenges originate from the minor’s legal restrictions on ownership of property and by the parent’s desire to gift assets to a minor but to defer the minor’s actual possession until the minor reaches some level of maturity or at least the age of majority. Additionally, planning for minors also involves planning for the custody of the minor in the event both parents die before the minor reaches the legal age of majority. Once appointed, the guardian has a significant impact on the child’s value system, religious beliefs, education and, in general, the child’s development to adulthood.

Once a guardian is chosen, the most effective way to make sure that each of your children receives the necessary financial support to ensure that they are well taken care of is to establish your Revocable Trust and draft a provision that would create Separate Share Trusts upon your death. A “Separate Share Trust” is called that because a separate trust is created for each of your children. This can make it easier for the parents to account for the differences in the needs and propensities of each child. If one child has special medical or education needs, or if there is a wide gap in the children’s ages, parents can establish the appropriate portion of the estate, and can establish the terms of the distribution accordingly. Thus, by using Separate Share Trust, you can ensure that each child is cared for according to their specific needs.

In Separate Share Trust the parent/grantor can decide under what circumstances and at what age each child has the maturity sufficient to take possession of the assets. This will ensure that children will not recklessly waste the funds when they turn 18. However, one disadvantage to using “separate share” trusts with multiple children is the difficulty in administration. Depending on the provisions of the trust agreement, the trustee (which does not have to be the legal guardian) may have to account to each beneficiary separately and may have to maintain records of the distributable net income attributable to each beneficiary for income tax purposes.

A grantor need not have a large estate to create a trust. The assets you will leave your children can add up faster than you think. If you add the value of your home, savings and investment accounts, you may find that you are well over $75,000. In these cases a trust is usually the best solution. In addition, the trust could be funded by life insurance policies which can push the value of their estate much higher. Once established, the trust would provide for the children’s care and education and make money available to them as they reach certain ages indicative of maturity 18, 21, 25, 30, 35 or any other age you specify. You’ve worked hard to provide for your family a bright future. Plan accordingly and make sure that your work creates the best opportunities imaginable for your children.