What you need to know about Probate:

Probate is topic often disregarded until you have to find out the hard way. In fact most people believe that when they die, their spouse or children will automatically inherit their assets. In a perfect world of rainbows, unicorns and executor who knows exactly what to do, probate seems like a topic that could go under the radar.

While the Wild Felice & Partners of South Florida refrain from being the bearer of bad news, probate, if not handled proactively, can turn into your worst nightmare. Yes, even worse than the nightmare of you walking the hallways of your high school naked.  

Before we explain why you should avoid probate, let us explain what probate is.

What is Probate?

Probate is a court-supervised process for identifying and gathering the assets of a deceased person, paying the descendant’s debts, and distributing the descendant’s assets to his or her beneficiaries.

First, the descendant’s assets are used to pay the cost of the probate proceeding and then any outstanding debts. The remaining assets are distributed to the descendant’s beneficiaries.

Why should I care about Probate?

Whether you are young or old, sick or healthy, rich or poor, it is wise to avoid

probate. Why? Take the story of Mary…

Mary recently suffered the loss of her mother. Unfortunately, her mom did not have a living trust in place prior to her death. Mary and her siblings could undergo the following hassles:

• They will have to wait for the courts to settle their mother’s estate before they can take possession of her assets. This can take up to a year.
• The assets of your mother are now public, allowing anyone to see her financial standing. Now, Mary’s ex-brother-in-law is quite interested in obtaining some inheritance.
• Total strangers have access to her mother’s financial information, leaving Mary susceptible to being scammed for money.

Why would you wish to experience a legal battle while handling an emotional battle as well? Rather than grieving for her mother, Mary is spending all her time and her money to handle something that could have been avoided.

How to avoid probate?

It is important to create an estate plan that uses a trust to pass assets to the chosen beneficiaries. When you have a revocable living trust, you avoid probate and provide detailed instruction on how you wish to handle your assets in case of illness or death.

This is a very emotional and difficult time, we recommend making the transition seamless and effortless.

Avoid probate of your loved ones and contact Wild Felice & Partners of South Florida in Plantation to learn more.

HBO’s Game of Thrones has made quite the cultural impact, resonating with both fans and critics alike. Aside from a rabid fanbase (who are still crying over The Red Wedding), the show sat atop the Emmy throne this morning after earning 19 nominations, including Best Drama Series, Writing, and Direction. Westeros is a land of dueling kings, giants, and even dragons, but what it lacks is estate planning. Given the amount of characters who have died unexpectedly, an estate planning attorney could really have helped settle this game of thrones. (Spoilers to follow for the first 4 seasons.)

Robert Barratheon was too much of a drunk to ever do estate planning, and his deathbed attempt at a last will and testament wasn’t enough to get his wishes followed. If Robert had planned ahead better, he could have essentially made honorable Ned Stark the “trustee” of Joffrey, or if he knew how awful little Joffrey was, he could have devised the crown to his other son, Tommen. If Robert had used a trust, he could have passed his estate while avoiding probate. Probate in Westeros involves significantly more beheadings than Florida probate, but it is still a process you want to avoid if you can.

The cunning Lannisters always pay their debts and are the family that exercises estate planning tendencies. Patriarch Tywin Lannister is constantly figuring out how to protect the family’s riches through the generations. Whether through marriage or just taking it, Tywin is constantly concerned with his family’s lands and vast wealth. Through his Westerosi estate planning, he’s also able to keep his least favorite son Tyrion from inheriting part of his estate.

The family most in need of estate planning is the Starks, since they’re being wiped off the map at a rapid rate. Following Ned’s shocking beheading, the estate passed likely how Ned would have wanted, with his oldest son Robb taking control of almost everything. However, Robb quickly followed in his father’s footsteps, with who controls Winterfell up for grabs. Since Ned’s daughters are now the Starks in Winterfell, all the families are trying to marry them in hopes of controlling the North. If Nedd had just put his estate in a trust, he could control what happens to it across generations, keeping Sansa and Arya protected and making sure that their inheritance could not be affected by marriage or divorce. (Sorry Little Finger.)

But you don’t live in Westeros; you live in Florida, where the estate planning firm of Wild Feliz & Partners can help you be prepared for any situation. Whether it is creating a trust to protect your assets across generations or just having a will so that you and not the state controls what happens, our experienced attorneys will work with you to make estate planning a painless process and make sure you and your loved ones are protected. Because if Game of Thrones has taught us anything, you need to expect the unexpected.

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)

Yesterday, one day before the anniversary of the Supreme Court’s DOMA ruling, we saw more steps toward marriage equality, with judges in both Indiana and Utah ruling in favor of same-sex marriage. A federal judge found Indiana’s ban on same-sex marriage to be unconstitutional, while a federal court of appeals in Utah upheld a previous ruling that the state’s ban on same-sex marriage was unconstitutional. While both of these rulings represent a continued trend toward marriage equality (all federal district courts have ruled the same way on the subject) and are cause to celebrate, Florida still does not recognize same-sex marriage. This stance makes it of particular importance for same-sex couples to prepare and create a comprehensive estate plan to make sure that their partners are taken care of and afforded all the possible rights under the law.

The estate of any resident who dies in the state without a last will and testament will be distributed according to Florida intestacy laws. While this is never the ideal way to distribute estate property, it is particularly troublesome for same-sex couples. Florida law says that the estate goes first to the surviving spouse. Since Florida does not recognize same-sex marriage, the estate would go to family members instead of your partner. Having a will can assure that your assets go to your partner as you say, rather than to who the state says.

A trust based estate plan is always a favorable option, given its control flexibility, creditor protection, and ability to avoid probate. Trusts may be even more important to same sex couples in that they are private documents and they do not have to go in front of a judge (given the state’s stance on same-sex issues, avoiding the court as much as possible is ideal.) Not only does a trust based estate plan assure that your partner receives his portion of your estate just as with a will, it gives you more control over who gets your assets than just the first disposition. With a trust, you can give everything to your partner, and then control where it goes after that. Sadly, we’ve seen cases where family has not been accepting of the relationship. With a trust, you can make sure that instead of your assets going to a relative you are not close with, it can go to close friends, other family, or even the charity of your choice. A trust will also make sure that the assets your beneficiaries receive are protected from creditors.

Another pressing issue for same-sex estate planning in Florida is guardianship. Since 2010, same-sex couples are now able to adopt children in Florida. All couples in the state with minor children should designate in their will or in a guardianship form filed with the state who the child’s guardian should be. Absent a guardian designation, the courts would determine who the child’s guardian will be. Don’t leave such an important decision up to anyone but you and your partner; make sure your estate plan names a guardian if you have a minor child.

Finally, you should be sure to designate a healthcare surrogate and power of attorney to make medical and financial decisions for you in the event of incapacitation. To assure that your medical surrogate can make the most informed decisions regarding your health, you should also sign a HIPAA release form that allows your partner (or whoever your surrogate is) to see your medical records.

As more and more states recognize same sex marriage, we hope that Florida soon follows suit. Until then, make sure that you have a proper estate plan in place from a firm that works with same-sex planning.

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

Spain, the winner’s of the last world cup, saw their dreams of repeating the feat die on Wednesday with a 2-0 loss to Chile. With their second consecutive loss they have been mathematically eliminated from the tournament; the defending champions weren’t even able to make it to the knockout rounds/playoffs.

We will all eventually suffer the same fate, no one makes it through life alive and there will always be an end. When that end does come it is likely that all of the material things that survived you will have to go through a process in Florida known as probate. This process can be stressful, complicated, and an overall burden on your loved ones. Probate is the process by which the court system determines a personal representative which is then responsible for distributing the assets of the estate. Personal Representatives are put in charge of paying any taxes on the estate, paying creditors, and paying the beneficiaries.

Let us handle all the stress associated with probate and guide you through the delicate process of probating your loved one’s estate. Our attorney’s experience in these matters will give you the peace of mind you need and deserve.

Find the right attorney to manage and avoid the pitfalls and problems associated with probate! 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

As summer wedding season kicks into full swing, now is the perfect time to look at how your estate plan affects your spouse. Whether you’re about to get married, are just married, have been married for years, or are (hopefully not) recently or in the process of a divorce, proper estate planning is a necessity in your life. So before you tie the knot under the South Florida sun, take a moment to look ahead and think what would happen to your spouse

If you die without a will, Florida intestacy laws dictate that the surviving spouse gets at least one half, and up to the full estate, depending on whether there are kids from prior marriages. This is good news if you are unfortunate enough to pass away without an estate plan while happily married; it is considerably worse news if you pass away while in the process of a divorce. What happens if you pass away en route to the wedding and you have not updated your estate plan? Your significant other may have been only thirty minutes away from being your spouse, but would get nothing from your estate in the eyes of the law. Timing and continuing to update your estate plan are crucial when dealing with the issue of marriage.

A will can be used to make sure that your spouse is taken care of by your estate, but a trust will give you more control over the distribution of your assets after you’re gone. For example, you leave everything to your spouse in your will. However, she remarries years later and dies without an estate plan. Depending on the child situation, the new spouse may inherit all of what was once your money. A trust can be used to make sure your spouse is provided for during his or her life, while making sure that your assets stay in your family after the spouse passes away.

In addition to protecting your assets, other estate planning should be done to prepare for different marriage situations. Such planning includes purchasing life insurance to deal with tax and liquidity issues, a power of attorney and designating a healthcare surrogate to make important decisions should you become incapacitated, and a HIPAA release so that your spouse can view medical records should the need arise. Furthermore, you should check the beneficiary forms on any retirement accounts and make sure they are all up to date; the beneficiary form will trump a counter-statement in a will or trust.

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

Mother’s day, some say it’s the best day of the year to show our mothers how much we love them, others say everyday should be mother’s day, Hallmark calls it a payday. Regardless of your feelings on the “Holiday” don’t we all feel the need to take care of those who took care of us? So for this mother’s day get the one you love a gift that will last forever and more. Estate planning offers methods to protect yourself and those you love for the long term

1.   Living Trust – the best way to maintain control over all of your assets and distributions, while avoiding the hassle, expense, and lack of privacy associated with probate.

 2.  Assignment of Trust – this is exactly that, assigning your property to your trust. In other words, placing your property into the trust. This includes both real & personal property. A trust does not do anything for you if there is no property in it.

 3.  Last Will & Testament – this is your traditional will that is used upon death to distribute property to beneficiaries, specify last wishes, and name guardians for minor children.

 4.  Durable Power of Attorney – this allows you to designate and authorize someone to legally act on your behalf, in the event that you become incapacitated.

 5.  Combination Living Will & Designation of Healthcare Surrogate – this outlines important healthcare decisions in advance, and appoints a healthcare surrogate to make healthcare decisions for you when you become unable to do so yourself.

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