If your sickness mitigation plan is packaged in one little pill that claims to enrich your body with not one, but “multi” vitamins,” the newly-published editorial in Annals of Internal Medicine suggests that a reevaluation is in order. The piece says that “taking supplements offers no benefit when it comes to preventing cardiovascular disease, cancer or a second heart attack.” However, those in the study lived healthier lifestyles than the average American, because most Americans don’t have a healthy diet, and therefore, don’t get the vitamins and minerals they need. Thus, if you are dealing with a vitamin C deficiency, you can guzzle some OJ, or pop your multivitamin; nevertheless, you will need a back up plan to mitigate your health risks. Furthermore, until your packaged-plan includes a mortality pill, you will also need to prepare for health related events that extend beyond the common vitamin deficiency. The following documents will ensure that you maintain control of your assets during sickness, incapacity, and death (aka, the life-deficiency).

When dealing with sickness, you will want to have a Combination Living Will & Designation of Healthcare Surrogate in place – 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. In the event of incapacitation, you will also want to have a document drafted that names a Durable Power of Attorney who can step in your shoes and legally act on your behalf. In terms of after-life planning, you want to make sure that your loved ones are protected, and your assets are distributed according to your wishes. This will require the following:

• Living Trust – a living trust has become increasingly desirable due to its ability to avoid probate (the legal process of determining whether a will is valid). If you are married, you may want to designate yourself and your spouse as co-trustees, so that you have full control over the property while you are still alive. Side Note: such control does have tax consequences, so you will want to discuss this with your estate planning attorney.
• Assignment of Property – 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.
•  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.

Don’t let a little deficiency stand in your way – plan ahead! 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

Even though 51% of American’s (according to a recent CBS/NYT survey) disapprove of the Affordable Care Act, it is “here to stay,” according to President Obama. The President states that in “[f]ive days from now, on Oct. 1, millions of Americans who don’t have health insurance because they’ve been priced out of the market…will finally be able to buy [it].”

While President Obama has made efforts to “protect” you in regards to health insurance, you should start making your own plans to properly protect your life insurance. For many, especially young people who have yet to build up their assets, a Irrevocable Life Insurance Trust (“ILIT”) can be very beneficial. For parents, you can ensure that you are providing for your your children, by having your life insurance policy go into a trust, which incorporates your intent regarding when and how your children receive the money following your death. Furthermore, many people don’t realize that the proceeds of life insurance are included in the gross estate of the “owner” upon death (possibly using up a lot of your transfer tax exemption). Using an ILIT removes the “incidents of ownership” over the proceeds, and therefore your estate does not have to pay transfer taxes on it. Additionally, when the ILIT is set up for the benefit of your spouse to then pass to your children; the proceeds will not be included in your spouse’s gross estate when he/her dies. You can also set up the ILIT to a Dynasty Trust or Generation Skipping Trust, for the continued benefit of future generations.

So while the POTUS is ensuring you get your health insurance, be sure to obtain the following benefits with an ILIT:

• avoid estate tax of proceeds
• shelter property from creditors at death
• provide income and support for beneficiares
• meet the liquidity needs of the Grantor’s estate

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?

According to TMZ, 87 year old Dick Van Dyke’s Jaguar erupted into flames while driving in LA. Fortunately, he was pulled from the fire by a passing good-Samaritan. While the legendary actor’s car is now crispy ash on the side of the 101 freeway, he managed to escape the bizarre car explosion without any injuries.

Events such as these remind us that tragedy can strike without a moment’s notice, and it is important to always be prepared!  If you were involved in an accident, who would have the authority to make decisions on your behalf? Who can access your medical records? Have you designated a guardian for your children? Have you designated someone to make financial decisions for you in the event that you cannot? These are all questions, that when answered, can protect your family and assets when tragedy strikes.

Create a shield against the flames of tragedy with the following documents:

1. Living Trust – used to gain control over the who, when, and what of how your assets are distributed. A trust is a great way to protect your assets & preclude unnecessary taxes. You can designate yourself as a Trustee, while designating trustworthy successor Trustee’s to manage the trust when you are no longer able to do so.
2. Assignment of Property – place all of your property into the trust, and avoid costs, loss of privacy, & headache associated with probate. Probate is the process of validating your will; therefore, when all of your assets are distributed through the trust, there is nothing within the will to validate. As an alternative, you can merely assign property to the trust that you specifically want to preclude from probate, for the purposes of privacy.
3. Last Will & Testament – used to distribute property to beneficiaries (or a trust), specify last wishes, and name guardians for minor children.
4. Durable Power of Attorney – In the event that you become incapacitated, this document designates someone to step into your shoes and make financial decisions on your behalf. That person can only make decisions for your benefit, and not their own.
5. Combination Living Will & Designation of Healthcare Surrogate – Create a living will that states whether you would want life-prolonging medical treatment. Furthermore, the designation of a healthcare surrogate ensures that someone you trust is making medical decisions for you when you cannot. Otherwise, State statute will determine who can make those decisions for you.

Take a lesson from Dick Van Dyke and don’t get swallowed in the flames of disaster – plan ahead!

It’s a Wild world. Are you protected?SM

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.

Same sex couples can now receive the fabulous feature of portability – and we are not just talking about Louis-Vuitton luggage!

Today, the Supreme Court gave DOMA [“Defense of Marriage Act”] the boot, holding that it’s definition of marriage (limited to a union between one man & one woman) violates the guarantee of equal protection provided by the Fifth Amendment. Keep in mind, this only applies on a Federal level, and States can still refuse to recognize same-sex marriages. Here in South Florida, same-sex marriage is not recognized on a State level. However, when it comes to estate planning, DOMA’s demise has many beneficial effects for same-sex couples in South Florida; especially when dealing with Federal taxes.

Let’s talk about portability in relation to taxes. Generally, an intra-spousal transfer is not subject to transfer taxes due to the marital deduction, and there is portability of the exemption amount. This means that when “Wife” transfers assets to “Husband,” those assets are not subject to any Federal transfer tax (gift or estate tax). Furthermore, each individual receives an estate tax exemption of $5,250,000. Lets just think of it as $5,250,000 worth of cash in a bag (luggage, if you will). What if Husband doesn’t use his entire exemption amount, as his gross estate is much smaller? Well, that’s where portability comes into play. All the cash in Husband’s luggage (that he never used) is wheeled on over to Wife. She now has her own luggage full of cash, as well as Husband’s luggage full of cash; giving her a pretty substantial protection from estate taxes. This way, Husband’s estate tax exemption is not wasted, as it transfers to the Wife.

Previously, same-sex married couples didn’t receive the benefit of portability, because they failed to fall into the spousal status of Federal law. Now, following the Supreme Court’s holding in United States v. Windsor, same-sex married couples receive the marital deduction, and have portability of their exemptions.

While this is certainly a great estate planning feature for same-sex couples, you don’t want to always rely on portability. Rather, you should plan for it, as there is a Wild array of estate planning techniques that will ensure your receive all of the benefits of the law.

For more information on successful Florida estate planning and asset protection, contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at mwild@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?SM

Poor Miss Utah, Marissa Powell, is facing nothing but critics regarding her answer to the income inequality question posed on Sunday night’s Miss USA pageant. Miss Powell’s beauty failed to meet brains; rather, it met her social demise, as demonstrated by the answer to the following question:

“A recent report shows that in 40 percent of American families with children, women are the primary earners yet they continue to earn less than men. What does this say about society?”  Her answer of “we need to figure out how to make education better,” marked a painful downward spiral.

If there is a moral to this story, it is to plan ahead. Although Miss Utah’s question wasn’t exactly a curveball; life can catch us off guard with the difficult of situations. Prepare for life’s unexpected challenges in South Florida with an estate plan that answers some of the following questions (don’t worry, nothing on income inequality).

If you died today, or became incapacitated, would you have the following benefits?

• asset protection
• control over your assets
• protection for your loved ones
• preclusion of unnecessary taxes
• creditor protection
• limited/no transfer taxes for following generations

If the answer to any of these is “no,” you should consider seeking an estate planning attorney to assist you in planning ahead for any of life’s Wild, & unexpected challenges. This may include, but is not limited to the following documents:

1.  Living Trust – gain control, asset protection, & preclusion of unnecessary taxes by designating a trustworthy Trustee.
2. Assignment of Property – place all of your property into the trust, and avoid costs & headache associated with probate.
3. Last Will & Testament – used to distribute property to beneficiaries (or a trust), specify last wishes, and name guardians for minor children.
4. Durable Power of Attorney – gain control by designating someone to legally act on your behalf in the event that you become incapacitated.
5. Combination Living Will & Designation of Healthcare Surrogate – gain control by making important healthcare decisions in advance.

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 or via email at mwild@wfplaw.com to schedule your free consultation.

 It’s a Wild world. Are you protected? SM

Last week the Miami Dolphins were dealt a crippling blow when they were denied public money for a stadium upgrade.  Without a major rehab of the beloved stadium, South Florida’s chances of hosting the 50th Super Bowl in 2016 are greatly reduced.

Stephen Ross, the current 95% owner of the Miami Dolphins, sought both state and local help to pay for an estimated $400 million worth of renovations to Sun Life Stadium.  The team worries that the stadium, built in 1987, may become inoperable without the proper renovations within the next 5 to 10 years.   Florida’s Legislature didn’t see it that way, and adjourned after refused to allow a vote on this bill.  Rep. Carlos Trujillo, a Republican from Miami, simply stated, “It was a bad deal for taxpayers.”

If only the former owner of the Miami Dolphins, Joe Robbie, would have completed his estate plan before he died…

Joe Robbie is Florida’s greatest example of dealing with the consequences of not having a proper estate plan or business succession plan in place.   Joseph Robbie was the owner of the Miami Dolphins and founder of the Joe Robbie Stadium.  Upon his untimely death in 1990, his estate was valued at $100 million.  9 months after his death, he owed approximately $47 million in estate taxes.  The family was forced to sell the Dolphins and the stadium at a bargain-basement price, at just a fraction of the team’s real value.  In 1994, Financial Planning magazine reported, “the year’s biggest loser in the National Football League is the Robbie family, the former owner of the Miami Dolphins.”

The real tragedy is that it all could have been avoided had Robbie implemented a simple life insurance policy to pay the estate taxes.  Instead, the family was torn apart by the stress of the forced sale.  Just imagine the worth of Robbie’s 2 prized assets in today’s market place had he done some proper estate and business succession planning?

As great a businessman as Joe Robbie was, he missed a major league opportunity to provide for his family.  A proper game plan for succession of your business and the estate taxes that may be due upon your death, will allow you to leave a lasting legacy to preserve everything you worked so hard to achieve.

For more information on successful Florida estate planning and business succession planning,  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?