The world watched in horror as the stabbing spree at a Texas Community College unfolded on Tuesday, April 9th.  At least  14 people were injured at the hands of mentally unstable student Dylan Andrew Quick, 20.  Quick used a “razor-type knife”  and began slashing students in between classes.  Amazingly, none of the injuries were fatal.

This can be attributed to the quick response of fellow students and faculty who tackled the stabbing suspect to  the ground and sat on him until Rescue Workers arrived.  Unfortunately random acts of violence have become all too common.   But proper planning helped mitigate the injuries in this attack.  Employees, staff, and students in every profession  have gotten the message that if chaos strikes, don’t sit idly by and hope for the best.  That’s too risky.  The same can be said  of unexpected circumstances in life such as sudden accidents or death.  We can’t prevent catastrophes, but we CAN have a contingency plan in place in case they do occur.

Severe injury or death of a loved one is always followed by panic, shock, and frequently chaos.  In case you become  disabled or incapacitated in Florida, who will call the shots?  Who will give informed consent regarding the type of medical  treatment you should receive?

Our team of experienced South Florida estate planning attorneys can help you prepare crucial documents that reflect your  medical and financial desires.  This includes:

1. Durable Power of Attorney – will allow the designated person(s) to manage your financial affairs should you become  mentally or physically unable to do so.
2. Designation of Health Care Surrogate – allows the designated person(s) to make medical decisions on your behalf.
3. HIPAA Release – HIPAA (the Health Insurance Portability and Accountability Act of 1996) requires health care providers  to be very careful how they release health care information. You will name one or more persons who will be able to have  access to all of your medical information.
4. Living Will – will state whether you want your life to be artificially prolonged or whether you prefer to be allowed  to die naturally.

The best way to be certain of which supplemental documents you need as part of your estate plan is to consult with your  estate planning attorney.

For more information on successful Florida estate planning and medical designation choices,  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?

Athletic officials from the New Jersey University, Rutgers, announced the early termination of their infamous Men’s Basketball Coach, Mike Rice.  The decision was based on a videotape depicting Rice hurling balls and gay slurs at his players.  As ESPN broadcast the incriminating footage, Rice’s behavior can be summarized in one word…foul.

Everyone from LeBron James to Governor Chris Christie weighed in on the coach’s shameful behavior. The inevitable decision to fire Rice 3 years into his 5 year contract sealed the fate on his career.  Rice will be forced into an unexpected early retirement.  Given the state of our economy, many South Florida residents have also had to face the prospect of an early unexpected retirement.

So what happens when you find yourself without the steady income of a job and bills to pay?  Though it is best to avoid taking money out of your retirement plan, emergency situations such as job termination, divorce, sickness, and economic crashes can get the best of us.  You may be pleasantly surprised to find out that there are some instances when you can take money out of your retirement plans without paying the 10% federal penalty imposed by the IRS.

Here is a list of Uncle Sam’s most common exceptions:

• Borrow from your own 401(k). You can legally borrow up to $50,000, or half your vested balance, whichever is less, from your 401(k).  Most big firms allow these loans and give you up to 5 years to repay it without any taxes or penalties.  However, if your job terminates for any reason, your ex-employer will likely demand repayment, otherwise the outstanding balance will be treated as an early distribution, subject to penalties.
• Paying Large Medical Bills.    You can request a distribution from an IRA or 401(k) without any penalties for CERTAIN medical expenses.  Note that only expenses that are more than 10% of your adjusted gross income will qualify.
• Paying for Health Insurance.  If you become unemployed, you can take money out of an IRA account (not a 401K) to obtain health insurance for yourself, spouse, and dependents, without paying a penalty.  To qualify, you must be collecting unemployment for at least 12 weeks and this exemption ceases 60 days after starting a new job.
• Disability. If you become disabled before age 59½, you may be able to take penalty-free distributions from an IRA. However, you must carefully understand what qualifies as a permanent physical disability that prevents you from being gainfully employed, as per Uncle Sam’s legal and medical guidelines.
• Inheriting an IRA.  If you are the beneficiary of a deceased owner of an IRA, you can take money from an “inherited IRA” without penalty at any age. Note that if you roll the inherited IRA into your own name, you lose the ability to take out money without paying the penalty. Note that unlike an IRA, a 401k will automatically transfer to a surviving spouse no matter who the designated beneficiary is.
• Paying for Education. You can take money out of a pre-tax IRA account to pay for undergraduate or graduate tuition, books, supplies, and fees for yourself, your children, or grandchildren.  Be careful however, because IRA withdrawals will count as income and MAY limit eligibility for financial aid for the following year.
• First Home Purchase.  You can take up to $10,000 penalty-free from an IRA (not a 401K) to pay for the purchase or building of your first home.  If both you and your spouse will be first time homeowners, the amount doubles to $20,000.

But with all of these tips, the devil is in the details.  It is always best to seek the advice of a well-seasoned Florida attorney before making any major financial decisions.  With the help of our experienced South Florida estate planning attorneys, we can make the complex United States tax-code work for you, no against you!

For more information on successful Florida early retirement tips 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

All it took was one whirlwind of commotion in the Windy City and POOF…the Miami Heat are no longer unbeatable.  Last night the Chicago Bulls destroyed the 27 game winning streak that was adorning South Florida’s superstars.  Lebron James fought ferociously to keep his legacy going, but it was snapped away by a more powerful force.

Thought South Florida’s celebrated team was invincible?  Much like you?  Think again.  Every day we go to bed, wake up, and go about our daily routine.  But the inevitable is coming.  Much like the Bulls charged the Heat last night, fate will overcome you too.  But don’t be caught off guard.

We can’t predict or control when we are going to die. However, we can control what happens after we are gone. Today you may be healthy and feeling great, tomorrow an unforeseen event can change your whole game plan.  Life is short.  Get your estate plan in place today.

Wild Felice & Partners is a full-service, Fort Lauderdale, Florida based law firm with a specialty in estate planning, asset protection, tax strategies, wills, and probate administration. We utilize a combination of real estate law, estate planning strategies, family law, and asset structuring to assure that our clients are protected from any threats that may be looming.

Our experienced Florida estate planning attorneys are on your team!  For more information on how to plan for your future, contact our South Florida law firm of Wild Felice & Partners, PA for a free consultation at (954) 944-2855.

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

Many of us struggle with the concept of death and become torn by conflicting feelings of reality and what we believe won’t happen. Deep down, we all know that one day we will die. However, we believe it won’t happen today or tomorrow. It won’t happen next week or next month. We still have next year and the following years after that to flourish on this Earth.  This kind of mentality translates into false notions that we will never die so we have nothing to worry about.

The problem is we are all mortals.This truth radiates today from the Vatican walls of the papal palace.  Pope Benedict XVI, 85, has come to terms with this by  announcing his resignation from papal office due to his declining health. The Bishop of Rome admitted to his age-related incapacity preventing him from adequately fulfilling his papal duties.

We are all at risk of becoming mentally and physically incapacitated. It can be from advanced age, car accident, stroke, you name it. It’s better to protect yourself and your loved ones before its too late. Do you have a Living Will? Do you have a Designation of Healthcare Surrogate? What about your Durable Power of Attorney? If the answer to these questions are no, then its time to answer an even more important question. What are you waiting for? These documents dictate what happens to you in the event you become incapacitated. Who will make medical decisions on your behalf if you become unable to? Who will take care of your finances? These legal instruments are your answer.

Life is short. We can’t predict or control when we are going to die. However, we can control what happens after we are gone. Always expect the best but be prepared for the worst. Get your estate plan in place today.

The pope has carefully examined his conscious and so should you. It is time to release your white smoke and follow its trail to the office of your South Florida estate planning attorney today.

For more information on how to plan for you business’ future, contact our South Florida law firm of Wild, Felice & Partners, PA for a free consultation at (954) 944-2855.

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

The Nike “Just Do It” campaign allowed the company to increase their share of the sneaker business from 18% to 43% between the years 1988 and 1998. There must be something to it…

People tend to not like dealing with estate planning because they believe that it is an acknowledgment of their mortality, so they put it off. But lack of action is not smart. Estate planning is a process involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. It can involve the services of a variety of professionals, including your lawyer, accountant, financial planner, life insurance advisor, banker and broker. Estate planning covers the transfer of property at death as well as a variety of other personal matters and may or may not involve tax planning. The core documents most often associated with this process are your will and your trust.

At Wild, Felice & Partners, P.A. we take great pride in our ability to successfully cater to the needs of all Floridians. Whether you are a highly successful and high net worth individual or you are still working hard on creating your nest egg, we can help you accomplish your goals. We assist our clients in determining how best to structure their holdings, as well as assisting in the disposing of such assets during and after their lifetime. Our attorneys focus primarily on minimizing a variety of estate related taxes, while simultaneously protecting assets from third party creditors.

Our South Florida firm routinely utilizes a variety of estate planning tools, including Trusts, Wills, Powers of Attorney, Health Care Surrogates, Funding Techniques, and more. In addition, we may advise for the formation and funding of a family limited partnership which provides, among other things, asset protection, a positive method of control and a long term plan for the accumulation of wealth that will remain outside of one’s taxable estate. By utilizing the estate planning techniques that we have perfected, we may be able to protect your family from unnecessary hassles and save them tens of thousands of dollars.

Take a cue from Nike: “JUST DO IT.”

For more information on successful Florida estate planning and probate 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

Just to quickly clear something up, and most of last night’s Super Bowl spectators would agree, it was Beyonce’s electrifying half-time performance that caused the blackout, not some glitch in the Superdome’s power system. Despite the half-hour standstill in the third quarter when most of the lights and scoreboards went dark, it was a great game… depending on who you were rooting for.

However, another thing can be said about America’s biggest sporting event. Sports carry with it risks of serious injury. Studies have shown that NFL football players sustain head injuries to such a high degree resulting in memory-related diseases such as Alzheimer’s disease. Statistics unveil the number of former football players with this disease to be a staggering nineteen times the normal rate for men ages 30-49.

It’s not only in football where risk of injury is inherent. Life also carries risks. Just think of how many people get into car accidents every year. What about health problems that afflict the elderly? What about employees injured on the job? Can you imagine what it must be like to be unable to physically take care of yourself or to lose the mental capacity to make decisions on your own? Who will take care of your loved ones?

No matter what we do, there is always a risk of injury. However, you can protect yourself and your family by accounting for these dire possibilities. Creating an estate plan with specific supplemental documents can ensure your wishes are met. A Designation of Health Care Surrogate is a document that is based on statutory language found in Florida Statute 765.203. It allows the designated person or persons to make medical decisions on your behalf. A Living Will is a form that allows you to state whether you want your life to be artificially prolonged or whether you prefer to be allowed to die naturally. This document contains the statutory language found in Florida Statute 765.303. Without a correctly executed Living Will, you must be kept alive artificially no matter what your true wishes are or how much it costs your family financially. A Durable Power of Attorney form is designed to allow the designated person or persons to manage your financial affairs either immediately or in the future should you become mentally or physically unable to do so.

The best way to be certain of which supplemental documents you need as part of your estate plan is to consult with your South Florida estate planning attorney. Here at Broward County, our attorneys will evaluate your needs and desires and outline a plan that is best for you. Supplemental documents ensure that your estate is handled as you wish during your lifetime and after you die.

Last night’s Super Bowl is testament to how unpredictable life is. Arm yourself with the right estate planning tools to protect yourself and your family from such unwelcomed events.

For more information on how to plan for you business’ future, contact our South Florida law firm of Wild, Felice & Partners, PA for a free consultation at (954) 944-2855.

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