As the end of 2011 approaches, Florida residents realize that 2012 is about to hit us smack in the face.  As a tradition, Americans tend to use the New Year as the motivation necessary to set goals for themselves to earn more, weigh less and even to be a better person.  While I am certain that some of you will work less, eat more and go about your lives in the same manner as you did this year, there is one resolution that cannot go unfulfilled: you MUST institute some form of South Florida Estate Planning this year.

You put it off each year because you know you aren’t going to die – until you do, of course.  Unlike joining a gym, which requires monthly payments and showering with strangers (which may be your thing so I don’t aim to judge), your Trust-based estate plan can be formulated during an hour long consultation and signed just a week later.  There are no monthly fees and my office doesn’t even have a shower.

If your resolution is to be a better parent or spouse, there is no better way than to protect your loved ones after you are gone.  A Revocable Trust can avoid probate, reduce estate taxes and provide asset protection for its beneficiaries.  If you love your kids, you’ll get one drafted soon.  Click here to schedule a free consultation with one of our South Florida Estate Planning Attorneys.

If your resolution is to quit smoking, I hope you are successful but the fact remains that you probably wont be.  That means that your living will and designation of health care surrogate had better be in order.

Each year we make resolutions and each year we have trouble keeping them.  I will make this promise to you.  If you complete your estate plan in January of 2012, I promise that you will stress less, spend less and be a better parent immediately.  Then you can feel free to take the rest of the year off.

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

It’s a Wild world.  Are you protected?

The Costanza-created holiday of Festivus is almost upon us and the people of South Florida are a flurry with excitement.  Whether you prefer the Feats of Strength or the Airing of Grievances, the holiday of Festivus has something for just about everyone.  Speaking of everyone, in this time of overlapping different holidays, it is important to remember the one commonality that we all share – mortality.  That’s right, whether you celebrate Christmas, Hanukkah, Kwanzaa or Ramadan, the death rate in South Florida is 100 percent which means that every single one of you need estate planning.  We may not agree where our souls go after we die but there is no argument as to what happens to our stuff.  If you have no Will, the Florida Intestate Statutes will distribute your assets as the state of Florida decides.  If you have a Will but no Trust, your assets will first be dragged through the Florida probate process and then distributed outright to you beneficiaries.  If you have a Trust in place, your beneficiaries will be able to minimize both probate and the estate tax, as well as receive assets that are protected from creditors, litigation, bankruptcy and divorce.  Even for Frank Costanza, Trust-based estate planning is a no brainer.

Festivus is for Some but Estate Planning is for All

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

It’s a Wild world.  Are you protected?

This week, millions of Jewish families will be celebrating the anniversary of a miracle.  When there was only enough oil for one more night’s light, the oil ended up lasting 8 full nights.  Implementing a revocable living trust as the centerpiece of your South Florida estate plan will allow you to avoid Florida probate and estate taxes for a lot longer than that.  A revocable living trust can avoid probate upon your death and eliminate any estate tax burden, not to mention the ability to control your assets and protect your beneficiaries for up to 360 years after your death.  A revocable living trust is not a miracle; it’s just good planning.

For more information on successful Florida estate planning and probate techniques, 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?

Florida residents know better than anyone that having life insurance is essential to planning for one’s future and provides assurance for family members after one’s death.  Beneficiaries receive a life insurance death benefit, which is tax-free income used to cover the costs of funeral expenses, debt, and any other financial obligations. However, many people do not realize that for tax purposes, the proceeds from a South Florida life insurance policy becomes part of the decedent’s gross estate if the policy is owned by the deceased during the last 3 years of his or her life. Currently, for estates valued over $5 million, anything in excess will be taxed at a rate of 35 percent. Accordingly, many people are not aware that a life insurance policy is subject to this Federal Estate Tax.

Fortunately, correct South Florida estate planning can save family members hundreds of thousands of dollars. A highly qualified and well-experienced attorney can strategically structure an estate in order to shield loved ones from the bullets of heavy taxation.

Establishing an Irrevocable Life Insurance Trust (ILIT) removes life insurance from the estate and transfers the life insurance benefits into this specific type of trust. If done properly, the result will be less taxation and increased asset protection for beneficiaries. This trust is considered a separate South Florida legal entity that’s outside a person’s estate and no longer within his or her control. Therefore, the assets held in the trust are insulated from the grip of the IRS.

Protect Your Family From Estate Tax with an Irrevocable Life Insurance Trust

A spouse, child, or other appropriate party may be designated as the beneficiary of the trust and an appointed trustee will be able to carry out detailed instructions regarding management of the trust in accordance with the decedent’s wishes. This includes how the life insurance payout should be distributed, when payments, loans, or investments should be made, and when to terminate the trust.

The ILIT is a means of providing extra liquidity to one’s estate or business by reducing estate tax by 35 percent of the life insurance benefit total. There are also gifting strategies to capitalize on. So, with an ILIT, an estate planning attorney can make sure a client receives the protection of a trust combined with the liquidity of life insurance benefits.

For more information on successful Florida estate planning and probate techniques, 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?

Topic: Estate Planning

After recovering from my Thanksgiving food coma, I managed to avoid the Black Friday mobs for the 32^nd consecutive year. While the deals may be great, the risk of bodily harm is just too great of a risk and I have to be healthy in order to handle all of your South Florida estate planning, asset protection and probate needs? It is my contention that the “must have” gift for this holiday season is a Trust-based estate plan; which makes it even more surprising that I was the only person lined up outside my Plantation law office at 4 am on November 25^th.

 Put Down the Sky Mall Catalog…

Even if you aren’t shopping in Sky Mall, half the gifts you’ll give this year (and an even higher percentage of the gifts you’ll receive) will end up in the back of a closet, the bottom of a drawer or even re-gifted to someone that you aren’t too fond of.  Instead of wasting thousands of dollars on an outdoor elliptical machine with your favorite meteorologist’s face on it, how about protecting your family with a Trust-based estate plan so that they can avoid probate and eliminate any estate tax?  Already have your Florida estate plan in place?  How about treating a friend or family member to a free consultation with me so that they can protect their loved ones?

 Estate Planning is truly the gift that everyone can use and benefit from and please also remember:

Any Casualties from Black Friday? We handle probate.

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?

Marital termination in South Florida entails major estate planning complications. Spousal support, asset division, and the care and custody of minor children must be effective addressed and properly resolved. Failure to perform comprehensive estate planning after divorce is a common – but devastating – financial error. Following are the main estate plan components that typically require major overhaul in the aftermath of divorce:

Your will

All estate plan modification efforts must begin with this core document. Asset distribution and personal representative designation are the two reasond most likely to mandate revision. Such amendments are easily accomplished by either rewriting its entire contents or preparing a specialized addendum called a “codicil.”

Trust terms

Thoroughly review the terms of any existing Revocable Living Trust (“RLT”). Perform this perfunctory task whether or not an RLT was established while you were married. RLT Trustee and beneficiary designations are easy to alter. Amending the terms of other types of trusts is typically more complicated and usually results in the termination of any concurrent tax advantages. Consult a qualified Florida estate planning attorney for accurate advice and competent assistance with this post-divorce estate planning aspect.

Life Insurance Policies

You will likely desire a beneficiary re-designation in light of your changed domestic situation. Most of the time, this can be done simply by contacting the insurer who issued your policy. If you take this step prior to final entry of a Divorce Decree, be aware that courts commonly consider any accumulated cash value(s) of universal or whole life contracts to be marital assets. Thus, such funds may be subject to subsequent
equitable distribution in any negotiated or court-ordered divorce settlement.

As part of your overall insurance overhaul, look into the availability of alternative benefit payment options. For instance, structured payouts are a relatively recent invention that many insurers now offer. This allows smaller periodic payments for a long period of time to support dependents or facilitate college educations.

Having the foresight to take such a responsible approach also eliminates the risk of immature or imprudent heirs squandering a single lump-sum payment.

In summary

Estate planning after divorce might seem to be an unpleasant, arduous process. Do not make the potentially fatal mistake of letting emotion override practicality, however. Take prompt, proactive measures and visit your South Florida estate planning attorney to ensure the continued effectiveness of your existing estate plan. You cannot afford to leave you and your loved one’s long-term security to chance. Instead, bet on a sure thing with concrete strategies that preserve hard-earned assets.