For those of you that thought the worst of the foreclosure storm was over, I have some bad news for you.  Over 7,000 foreclosure actions were filed by banks in the month of November against properties in the counties of Miami-Dade, Broward, and Palm Beach.  This South Florida region is witnessing an average of 233 filings per day.  These numbers represent a fifteen 15 percent increase over the 6,085 filings in November 2008 and a 76 percent increase over the 3,986 actions submitted in November 2007. 

While the media has shifted its focus from the mortgage foreclosure crisis to the healthcare reform debate, the real estate problem in South Florida has not gotten any better.  In fact, it has gotten worse.  South Florida is currently on pace for over 100,000 foreclosure filings in 2009.  By comparison, in 2008 the banks filed 75,000 foreclosure actions and in 2007 there were only 33,000 foreclosure filings by lending institutions.

Common sense would suggest a slowdown in filings due to the sudden willingness of lenders to permit short sales or loan modifications, but the loss mitigation efforts are not being completed in time to prevent the foreclosure auction from occurring and more and more homeowners are finding themselves evicted with their belongings resting by the curb.  It is your responsibility to slow down the foreclosure process long enough for any of these techniques to be used to save your home and your credit.  It is your responsibility to hire a foreclosure defense attorney to protect you.  

On a county-by-county basis, last month Broward County had the highest number of foreclosure filings with 3,305, up nine percent from 3,031 filings during the same time period a year ago.  Palm Beach County had the second highest number of foreclosure filings with 1,890 in November, up 24 percent from 1,526 filings in the same month in 2008.  Miami-Dade County was third with 1,808 foreclosure filings in November, up 18 percent from 1,528 filings in November 2008.

If you have missed a mortgage payment, or are worried that you might be forced to miss one in the near future, please contact our South Florida foreclosure defense attorneys for a free consultation at 954-944-2855 or via email at info@wfplaw.com.

Since it is important for children to remain close with extended family, both parents should be flexible enough with the schedule as to accommodate visiting out-of-town family. If one parent’s extended family has flown in for the holidays, the other parent can agree to relax time-sharing. While grandparents have no inherent rights regarding time-sharing, if they are in town, families can coordinate with one another regarding holiday time-sharing.

It’s also important to discuss any travel plans each parent might want to set during the children’s Winter break.  It’s also alright for one parent to make travel plans without the children providing that the other parent understands that they will be caring for the children during that time, or other arrangements are made and agreed upon.

If the relationship between you and your ex-spouse is strong enough, you can even choose to celebrate the holidays with one another and the children.  This would be ideal for the children as they will be able to observe or maintain traditions important to them.  Try not to ruin the holidays for them with unnecessary shuffling back and forth or tension between parties. Be flexible and try to have fun.  Keep the F’s to food, football, fun, and family and save the other F’s for another time and place.

As with any other transaction of importance, it is always recommended that you seek the advice and care of an attorney when creating and implementing your estate plan but either out of laziness or financial inability, many Floridians are still failing to plan for the protection of their assets.  If you should fail to retain an estate planning attorney to work with you on your asset protection plan, at least follow the eight steps below and assure that your family isn’t left with nothing but a large pile of debt.  As the old adage goes, if you fail to plan, you are in actuality planning to fail.

Step 1 – Sign a financial power of attorney.

Step 2 – Designate a health care surrogate.

Step 3 – Calculate your net worth.

Step 4 – Review your beneficiaries.

Step 5 – Write a will, or update the one you have.

Step 6 – Plan for state estate taxes.

Step 7 – Title your assets correctly.

Step 8 – Donate, donate, donate.

While these eight steps will provide you with basic protection, for a true and complete asset protection plan, please contact your estate planning attorney and work together to create a plan for your future and the financial future of your family for generations to come.

Until January 1, 2010, our law firm will provide a complimentary will to any person who schedules a free consultation to discuss their asset protection plan.  Contact Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com.

Currently Florida does not collect a state estate tax, though things were different prior to January 1, 2005, when Florida, like many other states, collected a separate state estate tax in addition to the Federal estate tax, called a “pick up tax.”  The pick up tax was equal to a portion of the overall federal estate tax bill.  The federal estate tax is scheduled to completely disappear in 2010, but then the provisions of the Economic Growth and Tax Relief Reconciliation Act will sunset and the estate tax, along with the pick up tax, will come back on January 1, 2011.  In 2011, there is a chance that your estate could be doubly taxed.  

The year 2010 will be an “uncapped” year in that the EGTRRA will no longer offer protection to those individuals with a net worth of under $1 million.  With more families being exposed to the estate tax, it is imperative that you sit down with your estate planning attorney and talk about drafting some combination of a will and trusts as soon as possible.

From now until January 7, 2010, Wild Felice & Pardo, P.A. is offering to draft your will for FREE.  Just make an appointment by calling 954-944-2855 or emailing info@wfplaw.com.  There is never any cost for the consultation and one of our estate planning attorneys will go over your risks, assets, and liabilities and then draft your will for FREE.  There are no strings attached but this offer cannot be combined with any other offer and only one free will to be prepared per household.