Jay-Z and Beyoncé kicked off their “On the Run” tour last week in Miami, delivering a combination of each of their hits. Among the massive 42-song set list the couple performed was Jay-Z’s Grammy winning song “99 Problems.” While you hopefully have less than 99 problems, probate should never be one of them if you have the right Florida probate attorneys to guide you through the process.

Generally, probate is the process of validating the will and transferring ownership of estate assets to the beneficiaries, and is a requirement under Florida law whenever the estate is over $75,000. This process is opened by presenting the decedent’s death certificate to the court. From there, the judge appoints a personal representative and gives him or her the letters of administration that gives the authority to act on the decedent’s behalf. Probate usually takes at least six months, but with larger estates, can take a few years. The complexity of the estate, the level of assets involved, and the number of beneficiaries can all lead to an extended probate period.

Given the responsibilities that fall on the personal representative, holding the position can be a stressful and daunting task. A personal representative can also be subjected to liability, leading to increased costs to the estate or even personally. Luckily, with the assistance of our experienced probate attorneys, you can avoid the typical problems associated with probate administration. There are many pitfalls that may not be apparent to someone untrained in the duties of the personal representative and these mistakes could lead to increased cost and time. Our attorneys will prepare and file the United States Estate Transfer Tax Return, the Florida Estate Tax Return, the decedent’s final United States Individual Income Tax return, and the United States Fiduciary Income Tax Returns. Once the distributions are made to the beneficiaries, we will then prepare the final accounting of the personal representative, making sure to obtain receipts and releases so that the personal representative is discharged. This will help to prevent the personal representative from being sued later for issues arising from the estate administration.

Handling the probate of an estate can be a time consuming and expensive process. Let us handle it for you and make sure it’s not one of your 99 problems.

For more information on successful Florida probate administration, 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

In what team president Pat Riley called an unsurprising move this morning, four-time MVP LeBron James opted out of his current contract with the Miami Heat. Before you let the panic you see from some on your Facebook feed overwhelm you, and before you buy into Knicks fans’ claims that LeBron is leaving South Florida for the bright lights of New York City, take a moment to think about the situation. If LeBron and the rest of the Big Three opted in to their current contracts, the Heat would have over $60 million worth of salary on the books. With a salary cap for the next season protected at $63 million, that would not give the Heat much room to work with. What LeBron appears to understand is that long term planning is the key to success. You too can plan ahead by “opting in” to an estate plan.

If you die without an estate plan, the intestacy laws of Florida will determine who gets your property. Depending on your marriage situation, this can lead to a distribution that does not meet your wishes. Most people think that a will is the best way to distribute your assets. While a will is certainly a way to legally distribute your assets, a will must be probated before the assets get to your beneficiaries. The probate process can cost you a great deal of both time and money, leaving your beneficiaries without the assets for an extended period of time. A will gives complete control of distributions at the time of your death, but that is where the control ends. Once the assets are distributed to the beneficiaries, they become the owners and can do with them what they please. This can unfortunately lead to situations where they lose their entire inheritance, either through divorce, remarriage, or creditors.

A trust based estate plan can be used to avoid probate while also allowing you to control your assets from beyond the grave and protecting them from creditors. A living trust allows you to still use your assets during your life and then keep whatever you give to your beneficiaries protected. Unlike a will, assets in a trust based plan will be kept in trust, meaning each of your beneficiaries will receive a trust fund that is protected from creditors, lawsuits, and divorce. A trust also allows you to leave to later generations without gifting them outright. For example, you can leave money in trust to your children for their lives, and then the remainder to your grandchildren. A trust based estate plan provides you the opportunity to look ahead to the future while also making sure you get to enjoy everything while you are still alive.

While the future of LeBron James, the Big 3, and the hearts of South Florida basketball fans still have to wait to see what the future holds, you can be prepared for whatever comes your way by opting in to an estate plan today.

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

The University of Miami took planning ahead to an entirely new level this weekend by beginning the recruiting process of a 9-year-old point guard. While a lot can happen in the nine years before the Downey Christian School star makes her college decision (who knows if she will even want to play basketball by then?), Miami is showing foresight in looking forward to the future. Just as the school will be benefit from its forethought, so will you by having a proper estate plan in place. Currently, less than half of all Florida residents have an estate plan, yet the death rate in Florida has held steady at 100%. Regardless of age or health, it is never too early to start planning ahead because you never know what the future will bring.

A proper estate plan will answer three key questions: what are your assets? Where are they going? How will they get there? These questions are simple but the answer can be quite complicated. While a will is effective in transferring property at death, your estate would then have to be probated, a long process that delays your loved ones receiving their property. A devise from a will also removes any control you would have beyond the initial bequest. For example, once you give an asset to your child, you would not be able to determine if it goes to your grandchildren or to someone else; your child would have complete discretion. However, if you were to use a trust based estate plan, you would both retain control and avoid probate. Trusts also have the added benefit of asset protection from creditors. A trust based plan can be used to satisfy your estate planning goals, making sure that your loved ones are taken care of in all situations.

Whether you choose a will based plan or a trust based plan, your planning should also include a power of attorney, health care surrogates, and HIPAA releases. These planning tools may be overlooked, but their importance can not be overstated. The power of attorney and designation of a healthcare surrogate will allow important healthcare and financial decisions to be made for you in the event of incapacity or death, while the HIPAA release will make sure your healthcare surrogate will have access to whatever he or she needs to make informed decisions. By planning for the future and using these various techniques, your family will hopefully be protected creditors and other hassles when the time comes. Get ahead of the other 50% of Florida resident and get an estate plan now. It’s never too early to 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

It’s no secret that soccer is not America’s sport, and as the US Men’s National Team kicks off its World Cup run against Ghana tonight, both the team and the fans face a long and arduous road ahead. While the US team must deal with what experts have coined the “group of death,” the vast majority of American sports fans will watch soccer for the first time in four years, filled with confusion as they try to understand something they have no familiarity with. This process of headache and confusion is similar to what you will experience if you find yourself probating a family member or loved one’s estate. Just like the winner of this year’s World Cup will have great coaching, an experienced probate attorney can help guide you through the process.

Put simply, probate is the process of validating the will. A will is not effective in the state of Florida until it has been probated. Once duly probated, there is proof that there was no fraud, duress, mistake, or undue influence; that the will was unrevoked; and that the decedent was competent.¹ Unfortunately, the definition is often the simplest part of the probate process.

Probate in Florida is complex and not intuitive for those who do not have the requisite training. The personal representative of an estate has many responsibilities, including paying court fees, estate and gift taxes (if applicable), and funeral costs. The personal representative is also responsible for administering the estate, which requires taking possession of property in the name of the estate and distributing it according to the will. This may involve an accounting of the estate assets, a process you may not be equipped to handle. Furthermore, a personal representative may be required to get property appraisals and represent the estate’s interest in any litigation. A mishandling of probate may lead to an increased duration of the probate process, preventing the assets from being distributed, and even worse, it may leave you with personal liability.

If you think the World Cup takes a long time to resolve, that is nothing compared to how long probate can take. The potential for a long process may mean higher costs for you. Let our experienced lawyers carry the burden and facilitate a cost-effective transition of your loved one’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?SM

¹ Fl. Stat. 733.103

Fridays are usually considered to be one of the best days of the week; it’s the last day of the work week, the first day of the weekend, and the most common premier night for new movie releases. But from time to time a Friday may occasionally fall on the 13^th day of the month signaling a day full of anxiety and bad luck for those who consider themselves superstitious.  If you have lost a loved one that failed to create an estate plan in Florida, it is likely that you will soon be experiencing the horrifying process of Probate. However, with the right attorney the stress associated with probate can be significantly reduced.

Probate is the process of validating and distributing the decedent’s assets. This includes a variety of payments that the personal representative will be responsible for distributing, including those to creditors, the court fees, taxes and administration expenses (estate costs, funeral costs, etc.). Naturally, this will also include distributions to the beneficiaries entitled to the assets, as named in the will or trust. This entire process involves extremely complex considerations that are not apparent to anyone who is not trained in the practice of probate administration. Slight mistakes can result in a significant increase in both time and money; and thus it is very important to ensure that the estate is being administered properly. This process will involve tax related consequences, dealing with creditors, inventorying property, appraising property, paying off debts, court filings, procedures to avoid litigation, and considerations associated with exempt property, family allowance, and elective share benefits.

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