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?

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?

The realistic time frame required to fully complete the Florida probate process is a common question of natural concern to many. Following are the answers to some Frequently Asked Questions about the role that time plays in Sunshine State probate.

Why is time so important in probate cases?

Although the party whose assets and debts must be distributed and settled is gone, many complex legal and financial issues live on. Taxes, interest, and asset depreciation continue despite the demise of the debtor/owner. Thus, prompt settlement of all financial matters is vital to preserve assets and minimize liabilities.

How long does Florida probate take?

The total length of time required to conclude estate settlement varies widely. Total value and type of the decedent’s assets are primary determinants of the time factor.

For instance, a deceased might have left behind a lot of real estate, antiques, or jewelry. As illiquid assets, such items must be appraised and fully accounted for prior to final sale or other distribution. This can add considerably to the total time required to complete probate.

Conversely, An estate containing few assets or those that are easily liquidated (i.e.; life insurance proceeds or bank accounts) close much faster.
What other factors affect length of time to probate closure?

Mandatory waiting period

Florida statutes require all estates to remain open at least three months after being formal admittance to probate court. This requirement is designed to afford creditors or other third parties an ample opportunity to file any adverse claims. Thus, even simple probate cases typically take at least 5-6 months to close.

Tax tardiness

Final closure of taxable estates is prohibited until final IRS approval of Estate Tax Form 706. In addition, applicable laws allow the PR or probate attorney up to nine months after a decedent’s death to file this document.

Other legalities often lead to delay

Probate closure can easily consume several years in cases involving complicated issues like will contests, very substantial assets, or numerous heirs and creditors. This is especially true if any such party(ies) should launch a legal appeal to any lower probate court ruling(s).

What is the best way to expedite estate closure?

The assistance of a qualified Florida probate attorney is the best means of ensuring expeditious estate closure. He or she has the specialized skill, experience, and legal knowledge to avoid many time-consuming complications. Having a trained ally to advocate for your interests also ensures that all your legal rights and interests are fully preserved and adequately protected.

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?

Similar questions run through people’s minds when they go to the doctor or dentist. If I go to the doctor, will he find a tumor and tell me I have cancer? Maybe if I just avoid the doctor all together that will never happen. Right? Wrong! Many people have the same thought process when it comes to visiting their attorney for estate planning. Such irrational reasoning has even more dire consequences in the future. With today’s sophisticated technology, routine checkups and preventative healthcare measures are critical for preventing what could be a medical tragedy. Likewise, with today’s legal tools, adequate estate planning from a qualified South Florida estate-planning attorney is critical in preventing a financial tragedy.

By doing the following you will avoid some commonly made mistakes.

1) Get your will drafted. This is not just for wealthy individuals. In fact, proper asset preservation is critical for those of modest means. There is nothing better than knowing your family will be protected against high estate taxes and administrative costs.

2) Don’t Procrastinate. Just like cancer can strike at any time so can death’s knock at your door. If you leave this world without a will, Florida law dictates the distribution of your assets and your wishes are gone with the wind.

3) Be wary of joint tenancies. With this strategy you are making a prospective heir a joint property owner. This approach can turn sour when for example, your married adult child gets divorced and his or her estranged spouse will be able to claim a portion of your retirement nest egg. If your favorite niece has a business that becomes insolvent, creditors can wipe out your entire life savings.

Get your South Florida estate in place today to avoid such dire consequences from inaction! Time is never on our side.

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?