Whether you divorce her or not is up to you but you need to adjust your estate plan either way.  If you stay with her, you need to be certain that you name the executor and trustee that you desire.  If you don’t want her to get everything upon your death, you need to be very explicit about that in your trust.  If you want your parents or siblings to be the guardian of your children instead of her parents and siblings, you need to stipulate that in your will (and you need to survive her).  Who do you want making health care decisions for you?  Financial decisions?  Pulling the plug on your death bed?

Maybe you decide to divorce her.  Your marital settlement agreement will most likely require that you procure a life insurance policy.  Your life insurance policy should be owned by an Irrevocable Life Insurance Trust and not in your own name.  If you already had an estate plan drafted, you’ll want to amend or restate all of the documnets to remove your now ex-wife from them completely.  That is, unless you want her to still control all of your financial and medical decision making if you become incapacitated.  Remember that line above regarding pulling the plug?  It probably shouldn’t be left to your ex-wife.

And ladies, this goes for you too.  After you wash that man right out of your hair, you had better erase him from your financial life as well.  Aside from removing him from the above mentioned documents and drafting an entirely new estate plan, you’ll definitely want to have a trust put in place, if you haven’t already.  If you die before your ex, he will be the guardian of any minor children that you had together.  However, by using a trust to manage your assets instead of leaving them outright to your minor children, at least he wont inherit your stuff.

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?

Billionaire Warren Buffett urged U.S. lawmakers Monday to raise taxes on the country’s super-rich to help cut the budget deficit, saying such a
move will not hurt investments. Buffett, one of the world’s richest men and chairman of conglomerate Berkshire Hathaway Inc , said his federal tax bill last year was $6,938,744. Buffet went on to say “That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income – and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent,” he said.

Mr. Buffett enjoys the benefits of a sophisticated financial plan.  He has also established an estate plan that enables his loved ones a comfortable life and the realization of philanthropic activities. Although we may not all be as rich as Warren Buffet, and most of us don’t want to be taxed more we should follow his example and plan for both life and death. Remember you only die once, make sure you do it right consult an estate planning attorney to ensure your loved ones enjoy your legacy.

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?

People forget things all the time. Rumor has it that Joe Robbie forgot to sign his estate plan. The only difference between the two instances is that my omission resulted in you not receiving a blog post and Joe Robbie’s omission resulted in a $47 million estate tax bill, millions of dollars in legal fees and the never ending renaming of a football stadium.

Don’t make the same mistake Joe Robbie did; get your estate plan in place before it’s too late.

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 market dropped about 5 percent today.  With the economic failures in Greece and Italy and now most of Europe, the global economy is even more unstable than the US economy, whose credit rating is lower than AAA for the first time since 1941.  So many people think that they can protect themselves against the market by trying to time it or by investing in gold or by keeping their money in cash.  I have heard the jokes about 401 k’s turning into 201 k’s after a market dip and the sob stories of people who were forced back into the work force after years of retirement because thier fixed income is no longer as fixed as they need it to be.

While we may not be able to protect ourselves from a diving economy or an unstable market, we are able to protect our families from the unnecessary stress, cost and inconvenience of probate and the possible 55 percent estate tax liability coming in 2013.  However, while we have no control over the market, we spend large portions of our day worrying about it and while we have total control over our estate planning, over 70 percent of Americans still don’t have a Trust and over half of all Americans don’t even have a Will.

The lack of a comprehensive estate plan will do a lot more harm to your family than an ill advised investment.  Make an appointment to have your estate plan drafted today because there is no excuse for being unprepared.

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?

Recently, The District Court of Appeals of the State of Florida, Fifth District found that a decedent is not permitted, through his will, to forgive a debt owed to him when his estate is not solvent to pay the debts and the costs of administration of his estate.

William C. Wallace executed his will and then 11 days later, killed his incapacitated wife, his stepdaughter and then himself. The only asset in the estate was a one-half interest in a note and related mortgage on real property, issued by Wallace’s son prior to the execution of the will. The will had a provision that provided for discharge of the note and cancellation of the decedent’s interest. Several claims were filed against the estate, including a credit card debt and wrongful death claims filed by the estates of the decedent’s wife and stepdaughter. The estate also incurred the curator’s fees and costs, the personal representative’s fees and the personal representative’s attorney’s fees, which were substantial due to the litigation involved in probating the decedent’s will. The decedent’s one-half interest in the promissory note was the only non-exempt asset available to pay the estate’s administrative costs, debts, and expenses.

Therefore, as a consequence of the will’s provision to forgive the note, the estate would not have any funds to pay its obligations. The case found its way to The District Court of Appeals of the State of Florida, Fifth District. That court held that forgiveness of a debt can occur only after creditors and expenses are paid. Thus, the ruling would be contrary to the decedent’s final wishes.

You only die once; make sure you do it right. Although a very tragic story, this case shows us that careful planning is necessary. Just because you include a provision in your will doesn’t mean it will be carried out. If your will is contrary to law or public policy it will be useless.  After you’re dead, you can’t come up with a “plan B”, so consult an experienced attorney and do it right the first time.

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?

48,000 people die in the United States each week and there are still 4 weeks until the start of the season. That means that nearly 100,000 people will die before the season kicks off and over 1.2 million people will die before the Super Bowl. Talk about a futures bet!

August is more than just the prologue to football season. Did you know that August is also a month that celebrates estate planning reminders?

 August is National Catfish Month which reminds all of those people that get squeamish when talking about death to Suck It Up and get the estate plan drafted.

 August is National Eye Exam Month which reminds us to minimize our estate tax so that the IRS doesn’t rob our families blind after we die.

 August is National Golf Month which reminds us to have each estate plan reviewed every 3 to 5 years to see if there is a hole in one.

 August is also National Peach month which reminds us that probate is the pits.