You may have heard the term “basic.”  What does it mean to be basic?  If you like your pumpkin spice latte in a holiday cup or really anything mainstream or popular then you may be considered basic.  Being basic isn’t always a bad thing and having an estate plan in place may mean your basic too – well, not really but it should because being prepared should be more popular.  Unfortunately, the idea of estate planning doesn’t create the urgency to grab your phone for a quick selfie with your attorney and post to social media – but it should!  Instead of feeling all doom and gloom about the topic try to imagine the peace of mind both you and your family will feel from this positive experience.  Creating an estate plan should be at the top of everyone’s priority list because what can possibly be more important than planning for the future of yourself and your loved ones?

Whether your estate is large or modest, protecting it for future generations should be a priority.  Estate Planning is the process of deciding during your life how your property will be handled should you become incapacitated or how the assets will be distributed after you pass away.  The most popular estate planning tool for accomplishing this the Revocable Living Trust.  By creating a revocable living trust to hold your assets you are preventing your family from being subjected to the stressful and lengthy process of Probate Administration.  Instead, the assets will be distributed directly to the beneficiaries that you designate and according the terms of the trust that you created.  You can choose a different individual to manage your child’s assets until they have reached an age of majority, or any age that you deem appropriate.  The revocable living trust will also provide the beneficiaries with asset protection against any unsecured creditors they may encounter such as divorce, bankruptcy or litigation.

For full protection of our clients, we also included the following documents with your Trust based plan:

Last Will and Testament: Nominate your Personal Representative, choose a Guardian for any minor child, and add any burial or cremation requests.

Living Will:  Advanced directive or “pull the plug” document.  Allows your healthcare surrogate to give the doctor the “ok” to pull the plug if you are being kept alive by artificial means.

Durable Power of Attorney:  Nominate an individual to make financial decisions on your behalf or qualify you for public benefits, should you not be able to do so yourself.

Healthcare Surrogate & HIPAA Release:  Nominate an individual to access your medical records and make informed decisions on your behalf, should you not be able to do so yourself.

Being “basic” is more than ok when the popular thing to do is plan for your future.  Call the South Florida Law Firm of Wild, Felice & Partners today for your free consultation at (954) 944-2855.  For more information on Estate Planning or Revocable Living Trusts, visit our website at www.wfplaw.com.

It’s A Wild World.  Are You Protected?  SM

After 71 years the Chicago Cubs finally return to the World Series following a win this Saturday against the LA Dodgers. Some attribute this win to preparation and hard work while others think they just got lucky – either way, fans are ecstatic to see their team return to the World Series!

While the Cubs celebrated their big win on Saturday you could be celebrating a personal win today. Estate planning truly makes everyone feel like a winner by providing instant peace of mind in knowing you protected your loved ones against life’s unexpected surprises.  There are different plans for every individual. Whether your priorities are privacy, to save on taxes, plan a future for your children, protect your assets against liability or ensure that your legacy last for generations – our attorneys can draft a plan to meet your needs.  It’s also important to acknowledge that life changes every day and so should your estate plan. Once the plan is in place we recommend coming back in and meeting with an attorney every 3 to 5 years, or sooner if a major life change occurs (such as a divorce, marriage, remarriage with a blended family, birth, or death).

Allow today to be your winning day! Call today for your free consultation at ( 954)944-2855 and provide your family with ultimate protection.

It’s A Wild World. Are You Protected?SM

For more information on successful Florida estate planning an asset protection techniques please visit our website at www.wfp.com.

Some clients come to us wanting to give leave their assets to their favorite charity.  While some wish to leave all of it to a charitable cause others wish to leave certain properties or assets and keep the rest for their family.  Estate planning is such an amazing area of law with an array of vehicles that allow for experienced attorneys to plan for clients no matter what their needs may be.  Not only is there a trust that can accomplish this specific charitable goal but it can also provide tax deductions, asset protection and provide income for the lifetime of the Grantor- that’s you!  Meet the Charitable Remainder Trust.

The Charitable Remainder Trust is a great vehicle that will support your philanthropic side while continuing to provide for you and your family during your lifetime.  Here is how it works:  you as Grantor would transfer the property you wish to donate into the trust and designate a trustee.  Typically, the charity is designated as trustee and manages or invests your assets in order to generate some income.  You then will receive a percentage of the profits for a specific period of time that you choose -this will be laid out in the terms of the trust.  While these assets are held in trust they remain protected against unsecured creditors, allow you to earn a tax deduction and provide you with a lifetime annual income.  After you pass away, all of the assets that were held in the Charitable Remainder Trust, as well as any profits or residual interest that may have been generated, then become property of the charitable organization.  There really are no losers with this type of trust.  You win in a number of ways during your lifetime and then provide support to a charitable organization of your choosing upon your passing.  Everyone is a winner!

If you wish to protect your assets, save on taxes, provide for yourself and your family and then leave your legacy to a charitable organization then call us today for your free consultation at (954)944-2855.

For more information on Estate Planning and Asset Protection, please visit our website at www.wfplaw.com.

IT’S A WILD WORLD.  ARE YOU PROTECTED?

By now, most of America has heard the sad news about the passing of both golf legend Arnold Palmer and Marlins pitcher, Jose Fernandez.  The news is yet again another reminder of just how fragile and unpredictable life can be.  Knowing that we will never have full control over our fate should push us to do whatever is necessary to protect our loved ones from the unknown.  One way we can offer our family protection is through the creation of an estate plan.  Estate planning is preparing during your life for how you wish your assets to be distributed or managed in the event you become incapacitated or pass away.  Assets such as your financial accounts, your children, your business or your real property – you can retain control over management even after death.  There are many estate planning tools to help you accomplish these goals.  Perhaps the most favorable tool used in protecting one’s assets is the Revocable Living Trust but what about the lesser discussed (but equally important) Irrevocable Trust?

An irrevocable trust is an estate planning and asset protection tool that provides creditor protection in a way that the Revocable Living Trust does not.  Upon execution the grantor relinquishes control of his or her assets, a realization that makes some clients uncomfortable.  However, it is the relinquishment of control or ownership of the assets that trigger the asset protection.  The assets will then be held in trust for the benefit of the beneficiaries and not the grantor, so any creditors of the grantor will be unable to reach these assets.  They remain safe and intact for the beneficiaries no matter what life decides to throw at you.  If the idea of losing control still seems unsettling, consider this:  you as the grantor create the terms of the trust.  You decide who will control distributions, how those distributions will be made and who will benefit from said distributions.  The Irrevocable Trust is a great planning tool for those who want that asset protection and want to have extended control.

For more information on Irrevocable Trusts or other Estate Planning tools, please visit our website at www.wfplaw.com or call (954) 944-2855 for your free consultation.

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If you’re like most of us then your fantasy football draft parties have ended, your team is locked in and you’re ready to be glued to the screen every Football Sunday.  If you planned properly you just might win that money at the end and, more importantly, bragging rights.  Planning is crucial to success, both in football and in life.  As such, a successful estate plan will require some planning ahead. 

Whether you’re single, married, have children or don’t – you WILL benefit from estate planning.  Creating an estate plan means you remain in control over your assets even after your death.  When children enter the picture, you’re going to want to ensure that they are provided for.  Your estate plan will not only allow for your children’s financial needs to be met but will provide for their emotional needs as well. Every estate plan created provides full protection through the creation of seven documents: The Living Revocable Trust, Assignment of Property to the Trust, Last Will and Testament, Living Will, Durable Power of Attorney, Healthcare Surrogate, and HIPAA Release.  The Last Will and Testament is where you will appoint a Guardian to raise your child.  If you don’t want the guardian to have control over the child’s finances, then you can appoint a different individual for that task.  You may also lay out any specific cremation or burial requests and designate a Personal Representative in your Will.  Your Durable Power of Attorney will designate individuals to make important financial decisions on your behalf while the Healthcare Surrogate will appoint someone to make important healthcare decisions for you.  The plan is flexible and can be created to accomplish your specific goals.

Don’t delay.  Do plan ahead!  Take a break from your football obsessions and make an appointment to get your estate plan today.  Consultations are free and the peace of mind from preparing is priceless so call (954) 944-2855 to make your appointment today!

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Did you know that Florida has one of the worst Probate systems in our country?  Not only will a percentage of your assets diminish during the process but your loved ones could have to wait well over a year before receiving anything.  This is why it is important to understand the process and plan accordingly.

Probate is the legal process of proving a Will in court.  Unless you own assets jointly (which will pass by operation of law) or have a Will substitute in place (such as a Revocable Living Trust) all of your assets must go through the Probate process.  The type of probate administration that will be required will be determined by the size of your estate.  An estate that is worth less than $75,000 would require a Summary Administration.  This type of administration is less costly to your family but could still take up to a year to complete.  If your estate exceeds $75,000 in assets, then a full probate administration will be necessary.  A full administration could very well last for over a year and can be very costly.  Your family may be faced with extreme financial burden and stress during a time where they should be focused on healing.

Probate offers no real benefit to the family members that are left behind.  Instead, it can cause a great deal of stress which is why you should consider avoiding it all together.  Probate avoidance can be accomplished in a number of ways.  As previously mentioned, any assets that pass by operation of law will not be subjected to probate.  This would include property held as husband and wife, property held as joint owners with the right of survivorship, accounts that are held jointly and so on.  One of the more popular ways to avoid probate is through the creation of a Revocable Living Trust.  All assets held in trust will avoid probate and pass directly to the listed beneficiaries.  A trust has additional benefits too, such as setting limitations on when your beneficiaries will receive their share.  It allows for you to have control from beyond the grave, avoid probate and could save you on estate taxes.

Be proactive and eliminate the possibility of probate from your future.  Call the office of Wild, Felice & Partners today for your free consultation at (954) 944-2855.

For more information on Probate, Estate Planning, and Asset Protection, visit our website at www.wfplaw.com.

It’s A Wild World.  Are You Protected? SM