The death rate in Florida is 100%, which means NO ONE can completely avoid the probate process. The term probate generally refers to the method by which your estate (the totality of the assets in your personal name at death) is administered and processed through the legal system after you die.  The probate process helps you divide and assign parts of your estate in an orderly and supervised manner. Your estate must be divided according to the specifics of your Will, if you die with a Will, or according to statute if you die intestate or without a Will. (Your debts and taxes must be paid before your beneficiaries receive their inheritance, for example).

If you have creditors at death, those debts must be satisfied before dividing the remainder of your assets, additionally there may be taxes due and those must be paid before distribution as well.  This means that the process of finding your creditors and paying those debts can take months and the distribution of the remainder to your heirs may become complicated.  There are legal methods that allow a person to make the process of distributing assets after death more efficient and less costly, which is an advantage to your family and loved ones and a wise investment.  Planning for the future will save your family members additional grief and possibly avoid conflict among family members and other beneficiaries.

Having a Will is a solid first step in the right direction to ease the probate process, but that is not all you need.  Placing your property in Trust to protect it from creditors, drafting a Power of Attorney, a Living Will and a Designation of Healthcare Surrogate are other methods to ensure that nothing is left to chance, that your family will be protected and that somebody you trust will make legal decisions for you when you are no longer able to make them yourself.

An attorney that specializes in estate planning can help explain the legal tools that are available to each individual depending on their financial situation and their specific needs.  Common methods that are utilized to avoid probate are Revocable Trusts which allow your property to be protected from creditors and susceptible to probate.  By scheduling a consultation an attorney can better explain the additional benefits of creating a revocable trust and how this can save you time and money in the long run.

It is important to note that you do not have to have a large estate to take advantage of the benefits of having your assets in a trust or any other legal estate planning tools.  This is a common misconception, but having an estate plan is something that everyone should give serious consideration to.  Additionally, it is also important to mention that although having an estate plan may not seem like a priority to most people, you need to be prepared for any eventuality.

Nobody likes to think about death or incapacity, but these are facts of life and it can happen to any of us at any given time.  If you have a family and if you have small children you should plan for their care in case you can no longer care for them and this is something that an estate planning attorney can help you with.

It’s a Wild world. Are you protected? SM

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.

Last week, the Supreme Court made same-sex marriage a constitutional right.  That means that no state can unilaterally deny same-sex couples the right to marry. In a previous decision the Supreme Court gave DOMA [“Defense of Marriage Act”] the boot, holding that its definition of marriage (limited to a union between one man & one woman) violates the guarantee of equal protection provided by the Fifth Amendment. Keep in mind, this only applied on a Federal level, and States could still refuse to recognize same-sex marriages. The most recent case, Obergefell v. Hodges, which was decided last week, extends this protection to same-sex couples under the fourteenth amendment which applies at the state and local levels of government. Here in South Florida, same-sex marriage was recognized only recently.

Same-sex couples now enjoy the benefit of holding property as tenancy by the entirety, which is a benefit Reserved for married couples; each spouse owns 100% of the property.  One spouse cannot transfer it without the agreement of the other.  Any bank account, for example, in the name of 2 married persons is considered to be held as tenancy by the entirety unless otherwise specified in writing.  Also, any creditor of one spouse alone can’t go after any asset held by the entirety to satisfy a debt.

Another benefit that is now available to same-sex couples is the elective share option, which means that if a spouse is cut out of the will, he or she can exercise the elective share, which entitles the person to 30% of the estate regardless of whether the decedent included the person in the will.

401K funds can now be transferred upon death to a same-sex spouse, which was not possible before, if the state did not allow same-sex marriage.  The Supreme Court Decision now extends the homestead protection to same-sex couples as well, that is, the surviving spouse automatically receives at least a life estate interest in the property of the decedent spouse (the surviving spouse can automatically live in the marital home for the rest of his or her life), which was not possible before in a state that did not provide for same-sex marriage.

While these are certainly great estate planning features for same-sex couples, you don’t want to always rely on automaticity. Rather, you should plan for the future of your spouse and children if you have them, as there is a vast array of estate planning techniques that will ensure your receive all of the benefits of the law.

For more information on successful Florida estate planning and asset protection, contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at mwild@wfplaw.com to schedule your free consultation.

It’s a Wild world. Are you protected?SM

While Jurassic World may be a big hit at the box office, your estate plan won’t be a hit if it was created millions of year ago. As we all know, life is constantly evolving…people get married, buy houses, have children, get divorced and become “extinct.” During all of these changes it is important to be certain that your estate plan is updated.

The following are just some examples of when to update your estate plan and why:

Marriage

Whether it is your first marriage or any subsequent marriage, it is imperative that you update your estate plan. A spouse does not automatically become your beneficiary. In fact, your spouse may only get ½ of the estate or end up accidentally disinherited completely.

Children

If you don’t have someone named in your Will to act as your child’s guardian, the court will appoint one for you. Do you really want the court to make such a vital decision?

Additionally, setting up a revocable or irrevocable trust will set aside assets so that your children may be cared for throughout their lifetime.

Divorce

Perhaps after years of marriage you have discovered your ex-spouse is akin to a velociraptor. Contact your estate-planning attorney immediately. It is likely your spouse is named within your plan as a power of attorney and health care surrogate. You’ll want to have that changed. Additionally, you may have him or her as a beneficiary of a trust, retirement plan or insurance policy.

Increase or Decrease in Assets

As your estate grows, you may want to update your plan so it reduces your estate taxes. Depending on the growth or decline of your assets, your plan should reflect that.

Other

Your power of attorney or trustee is unable to serve.

It has been over five years.

You moved to another state.

Federal or state estate tax laws changed.

The list goes on and on….

If you are wondering whether you need to update your estate plan, contact Michael Wild for a free consultation. He will take a look and let you know if the process is necessary.

Contact us at 954-944-2855 or at www.wfplaw.com

It’s a Wild world. Are you protected?

With Father’s day behind us, we still have an opportunity to celebrate Dad and thank him for everything he has done for you.  A father is for many of us a fountain of wisdom and the person we model ourselves to be, and for that reason it is important to let them know every day how important they are in our lives because unfortunately they won’t be around forever.  Take the time to tell him how much you appreciate all he has done and how he has shaped you.  To ensure that his legacy is preserved, consider planning for your future and that of your children after all, he worked hard so you could enjoy the fruits of his labor.

A common misconception is that only wealthy families and people in high risk professions need to put together an asset protection plan.  But in reality, anyone can be sued.  A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that will decimate your finances.   To make sure that your assets are protected from unforeseen creditors, consult an estate planning attorney that can help you navigate confidently the waters of wealth and family protection, so you and your family can have the peace of mind that only comes with knowing that you are prepared for anything.

Plain and simple, estate planning helps protect your family in the event that something bad happens to you. And, yet, 55% of Americans don’t even have a last will, leaving them vulnerable to costly court fees and legal battles.  But even though it’s predicated on incapacitation or death, estate planning doesn’t have to be morbid. In fact, it can actually be life-affirming, because the process will allow you to take a closer look at the people you most care about in life—and ensure their future happiness.

Don’t procrastinate.  Unless you have a crystal ball, you just never know when death will occur. With the help of an attorney, determine which type of document best suits your situation.  You’re the only one who knows the extent of your assets, but if you have minor children, you must get a will.  Keep your will or trust current, life is fluid. As you increase assets, and expand your family, your will or trust should be updated to meet your changing needs. For example, wills and trusts should be revised following unexpected events, such as a divorce or the death of a spouse or a child. A substantial inheritance should also trigger a revision to your will or trust.  Let someone you trust know where you keep your documents.  A family member, relative or trusted friend should be able to easily find your documents at the time of your death to prevent any confusion.

Estate planning and asset protection are proactive methods to secure your family’s future and to ensure their financial stability when you are no longer there to do it yourself.  One of the most difficult things to do is think about the possibility we may die unexpectedly or too early, leaving our children without one of the most important people in their lives.  But stepping up and making a legal plan to protect your children if something should happen to you is one of the best Father’s Day gifts you can give yourself and the people you love.

It’s a Wild world. Are you protected? SM

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.

June’s cover of Vanity Fair magazine revealed the transformation of Olympic Gold Medalist Bruce Jenner into a woman.  “Call me Caitlyn”, the cover reads.  Life is inherently full of changes, some undoubtedly more drastic than others and while Caitlyn’s transformation certainly falls into the more drastic type of life change, there are life changes that most people go through that may require counsel from an attorney.  Estate planning, for example, is an important undertaking and hiring an attorney to draft an estate plan for you is definitely a step in the right direction.  However, just because you already drafted an estate plan does not mean you can simply file it away and forget about it.  There are certain life changes that warrant a review of your estate plan in order to make it congruent with the changes in your life; it is recommended that you take a look at your estate plan every 3 to 5 years, because within those periods it is likely that one of the following major life events occur:

Getting married: Generally you would want to update your living trust and/or your will to indicate what provisions you would like to make for your new spouse. You should also address your separate property.  You may wish consider a prenuptial agreement if one or both spouses come to the marriage with significant assets.

Divorce or death of a spouse:  The end of a marriage should trigger the need to review your estate planning documents.  That could mean changing beneficiaries, trustees and changing Powers of Attorney and Health Care Surrogates.

Purchase or refinance of a home:  If you have a living trust, your house should be held in the trust. Many times lenders, upon a refinance, will take the property out of the trust, put the mortgage in place and then neglect to put it back into the trust. When buying property many people simply forget to take title in the name of the trust. To have the maximum benefit of the trust, all properties should be in the name of the trust. If your properties are not in your trust, work with your estate planning attorney to help transfer the properties to the trust.

New accounts:  Making sure all savings accounts, brokerage accounts or mutual fund accounts are in the trust is important to avoid probate and make transfer of title to your new beneficiaries easier.

The birth of a new child:  If you have a baby, adopt a child or have a new stepchild, all would trigger the need to review and update your estate planning.

Change is the only constant and your estate plan should be constantly changing.

It’s a Wild world. Are you protected? SM

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.