The answer is simple, everyone. (And yes, that includes you…)

Whether you are a parent, a property owner, or a professional, you need to protect your family and assets. No estate is too small for planning. Estate planning is a process involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. It can involve the services of a variety of professionals, including your lawyer, accountant, financial planner, life insurance advisor, banker and broker.

Organizing your assets can help avoid family fights and reduce the stress of probate. If you fail to plan ahead, the court will appoint someone to handle your assets and personal care. Your assets will be distributed to your heirs according to a set of rules known as intestate succession. Contrary to popular belief, everything does not automatically go to the state if you die without a will. Your relatives, no matter how distant, will have priority in inheritance ahead of the state. Still, they may not be your choice of heirs. An estate plan gives you much greater control over who will inherit your assets after your death.

Less than half of all Florida residents have an estate plan in place yet the death rate in Florida has held steady at 100 percent. The reason for this lapse in judgment is most likely due to a focus on the word “estate” rather than the word “planning.” The two biggest misconceptions made by most South Floridians that lack comprehensive estate planning is that they are either too young to worry about it or not wealthy enough to worry about. However, the fact remains that very rarely is estate planning solely about the money.

While our South Florida estate planning attorneys have the expertise in tax planning, as well as the designations of LL.M. and CPA that provide for the highest level of professional service, our firm aims to shed the tax attorney paradigm that estate planners are often pigeon-holed with and focus instead on the dynamic relationships between our clients and their loved ones. Estate planning is about those friends and family left behind, which is why we first ask our clients what their wealth transfer and asset protection goals are and then explain how we can accomplish those goals together.

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 to schedule your free consultation. It’s a Wild world. Are you protected?SM

About 71 years ago, today, Japanese warplanes attacked the U.S. naval base at Pearl Harbor, Hawaii. It was a devastating time for our nation and as President Roosevelt said, it was “a date that will live in infamy.” We will forever be indebted to the millions of U.S. troops and veterans that fought for our country.

The country we live in is our home. The house we live in is also our home, on a more personal level. In fact, it is our fortress that we all would like to protect from surprise enemy attack. For many South Floridians, the home is the largest asset. Estate planning revolves around the concept of asset protection. Your South Florida estate planning attorney can help you ward off any possible creditor strike on your estate. The key lies in “how” you own your home.

In Florida, joint tenants by the entirety (TBE), is a special type of joint tenancy recognized between married couples. The great benefit is that if one spouse is encumbered with an individual debt or judgment against him or her, the property cannot be partitioned or subject to forced sale without the permission of both spouses. The justification in this approach is that it would be unfair for a non-debtor spouse to lose his or her primary residence in order to satisfy a debt which is not the product of his or her own doing. In addition, neither husband nor wife may convey his or her interest in the real property without the consent of the other. Finally, when one spouse dies, the surviving spouse will take title to the entire property while avoiding probate.

Another way to jointly own title is through joint tenants with right of survivorship (JTWROS). Like TBE, this approach to holding real estate avoids probate. However, unlike TBE, creditors may be able to force partition and sale of the debtor’s interest. This approach to holding title would not adequately protect the home asset of the other spouse or unmarried titleholder. A creditor may be able to seize the interest of the debtor resulting in a huge misfortune to the non-debtor.

In South Florida, TBE is a very effective asset protection plan for a married couple. In Florida, unlike most other states, all types of property, including real property, tangible and intangible personal property may be titled as TBE. However, there are still drawbacks that must be considered, therefore; it would be wise to seek legal counsel. In the long run, this security against creditors may be lost following dissolution of marriage or death of a spouse. There are other issues to consider such as how TBE affects estate tax. Your South Florida attorney can assist you through the implementation of estate planning techniques that can achieve optimal estate tax planning.

For more information on successful Florida estate planning, please contact the South Florida law firm of Wild Felice & Partners, P.A. at (954) 944-2855 to schedule your free consultation. While our South Florida estate planning attorneys have the expertise in tax planning, as well as the designations of LL.M. and CPA that provide for the highest level of professional service, our firm aims to shed the tax attorney paradigm that estate planners are often pigeon-holed with and focus instead on the dynamic relationships between our clients and their loved ones.

Estate planning is about those friends and family left behind, which is why we first ask our clients what their wealth transfer and asset protection goals are and then explain how we can accomplish those goals together.

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

“I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under G-d, indivisible, with liberty and justice for all.”

Thank you to all who have served, and are serving! You gave, and continue to give, every day to ensure our freedom—and to you, we are forever grateful!

On June 6, 2012, Senator Ron Wyden of Oregon introduced legislation that will restrict eligibility for veteran’s benefits used to assist in funding for home health care, assisted living and nursing home expenses. The proposed bill would require that the Secretary of Veterans Affairs look back 36-months for any uncompensated transfers that a veteran, their spouse or child may have made. Today, there is no look-back period. A veteran, their spouse or child with excess assets can qualify for veteran’s benefits by making transfers to a properly drafted irrevocable gift trust.

If the proposed legislation were to pass, the bill would take effect one year after enactment, and apply to pensions applied for or redeterminations after that date. The bill will disqualify a veteran, their spouse or child who has made transfers to a properly drafted irrevocable gift trust, within the 36-month look-back period, from receiving benefits for a period of time depending on the amount that was transferred.

The percentage is astounding. Less than half of all Florida residents, including active duty and veteran members, have an estate plan in place. Yet, the death rate in Florida has held steady at 100 percent. As an active duty or veteran member, you have and continue to do so much for this country. Please do not fall prey to this look-back period. Who knows if or when the proposed veteran’s benefits “36-month Look-Back-Period” legislation will pass. You have taken the honorable oaths of enlistment and office. Allow a competent and qualified estate planning attorney the opportunity to give you their oath to protect what you so rightfully deserve.

For more information on successful Florida estate planning, please contact the South Florida law firm of Wild Felice & Partners, P.A. at (954) 944-2855 to schedule your free consultation. While our South Florida estate planning attorneys have the expertise in tax planning, as well as the designations of LL.M. and CPA that provide for the highest level of professional service, our firm aims to shed the tax attorney paradigm that estate planners are often pigeon-holed with and focus instead on the dynamic relationships between our clients and their loved ones.
Estate planning is about those friends and family left behind, which is why we first ask our clients what their wealth transfer and asset protection goals are and then explain how we can accomplish those goals together.

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

If you’re a South Floridian who loves to get spooked you probably gravitate towards haunted attractions, horror films, and gory costumes. We have something even more frightful up our sleeves that will give you a truly horrifying experience! You can live through your very own Halloween nightmare tale filled with accidental disinheritances, exorbitant taxes, and expensive probate litigation! You can watch small businesses collapse and witness the squandering of modest and large family fortunes right from the grave… when it’s too late! However, for those of us who don’t like to get scared and rather play on the safe side, here are some tips on preventing an “All Hallows’ Eve” of the estate.

First, do not erroneously assume your spouse, close friend, or even pets will be taken care of. You must specifically include your loved ones in your estate. Second, consider asset protection. It’s important to protect your beneficiaries from lawsuits, failed marriages, disability and wasteful spending. Finally, don’t do it all yourself. These do-it-yourself estate plans can create more problems than they solve. People title assets without understanding the legal ramifications behind it. There are risks and contingencies that need to be accounted for and only your South Florida attorney can help you with that.

To avoid another episode of “tales from the crypt,” it’s crucial to update your estate plan in the event of divorce. You should change the beneficiary designation form on your life insurance policy otherwise your ex-spouse will receive the proceeds. You should also account for any minor children in your will by appointing a guardian in the event you pass away. Otherwise, your children could end up wards of the state!

If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. 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?

“Lifestyles of the rich and famous” sings Good Charlotte, the American pop punk band from Waldorf, Maryland. The numbers are staggering. Today, there are more than 67 million Twitter users. Are you one of them? If so, please read closely. Celebrity Lady Gaga has 30,656,320 twitter followers (almost the current population of Canada), Justin Bieber 29,424,873 followers, Katy Perry 28,240,817 followers, Rihanna 26,407,641 followers and Britney Spears 21,380,602 followers. Are you a celebrity follower on Twitter? If so, please read even closer. We are a celebrity conscious culture. Celebrities consume more of our daily lives than ever before. Now, close your eyes. Imagine yourself being escorted out of a stretch Hummer limo, walking down the red carpet dressed in the finest designer clothes while being blinded by the flash bulbs of the surrounding paparazzi hoping to score that great shot. It’s the glitz and the glamour, the stardom, the wealth and influence that drives much of our society to live vicariously through celebrities. Fantasy never hurt anybody. “I’m half living my life between reality and fantasy at all times”, said Lady Gaga. But BEWARE: DO NOT FALL VICTIM—LIKE MANY CELEBRITIES HAVE, TO ESTATE PLANNING GONE WRONG! Estate planning is reality.

“The beat goes on” wrote Sonny Bono, former musician and politician. In 1998, Bono tragically died of injuries from hitting a tree while skiing. Bono never wrote a will. After his death, a child he secretly fathered out of wedlock surfaced to claim part of his estate along with his ex-wife Cher.

LESSON LEARNED: We have no idea how much longer “the beat goes on.” It would be wise to act now given the unfavorable situation we may all be faced with. Embrace this opportunity while you still can and contact your South Florida estate planning attorney now. You need to arm yourself with the necessary estate planning tools to protect your legacy and more importantly, protect your family.

If guitar legend Jimi Hendrix could have “One rainy wish”, what do you think it would be? In 1970, Hendrix unexpectedly died at the age of 27. Hendrix never wrote a will. Although Hendrix was closest to his brother, the state awarded everything to his father who then left everything to his adopted daughter from another marriage. Hendrix’s brother received nothing.

LESSON LEARNED: It’s never too late to make your “One rainy wish” a reality. If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. 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.

Such nightmares could have been avoided by planning ahead.

Less than half of all Florida residents have an estate plan in place yet the death rate in Florida has held steady at 100 percent. The reason for this lapse in judgment is most likely due to a focus on the word “estate” rather than the word “planning.” The two biggest misconceptions made by most South Floridians that lack comprehensive estate planning is that they are either too young to worry about it or not wealthy enough to worry about. However, the fact remains that very rarely is estate planning solely about the money

To schedule your free consultation, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at info@wfplaw.com.

It’s a Wild world. Are you protected?

Although his time was nearing at the age of 86, it is still hard to believe that Andy Griffith died today in his hometown in North Carolina. He was a legendary icon who knew how to capture our hearts with his homespun humor and small town sensibility. Coping with a loss is very difficult but there is also a time when to get practical and realistic. This means not only taking a look at “who” the decedent leaves behind, but also “what” he leaves behind. The one to sort this issue out will definitely not be just another “Face in the Crowd.”

It will be the Personal Representative.

Everyone should have an estate plan in place and it is the Personal Representative who will be solely responsible for decisions regarding your estate after you die. In Florida, there are certain qualifications that must be met before one is eligible. The benefit of having a will drafted is that you can appoint who you would like to administer your estate.

These are big shoes to fill and due to the complexity involved, Florida Probate Rule 5.030 requires representation by an attorney licensed to practice in the state of Florida.

As a hypothetical, suppose Andy was a resident in Florida and he had a will appointing his wife Cindi, as his Personal Representative. There are many duties and responsibilities she will have to fulfill.

She will be required to collect all debts owed to Andy including but not limited to any salary, wages, pension, loans, and dividends. She must pay debts to his creditors. Finally, she will be responsible for distributing the actor’s estate to beneficiaries according to the terms of his will and the Florida Probate Code.

There are specific pleadings that need to be filed with the probate court. All tangible, personal property will need to be marshaled, inventoried, and properly preserved. She might need to obtain appraisals and consider insurance binders on uninsured property such as expensive vehicles and boats. With respect to any businesses Andy may have owned, she may need to continue operation or liquidate in order to satisfy obligations of the estate. She may need to arrange for ancillary administration if Andy owned any real property outside of Florida. She will have a duty to invest his assets as a prudent investor. A notice to creditors must be filed. Income tax and estate tax returns cannot be neglected.

Luckily, having an attorney present to guide a Personal Representative through this process will make this task less daunting and more manageable. Your South Florida estate planning attorney will simplify the process by handling important legal and administrative matters so you don’t have to.

Like the sheriff would say, “Gee, I appreciate it and good night.” May Andy have an eternal good night’s rest.

If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. 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?