Simple. They make it look good.

The movie, “The Descendants” was nominated for Best Picture at the Oscars this weekend. One thing is for sure, George Clooney, who plays King, a wealthy trial lawyer, makes you want to learn more about estate planning. “The Descendants” is packed with a medley of complicated issues involving wills and trusts.

The movie sheds some light on the reality and complexities of estate planning. For example, end-of-life care becomes an issue in the film when King’s wife lies in a coma. That’s why it is critical to draft a living will. This legal document allows you to state whether you want your life to be artificially prolonged or whether you prefer to die naturally. If you do not have a validly executed living will in the state of Florida, you will be kept alive artificially irrespective of your wishes or the costs to your family.

There is also the issue of joint ownership that is addressed in the film. King and his cousins are left valuable Hawaiian real estate in a trust that is about to expire. When a trust designates land to multiple people, the threat of disagreement looms in the horizon. Did you know that just one owner might prevent the sale of the property? Don’t let such a legal nightmare burden your family. A highly skilled South Florida estate planning attorney will counsel you on more effective strategies in the transfer of property.

Other issues that arise are the legal limits of how long a trust can last, the special challenges of long-term trusts, and the designation of trustees. Rumor has it that the movie director even consulted an expert attorney in order to get the facts correct for viewership.

Life is not a movie. The complexities and dire consequences of improper estate planning are very real. The best way to avoid disastrous results is to start now. It is crucial to periodically review your estate plan and make necessary changes. If there is something of utmost value that can be taken away from the Oscars, it’s the necessity and exigency of estate planning. Learn from George Clooney. Consult your South Florida attorney today!

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 Sunday most of America will be glued to television sets while watching the Patriots and Giants battle it out on the football field. Everyone will be rooting for their favorite team while wolfing down Buffalo wings and downing endless cans of beer. During commercial airtime, you might be thinking how great it is that your family and friends are all together watching the biggest game of the year. So many memories are being filled right in your family living room. You then decide you are going to leave your house to your kids so that these memories will last forever. What a great idea!

However, without careful thought, you might be doing disservice to your children in the future.  If your residence is worth less than $5 million, most likely you will not have to pay any gift taxes. This is great. However, if your children decide to sell the house immediately, they will be hit with heavy capital gains tax. This is because your cost basis (whatever it cost you to purchase the house) is transferred over to the recipient. So if the fair market value of your house has substantially increased, Uncle Sam will dip into that higher gain.

However, the only way for your children to avoid such high taxes is for them to live in the house for at least 2 years before they sell it. This situation affords them the opportunity to exclude up to $250,000 from capital gain taxes.

What if you decide your children will instead inherit the real estate? In this case, the cost basis will become the current market value, which could translate into a lower gain and thus, lower taxes. However, there are estate tax consequences that will come back to haunt you.  So what do you do?

Take action and consult a highly qualified South Florida attorney to learn about all the available options that can save your children from harsh taxes.

Back in 2008, the Patriot’s offensive line failed to protect their quarterback Tom Brady from the NY Giant’s hard-charging defensive linemen. Don’t fail to protect your kids from Uncle Sam’s appetite for more taxes. Put down that plate of nachos and schedule an appointment today!

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?

We all love to take a break occasionally from our busy lives and enjoy a vacation that will help us decompress. Many of us own a vacation home that is the source of our retreat.  Whether we are escaping to our condos on Florida’s South Beach or to a cabin on New York’s Lake George, we rarely stop to consider one thing. Vacation homes are a valuable asset that should be protected by South Florida estate planning.  The most common method of asset protection is through the formation of business entities or trusts that will hold title to the property.

A popular type of entity organization is the Limited Liability Company (LLC). This is a family/business operation that is treated like a corporation but is taxed as a partnership.  This provides liability protection for family members from claims of those injured on the property and reduces the risk of creditors staking a claim on your asset. A family Limited Partnership can be created, which is similar to an LLC but has more restrictions on transferability of ownership.  There is also the option of establishing a Family Trust or Irrevocable Trust. A trust is a separate legal entity, which becomes the legal owner of the real estate.   An attorney can help you structure a trust to protect your house from creditors, allow for management by the parents during their lifetime, and protect the house in the event a child becomes divorced. The advantage of a trust is that it offers the most control over your asset and is typically used to keep a house in the family for generations.

To help preserve those valuable memories from past family vacations and to build many more, sit down with a qualified estate-planning attorney to map out the future of your home.  Learn how to protect your property from creditors and potential family disputes regarding its use, management, and future expense sharing.

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?

Surely we are all familiar with the old adage “Carpe Diem.” This popular Latin phrase translates into “seize the day,” “live life to the fullest,” or “live each day as if it were your last”. But what does it exactly mean to live the day as if it were your last? Tim McGraw probably best summed it up in his heart-felt hit song “Live Like You Were Dying.” He would go skydiving, rocky mountain climbing, ride 2.7 seconds on a bull named Fumanchu, love deeper, speak sweeter and give forgiveness he’d been denying.

Most people however would not stop to consider what would happen to the people they would be leaving behind. In other words, how to reach out to their loved ones by making sure they are fully protected. It’s bad enough your family members will be in mourning and grieving your death after you are gone. The last thing you want to do is subject them to serious financial consequences because you didn’t get your estate in order.  With the help of a caring and well-seasoned attorney, you will be able to best structure your assets while minimizing estate related taxes and protecting your loved ones from claims of third party creditors.

There is a medley of estate planning tools that you can choose ranging from Trusts, Wills, Powers of Attorney to Health Care Surrogates.  A qualified and well-experienced attorney will guide you through the process and equip you with these necessary tools so you can rest assure your family is well protected after you’ve finished living your life to the fullest. So the next time you are contemplating jumping out of an airplane, think about your family first. After all, you only get to die once…so seize it the right way.

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?

Did you know that an estimated 71.4 million U.S. households own at least one bird, fish, reptile, cat or dog? It cannot be denied that pets are our beloved companions in life.  Animals have played an important role in the lives of human beings since ancient times.  For example, just look at ancient Egyptian civilization. Different kinds of creatures were highly revered and perceived as representations of deities. A number of mummified cats and carefully wrapped dogs have even been found in Egyptian tombs buried along side their owners! Animals played a significant role in Greek Mythology and the concept of animal spirits that can be called upon for protection & help is evident in Native American cultures.

In today’s society, it is common practice to treat our furry friends as part of the family. And with family, we all know how important it is to make sure they are protected when we die. It is becoming increasingly popular in today’s culture to include pets in our South Florida estate plans through the creation of a Pet Trust. No one can demonstrate this better than real estate mogul Leona Helmsley and Florida heiress Gail Posner. Helmsley left millions in her pet trust fund so her precious Maltese poodle would be taken care of according to her wishes. Posner left $8.3 million Miami mansion and $3 million in her trust fund to her overly pampered Chihuahua. Florida law defines animals as personal property and like other such property are subject to the probate process. So even though Fluffy the cat may seem as part of the family, under the law, Fluffy is just considered akin to a car or piece of jewelry. Not taking Fluffy into account could mean he will end up in a shelter, put to sleep, or thrown out onto the street to fend for himself. For some peace of mind, creating a Pet Trust will ensure the easy transfer of the ownership of pets to make sure they are in good hands after you die. Or, you can follow the ancient Egyptian approach and just have Fluffy join you underground.

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?

Surely, Steve Job’s death came as a shock to us all when he past away last week. The CEO of Apple Inc. was just 56 years old. He left behind his wife, son, and 3 daughters. His net wealth was estimated to be in the billions.

We all know Jobs was a perfectionist in his business pursuits. He continuously sought new ways to strategically position his products by foreseeing and setting innovative trends in the industry of technology. He was meticulous at managing and protecting both his business and private affairs. Jobs once said “It comes from saying no to 1,000 things to make sure we don’t get on the wrong track… it’s only by saying no that you can concentrate on the things that are really important.” It would come as no surprise that one of the 1000 things that Jobs said “no” to was the prospect of leaving his family without the protection of an estate plan. He most likely foresaw the need to get his assets in order so that the most important people in his life, his family, would be sheltered from the legal and financial burdens arising from endless courtroom proceedings and hefty estate taxes. Since Jobs liked to keep his personal life out of the public eye, he probably established a trust to maintain the privacy of his assets and its distribution to his family. His loved ones may very well be lucky enough to avoid traditional probate and public scrutiny. We will probably have to wait for the next few months to find out what will transpire with Job’s multi-billion dollar estate, that is, if we ever do.

We should all follow Job’s lead. Protect your family and get your estate in order today. It’s time to get…as Apple Inc. once said “Wildly innovative”.

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?