The Costanza-created holiday of Festivus is almost upon us and the people of South Florida are a flurry with excitement.  Whether you prefer the Feats of Strength or the Airing of Grievances, the holiday of Festivus has something for just about everyone.  Speaking of everyone, in this time of overlapping different holidays, it is important to remember the one commonality that we all share – mortality.  That’s right, whether you celebrate Christmas, Hanukkah, Kwanzaa or Ramadan, the death rate in South Florida is 100 percent which means that every single one of you need estate planning.  We may not agree where our souls go after we die but there is no argument as to what happens to our stuff.  If you have no Will, the Florida Intestate Statutes will distribute your assets as the state of Florida decides.  If you have a Will but no Trust, your assets will first be dragged through the Florida probate process and then distributed outright to you beneficiaries.  If you have a Trust in place, your beneficiaries will be able to minimize both probate and the estate tax, as well as receive assets that are protected from creditors, litigation, bankruptcy and divorce.  Even for Frank Costanza, Trust-based estate planning is a no brainer.

Festivus is for Some but Estate Planning is for All

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 week, millions of Jewish families will be celebrating the anniversary of a miracle.  When there was only enough oil for one more night’s light, the oil ended up lasting 8 full nights.  Implementing a revocable living trust as the centerpiece of your South Florida estate plan will allow you to avoid Florida probate and estate taxes for a lot longer than that.  A revocable living trust can avoid probate upon your death and eliminate any estate tax burden, not to mention the ability to control your assets and protect your beneficiaries for up to 360 years after your death.  A revocable living trust is not a miracle; it’s just good planning.

For more information on successful Florida estate planning and probate techniques, 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?

Florida residents know better than anyone that having life insurance is essential to planning for one’s future and provides assurance for family members after one’s death.  Beneficiaries receive a life insurance death benefit, which is tax-free income used to cover the costs of funeral expenses, debt, and any other financial obligations. However, many people do not realize that for tax purposes, the proceeds from a South Florida life insurance policy becomes part of the decedent’s gross estate if the policy is owned by the deceased during the last 3 years of his or her life. Currently, for estates valued over $5 million, anything in excess will be taxed at a rate of 35 percent. Accordingly, many people are not aware that a life insurance policy is subject to this Federal Estate Tax.

Fortunately, correct South Florida estate planning can save family members hundreds of thousands of dollars. A highly qualified and well-experienced attorney can strategically structure an estate in order to shield loved ones from the bullets of heavy taxation.

Establishing an Irrevocable Life Insurance Trust (ILIT) removes life insurance from the estate and transfers the life insurance benefits into this specific type of trust. If done properly, the result will be less taxation and increased asset protection for beneficiaries. This trust is considered a separate South Florida legal entity that’s outside a person’s estate and no longer within his or her control. Therefore, the assets held in the trust are insulated from the grip of the IRS.

Protect Your Family From Estate Tax with an Irrevocable Life Insurance Trust

A spouse, child, or other appropriate party may be designated as the beneficiary of the trust and an appointed trustee will be able to carry out detailed instructions regarding management of the trust in accordance with the decedent’s wishes. This includes how the life insurance payout should be distributed, when payments, loans, or investments should be made, and when to terminate the trust.

The ILIT is a means of providing extra liquidity to one’s estate or business by reducing estate tax by 35 percent of the life insurance benefit total. There are also gifting strategies to capitalize on. So, with an ILIT, an estate planning attorney can make sure a client receives the protection of a trust combined with the liquidity of life insurance benefits.

For more information on successful Florida estate planning and probate techniques, 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?

Topic: Estate Planning

After recovering from my Thanksgiving food coma, I managed to avoid the Black Friday mobs for the 32^nd consecutive year. While the deals may be great, the risk of bodily harm is just too great of a risk and I have to be healthy in order to handle all of your South Florida estate planning, asset protection and probate needs? It is my contention that the “must have” gift for this holiday season is a Trust-based estate plan; which makes it even more surprising that I was the only person lined up outside my Plantation law office at 4 am on November 25^th.

 Put Down the Sky Mall Catalog…

Even if you aren’t shopping in Sky Mall, half the gifts you’ll give this year (and an even higher percentage of the gifts you’ll receive) will end up in the back of a closet, the bottom of a drawer or even re-gifted to someone that you aren’t too fond of.  Instead of wasting thousands of dollars on an outdoor elliptical machine with your favorite meteorologist’s face on it, how about protecting your family with a Trust-based estate plan so that they can avoid probate and eliminate any estate tax?  Already have your Florida estate plan in place?  How about treating a friend or family member to a free consultation with me so that they can protect their loved ones?

 Estate Planning is truly the gift that everyone can use and benefit from and please also remember:

Any Casualties from Black Friday? We handle probate.

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 realistic time frame required to fully complete the Florida probate process is a common question of natural concern to many. Following are the answers to some Frequently Asked Questions about the role that time plays in Sunshine State probate.

Why is time so important in probate cases?

Although the party whose assets and debts must be distributed and settled is gone, many complex legal and financial issues live on. Taxes, interest, and asset depreciation continue despite the demise of the debtor/owner. Thus, prompt settlement of all financial matters is vital to preserve assets and minimize liabilities.

How long does Florida probate take?

The total length of time required to conclude estate settlement varies widely. Total value and type of the decedent’s assets are primary determinants of the time factor.

For instance, a deceased might have left behind a lot of real estate, antiques, or jewelry. As illiquid assets, such items must be appraised and fully accounted for prior to final sale or other distribution. This can add considerably to the total time required to complete probate.

Conversely, An estate containing few assets or those that are easily liquidated (i.e.; life insurance proceeds or bank accounts) close much faster.
What other factors affect length of time to probate closure?

Mandatory waiting period

Florida statutes require all estates to remain open at least three months after being formal admittance to probate court. This requirement is designed to afford creditors or other third parties an ample opportunity to file any adverse claims. Thus, even simple probate cases typically take at least 5-6 months to close.

Tax tardiness

Final closure of taxable estates is prohibited until final IRS approval of Estate Tax Form 706. In addition, applicable laws allow the PR or probate attorney up to nine months after a decedent’s death to file this document.

Other legalities often lead to delay

Probate closure can easily consume several years in cases involving complicated issues like will contests, very substantial assets, or numerous heirs and creditors. This is especially true if any such party(ies) should launch a legal appeal to any lower probate court ruling(s).

What is the best way to expedite estate closure?

The assistance of a qualified Florida probate attorney is the best means of ensuring expeditious estate closure. He or she has the specialized skill, experience, and legal knowledge to avoid many time-consuming complications. Having a trained ally to advocate for your interests also ensures that all your legal rights and interests are fully preserved and adequately protected.

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?

Having life insurance is a great tool in planning for your future and providing assurance for your family members after you die. But did you know that for tax purposes, the proceeds from a South Florida life insurance policy become part of your gross estate if you owned the policy during the last 3 years of your life? This occurs for over 90 percent of all life insurance policies.  Your family receives life insurance death benefits, which is tax-free income that they will use to pay for funeral expenses, debt, estate taxes and to fulfill any other financial obligations. If your estate is valued over the $5 million estate tax threshold, anything pouring over that threshold will be taxed at a rate of 35 percent. This means that your life insurance will be taxed along with all the other assets in your estate.  But don’t worry there is hope.

A qualified and well-experienced South Florida Estate Planning attorney can strategically structure your estate in order to shield your family from the bullets of such heavy taxation.  This can be accomplished through the creation of an Irrevocable Life Insurance Trust (ILIT). This is a legal instrument that removes the life insurance from your estate and transfers the benefits into the ILIT. The result- less taxation and increased asset protection for your loved ones. Since the ILIT is a separate South Florida legal entity that is outside your estate, the IRS cannot impose a tax on the assets held in the trust because they are no longer within your control. You may designate your spouse, child, or other appropriate party as the beneficiary of the trust and provide detailed instructions to the designated trustee regarding management of the trust.  This includes how you would like the life insurance payout to be distributed, when payments, loans or investments should be made,  and when to terminate the trust.  Establishing an ILIT today with a caring and knowledgeable attorney will ensure your family will be guarded against the burdens of heavy taxation and unnecessary liability in the future.

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?