While the damage of Hurricane Irene is in the billions, Congress is currently in the process of enacting law that could cost the American people trillions.

On August 2nd, Congress approved the Budget Control Act of 2011, which calls for the appointment of a bi-partisan committee to propose new tax legislation by November 30, 2011 that would reduce the deficit over the next 10 years by $1.5 trillion.  One of the first ways they will simplify the tax legislation will be to begin closing the loopholes in the current tax code, especially those breaks given to dead people.  Soon after that, we will see the removal of automatic portability, a reduction in the estate tax exemption amount and an increase in the overall estate tax.  After all, dead people tend to fight less than live people when being overtaxed.

What does this mean for you?  Well, while many experts in my field (along with myself) have been preaching that all Americans have to get a comprehensive estate plan in place prior to December 31, 2012, the date we may have to focus on is actually November 30, 2011.  For those that are calendar-impaired, THAT’S ONLY NINETY (90) DAYS FROM TODAY!!!

Rather than wasting your summer praying in vain for a savior to rise from these streets and enact a more favorable tax code (which may never come), you should be scheduling a free consultation with an estate planning attorney that can walk you through the process of using the current tax laws to your advantage before they possibly go away in three months.

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?

Billionaire Warren Buffett urged U.S. lawmakers Monday to raise taxes on the country’s super-rich to help cut the budget deficit, saying such a
move will not hurt investments. Buffett, one of the world’s richest men and chairman of conglomerate Berkshire Hathaway Inc , said his federal tax bill last year was $6,938,744. Buffet went on to say “That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income – and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent,” he said.

Mr. Buffett enjoys the benefits of a sophisticated financial plan.  He has also established an estate plan that enables his loved ones a comfortable life and the realization of philanthropic activities. Although we may not all be as rich as Warren Buffet, and most of us don’t want to be taxed more we should follow his example and plan for both life and death. Remember you only die once, make sure you do it right consult an estate planning attorney to ensure your loved ones enjoy your legacy.

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?

People forget things all the time. Rumor has it that Joe Robbie forgot to sign his estate plan. The only difference between the two instances is that my omission resulted in you not receiving a blog post and Joe Robbie’s omission resulted in a $47 million estate tax bill, millions of dollars in legal fees and the never ending renaming of a football stadium.

Don’t make the same mistake Joe Robbie did; get your estate plan in place before it’s too late.

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 market dropped about 5 percent today.  With the economic failures in Greece and Italy and now most of Europe, the global economy is even more unstable than the US economy, whose credit rating is lower than AAA for the first time since 1941.  So many people think that they can protect themselves against the market by trying to time it or by investing in gold or by keeping their money in cash.  I have heard the jokes about 401 k’s turning into 201 k’s after a market dip and the sob stories of people who were forced back into the work force after years of retirement because thier fixed income is no longer as fixed as they need it to be.

While we may not be able to protect ourselves from a diving economy or an unstable market, we are able to protect our families from the unnecessary stress, cost and inconvenience of probate and the possible 55 percent estate tax liability coming in 2013.  However, while we have no control over the market, we spend large portions of our day worrying about it and while we have total control over our estate planning, over 70 percent of Americans still don’t have a Trust and over half of all Americans don’t even have a Will.

The lack of a comprehensive estate plan will do a lot more harm to your family than an ill advised investment.  Make an appointment to have your estate plan drafted today because there is no excuse for being unprepared.

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?

48,000 people die in the United States each week and there are still 4 weeks until the start of the season. That means that nearly 100,000 people will die before the season kicks off and over 1.2 million people will die before the Super Bowl. Talk about a futures bet!

August is more than just the prologue to football season. Did you know that August is also a month that celebrates estate planning reminders?

 August is National Catfish Month which reminds all of those people that get squeamish when talking about death to Suck It Up and get the estate plan drafted.

 August is National Eye Exam Month which reminds us to minimize our estate tax so that the IRS doesn’t rob our families blind after we die.

 August is National Golf Month which reminds us to have each estate plan reviewed every 3 to 5 years to see if there is a hole in one.

 August is also National Peach month which reminds us that probate is the pits.

Too often we use the excuse that “there aren’t enough hours in the day” when we are approached with chores that we know are important but require us to stop our daily routines long enough to take care of them.  One of the most important chores that you can ever check off of your To Do List is to have your estate plan drafted.  If you already have an estate plan, it is equally important to have it reviewed every 3 to 5 years with an estate planning attorney to account for changes in law, changes in tax and changes in your family.

Today is June 21.  June 21 is also known as the Summer Solstice; the longest day of the year.  My challenge to you is to use the extra time we receive today (and yes, I know we still only get 24 hours but work with me on this) to make an appointment with an estate planning attorney and get your estate plan in place and up to date before your days get shorter and shorter.

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?