Amusement parks and roller coasters are a mainstream of American culture. The ups, the downs, the rush of adrenaline. However, roller coasters aren’t always the fun ride we hope for. Yesterday, occupants at Six Flags Magic Mountain found themselves in an precarious position after a fallen tree branch derailed their car, leaving the riders stuck for hours. Don’t let a metaphorical branch derail your plans. Have your estate plan done by the South Florida law firm of Wild Felice & Partners.

The largest obstacle that could affect your estate is if you die without a will. If you die without a valid will in Florida, the state’s intestacy laws control how your property is distributed. Depending on your marriage and child situation, your spouse would get as little as one half of the estate and as much as the entire estate. Intestacy can be especially troublesome for same-sex couples, since Florida does not recognize same-sex marriage. Even if you are legally married in another state, Florida will not consider your same-sex partner as your spouse, and he or she would receive nothing under the statute.

The next obstacle that could affect your estate is probate. Probate is a process in which your will is submitted to the court for validation and then ownership of assets your estate to your beneficiaries. Assets in probate are tied up, with accounts frozen. This process usually lasts about six months for simpler estates, but can last a few years for complex estates. Probate can be avoided by using a trust based plan instead of a will based plan. Trusts can make sure that your beneficiaries get their assets quicker, allowing them to return to a sense of normalcy as soon as possible.

The third obstacle that you want to prepare for is creditors. Creditors can affect your estate in a variety of ways. One of the major creditors (and one you can’t protect from) is the IRS. While most estates will not have to pay an estate tax, the estate is still responsible to file an income tax for the year the decedent dies. Other creditors include private creditors that the decedent had during his lifetime. Those debts can attach to the estate and must be paid before the estate assets can be distributed. Depending on the size of the debts, this may greatly decrease the estate’s worth. The third type of creditors are creditors of the beneficiaries. Your beneficiaries may lose their entire inheritance if they have debts at the time they receive the assets. As previously mentioned, you can’t avoid the IRS but a trust can be used to protect from the other two types of creditors. If you put all your assets in a revocable trust during your life, you are taking them out of your estate. When creditors try to get money out of your estate when you die, there won’t be anything in the estate for them to get. In terms of your beneficiaries, giving their inheritance in a trust will protect the assets while still allowing them to benefit from them. If your beneficiaries have creditors waiting for trust distributions, you can instruct the trustee to pay for things for the beneficiary, so the money is never actually in their possession and the creditors can not get to it.

The final obstacle we’re going to discuss to today is failure to update. Whether you choose a trust or a will to distribute your property, you must take care to update the instrument, preferably every three to five years. This will help to protect you against any changes in the law that may affect your plan. Also, change your estate plan after any major life event: birth, marriage, divorce, death. If you get divorced, but don’t update your plan, your ex may find themselves an unexpected beneficiary of your estate.

While there are too many other obstacles to enumerate in a post, our South Florida estate planning attorneys can help you plan for all of them. Keep everything on track and make sure poor estate planning doesn’t derail your life.

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.

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

Jay-Z and Beyoncé kicked off their “On the Run” tour last week in Miami, delivering a combination of each of their hits. Among the massive 42-song set list the couple performed was Jay-Z’s Grammy winning song “99 Problems.” While you hopefully have less than 99 problems, probate should never be one of them if you have the right Florida probate attorneys to guide you through the process.

Generally, probate is the process of validating the will and transferring ownership of estate assets to the beneficiaries, and is a requirement under Florida law whenever the estate is over $75,000. This process is opened by presenting the decedent’s death certificate to the court. From there, the judge appoints a personal representative and gives him or her the letters of administration that gives the authority to act on the decedent’s behalf. Probate usually takes at least six months, but with larger estates, can take a few years. The complexity of the estate, the level of assets involved, and the number of beneficiaries can all lead to an extended probate period.

Given the responsibilities that fall on the personal representative, holding the position can be a stressful and daunting task. A personal representative can also be subjected to liability, leading to increased costs to the estate or even personally. Luckily, with the assistance of our experienced probate attorneys, you can avoid the typical problems associated with probate administration. There are many pitfalls that may not be apparent to someone untrained in the duties of the personal representative and these mistakes could lead to increased cost and time. Our attorneys will prepare and file the United States Estate Transfer Tax Return, the Florida Estate Tax Return, the decedent’s final United States Individual Income Tax return, and the United States Fiduciary Income Tax Returns. Once the distributions are made to the beneficiaries, we will then prepare the final accounting of the personal representative, making sure to obtain receipts and releases so that the personal representative is discharged. This will help to prevent the personal representative from being sued later for issues arising from the estate administration.

Handling the probate of an estate can be a time consuming and expensive process. Let us handle it for you and make sure it’s not one of your 99 problems.

For more information on successful Florida probate administration, 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.

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

It’s no secret that soccer is not America’s sport, and as the US Men’s National Team kicks off its World Cup run against Ghana tonight, both the team and the fans face a long and arduous road ahead. While the US team must deal with what experts have coined the “group of death,” the vast majority of American sports fans will watch soccer for the first time in four years, filled with confusion as they try to understand something they have no familiarity with. This process of headache and confusion is similar to what you will experience if you find yourself probating a family member or loved one’s estate. Just like the winner of this year’s World Cup will have great coaching, an experienced probate attorney can help guide you through the process.

Put simply, probate is the process of validating the will. A will is not effective in the state of Florida until it has been probated. Once duly probated, there is proof that there was no fraud, duress, mistake, or undue influence; that the will was unrevoked; and that the decedent was competent.¹ Unfortunately, the definition is often the simplest part of the probate process.

Probate in Florida is complex and not intuitive for those who do not have the requisite training. The personal representative of an estate has many responsibilities, including paying court fees, estate and gift taxes (if applicable), and funeral costs. The personal representative is also responsible for administering the estate, which requires taking possession of property in the name of the estate and distributing it according to the will. This may involve an accounting of the estate assets, a process you may not be equipped to handle. Furthermore, a personal representative may be required to get property appraisals and represent the estate’s interest in any litigation. A mishandling of probate may lead to an increased duration of the probate process, preventing the assets from being distributed, and even worse, it may leave you with personal liability.

If you think the World Cup takes a long time to resolve, that is nothing compared to how long probate can take. The potential for a long process may mean higher costs for you. Let our experienced lawyers carry the burden and facilitate a cost-effective transition of your loved one’s estate. 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.

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

¹ Fl. Stat. 733.103

Recent news has reported that the Philippines typhoon death toll has reached over 3,600, with another 12,000 who have suffered injuries. Amidst this tragedy, coupled with the holiday spirit of helping the less fortunate, many are seeking to assist the people of the Philippines. If you would like to donate to this cause, be sure to find an organization that is qualified by the IRS, so you can make an itemized deduction on your tax return. Use the following tips to ensure that you can receive a deduction for your charitable donation:

1. Itemized Deduction: First of all, you cannot make a qualified charitable deduction under the “standard deduction,” as they can only be reported through itemized deductions.

2. Determine whether your donation is qualified for a deduction: To receive a deduction for your donation, it must be made to a “qualified organization.” The “Exempt Organizations Select Check” is an online tool provided by the IRS to help you determine whether your donation was made to a qualified organization. If you don’t want to do the research, you can always count on larger charitable organizations like Red Cross.

3. Keep a record: When you make a charitable donation to a qualified organization, you must maintain a record in the form of a bank record or a written communication from the qualified organization containing name of the organization, the date and amount of the contribution. If your contribution has a value of $250 or more, you must get a contemporaneous written acknowledgment from the qualified organization indicating the amount of the cash, a description of any property contributed, and whether your received a benefit in return (if so, it must include the estimated value of the benefit received).

4. Submit a Form 8283: If your charitable donation deductions exceed $500, you must submit a Form 8283 with your return. You can find the instructions for filling out this form here.

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.

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

THE  co-authors of DC Comics’ “Batwoman,” J.H. Williams and Haden Blackman, have declared that they are leaving the title after the publisher “prohibited” Batwoman’s marriage to her girlfriend, Maggie Sawyer. Although this romance won’t be blooming in the comic-books, there is good news for the same-sex-marriage community. The IRS just ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal income tax purposes. Although the Supreme Court  held the Defense of Marriage Act (“DOMA”) to be unconstitutional back in June, it’s been unsettled whether same-sex couples would receive tax benefits in States that did not recognize their marriage. On August 29th, the IRS and Department of Treasury ruled that same-sex couples that were married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes in ALL States, including those that do not recognize same-sex marraiges. For a refresher on some of these benefits, click here.

Furthermore, same-sex couples can file a refund claim for 2010, 2011 and 2012 if they were legally married in those tax years. To file a refund claim for income taxes, taxpayers should use a Form 1040X; for estate and gift tax purposes, they should file a Form 843. If you are in a state, such as Florida, that does not recognize same-sex marriage, but you were married in a state that does recognize it – be sure to contact an estate planning attorney to ensure that you receive the full benefits of the this ruling, as it pertains to gift and estate taxes!

Keep in mind, however, this ruling does not apply to registered domestic partnerships, civil unions, or similar formal relationships recognized under state law – marriage alone!

While Batwoman and Maggie Sawyer won’t be reaping the benefits of the Supreme Court Decision, coupled with this latest Revenue Ruling; those who are are in legally binding same-sex marriages can look forward to tax-saving benefits of saying “I do.”

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.

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

TODAY President Obama announced his plans for a new and improved college rating system that will rank schools based on their graduation rates, tuition, student debt, and average earnings of graduates. The President suggests that this plan is a response to the rising costs of colleges and the accrued debt that is resulting. He noted that “a higher education is the single best investment you can make in your future,” further stating that debt has become “a barrier and burden for too many American families.” What President Obama failed to mention was the efforts that you can make to help prevent your children from facing future college debt.

In the spirit of future of “college rating systems,” consider a 529-plan as a took to keep your children out of debt!

A 529 college plan is a tax-shelter for tuition savings. It allows you (or really, anyone) to contribute to an account to save for a designated person’s college education (it can be anyone, including yourself), and is not subject to federal taxation. The money in the plan can be used for any qualified expenses associated with college, including room & board, books, fees, computer, internet, etc. There is no age limit for when the plan can be used, and it can roll over to another family member. You can maintain control, and appoint a guardian/trustee to manage it upon death. So not only do you avoid tax on withdrawals, but any capital gains are tax-free as well. NOTE: you have to keep in mind that any amount that you put in the 529 plan can be considered a “gift” for transfer tax purposes. However, the “annual exclusion” for the year 2013 (this amount changes every year), allows anyone to can make up to $14,000 in gifts that are excluded from transfer taxes (which are collected upon death, and subject to an exemption that is currently in the amount of $5,250,000).

While congress is deciding whether to support this new college rating system, make your own determination on how you are going to contribute to the debt-free-college-America! 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.

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