All it took was one whirlwind of commotion in the Windy City and POOF…the Miami Heat are no longer unbeatable.  Last night the Chicago Bulls destroyed the 27 game winning streak that was adorning South Florida’s superstars.  Lebron James fought ferociously to keep his legacy going, but it was snapped away by a more powerful force.

Thought South Florida’s celebrated team was invincible?  Much like you?  Think again.  Every day we go to bed, wake up, and go about our daily routine.  But the inevitable is coming.  Much like the Bulls charged the Heat last night, fate will overcome you too.  But don’t be caught off guard.

We can’t predict or control when we are going to die. However, we can control what happens after we are gone. Today you may be healthy and feeling great, tomorrow an unforeseen event can change your whole game plan.  Life is short.  Get your estate plan in place today.

Wild Felice & Partners is a full-service, Fort Lauderdale, Florida based law firm with a specialty in estate planning, asset protection, tax strategies, wills, and probate administration. We utilize a combination of real estate law, estate planning strategies, family law, and asset structuring to assure that our clients are protected from any threats that may be looming.

Our experienced Florida estate planning attorneys are on your team!  For more information on how to plan for your future, contact our South Florida law firm of Wild Felice & Partners, PA for a free consultation at (954) 944-2855.

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

This week the Supreme Court is grappling with two landmark cases addressing the ban on gay marriage.  The legislation at the forefront of these debates:  Proposition 8 and DOMA.  The court will ask: Are they gender based-classifications, and if so, can such discriminatory laws exist?

Proposition 8 is a California constitutional amendment, passed in November 2008, stating that “only marriage between a man and a woman is valid in California.” Proposition 8 overturned California’s previous Supreme Court’s ruling which recognized that same-sex couples “have a constitutional right to marry.”  DOMA, or the Defense of Marriage Act, is a United States federal law that defines marriage as the “legal union of one man and one woman.”  DOMA was signed into law by President Bill Clinton in September 1996.

While we hope that gay marriage will get passed through Congress soon, couples are still legal strangers under federal law and in most state laws, including Florida.  Even Justice Anthony Kennedy at the Supreme Court acknowledged that there is an “immediate” legal harm to those same-sex couples who cannot be married.

Unless gay couples take advantage of proper estate planning, the truth is that same-sex unions are not recognized and do not have the same legal protections as traditional married couples.  Based upon civil union status, your partner will most likely inherit nothing upon your death and could even be forced to move out of your shared home.  Imagine a scenario with an unmarried couple where one partner dies and there is no will in place.  Legally, the remaining partner does not automatically inherit the shared home, assets, or any of their partner’s personal effects.  Futhermore, same-sex partners in Florida have no legal rights in the following areas:

• No elective share, or inheritance of a portion of the deceased’s estate.
• Not considered next of kin regarding decisions about your partner’s medical treatment when your partner is incapacitated.
• Not considered next of kin regarding hospital visitation rights.
• Not considered next of kin regardingdecisions about your partner’s burial services.
• No protective tax treatment in terms of IRA’s and retirement plans.
• No shared access to their partner’s Social Security benefits or Medicare benefits.

Don’t just sit idle hoping that the government will make the right decision and protect you.   Make sure your beloved partner is protected upon your passing.  At Wild Felice & Partners, we can work with you to draft a comprehensive estate plan to recreate some of the rights and benefits of traditional married couples.

Some key elements include:

• Last Will and Testament to ensure that your estate is not blindly distributed according to intestacy laws.
• Living Will which will specify how you would like to be taken care of in case of incapacity.
• Designation of Health Care Surrogate which will allow yoursame-sex partner to give informed consent for your medical treatment.

Our South Florida law firm treats estate planning in terms of a married couple, so the fee plan for a same-sex couple will naturally get the same treatment.  For more information on how to plan for your partner’s future, contact our South Florida law firm of Wild, Felice & Partners, PA for a free consultation at (954) 944-2855.

Did you know that the gift bags (aka “swag bags”) celebrities received at this years Academy Awards were valued at more than $47,000? Some of the goodies found inside were thousands of dollars worth of weight loss retreat programs, passes to worldwide VIP nightclubs, expensive hand creams and water filtration devices to name a few. However, these lavish gifts were not really free. The price these celebrities will have to pay comes in the form of a hefty tax bill to Uncle Sam. Each Hollywood star will be required to report the value of these swag bags on his or her federal income tax return for income tax purposes. An estimated calculation at the 2013 top individual tax rate of 39.6 percent means each bag will produce a tax bill of just under $19,000.

Unfortunately, the IRS not only wants a cut out of your ordinary income during your working life, but also wants a cut out of what you own after you die. In the world of estate planning, you basically leave behind your very own swag bag of goodies to your loved ones in the form of assets. These may include your house, car, and cash to name a few. Your beneficiaries may be subjected to another type of tax called the death tax.

An estate valued over $5.12 million becomes a taxable estate which is taxed a top rate of 35%. The tax bill can become astronomical and a huge burden on your loved ones. However, with proper and strategic estate planning from your South Florida estate planning attorney, you can mitigate this burden. The stars try to avoid paying the tax by giving away their swag bags to a qualified charity and claim a tax deduction. Learn about the various options available in estate planning so that you can preserve your wealth and protect your assets.

For more information on how to plan for you business’ future, contact our South Florida law firm of Wild, Felice & Partners, PA for a free consultation at (954) 944-2855.

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

The Nike “Just Do It” campaign allowed the company to increase their share of the sneaker business from 18% to 43% between the years 1988 and 1998. There must be something to it…

People tend to not like dealing with estate planning because they believe that it is an acknowledgment of their mortality, so they put it off. But lack of action is not smart. 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. Estate planning covers the transfer of property at death as well as a variety of other personal matters and may or may not involve tax planning. The core documents most often associated with this process are your will and your trust.

At Wild, Felice & Partners, P.A. we take great pride in our ability to successfully cater to the needs of all Floridians. Whether you are a highly successful and high net worth individual or you are still working hard on creating your nest egg, we can help you accomplish your goals. We assist our clients in determining how best to structure their holdings, as well as assisting in the disposing of such assets during and after their lifetime. Our attorneys focus primarily on minimizing a variety of estate related taxes, while simultaneously protecting assets from third party creditors.

Our South Florida firm routinely utilizes a variety of estate planning tools, including Trusts, Wills, Powers of Attorney, Health Care Surrogates, Funding Techniques, and more. In addition, we may advise for the formation and funding of a family limited partnership which provides, among other things, asset protection, a positive method of control and a long term plan for the accumulation of wealth that will remain outside of one’s taxable estate. By utilizing the estate planning techniques that we have perfected, we may be able to protect your family from unnecessary hassles and save them tens of thousands of dollars.

Take a cue from Nike: “JUST DO IT.”

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

Super Bowl weekend is finally upon us. Rolling Stone has listed some of the best past Superbowl halftime shows in honor of football’s biggest day. Along with some of these epic musical performances, we are enumerating some of the best reasons why you should have a trust in place.

• Rolling Stone’s list of memorable musical gigs include Pete Townshend’s “Won’t Get Fooled Again.” Just like he fired up the crowd in 2010, you can rock your estate plan by establishing a trust, which allows you to make  special gifts to individuals or organizations. This can include gifts such as jewelry, furniture, or even family heirlooms.
•  In 1995, Patti LaBelle won hearts by dressing up as an Egyptian princess while belting out “Release Yourself.” You can release yourself from the burdens of heavy taxation by having your South Florida estate planning attorney help you structure your estate in order to reduce or even eliminate estate tax.
•  In 1997,  James Brown stole the halftime show while sporting his pink satin suit during the big hit “I Feel Good.” Nothing feels better than saving tons of money. A trust avoids probate which can save you thousands of dollars in probate costs and attorney fees.
• Bruce Springsteen made the list when he busted out his classic “Born to Run” in 2009. With a trust in place, your estate can be settled after your death as fast as a quick  jog. You don’t have to worry about a protracted process that can take up to years due to the judicial process and court delays.
•  In 2005, former Beatle, Paul McCartney unspooled his talent during his performance in “Live and Let Die.” The world can be a very difficult and capricious place to live in. Experience can have a disenchanting effect on even the most open hearts. With a trust, you have control. You can include instructions on how you would like to have your assets managed. You can revoke elements of your trust, change your beneficiaries, and sell property.
•  Who can forget Michael Jackson’s stellar performance in 1993 when he brought the house down with “Billie Jean.”  Just like the King of Pop, who valued privacy when it came to his personal life, a living trust allows you to keep your financial affairs and the names of your beneficiaries private.
• Janet Jackson and Justin Timberlake’s performance in Super Bowl 2004 will always be deeply ingrained in our memories regarding that infamous wardrobe malfunction incident. Having a trust in place is low maintenance and you only need to amend your trust when changes in your life occur. You might want to change or add a new beneficiary to your estate or you may decide to change how your assets should be distributed. There is very little room for a trust malfunction when you keep it up to date.

“Expect the best. Prepare for the worst. Capitalize on what comes.” Zig Ziglar

No one wants to focus on their own mortality but most people still have some kind of an end-of-life plan that includes a will and a burial plot. Unfortunately, small business owners tend to forget that their small business could be the largest asset they leave their family … but only if they plan for their business to live longer than they do.

Birth, death, sickness, marriage, divorce, natural disasters…these are all variables that can change your life and the life of your business. Ignoring them is not the answer. A good business succession plan can protect your small business from all of them.

What are the advantages of creating a business succession plan? First, it ensures an agreeable price for a partner’s share of the business and eliminates the need for valuation upon death because the insured agreed to the price beforehand. Second, any life insurance policy benefits will be immediately available to pay for the deceased’s share of the business, with no liquidity issues or time constraints. This effectively prevents the possibility of an external takeover due to cash flow problems or the need to sell business or other assets to cover the cost of the deceased’s interest. And third, a succession plan can greatly aid in allowing for timely settlement of the deceased’s estate, including avoiding probate and the eliminating the estate tax.

What are the most common questions resolved by implementing a business succession plan?

1. Who will be my successor?

2. How much is my business worth?

3. What will happen to my business partners and their families?

4. How will my business be transferred to my partners or heirs?

5. What happens to my company if I become incapacitated?

6. Can I keep my relatives from inheriting my company?

7. How do I protect my spouse and children?

At Wild, Felice & Partners, PA, we are able to provide a full range of legal services to our business clients. Whether buying a new business, selling an old business, or operating a current business, our lawyers are trained to examine all aspects of business planning and see to it that all possible issues are addressed. We pride ourselves on providing accurate advice for your specific business needs. Our law firm provides the knowledge and experience of a large law firm, while giving our clients the hands-on service and attention to detail that only a smaller firm can truly offer. Our lawyers regularly go beyond the customary services, tailoring their work to the specific needs of each client.

Our attorneys are well versed in a wide variety of legal practice areas which allows us to provide our clients with one-stop shopping for all of their legal needs. Rather than having to seek various individual counsels and having the headache of managing your own legal issues and costs, we provide the convenience of one South Florida location for all of your legal needs. You will receive the quality work product of a large law firm and the low cost and high attention to detail that small law firms are valued for.

We realize that each client’s needs are unique and treat each of our clients as if they are our only client. We hope you will take the time to contact one of our attorneys and truly experience all of the benefits that our South Florida law firm has to offer. We are able to provide the expertise and guidance needed to develop a succession plan specifically tailored to your business. Our lawyers are trained to examine all aspects of business planning and see to it that all possible issues are addressed.

For more information on how to plan for you business’ future, contact our South Florida law firm of Wild, Felice & Partners, PA for a free consultation at (954) 944-2855.

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