Just when we were about to lose faith in our government, Congress finally settled on a deal that ended the infamous 16-day shutdown. The good news – there will be no default on the national debt. The bad news – American’s are not very fond of Congress. In a poll from Public Policy, Congress’ approval ratings were compared to a variety of those of the less desirable kind. The following won over Congress : hemorrhoids (53%-31%), jury duty (73%-18%), toenail fungus (44%-41%), cockroaches (44%-42%), the IRS (42%-33%), the respondents’ mothers-in-law (64%-20%), potholes (47%-36%) and zombies (43%-37%). However, congress did have better approval ratings than Russian President Vladimir Putin, former congressman Anthony Weiner, Lindsay Lohan, and Honey Boo Boo.

If you, like the respondents in the above poll, are not so fond about the idea of leaving your future in someone else’s hands – the following five estate planning documents will ensure that your future-planning receives a better approval rating than the cockroaches and zombies.

1. Living Trust – a living trust has become increasingly desirable due to its ability to avoid probate (the legal process of determining whether a will is valid). If you are married, you may want to designate yourself and your spouse as co-trustees, so that you have full control over the property while you are still alive. Side Note: such control does have tax consequences, so you will want to discuss this with your estate planning attorney.

2. Assignment of Property – this is exactly that, assigning your property to your trust. In other words, placing your property into the trust. This includes both real & personal property. A trust does not do anything for you if there is no property in it.

3. Last Will & Testament – this is your traditional will that is used upon death to distribute property to beneficiaries, specify last wishes, and name guardians for minor children.

4. Durable Power of Attorney – this allows you to designate and authorize someone to legally act on your behalf, in the event that you become incapacitated.

5. Combination Living Will & Designation of Healthcare Surrogate – this outlines important healthcare decisions in advance, and appoints a healthcare surrogate to make healthcare decisions for you when you become unable to do so yourself.

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

Jon “Bones” Jones & Alexander “The Mauler” Gustafsson  go head-to-head this upcoming Saturday, where Jones will  attempt to take the UFC record for consecutive lightweight title defenses. Gustafsson, however, has won six straight fights, and is on a role. In this history-making matchup, who will succumb to defeat? Jones is known for his double-leg takedown, while Gustafsson has stopped 84% of the takedown attempts he’s faced.

Each fight plan is incorporated as a means of constructing a distinct strategic advantage, & the same is true for wealth management and asset protection plans. While a Last Will & Testament is an essential component of any winning fight plan, it is often necessary to tackle your goals with the incorporation of a Living Trust. Look to the following fight plans to determine which supplies the best hooks & double-leg’s for your asset protection goals.

Will & Last Testament Fight plan: Control of Your Assets

A Will is crucial in any estate plan. This is the document that will be used to determine your intent regarding the distribution of your property. Thus, without it, all of your assets will be distributed according to State statute, which may be a departure from your own personal wishes. Furthermore, if you have any minor children, you can designate a legal guardian, thereby communicating your wishes to the court when the time comes for a guardian to be appointed. As you can see, this is the foundation of your game plan.

Will Coupled with Trust Fight Plan: Control & Protection of Your Assets

This fight plan combines your testamentary wishes with further protection by having the Will pour-over into a Trust. The will coupled with a trust effectively bypasses probate, which is the validation of the will — a process that is often incredibly time consuming and often expensive. The pour-over will takes all of the property that passes through the will, and funnels it into the trust. Said property is then distributed to the trust beneficiaries pursuant to the terms of the trust. A pour-over will functions to ensure that all of the decedent’s property is transferred to trust. Think of the pour-over will as a safety net that catches all of the assets that were not properly transferred into trust. All the contents of the net are then poured into the trust, ensuring that all of the property is ultimately distributed through the living trust. Furthermore, all of the decedent’s property is distributed by the terms of one document alone (the trust), allowing for simplicity and clarity.

You need a Last Will & Testament in every takedown; however, combining it with a Living Trust may be one of your most important strategic advantages! 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?

E! News reports the a recent celebrity catastrophe, stating that British Airways scheduled both Angelina Jolie & Jennifer Aniston for the same flight from Los Angeles to London on Sunday. Shock! Horror! Although the airline managed to participate in some quick crisis mitigation, it begs the question: if the universe will allow Jolie & Jen to randomly schedule the same flight, what unexpected misfortune rests in the Gods of tomorrow?

If there is any moral to this story, it is to plan ahead. If you died tomorrow, or became incapacitated, would you have the following benefits?

• asset protection
• control over your assets
• protection for your loved ones
• preclusion of unnecessary taxes
• creditor protection
• limited/no transfer taxes for following generations

If the answer is no,  the following 5 documents will ensure that you are prepared for any unexpected misfortunes that may lay ahead!

1. Living Trust – gain control, asset protection, & preclusion of unnecessary taxes;  designated a trustworthy (no pun) Trustee.
2. Assignment of Property – place all of your property into the trust, and avoid costs & headache associated with probate.
3. Last Will & Testament – used to distribute property to beneficiaries (or a trust), specify last wishes, and name guardians for minor children.
4. Durable Power of Attorney – gain control by designating someone to legally act on your behalf, in the event that you become incapacitated.
5. Combination Living Will & Designation of Healthcare Surrogate – gain control by making important healthcare decisions for yourself in advance.

Learn from the misfortunes of these celebrities, and plan ahead! 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

South Florida Estate Planning Attorney, Michael Wild, shares horror stories of those who failed to plan ahead!

Alex Rodriguez, the highest paid player in major league baseball, has been suspended through the end of the 2014 season.  The MLB has banned 12 other players for violating MLB’s drug policy through their involvement with the South Florida anti-aging clinic, Biogenesis.  Three of the players included All-Stars: Nelson Cruz of the Texas Rangers, Everth Cabrera of the San Diego Padres, and Jhonny Peralta of the Detroit Tigers.

For Rodriguez (A-Rod) this would financially require him to forfeit his salaries from the remainder of this season and all of next.  From a legal perspective, the Constitution does not cover major league baseball; A-Rod’s agreement is governed by contract law.  Since the humbled player has decided to appeal his suspension, under the provisions of his collective bargaining agreement, A-rod can still play while he appeals.

Either way, Monday was a career-altering day everyone involved.  Hopefully the players’ financial future is not a complete wash out for lack of financial planning.  Florida residents, in order to stay on top of your financial game, utilize an estate planning attorney for successful asset protection and estate planning techniques.  A properly designed asset protection plan can help cover all your  financial bases:

• Last Will & Testament to distribute property and name guardians for minor children.
• Living Trust to gain control of assets and avoid unnecessary taxes during your lifetime.
• Protection of family savings and investments from lawsuits and claims.
• Protection against inadequate or unavailable insurance coverage.
• Insulation of rental properties reducing your exposure to potential lawsuits.
• Protection of business assets and accounts receivable from potential claims.
• Reduction of estate taxes.

Planning for the future with a proper estate plan can help defray life’s curveballs.  Contact our team of experienced South Florida attorneys for more information on Florida estate planning and asset protection techniques.  Call the law firm of Wild Felice & Partners, P.A. at (954)-944-2855 to schedule your free consultation today.

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

When he was the lead mafia boss in the Soprano’s, the IRS would not be a threat to James Gandolfini; as he’d simply bribe a Federal agent, or have “his people take care of it.” But here in the Wild world of reality, only attentive estate planning keeps the IRS monsters at bay. And in this case, the only “hit” that’s taking place, is that against Gandolfini’s estate.

Gandolfini died with an estate that is currently estimated to be $70 million. While he has been a very successful man, his use of poor estate planning has resulted in a lot of grief for both his legacy & loved ones. Although he devised his property through a will to the beneficiaries of his choosing, the IRS has claimed the biggest share, weighing in at about $30 million. Furthermore, his entire will is now a public record that anyone can view, because it was subject to probate (where the court determines the validity of a will).

This estate planning (or lack thereof) catastrophe demonstrates two very critical points in strategic estate planning: (1) avoiding taxes, & (2) creating a private and smooth distribution of property. 

In terms of tax, married couples have an incredible safeguard, called the martial deduction. One of Gandolfini’s biggest mistakes was devising only 20% of his estate to his wife. Due to the unlimited marital deduction, anything you transfer to your spouse is not subject to transfer taxes, and therefore that money goes free & clear of estate taxes upon the death of the transferor (Gandolfini). When you have such a large estate, it is often advisable to include the amount in your gross estate that covers the full applicable exclusion amount (the transfer tax exemption that each individual receives upon death), which is currently at $5,250,000. Then you can transfer the rest to your spouse, and it goes transfer tax free for the time being.

So why did he fail to take advantage of a tax-free transfer? This often happens in cases where there is a child that is from a previous marriage, or a similar complicated family situation. Gandolfini has a son from a previous marriage, and therefore possibly did not want to devise all his assets to his wife, in efforts to ensure his son would be provided for. While this is a valid concern, there are estate planning strategies that can be implemented to obtain these goals, while still safeguarding your assets from excessive taxes. A marital trust is often used in theses situations. The instrument provides that the income from the trust property will be paid to the spouse for life, and then upon the spouse’s death, to the children. This could have dramatically shrunk the IRS bill that will come due in only 9 months.

On the second point, whenever you devise all of your property directly through a will, it will go through probate before the property is distributed to the beneficiaries. The problem with this is that the will becomes public record, and it’s contents are exposed for the whole world to see. This is why it is desirable to use a “pour-over will” that filters all of your assets into a trust. By doing so, you avoid the costs and grief associated with probate, and preserve privacy for yourself, and loved ones.

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

IN THE SPIRIT OF AMERICAN INDEPENDENCE, our nation is encouraged by the latest job market rise. The labor department’s reports have shown that the economy has added 195,000 jobs in both May & June, when analyst were projecting only 160,000.

The thirteen colonies didn’t gain independence for four hundred forty-two days after start of American Revolution. Similarly, it’s taken a good minute to find that same sense of freedom from the depressed job market in South Florida.

The Red, White & Blue’s will to overcome the job market adversity is demonstrative of the motivating force we celebrate this week. With raising job rates, its increasingly more important to keep your triumphant spirit preserved with asset protection strategies. Such strategies will not only protect your hard earned assets, but provide you with the freedom to control their disposition.

When considering your future, claim independence from the unknown, and plan ahead with the following documents:

1. Living Trust – gain control, asset protection, & preclusion of unnecessary taxes through the use of this document.

• Consider: Who would you appoint as your Trustee? Keep in mind, you can be the Trustee, giving yourself greater control over your assets. Make sure you appoint a back-up (successor) Trustee(s) within the document.

2. Assignment of Property – place all of your property into the trust, and avoid costs & headache associated with probate.

• Note: Probate is a very expensive and time consuming process, therefore most prefer to avoid it altogether by assigning all of their property to the trust.

3. Last Will & Testament – used to distribute property to beneficiaries (or a trust), specify last wishes, and name guardians for minor children.

• Note: Again, in efforts to avoid probate, it may be wise to use a pour-over will so that anything that was not assigned to the trust will be directed to the trust upon the Testator’s death. While the will still has to go through probate, the pour-over will makes the process much more expedient & leaves less room for anyone to contest it’s validity.

4. Durable Power of Attorney (“DPA”) – gain control by designating someone to legally act on your behalf in the event that you become incapacitated.

• Consider: Who will you designate to make decisions on your behalf? Remember, the DPA can only make decisions for your benefit, not their own.

5. Combination Living Will & Designation of Healthcare Surrogate – gain control by making important healthcare decisions in advance.

• Note: This outlines important healthcare decisions in advance, and appoints a healthcare surrogate to make healthcare decisions for you when you become unable to do so yourself.

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