The past week has lent itself to several CELEBRITY BABY BIRTHS, from Kim K. to Jessica Simpson; not to mention Kate Middleton, who is due any day now. Although we have had plenty of incoming news on baby-bumps and loss of judgment with regard to names (ex: “North West?”), there is an aspect of being a baby-momma that the news hasn’t quite touched on – planning ahead! We aren’t talking about a never ending supply of onesies with clever sayings, or baby-proofing your home. Rather, we are talking about ensuring that little Junior is provided for, in the event that you no longer can. We know, it’s a daunting subject when bringing life into the world – but nevertheless, very important.

When considering an appropriate name for your little newby (preferable one that won’t haunt little Jr. for the rest of his/her life), take a moment to  consider the following:

1. Estate plan – you want to have control over where your assets go upon your death. The moment you have a child, you want to be certain that you have an estate plan in place to ensure that he/she is provided for. In South Florida, if you do not have a will, the State of Florida will determine how your assets are distributed. Furthermore, you may want to put your assets into a living trust to avoid the costs and time associated with probate. This way, you can still use a pour-over will to distribute items into the trust, and have control over what beneficiaries will receive your assets, & how much they will be entitled to.
2. Pick a Guardian – In the event that anything happens to you, you want to ensure that someone you trust has guardianship over your child. You can always change the guardianship later on in life, especially if you want to make your own parents designated guardians for the time being. Keep in mind, the guardian does not necessarily have to take care of the child’s financial affairs, as you can designate someone else separately.
3. Life Insurance – if you haven’t applied for life insurance prior to being pregnant, you want to do so as early in pregnancy as possible, due to potential issues that can effect the insurance agency’s decision. However, keep in mind, some agencies may post-pone their decision until the third trimester to ensure there are no pregnancy-related issues. Also, there are many benefits associated with putting your life insurance into a trust. Younger families with modest assets will likely want to use a revocable trust, while larger estates may consider an irrevocable trust to exclude Life insurance proceeds from the gross estate (for purposes of estate taxes).
4. College planning – as soon as you get Junior’s social security number, it’s time to open a 529 college savings plan. This cannot be done soon enough, as the tax savings are substantial. You not only don’t have to pay tax on withdrawals, but any capital gains are tax-free as well. Einstein said that “the hardest thing in the world to understand is the income tax,” & that is what makes this plan so simple = no federal income tax on money in the 529 college savings plan (plus, no income tax in Florida). Also, as an alternative, the Florida college savings plan is the largest prepaid plan in the nation.

For more information on successful Florida estate planning and asset protection, contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at mwild@wfplaw.com to schedule your free consultation.

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

WHETHER you’re in South Florida or Timbuktu, you are already well aware that Miami Heat took their second straight NBA championship on Thursday night. LeBron James has been credited as the leader of this win, taking the title of Finals MVP. While LeBron has responded to his worshiping fans with statements of humility and gratefulness; his victory is not limited to his championships. Financial reports show that prior to Lebron’s arrival on the Heat, the franchise was valued at $425 million, and is now estimated to be $625 million.

While we can’t pull a LeBron & help you increase your profits by $200 million within a three year span; we can assist you with a triumphant victory in the estate planning department. The following five documents can help you increase control over your assets, and reduce the costs associated with probate.

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.

When it comes to your estate, ask yourself, “What Would LeBron Do?” Clearly, he’d maximize winnings & profit! Whether you’re in South Florida or Timbuktu, protecting your assets & decreasing your costs is both a winning and profit maximization.

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 or via email at mwild@wfplaw.com to schedule your free consultation.

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

In thursday night’s 30th anniversary episode of “Wheel of Fortune,” Autumn Ernhard’s name went down in the books as the second wheeling-wonder fortunate enough to reach $1 million in winnings. She left the show with a fortune figure of $1,030,340.00, stating she was in “utter shock” & “shaking.” It is undetermined whether her “shakes” are a result of muscle fatigue from the new hefty burden in her pockets, or the nerves associated with planning her estate & further preserving her new fortune.

The million-dollar-side-effects can be cured with the help of a Florida estate planning attorney.

Ease your mind with the top 5 estate planning strategies to cure a case of the shakes:

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). There are three parties involved in a trust: (1) you, the creator; (2) the trustee(s) (who manage the assets in the trust); and (3) the beneficiaries. 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. 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

This is no “yo-mama” joke – Single Mother Breadwinners are bringing home the bacon!

A new report shows that 40 percent of all households with children (under age 18) include mothers that are the primary or sole breadwinner for the family. The Pew Research Center reported that in the past five decades, breadwinner moms have increased by almost 30 percent! Furthermore, the research shows that 63% of these lady-breadwinners are single mothers.

Although these single mothers are bustling about to bring home the bacon, fry it in a pan, and serve it to their children before they rush back to work; one important step should not be overlooked – estate planning.

It may seem like there is no time for the breadwinner to collect the crumbs for future planning, but the benefits of safeguarding your “bacon” outweigh the hassle. Single Mother Breadwinners (“SMB”) of South Florida should pay close attention to potential issues when creating an estate plan.  Such issues include (but are not limited to):

• Guardianship – if there is no other parent involved, it is important to appoint a primary guardian – the individual who will have custody of your minor children. Creating a will that appoints a guardian will ensure that your child’s interests are protected according to your wishes.
• Trusts – a trust is valuable for many, many reasons.  They protect your assets while providing for your minor children. Regardless of whether the SMB has a truck full of Wonder Bread or a jar full of crumbs, she may not want her minor children to receive her assets outright. Rather, she can use a trust, appoint a trustee, and be certain that her assets are being managed and distributed appropriately.
• College Planning, The 529 Plan – a 529 plan allows you (or really, anyone) to contribute to an account that is not subject to federal taxation to save for your child’s college education. There is no age limit for when the plan can be used, and it can roll over to another family member. The SMB can have control and appoint a guardian/trustee to manage it upon her death.

It’s a Wild world, Single Mother Breadwinners. Are you protected?SM

For more information on successful Florida estate planning and business succession planning, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation.

AND THE RESULTS ARE IN – Kellie Pickler & her partner Derek Hough have Cha-Cha-Cha’d their way to the Dancing With the Stars’ Hall of Fame, as the Season 16 Champions! The petite, pixie-cut Pickler is now the proud owner of the DWTS “mirror ball trophy.” The dancing queen has dominated both American Idol & Dancing with the Stars – what’s next, Top Chef? Project Runway? Survivor?

Regardless of where Pickler decides to direct her talents, her youth (age 26) & celebrity status will do little to protect her growing wealth without the implementation of estate planning.

Marilyn Monroe was 36 when she died. Although she had a will & trust, she did not have an estate plan in place to ensure all of her assets were distributed to her desired beneficiaries, and estate taxes absorbed over half of her net estate.

NFL Quarterback, Steve McNair, died at the age of 36. He had $20 million in his estate, but no will in place to provide for his four children. After years of probate, taxes, and legal fees, there is still no resolution in sight.

In cases like that of Marilyn Monroe & Steve McNair, where the estate exceeds the exemption equivalent, there are many estate planning techniques that can be used to limit estate taxes in Florida such as:

• Bypass Trust
• QPRT (Qualified Personal Residence Trust)
• ILIT (Irrevocable Life Insurance Trust)
• QTIP (Qualified Terminable Interest Property trust)

Over half of adults under the age of 34 do not have a will or estate plan in place.  Regardless of age, you want to protect your assets and ensure that you have control over their distribution.  Learn a lesson or two from these celebrities – you are never too young to waltz your way into estate planning protection.

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

This week famed NBA center Jason Collins came out as the first openly gay athlete in a major men’s American team sport.  “I’m a 34-year-old NBA center. I’m black. And I’m gay,” Collins stated in the May 6, 2013, issue of Sports Illustrated.

Motivated by the recent Boston Marathon bombings, Collins acknowledged that he was done waiting for the perfect moment to come out.  He stated “things can change in an instant, so why not live truthfully?”

In a world of uncertainty, it is imperative that gay and lesbian couples to take advantage of proper estate planning.  The current laws do not afford same-sex unions the same legal protections as traditional married couples.  As it stands now your partner will most likely inherit nothing upon your death and could even be forced to move out of your shared home.  Same-sex partners in Florida also 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 regarding decisions 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 everything will work out.   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 your same-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.