Recently, The District Court of Appeals of the State of Florida, Fifth District found that a decedent is not permitted, through his will, to forgive a debt owed to him when his estate is not solvent to pay the debts and the costs of administration of his estate.

William C. Wallace executed his will and then 11 days later, killed his incapacitated wife, his stepdaughter and then himself. The only asset in the estate was a one-half interest in a note and related mortgage on real property, issued by Wallace’s son prior to the execution of the will. The will had a provision that provided for discharge of the note and cancellation of the decedent’s interest. Several claims were filed against the estate, including a credit card debt and wrongful death claims filed by the estates of the decedent’s wife and stepdaughter. The estate also incurred the curator’s fees and costs, the personal representative’s fees and the personal representative’s attorney’s fees, which were substantial due to the litigation involved in probating the decedent’s will. The decedent’s one-half interest in the promissory note was the only non-exempt asset available to pay the estate’s administrative costs, debts, and expenses.

Therefore, as a consequence of the will’s provision to forgive the note, the estate would not have any funds to pay its obligations. The case found its way to The District Court of Appeals of the State of Florida, Fifth District. That court held that forgiveness of a debt can occur only after creditors and expenses are paid. Thus, the ruling would be contrary to the decedent’s final wishes.

You only die once; make sure you do it right. Although a very tragic story, this case shows us that careful planning is necessary. Just because you include a provision in your will doesn’t mean it will be carried out. If your will is contrary to law or public policy it will be useless.  After you’re dead, you can’t come up with a “plan B”, so consult an experienced attorney and do it right the first time.

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.

With the tragic death of singer Amy Winehouse being the trending topic right now on news outlets and social networking platforms, atleast one estate attorney could not help but wonder whether the pop-star’s estate plan was in order.  After some research, it appears that Winehouse refused to be another high-profile cautionary tale of estate planning.  Reports indicate that she left her estate in terrific order with all major assets protected and interest set to be distributed to where she so desired.

British law seemingly favors spouses and ex-spouses when it comes to estate inheritance after ones death.  Winehouse did not wish for her assets to go to her ex-spouse, however, who is currently incarcerated.  Therefore, Winehouse planned accordingly by creating a specific will that redirected her estimated 16.4 million dollar estate to her parents and brother.

While this is really seeing the silver lining of such a sad story, that positive aspect is one that always goes appreciated by a decedent’s family and loved ones as well as estate attorneys worldwide.  It is always such a pleasure to hear celebrity success stories of estate planning, such as Winehouse’s, because too often it is the horror story that gets such sensational media exposure.  Too often celebrities leave their estate a mess and, as a result, the world hears about how certain assets ended up in the wrong hands, how a very specific loved one received no inheritance due to statutory law, or how millions of dollars in interest in the estate were lost due to estate taxes and probate administration.

No matter how big or small your estate is there are things you can do to protect your assets and assure that your family and loved ones are taken care of.  Some of the basics of a good estate plan include setting up a will, a living trust, and a power of attorney. A will gives you the opportunity to specify exactly who receives what assets.  A trust can be a smart way to avoid high estate tax charges by slowly transferring funds to intended inheritors reducing the overall value of your estate.  And a power of attorney allows you to appoint a trusted family member to handle your finances after you die.

These are some basic estate planning steps that every person should take whether a pop-star sensation or not.  It is irresponsible to go through life without an estate plan.  An ill planned estate can leave loved ones wanting and heartbroken more so than they would feel during a natural grieving process.  Call a reputable estate attorney now and set up an estate plan that is right for you.

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?

On Friday, July 8^th 2011, NASA launched its final space shuttle, Atlantis, into orbit from Kennedy Space Center in Cape Canaveral, FL., closing the book on a 30 year stint of space travel.  The purpose of this final mission was to bring a care package of parts and supplies to an International Space Station.  The mission was Atlantis’s 33^rd flight and the 135^th shuttle launch of NASA.

NASA is expected to resume shuttle orbit sometime in the future, but not for many years from now.  The purpose of the stoppage is to save money that would have been spent on launches into the earth’s orbit to instead spend on the research and development of shuttles that would allow the US to explore the planet Mars and its moons.  This sort of advancement in space travel is expected to take many years.  As of right now, NASA has projected into the mid-2030’s as a tentative timetable for Mars exploration.

Maybe we will discover life outside of planet earth.  “The Red Planet” seems like a good place to start looking.  Maybe one-day we will find and say with certainty that we are not alone in this universe.  Who knows what aliens could look like?  It seems like the most common portrayal of aliens always imagines them with guitar pic shaped heads and large black eyes.  I, personally, imagine they would look like “E.T.” from the 1980’s movie.

This hold on NASA space travel will allow the US and the rest of the world to plan for the further exploration of the unlimited and unknown in space.  NASA is taking the proper steps to plan for the future and for the unknown in space.  Like NASA, you too should plan for your future and for the unknown in life.  The best way to do this is by setting up a customized estate plan right for you.

E.T. says, “Phone home.” We say, “Phone a qualified estate attorney.”

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?

On July 4^th, 1916, four immigrants on Coney Island were having an argument debating who was the most patriotic.  They decided to settle the argument by having an eating competition at Nathan’s Famous Hot Dogs stand.  That eating competition became a yearly tradition that has continued to grow in popularity over the past 96 years.  It developed into what is recognized today as one Independence Day’s favorite pastimes – The Nathan’s Hot Dog Eating Competition.  Three days ago, world-renowned competitive eater, Joey Chestnut, won his fifth consecutive Nathan’s Hot Dog Competition, eating 62 hot dogs in 12 minutes.  That 62 spot was enough to win the 2011 mustard-colored champion belt.  However, it was not enough to break his all-time personal best of 68 hot dogs, which is also the world record for most hot dogs in 12 minutes.

Watching those competitive eaters scarf down two or three hot dogs down at a time can certainly be gut wrenching. But as I watched, my stomach turned knowing that most likely, at least one of those competitive eaters on stage had not adequately planned their estate.  You would think in a career like competitive eating, where individuals shove as much food into their systems as possible; there is a concern for choking, stomach or esophagus rupture, or some other freak accident that could result in a tragic death.  For example, Chestnut has won countless eating competitions for prize money, aside from the five consecutive Nathan’s competition victories, which earned him a total of $50,000.  Does he have that prize money and other valuable assets protected in a irrevocable trust in case of a deadly choking fit?

You may not be able to eat 68 hot dogs in 12 minutes.  You may not eat competitively.  But do not think just because you are a “low risk” eater that choking on your food is an implausible occurrence.  A freak accident can happen to anyone.   It is best to plan for the future of your estate as soon as possible to assure that your loved ones are taken care of.  Speak to a qualified estate attorney today to discuss an estate plan that is right for you and your family.

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?

Everyone can agree that the Declaration of Independence was an important document to sign. Without it, we could not benefit from the sacrifices our forefathers made to secure our welfare and freedom. Much in the same way, you make sacrifices and work hard throughout your life. It is crucial for your family’s future and well being that you establish and sign your Estate Planning documents. You probably won’t be around for 235 years, but if you plan well your legacy will.

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?