Congratulations! You’re the proud parent of a college bound teenager. This is an exciting time in your life; however, it can also be a time of concern for your family. You need a plan that includes safeguards for the unexpected events in life that always seem to come at the most unwelcome times. Once this plan is in place, you can relax with the knowledge that you have a sound financial and medical back-up plan that will protect your child from the unexpected times in life that could derail his or her educational future.  There are certain standard legal documents that should be prepared by a professional estate planning attorney who is familiar with the goals you wish to accomplish for your family.

The designation of a healthcare surrogate authorizes you to get information from a hospital or a doctor about your child. You will not be able to get this information once your child is 18 years old unless you have a document giving you permission to access the information. Additionally, your child may be unconscious and unable to give permission. Florida’s HIPPA laws prevent the dissemination of medical information to others unless there are written directives authorizing the permission.

You will also want to prepare a durable power of attorney. This agreement will allow you to control your child’s financial needs. A power of attorney will allow you to handle your child’s affairs even though he or she is considered to be a legal adult. Most importantly, a durable power of attorney can be drafted to allow you to access your child’s bank account in case you need to pay your child’s bills, restrict her spending, or add to her account.

A living will is a document that a person uses to make known her desires regarding life sustaining treatments. Even though this may be an unpleasant conversation to have during this joyous time in life, it is important to complete this document. Once this agreement is prepared, you will have peace of mind with medical decisions you may have to make for your child in the event of an untimely illness or accident.  Without a living will, the law requires the hospital to keep a person alive artificially permanently.

Needless to say, sending a child to college is one of the biggest emotional and financial events of your life. However, if you plan ahead, this can be a much less stressful situation.

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?

The homestead protection that the Florida Constitution provides is among one of the many benefits of living here.  Homestead’s main objective is to protect the family home.  However, homestead creates unique situations when it comes to probate. When a homestead property owner dies there are restrictions on how the property can be transferred to the family regardless of what a will says. Specifically, these restrictions come into play when the decedent has a spouse or minor children.

Who gets the property will depend on who survives the decedent. If the decedent leaves a spouse but no minor children, the spouse gets the property. If a decedent leaves a spouse and a minor child, the spouse gets a life estate in the property, with the property going to the minor child upon the spouse’s death. In the case that the decedent leaves a spouse and only adult children, the spouse also gets only a life estate. However, in this case the decedent may choose to leave the remainder interest to the children or the spouse.

The most important thing to remember is that the homestead laws override any clause in your will. Therefore, if the decedent is survived by a spouse or a minor lineal descendant, the decedent is not free to give the property to just anyone in a will. This makes it crucial to understand the effects homestead property will have on your overall estate plan.

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?

Plantation FL  5/18/2011 –
Michael D. Wild, managing partner of Wild Felice & Pardo, PA has been selected as the Small Business Person of the Year for the city of Plantation for his accomplishments in both private legal practice and in community and civic affairs.  Over the past year, and throughout his entire legal career, Michael has provided the residents of South Florida with exceptional service and care that goes above and beyond the expected.  His extensive knowledge in the areas of estate planning and asset protection, as well as his humorous and caring bedside manner, allows his clients to feel a level of assurance and security that is often missing in most encounters with legal professionals.

According to Wild: “The most important aspect of my practice is the relationship that I build with my client.  I don’t see my clients as the
monetary means to a self-serving end. Instead, I treat every client as if they were a family member or friend, which incidentally often leads to that relationship forming.  I am often invited to dinner or other social engagements by my clients and many even attempt to marry me off to their daughters … to my wife’s chagrin.  The greatest compliment I can receive from my client is them telling me that they feel safer and more secure after sitting and talking with me.  The emotional security of my clients has always been a top priority.”

Michael D. Wild is an attorney in greater Fort Lauderdale that focuses his law practice on the areas of estate planning, asset protection and probate administration. He has been serving families and small businesses in the South Florida area since 2006.  For more information on successful Florida estate planning and probate techniques, or to schedule your free consultation with Michael Wild, 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?

Yes.  Whether you have a will or not, every estate must be probated.  Estates that are under $75,000 in total asset value may be probated through a summary administration which is faster and cheaper than a full administration.  Estates that are above $75,000 in total asset value must go through a full administration which can cost between 3 and 10 percent of the entire estate and take a minimum of one year prior to distribution.  The use of a living trust to own and manage assets during your life can reduce the size of your estate to the point of qualifying for a summary administration.  Any assets left outside of the trust must be probated or they cannot be distributed.  I get many referrals from people attempting to sell their deceased parents’ homes only to be told by the closing agent that the title isn’t clear and that the home needs to be probated in order to be able to sell it.  The longer you wait to probate an estate, the more costly it can become.  There are a number of pitfalls to watch out for and it is absolutely imperative to hire a probate attorney as soon as a loved one dies.

For more information on successful Florida estate planning and probate techniques, 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?

Over 70 percent of all Americans have no estate planning documents whatsoever. Of the 30 percent that do, most have only basic documents like a Last Will and Testament, with no regard to probate avoidance, estate tax reduction or asset protection. Of those people that do incorporate a Revocable Living Trust into their foundational estate plan, over 90 percent will leave the trust underfunded or unfunded at death, causing the unnecessary loss of assets and unnecessary delay of distribution. Some basic estate planning upkeep could alleviate all of these concerns.

Your estate plan should be reviewed with an attorney at least once every 3 to 5 years. I review my clients’ estate plans each year to determine if any changes need to be made due to a change in tax law (as happened in 2010), legal drafting requirements (as happened in 2005) or the Probate Code (as happens most years). However, the more pressing changes almost always occur on the personal side of the equation.

Over the course of every 5 year period, most families will see a birth, a death, a marriage or a divorce and this event could cause the need for an amendment to the estate plans of the individual members of that family. Additionally, the beneficiaries might be at different ages or competency levels and the Trustees, Personal Representatives and Guardians might be in different stages in life, areas of the country or financial levels than they were when you originally drafted your plan, which would cause the immediate need to revise and choose new role players.

Another consideration is the age of your attorney. Your estate planning attorney needs to be able to walk your children or other beneficiaries through the administration process. Is your attorney still alive? Is he still practicing? Will he still be practicing when you die? Does he practice in the state in which you currently live?

Any estate planning attorney should give you a free consultation for the review of your estate plan. An ounce of prevention is worth a pound of cure. A simple review and possible amendment to your estate plan today will save your family large amounts of money and time after you are gone. For more information on successful Florida estate planning and probate techniques, 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?

May is a month that often makes us think about birth and renewal.  April showers bring May flowers and Mother’s Day reminds us about nurturing, springtime and babies being born.  However, with Mother’s Day behind us, we can once again focus on death.

 WERE YOU BORN?

If you answered yes, I can discern two other facts.  First, you either have a mother now or had a mother at one time in the past.  Second, you will die.

There are only two certainties in life…

Death and reality shows about hoarding.  I bet you thought I was going to say Death and Taxes but the truth is that estate taxes can be eliminated with some basic foundational estate planning techniques.  A Bypass Trust can double a married couple’s estate tax exemption amount and life insurance owned by an Irrevocable Life Insurance Trust can take care of the rest, in most situations.  There are also ways to use Investment Trusts, Qualified Personal Residence Trusts, gifting and planned giving techniques for exceptionally high estates.  Fortunately for my wife, the Probate Code says nothing about how to reduce the amount of reality shows about hoarding. 

For more information on successful Florida estate planning and probate techniques, 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?