Tis the season for scary decorations, fun costumes and pumpkin spice everything. As Halloween quickly approaches most Americans are stocking up on candy and preparing their homes for the tiny trick-or-treaters. Yes, having the scariest house on the block is important but properly planning your estate is even more important.

Did you know that less than half of all Florida residents have an estate plan in place? This may be attributed to the fact that most South Floridians feel that they are either too young or not wealthy enough to worry about estate planning. Yet, estate planning isn’t about being wealthy and it’s not about being “the right age.” Estate planning is about being proactive and taking the necessary steps during your lifetime to ensure your loved ones and the wealth you have accumulated are protected. Whether you want asset protection for peace of mind, want to ensure your loved ones avoid the mess of probate or you just want to reduce the possible estate tax, the South Florida law firm of Wild, Felice & Partners can help you accomplish your goals.

There are various techniques that can be used depending on what your goals are. The most desirable technique used in estate planning is the living trust. By creating a revocable living trust you are ensuring that your assets are safe from the possibility of litigation, bankruptcy, and divorce. During your lifetime you can revoke or amend your trust to fit accordingly with any life changes such as a marriage, divorce, children, or a change in wealth accumulated. Once deceased, the assets you included in the trust during your lifetime will avoid probate and, instead, be distributed immediately to the named beneficiaries in the manner that you choose.

Your trust based plan will also include a Pour-Over Will which will make certain that all remaining assets not included in the trust “pour-over” into the trust immediately. Your plan will also include the Durable Power of Attorney, Living Will, Healthcare Surrogate and HIPAA Release form. These healthcare documents allow you to designate and legally authorize someone to act on your behalf in the event you become incapacitated and unable to make both financial and healthcare decisions for yourself. For more information on the revocable living trust or any of the mentioned healthcare documents, please visit our website at http:/www.wfplaw.com.

Make October less scary by contacting the South Florida Estate Planning law firm of Wild, Felice & Partners at 954-944-2855 and schedule your free consultation today.

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

Rumor has it that Leonardo DiCaprio is engaged to his model girlfriend Kelly Rohrbach. This is big news for Hollywood’s ladies man. Time has come for Leo to hang his party hat and to update his estate plan!

Divorce, children, change in wealth accumulated and marriage are all reasons to update your estate plan. A revocable living trust is the most favorable estate planning option. A revocable living trust will offer maximum protection against creditors and the possibility of litigation. A couple considering marriage should consider creating two revocable living trusts. Each spouse will act as co-trustee of each other’s trust and will have full access to the assets held in trust. Upon the death of one spouse, the maximum allowable tax-free distribution will fund a newly created Bypass trust. The remaining assets will then fund a newly created Marital Trust. Assets remain safe for the children who, after both parents are deceased, will save big on estate taxes. In addition to the living revocable trust, every married couple will need the following:

Assignment of Property: These documents will help fund the trusts. Real property, bank and brokerage accounts, and personal property will be safely transferred into the trust.

Pour-Over Will: A will becomes public record upon death. For that reason, it’s best to keep the Will straight to the point. The Pour-Over Will will simply state the living trust exists and will ensure that all remaining assets, should there be any, “pour-over” into the trust immediately.

Power of Attorney: This document is a written authorization that allows the appointed individual to make financial decisions on your behalf, should you become incapacitated or otherwise unaware.

Designation of Health Care Surrogate: By designating a health care surrogate you are appointing an individual to handle your medical decisions, should you become incapacitated or otherwise unaware.

Living Will: The Living Will is an important document that allows your health care surrogate to give the doctor the necessary authorization to “pull the plug” if you are being kept alive artificially.

Marriage is the beginning of a long journey together. What better way to begin that journey than by being fully prepared and protected. Be sure to update your estate plan to fit accordingly with life’s changes. For more information on successful Florida estate planning and asset protection techniques, please visit our website at http://www.wfplaw.com or 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

Coach Joe Philbin of the Miami Dolphins has had a rough season to say the least. With all of the pre-season hype, the Dolphin fans entered the season with playoff expectations but after three straight losses it’s become hard to remain optimistic. The most recent loss in London put Philbin’s job security in question and ultimately resulted in him being fired earlier today. Perhaps a more aggressive approach could have resulted in Philbin avoiding this unfortunate outcome but it’s too late now. While it may be too late for Philbin, the time is just right for you. Now is the time to be both aggressive and proactive in planning for our loved ones and avoid probate.

Probate is the legal process that takes place after someone has passed away. It’s a lengthy process that includes the following

1. Filing the deceased person’s will with the court and proving to the court that the will is valid. During this process the will may be challenged which will only further prolong the process.
2. Identifying and recording the deceased’s person assets.
3. Appraising the property value.
4. Paying off any remaining estate taxes and/or debts.
5. Distribution of the remaining property to deceased’s heirs.

Probate is costly and can take anywhere from six months to well over a year. The court system, debt collectors and lawyers will receive compensation before your family receives anything. Luckily, everyone can avoid probate through a number of ways.

One of the most favorable ways in which to avoid probate is through the creation of a living trust. By creating a living trust, you decide which assets are held in trust and who will receive them upon your death. Any asset held as part of the trust will avoid probate and will immediately be distributed to your beneficiaries by the designated trustee.

Another way in which you can avoid probate is to create a joint ownership of property. Co-owners are also referred to as “joint tenants” and own the property jointly with the right of survivorship. What does this mean? The right of survivorship means that upon one co-owners death the remaining interest is instantly transferred to the surviving owner without the need for probate.

Other ways in which you can avoid probate include gift or beneficiary designations, life insurance policies, and retirement plans. To learn more about probate avoidance and proper planning for your loved ones, schedule your free consultation with Wild, Felice & Partners, PA today. Call (954) 944-2855 or visit our website at http//www.wfplaw.com.

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

NFL star Jason Pierre-Paul of the New York Giants made headlines this year when he blew off part of his hand during a firework accident. Pierre-Paul went from celebrating a Super Bowl win to wondering if he will remain unsigned and without a career. While he may have lost some fingers and quite possibly his career, at least he didn’t lose his life.

This incident is a reminder of just how unpredictable life can be. Just like Pierre- Paul, you too have worked hard to accumulate your wealth. Now is the time to put in the extra work to protect all that you have worked for. A South Florida Estate Plan is the best way to ensure that you are prepared and your loved ones are protected.

What you need to be protected:

A Living Trust- A trust based plan is the most favorable estate planning option. Unlike a will, a living trust is not subject to probate and remains private upon death. Probate, the process of proving a will, is required by law and is a costly process that can take anywhere from 6 months to over a year.   By creating a trust, your assets will be distributed timely and in the manner that you choose. By choosing the trust you are also choosing to provide maximum protection for both you and your family. Your assets will be protected from possible creditors, litigation and divorce. Other important documents that will be included in your trust based plan include the following:

Last Will & Testament– Here is where you can specify any last wishes, direct any specific assets to beneficiaries and name the individual you want to be the legal guardian for any minor children.

Assignment of Property- By including this document, you can rest assured that all of your property is properly transferred to your trust and that nothing is left behind or subject to probate.

Durable Power of Attorney- Should you ever become hospitalized, disabled or otherwise incapacitated, this written authorization will allow the individual of your choosing to make financial and legal decisions on your behalf.

Living Will &Healthcare Surrogate- With these documents you are able to outline important healthcare decisions in advance. For example, deciding which individual will be appointed to make healthcare decisions on your behalf should you be unable to make them for yourself.

Don’t risk losing the wealth you’ve accumulated, protect it. With a living trust you can worry less because your wealth is safe! To learn more about estate planning, probate and asset protection, visit our website at www.wfplaw.com or call 954-944-2855 to schedule your free consultation.

It’s not all glitz and glam once the lights turn off, something that Robin Williams’ family is quickly discovering. The beloved star, who passed away last year, is having his estate  administered through probate, and fighting among family members is beginning to plague the process. Although Robin Williams had an estate plan, much of his assets were unaccounted for, leaving his children from prior marriages, and widowed spouse in disagreement over who is entitled to what. Avoid this hassle, and spare your loved ones the stress and grief that accompanies a contested probate process. It is imperative that you not only have a prepared and updated estate plan in place, but also that you speak with your family members to discuss these plans so that there are no surprised, or even worse, angered members once you’re gone.

Avoid some of the more common Estate Planning Mistakes:

Top Estate Planning Mistakes

1. Thinking That You Have Plenty Of Time To Get To It:  No one has a crystal ball and tomorrow is not promised to any of us.  I have clients that have hired me to draft their estate plan and then they died prior to being able to sign it or fund it.  There are other people who die too young to even sit with the attorney.  Estate planning is necessary for everyone and you should sit with your attorney as soon in life as possible.
2. Drafting Your Own Estate Plan:  There are so many moving parts with a trust-based estate plan that attempting to do it yourself is the equivalent of trying to take your own appendix out.  There are legal requirements in drafting, executing, funding, and updating.  If you miss any of them, it could invalidate your entire plan.  An estate planning attorney doesn’t sell you documents, they provide the service that goes into making sure that those documents are correct.
3. Not Knowing Where All the Assets Are: A scattered estate plan by a secretive decedent may cause some assets to be left uncollected, undistributed and even lost.
4. Not Updating Your Estate Plan:  It is imperative that your estate plan is reviewed on an annual basis to avoid unintended results.
5. Not Communicating with Trustees and Beneficiaries:  It is important to let the people who are named in your estate plan know what role you are asking them to play.
6. Leaving the Living Trust Unfunded: A living trust is merely a vehicle that allows you to pass your assets outside of probate.  However, if there are no assets in the trust, nothing has been accomplished.  You can buy the most expensive safe at the store but it wont protect your valuables unless you put the valuables into the safe.
7. Leaving Assets Outright to Beneficiaries: Assets that are left outright to heirs and beneficiaries are exposed to creditors, predators and divorcing spouses.
8. Not Having a Living Will:  A living will gives guidelines for your physician to follow in the event you are in a terminal, end-stage, and persistent vegetative state.
9. Not Having a Durable Power of Attorney:  A durable Power of Attorney allows you to designate and authorize someone to legally act on your behalf, in the event that you become incapacitated.

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

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

Many people mistakenly believe that estate planning is something done only for the wealthy. In reality, a basic estate plan is essential for everyone, regardless of income or net worth, because we all would like this process to be as seamless and easy as possible to reduce costs, delay and stress for our loved ones. The topic of estate planning, or even one’s mortality is a stressful one to discuss, but an important one. Without proper preparation and documentation, assets—like houses, retirement plans and savings accounts—can end up in limbo for years, sometimes requiring expensive legal assistance to straighten matters out.

Everyone should have the following items in place:

1.  Living Trust –A trust can be more expensive to set up, but it provides benefits that a will cannot. First, when they’re structured properly, trusts will help avoid probate, which helps beneficiaries gain access to assets more quickly as well as save time and court fees. Depending on how it’s structured, a trust may also reduce estate taxes owed and can protect an estate from heirs’ creditors. 
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 – A power of attorney is a written authorization that allows someone else to make financial and legal decisions for a person if that person should become hospitalized, disabled or otherwise incapacitated.
5. Combination Living Will & Designation of Healthcare Surrogate – gain control by making important healthcare decisions in advance.

This will allow you to ward off:

• unnecessary taxes
• costs and headache associated with the probate process
• creditors and outsiders who may have claims against you
• any undesignated individual making legal or healthcare decisions on your behalf in case you become incapacitated

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 www.wfplaw.com to schedule your free consultation.

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