With all the media buzz over the recent passing of musical genius Prince you’re likely hearing a lot about Probate and may be wondering what the heck it is and why you should care.  Florida has one of the worst Probate systems in our country which is why it is so important to take the time to understand the process and plan accordingly.

What is it and why should I care?

If you pass away with assets left by Will then your assets must go through the Probate process.  Probate is the legal process of proving a Will in court.  The size of your estate will determine which type of probate administration will be necessary.  A smaller estate (one where the assets are valued at less than $75,000) will require a Summary administration.  Summary administration is less costly but may still last as long as a year, which means your beneficiaries will have to wait quite some time before receiving whatever is you left them (no matter how much they may need the assistance).  If your estate is worth more than $75,000, then your estate will require a full administration which is very costly and can take years before it is finished.  At a time when everyone should be focused on grieving and healing, they will instead be forced to deal with the judicial system and related stress that accompanies it.

Probate is time consuming, costly and offers no real benefit to the family members left behind which is why you should really consider avoiding it all together.

How can I avoid Probate?

Probate avoidance can be accomplished in a number of ways but the most favorable tends to be through a Revocable Living Trust.  By creating a Revocable Living Trust you not only ensure Probate avoidance but you remain in control of how your assets will be distributed.  If you die without an estate plan in place, you die intestate – which means that Florida intestate succession laws will decide who gets your assets.  By being proactive you remain in control of your assets, may be able to reduce estate taxes, can name guardians on behalf of your minor children and, of course, avoid probate.

For more information on Probate, Estate Planning, and Asset Protection, visit our website at www.wfplaw.com or call (954) 944-2855 for your free consultation.

It’s A Wild World.  Are You Protected? SM

Life can bring some major changes to each of us at some point: marriage, divorce, birth of a child or death of a loved one.  Although we may not be able to do much to prevent change we can definitely do a lot in an effort to plan for the outcome that inevitably follows.  When considering how to best protect your family, there are a variety of options.  Perhaps the most “popular” planning device is the Revocable Living Trust, but Life Insurance is a great tool as well and can be used in conjunction with your trust based plan.

Holding assets in trust can provide a multitude of benefits, including creditor protection and control form beyond the grave.  However, some assets you pass on may carry expenses that your loved one’s cannot afford to pay.  For instance, you may own a business that will require overhead expenses to continue functioning until it is sold or you may leave a home that has an unpaid mortgage.  The trust is a great device for protecting your assets and avoiding probate but Life Insurance can be used to pay for these additional expenses or even replace income.

When considering the best way to protect yourself and your family, don’t limit your options.  Call (954)944-2855 for your free consultation today.

For more information on Estate Planning, Asset Protection and Probate visit our website at www.wfplaw.com.

It’s A Wild World.  Are You Protected?  SM

Being married is great:  you have someone who is obligated to laugh at your jokes, compliment you from time to time and who will binge watch TV shows on Sundays with you.  Perhaps one of the best benefits from being married, however, is the Unlimited Marital Deduction.  The Unlimited Marital Deduction allows for one spouse to transfer an unlimited amount of assets at any time free from tax.  This means that whatever one spouse leaves to their surviving spouse at death will be transferred, tax free!  This is great news for everyone! Well, almost everyone.  Unfortunately, the marital deduction does not apply to noncitizen spouses.  A noncitizen spouses will have to pay taxes just as anyone else who may inherit from the decedent.  If your estate exceeds the federal exemption amount ($5.45 million) this can truly become a nightmare.  Have no fear, there is a solution!

Enter the Qualified Domestic Trust, or QDOT Trust.  A QDOT Trust is used for noncitizen spouses in this situation and provides relief by deferring the federal estate tax that would have been due at the time of their spouse’s death and, instead, leaves a large amount of money behind for their benefit.  When the first spouse passes away, their assets will go into trust instead of directly to the surviving noncitizen spouse.  While the noncitizen spouse will not own the assets they can enjoy benefits throughout the remainder of their life, such as any interest that the trust may generate.  At their death the assets will then pass on to the other listed beneficiaries.

If this scenario seems familiar, then call (954)944-2855 for your free consultation today.  Protect yourself and your family by providing ultimate peace of mind!

For more information on Estate Planning, Asset Protection and Probate please visit our website at www.wfplaw.com.

It’s A Wild World.  Are You Protected? SM

As the first week of April comes to a close we are able to get back on track and stop worrying about whether or not another prank is looming around the corner.  April Fools’ can be a fun day but let’s be honest, we all know someone who takes their jokes to another level.  My favorite this year may very well be the proposal prank.  Although for some the joke may be on them since some ladies aren’t too keen on giving that sort of ring back.  Whether by free will or if your joke back fired, here are some things to consider if you find yourself heading down the aisle soon:

• Revocable Living Trust – Do you want your new love to receive everything you own? Perhaps you want to limit them only to the 30% elective share they are entitled to by law? No matter what your goals are regarding distribution, a Revocable Living Trust can achieve them.
•  Last Will & Testament – Who knows, you may end up happy with your new love and decide to have children.       The Last Will and Testament will allow you to appoint guardians to raise your little ones in the event you both are deceased. You may also specify any burial or cremation requests.
• Durable Power of Attorney – No matter if your newly wed to make important financial decisions or not, the choice as to who will actually make these decisions is up to you. The Durable Power of Attorney will allow you designate someone of your choosing.
• Combination Living- Will & Designation of Healthcare Surrogate – Designate the individual of your choosing to make important healthcare decisions on your behalf, in the event you cannot do so yourself.

Don’t be the butt of a good joke – be prepared! There are a variety of life events that create a necessity for estate planning and marriage is definitely one of them. If you experience any life event that affects your relationships or distributions, you will want to have your plan reviewed by an experienced estate planning attorney and possibly updated.

For more information on Estate Planning and Asset Protection, visit our website at www.wfplaw.com or call (954) 944-2855 for your free consultation.

It’s A Wild World. Are You Protected?

March Madness is in full effect and many of us are beginning to realize that our brackets were less than impressive and our predictions were flat out wrong.  The participants with the most successful brackets tend to be the individuals who are the most prepared – they know the players, the stats and use this knowledge to prepare ahead of time.  Estate planning is a lot like March Madness; preparation will lead to a favorable outcome.  Though they are many vehicles used in estate planning, we recommend that everyone consider the following seven documents when planning for their future:

Revocable Living Trust:  The Revocable Living Trust tends the be the most favorable estate planning tool.  Florida’s probate system is among the most time consuming and expensive in our Country and this planning device offers a way to avoid the process.  In addition to probate avoidance, the living trust allows the Grantor to amend as many times as they wish during their lifetime or they may revoke the trust all together.  This estate planning tool also allows the Grantor to remain in control of their assets from beyond the grave since their Trust will dictate who will receive what and how they will receive it.  You can place restrictions on when children receive their share, for instance, ensuring that they first reach an age of majority or graduate from college.

Assignment of Property:  The Trust will be useless until it is funded.  This funding document will ensure that all personal tangible property makes its way into the trust and to your beneficiaries.

Last Will and Testament:  The Last Will and Testament will mirror the but with less detail since it becomes public upon death.  In this important document you will appoint minors on behalf of your children, nominate a personal representative on behalf of your estate and specify your wishes regarding cremation or burial.

Living Will:  This advanced directive, if signed, will allow the Healthcare surrogate to authorize the doctor to “pull the plug” if you are being kept alive solely by artificial means.

Durable Power of Attorney:  Incapacity document that controls during your life and is terminated upon your death.  The power of attorney makes important financial decisions on your behalf in the event you are unable to do so yourself.

Healthcare Surrogate:  Another incapacity document that will remain effective during your life.  The healthcare surrogate will make important healthcare decisions if you are unable to do so yourself, such as authorizing surgery or authorizing administration of medication.

HIPAA Release:  This important release will allow your healthcare surrogate access to medical records to make informed medical decisions.

Call the South Florida Office of Wild, Felice & Partners today at (954) 944-2855 for your free consultation and allow our attorneys to provide you with ultimate peace of mind.

For more information on Estate Planning, Asset Protection and Probate, visit www.wfplaw.com.

It’s A Wild World.  Are You Protected? SM

As life progresses it continues to change.  While some changes may be small and have little impact on your life, others may be considered major and could carry heavy consequences.  Therefore, your estate plan should be reviewed every three to five years to ensure it continues to accomplish whatever your goals may be.

Creating an estate plan is an important step to take when planning for your future.  Unfortunately, most individuals mistakenly believe that once they have a plan in place they are done – no further steps are required.  To those individuals with this dangerous mindset I say beware! While creating an estate plan may be a crucial step in preparing for your future, it is only one of many steps into the right direction.  Once the plan is created it’s important to take that next step to properly fund your trust.  An unfunded trust is equivalent to an empty safe – useless.  Take the extra time to retitle your assets, accounts and move your real property into the trust.  Once this is done, you can rest assured that your assets are protected and outside the realm of Probate.

Once your trust is created and funded, you then should practice being mindful.  Be mindful of what’s occurring in your life and if you should find yourself experiencing any one of the following life changes, then it may be time to visit your estate planning attorney:

Divorce/Remarriage:  If you are recently divorced and have an older estate plan in place then it is a good idea to schedule time to meet with your attorney to review your documents.  Not doing so in this particular situation could result in your ex-spouse receiving your assets at death or your ex-spouse making important healthcare decisions for you while you are ill or recovering in a hospital.  If you are considering getting remarried, then you will want to update your estate plan to be sure that your new spouse is provided for and that your future family is protected.

Birth of a Child: Your priorities change when you have a child.  Whether it’s your first baby, second or third, you are going to want to them to be taken care of if you are no longer around.  The proper estate plan will designate guardians to care for your children and describe what you will leave to them and how they will receive it.  Leave your children a legacy and rest easy knowing they will have money to attend college, pay for their dream wedding or put a down payment on a home.  A revocable trust has the ability to restrict at what age your children will receive their share and will protect their share against unsecured creditors.

Death of A Loved One: Sometimes the individual you choose as your beneficiary or nominate as either your Healthcare Surrogate or Durable Power of Attorney will predecease you.  In the event that this occurs and you don’t have anyone else named in your documents, then you will need to schedule an appointment with your estate planning attorney to make some minor adjustments.

Inheritance:  Inheriting a large amount of money can actually be stressful and overwhelming to those who wish to either invest it or protect it.  It’s important to sit with a qualified estate planning attorney who can answer all of your questions and provide you with the best possible solution.

Call the attorneys at Wild, Felice & Partners for your free consultation at (954)944-2855.

It’s A Wild World.  Are You Protected? SM