Kim Kardashian just can’t get out of the spotlight these days. She recently got flour bombed on the red carpet at her fragrance launch, which came as a shock to all onlookers. It probably had something to do with an angry PETA activist. Another bomb Kardashian took not too long ago concerned her very short marriage to basketball player Kris Humphries that lasted only 72 days. To avoid a third bomb, she should consider estate planning if she has not already done so.

Even short marriages necessitate updating wills and other estate planning documents.

When a major event in life happens, such as a marriage or birth of a child, then a will should be updated to reflect the intentions of the decedent in how assets should be distributed. For example, if you do not want to give any assets to your new spouse or a new child, then the will should be updated to explicitly state this.

Kardashian’s divorce is yet another major life event making it crucial to update estate planning documents. People usually do not want their ex-spouse to inherit anything. Even if Kim married Kris for publicity, she might marry again and decide Kris should get nothing. Taking the time to update her will would save an immense amount of confusion and litigation if she were to die. Ideally, a will should be updated before a divorce is finalized. Why you ask? Consider this. If a spouse passes away during divorce many states will treat that person as still married and allow the ex-spouse-to-be, to inherit a portion of the estate even if the spouse is not mentioned in the will.

When your life changes, it’s important to keep your estate plan up to date to reflect these important changes or you might just get doused in a powder of probate mess.

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?

So, everyone’s familiar with Kristen Stewart’s new popular movie Snow White and the Huntsman. Like the bloodthirsty queen in her hunt for eternal power, proper estate planning documents can provide you with the best asset protection so you can have power and control from the grave or… glass coffin . Like the queen who seeks Snow White’s heart in order to remain the fairest of them all, there are four key documents that lie at the heart of estate planning.

1. Last Will and Testament- this legal document sets forth how and to whom your assets will be distributed. It sets forth who the appointed personal representative of your estate is, and if you have minor children, who will be their guardians. Without a properly executed Will, your assets may pass through Florida’s laws of intestacy.

2. Durable Power of Attorney- this critical document allows you to nominate a person who will have power to make all non-medical decisions for you in the event you become incapacitated. For example, they can pay your bills, manage your bank accounts, and run your business.

3. Designation of Health Care Surrogate- this document allows you to designate someone to make medical decisions for you in the event you become incapacitated. If you do not designate someone, the court might appoint someone to make the decisions for you. The courts’ choice might be against your wishes and extremely costly.

4. Living Will- This relates to “end of life” decisions. In the event you are in an “end stage condition” or a permanent vegetative state, you can include instructions that let your loved ones and caregivers know whether or not you wish to be kept artificially alive by machines.

Create your fairytale estate plan today by including all these critical documents. It’s a good feeling to know that with a solid estate plan in place you will have your family members well protected. Then, when it is your time to look into the magic mirror of death, you can be sure that you are the fairest of them all.

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?

Despite Tiger’s uncooperative Achilles’ tendon and Peyton Manning’s quest for a new football team, these two high profile celebrities share a common link- the high net worth of a professional athlete.

Forbes estimated the net worth of Tiger Woods to be about $600 million. As for Peyton Manning, it’s reported to be about $115 million dollars. However, with his soaring popularity with football fans and looming new offers with possible endorsement deals, it’s only going to increase.

With such wealth, power, and popularity also comes responsibility. That is, to oneself and to one’s family members. Asset protection and wealth preservation is the solution. Where there are deep pockets, there is also vulnerability to threats. Utilizing the right estate planning strategies and asset structuring can protect from potential litigation and creditor claims.  A solid estate plan will reduce estate taxes, avoid probate, and also lower court and attorney fees. It also provides some well needed privacy for high worth assets as respite from all that high media attention sports celebrities get these days.

Here in South Florida, there are so many benefits to be enjoyed from asset protection trusts such as  Charitable Remainder Trusts, Irrevocable Life Insurance Trusts, Qualified Personal Residence Trusts and so much more. Tiger and Peyton, as Floridians, might want to consider these options if they do not already have an estate plan in place.

It takes years of hard work to accumulate your wealth. But it can take seconds to lose it all. That’s why South Florida estate planning is one of the most critical processes every individual should engage in.

March Madness has a lot to do with estate planning. It is a team sport. Our lawyers work together with our clients to achieve the same goal in creating the perfect designed estate plan that will cater to his or her individual needs. When our clients win, we win…without the swinging or tackling.

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?

Nick Lachey and Vanessa Minnillo will soon be entering parenthood. This is going to be a very exciting yet challenging time for them. They are going to be busy choosing furniture and toys to decorate the baby room. They will also be looking for the right doctor to ensure a smooth delivery process and oversee the physical health of their first child.

What the newly weds should also be doing is carefully selecting the right attorney to ensure the financial health and security of their baby. Estate planning is often overlooked when it comes to planning the arrival of a child. A critical point is to designate a guardian who will raise the child in the event that both Nick and Vanessa die or are rendered incapacitated. With a newborn on the way, it is also important they recheck their life insurance policy, draft a will if they have not done so already, and establish a trust. They should also include an advanced health care directive. By contacting their estate planning attorney and taking advantage of the right legal tools, Nick and Vanessa will be able to shield their assets from potential creditors, preserve their wealth, and minimize estate taxes.

However, you don’t have to attain 98-degree celebrity status to consider estate planning. The key is not how much property you own. Rather, it is all about distributing what you do have the smart way. Right here in South Florida, our legal team can help you distribute your assets in an efficient, secure, and financially advantageous manner. Over 4 million babies are born in the United States each year yet the death rate in Florida is 100 percent. Take care of your little ones by setting up a solid estate plan as soon as possible.

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?

This Tuesday was notoriously known as Fat Tuesday, otherwise known as Mardi Gras.  Not many people know that Mardi Gras celebrations date back to ancient Roman times with lots of today’s festivities like drinking, feasting, and debauchery.  During the Crusades, this carnival-like festival became known as the “last fling” of indulgence before the 40-day Lenten period of penitence.

Did you know that the first Mardi Gras held in the U.S. was around the mid 1800’s in New Orleans? Today, the city is enlivened with a cascade of parades starting on the Friday before Ash Wednesday. The traditional colors of Mardi Gras are purple, green, and gold which symbolizes justice, faith, and power, respectively.  Did you know that the King Cakes is the traditional Mardi Gras food? It is an oval cake honoring the three kings in these three colors. It is tradition to place a small plastic baby, symbolizing Baby Jesus into each cake. The person who gets the cake with the baby will have good luck that year.

Plastic babies found in cakes and all this “last fling” of celebrations before the mark of Lent, which is all about Jesus’ death, brings another important subject to mind. Estate planning. It is almost inconceivable that less than half of all Florida residents have an estate plan when everyone knows the death rate has, and will always be 100 percent. Our children are our gifts of life and it is our duty as parents and guardians to plan for their protection in the event we are accidently hit in the head by a Krewe member on a Mardi Gras float that knocks us unconscious…forever.

Don’t make the mistake of leaving your vulnerable little ones with the mess of probate, creditor claims,  and the burden of unnecessary high estate taxes.

The best time to get your estate plan in order is to do it when you are still alive. Our clients create estate plans in justice to their children. They have the power to decide the future of their loved ones and the faith in our team of highly experienced South Florida attorneys to develop the solutions they seek.

Honor the passing of Fat Tuesday by jumping on board our parade float of estate planning!

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?

Presidents Day was originally celebrated as George Washington’s Birthday and was the first federal holiday honoring an American citizen. Today Lincoln’s birthday is recognized as well. America is truly the greatest country.  No other enjoys the same freedoms as we do. However, with those freedoms comes a great deal of responsibility. We each take part in a critical election process that gives us a voice when it comes to the future of our beloved country. Many of us take great efforts in securing the best interests for our Nation’s future.

However, many of us don’t take this approach when it comes to the future of smaller sovereign units within our country- our families. One way to ensure the future of our beloved family members is to avoid the most common estate planning mistakes and correct any existing misconceptions.

Although there is so much to love about America, her estate plan is not one of them. If you do not take the initiative in setting up your own, your property will be distributed according to the laws of the state in which you live. This can prove disastrous to the family members you leave behind. Instead of your wishes being fulfill, the judge will have to decide whom your property goes to.

If you do have some kind of estate planning tool, most likely it is a will. A common misconception is that a will alone is enough. Probate will be the inevitable result. It is a time-consuming, complex, and costly process that can have dire results. A trust-based plan ensures the protection of your assets and full distribution according to your intent.

Finally another mistake people make is relying on a joint tenancy. Almost everyone own property and bank accounts in joint tenancy. However, there can be legal nightmares. A well-seasoned South Florida estate-planning attorney can counsel you on better options in order to ensure ultimate protection.

It’s important to rely on the right attorney to help you structure a plan so that your family members can enjoy freedom from endless and emotionally draining courtroom proceedings. You will ensure their peace of mind and reduce the burden of estate taxes. When it comes to the future of our families, nothing can be more important than securing their best interests with a solid estate plan.

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?

A man walks into a lobby and sits down next to a spiritual guru. The guru, wanting to make conversation asks, “So, what brings you here today?” The man replied, “ I want to do charity.”  The guru responds with a smile, “Very good. The life of a man is not in seeing visions and in dreaming dreams, but in willing service. His true wealth is the good he does in the world to his fellows.” The man ponders these words for a few seconds. He then replies, “Yea, I’m here to see my lawyer. I just want the tax break.”

Charitable trusts are great vehicles for bringing out your philanthropic and altruistic side. Not only do charities attain well-needed funding, but also there are great tax advantages to the donor.

The most common type of charitable trust is the Charitable Remainder Trust.  You basically transfer property you would like to donate into this trust. Usually, the charity is designated the trustee and manages or invests your assets in order to generate income. You get a percentage of the profits for the period of time that you specify in the trust.

You can even turn your appreciated property like stocks into cash without paying capital gains. You can reduce estate taxes and you can claim an income tax deduction.  When you die, all your assets in the trust become the property of the charitable organization as well as any residual interest or profits that may have been generated.

Did you know that Bill and Melinda Gates set up a charitable trust with assets valuing over more than $30 billion? Making their mark on humanity, they are currently investing in cutting-edge research to diagnose tuberculosis in developing countries.

Creating a charitable trust is a win-win situation. You can benefit your favorite charity, do some good in the world, claim an income tax deduction, kiss capital gains good-bye and reduce estate taxes.

Simply put, this good deed certainly goes unpunished!

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?

This Sunday most of America will be glued to television sets while watching the Patriots and Giants battle it out on the football field. Everyone will be rooting for their favorite team while wolfing down Buffalo wings and downing endless cans of beer. During commercial airtime, you might be thinking how great it is that your family and friends are all together watching the biggest game of the year. So many memories are being filled right in your family living room. You then decide you are going to leave your house to your kids so that these memories will last forever. What a great idea!

However, without careful thought, you might be doing disservice to your children in the future.  If your residence is worth less than $5 million, most likely you will not have to pay any gift taxes. This is great. However, if your children decide to sell the house immediately, they will be hit with heavy capital gains tax. This is because your cost basis (whatever it cost you to purchase the house) is transferred over to the recipient. So if the fair market value of your house has substantially increased, Uncle Sam will dip into that higher gain.

However, the only way for your children to avoid such high taxes is for them to live in the house for at least 2 years before they sell it. This situation affords them the opportunity to exclude up to $250,000 from capital gain taxes.

What if you decide your children will instead inherit the real estate? In this case, the cost basis will become the current market value, which could translate into a lower gain and thus, lower taxes. However, there are estate tax consequences that will come back to haunt you.  So what do you do?

Take action and consult a highly qualified South Florida attorney to learn about all the available options that can save your children from harsh taxes.

Back in 2008, the Patriot’s offensive line failed to protect their quarterback Tom Brady from the NY Giant’s hard-charging defensive linemen. Don’t fail to protect your kids from Uncle Sam’s appetite for more taxes. Put down that plate of nachos and schedule an appointment today!

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?

This week is welcomed by the holiday known as Celebration of Life Day.  Every January, it is a day to take the time to honor children and grandchildren in America. Each life is held to be a precious gift. However, sometimes we are too busy existing in life that we forget to actually live it, let alone stop to appreciate the people we love most. Hardly do we ever contemplate life after death and rarely do we stop to consider what will happen to our children after we pass away.  There can be no better way to show love and honor to our progeny than to protect them from future legal distress and financial insecurity after we are gone. Ensuring a brighter future for our children and grandchildren starts with estate planning and asset protection. The attorneys at Wild Felice & Partners are well-equipped with the necessary tools, legal knowledge, and expertise of South Florida estate planning strategies and asset structuring to ensure the financial stability of society’s most vulnerable individuals in order to guarantee the quality of life they deserve. Whether it’s a drafting a will or forming a trust, there are countless benefits to strategic estate planning. You can protect your children and grandchildren from potential lawsuits and creditor claims to your family life savings. You can protect your children against inadequate insurance coverage. You can eliminate the need for probate and reduce the burden of estate taxes. It is difficult to think of a better way to celebrate the life of your offspring and acknowledge them as precious gifts of life than to ensure their financial protection and shield them from unnecessary legal hassles after we are gone. In return, our children will be honoring us …on Remembrance of Death Day.

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?

I am trying to come up with a topic related to South Florida estate planning and asset protection as I watch this South Carolina Republican debate and the candidates are currently stuck on the topic of the right to life and debating which of them are pro life.  If anyone took a look at what’s going on with the estate tax and how difficult and costly the South Florida probate process is, theyd surely be pro life.  With a 55 percent estate tax, there’s no way a person would be pro death.

I hope that was what they were talking about.

For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, 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?