Surely, Steve Job’s death came as a shock to us all when he past away last week. The CEO of Apple Inc. was just 56 years old. He left behind his wife, son, and 3 daughters. His net wealth was estimated to be in the billions.
We all know Jobs was a perfectionist in his business pursuits. He continuously sought new ways to strategically position his products by foreseeing and setting innovative trends in the industry of technology. He was meticulous at managing and protecting both his business and private affairs. Jobs once said “It comes from saying no to 1,000 things to make sure we don’t get on the wrong track… it’s only by saying no that you can concentrate on the things that are really important.” It would come as no surprise that one of the 1000 things that Jobs said “no” to was the prospect of leaving his family without the protection of an estate plan. He most likely foresaw the need to get his assets in order so that the most important people in his life, his family, would be sheltered from the legal and financial burdens arising from endless courtroom proceedings and hefty estate taxes. Since Jobs liked to keep his personal life out of the public eye, he probably established a trust to maintain the privacy of his assets and its distribution to his family. His loved ones may very well be lucky enough to avoid traditional probate and public scrutiny. We will probably have to wait for the next few months to find out what will transpire with Job’s multi-billion dollar estate, that is, if we ever do.
We should all follow Job’s lead. Protect your family and get your estate in order today. It’s time to get…as Apple Inc. once said “Wildly innovative”.
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.
Benjamin Franklin said there were only two things certain in life: death and taxes. He was absolutely right. But he forgot one more important thing…probate! It is of vital importance that survivors of a deceased person understand what probate means, the procedures involved, and the legal ramifications of their decisions, which is why everyone should take the time to sit down with a South Florida Probate Attorney.
Probate is the legal process employed by probate courts in identifying the assets of a decedent, paying off any existing debts, and distributing assets to the beneficiaries of an estate. This process is triggered by presenting the decedent’s death certificate. Although there is no set time frame for the entire probate process, survivors of a decedent can generally expect the process to last at least 6 months. However, depending on the complexity of the estate, it can take many years before probate is resolved. One can also expect to be in the frequent presence of a judge, attorneys, the executor of the deceased’s will, health care providers, the IRS if any taxes such as estate or income are owed, and credit card companies if there are any outstanding debts. This can seem like a daunting process no one wants to be a part of.
There is hope. This situation can become less painful by choosing a law firm you can trust to help you navigate through this complicated process in an efficient and simplified manner. An attorney will ensure your will is properly written and executed and help you establish a trust that fits your needs. You will receive guidance on gifting and property transfers that will save your family a headache by the possibility of almost avoiding probate altogether.
For more information on successful Florida estate planning and probate, please contact the South Florida law firmof Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.
There is more involved in selecting the right executor to execute a will then is commonly thought. The ‘chosen one’ is delegated the responsibility in administering a will through the South Florida probate process, a court process that involves accounting for assets, paying bills, and distributing property according to the decedent’s wishes. Personality is everything. The ideal candidate is someone who is trustworthy and willing to take on a role that demands a high tolerance for rules, formalities, and of course, tedium. This task is not for the faint at heart. The probate process can take years, especially for bigger and more complicated estates. The executor must be mentally prepared to play the middle role in the inevitable situations of disputing heirs. This means, more trips to the courthouse and more legal proceedings.
The ideal executor should also keep up to date with news on tax law and investments. Monitoring progress and overseeing that everything is done according to plan is no task for amateurs. It is also a good idea to confront the person that’s anticipated to take on the job. That way, the ‘executor to be’ can consider whether he or she will be able to fulfill the role successfully and meet expectations of the ‘decedent to be.’ If there is a conflict of interest, there is still a pool of candidates to choose from. The last thing someone wants is Grandson Bachelor looking like a deer in headlights when he realizes he is now solely responsible for managing and distributing the assets in Granny Smith’s estate when all he can think about is the next Mardi Gras or Oktoberfest. Although family members are usually appointed as executors, it is important to make the selection carefully and wisely; otherwise someone might be turning in their grave. Don’t be the victim of an executorship gone bad.
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.
At the end of the classic movie Gran Torino, there is a reading of Walt Kowalski’s will, played by Clint Eastwood. He leaves his family shocked when they realize whom he left his house and Ford Gran Torino to. But wouldn’t it be cool to get your hands on the infamous .30 M-1 caliber semi-automatic shoulder rifle or the .45 caliber pistol that he used to intimidate and put those nasty gang members back in their place? Too bad no one mentioned the Gun Trust to Mr. Kowalski.
Many people collect guns for target shooting, hunting, and even for self-defense. Later, they would like to pass them down to their heirs so they can also enjoy such recreational activities or feel safe with an added layer of protection. This is all done through a Gun Trust. This is a special purpose revocable living trust which holds only firearms. Regulations can get complicated though. Considerations involve where the beneficiary lives, the laws of that state, the laws of the state where the items are located, and the eligibility of the beneficiary to be in possession of a weapon. Gun Trusts are created primarily for NFA restricted firearms such as silencers, short-barreled rifles, shotguns, and machine guns. A state may further restrict regulations. However, creating this trust can save a lot of time. A person does not have to worry about obtaining approval from the local Chief Law Enforcement Officer. Also, detailed instructions can be provided regarding the transfer of a gun. The trust must be properly drafted due to the complexities of federal and state law. Improper administration of regulated firearms can result in a criminal conviction and hefty fines.
So whether you’re passing on your highly coveted gun collection to your heirs or that precious gold necklace heirloom Aunt Edna could never stop talking about, it’s important to have a qualified attorney with the necessary experience to effectively ensure the correct disposition of your assets.
For more information on successful Florida estate planning and probate, please contact the South Florida law firmof Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.
Rosh Hashanah marks the new year of the Jewish calendar and is also called the Day of Remembrance. This is a time where past deeds are remembered and forgiveness sought. As South Florida families gather around merrily in light of celebrating this special holiday and enjoying traditional meals together, the sense of love and unity inspires deep appreciation for each other. As family members sink their teeth into the apples dipped in honey that symbolize a sweet new year filled with abundance and good health, surely the delightful taste inspires gratitude to be alive at the present moment. But what about thoughts of the future?
A really sweet way to start off the new year would be to think about how to protect loved ones. There is no better time than beginning the new year with all your assets in order to ensure the financial security of your family. What a great way to adopt this continuity of life approach to enable your family members to continue celebrating each new year with good blessings and gather together to honor tradition. Through proper estate planning and asset protection, it’s a relief to know that your family will be extricated from the legal knots that can result from inadequate or worse yet, lack of such future planning. Whether it be through a Revocable or Irrevocable Trust or a Last Will & Testament, there are various options to guarantee that your family is in good, safe hands. As you welcome this new year with sweetness and abundance, think of your loved ones and how you can make sure they continue to warmly embrace each new year with deep reflections, love, hope, and positivity.
For more information on successful Florida estate planning and probate, please contact the South Florida law firmof Wild Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com to schedule your free consultation.
While the damage of Hurricane Irene is in the billions, Congress is currently in the process of enacting law that could cost the American people trillions.
On August 2nd, Congress approved the Budget Control Act of 2011, which calls for the appointment of a bi-partisan committee to propose new tax legislation by November 30, 2011 that would reduce the deficit over the next 10 years by $1.5 trillion. One of the first ways they will simplify the tax legislation will be to begin closing the loopholes in the current tax code, especially those breaks given to dead people. Soon after that, we will see the removal of automatic portability, a reduction in the estate tax exemption amount and an increase in the overall estate tax. After all, dead people tend to fight less than live people when being overtaxed.
What does this mean for you? Well, while many experts in my field (along with myself) have been preaching that all Americans have to get a comprehensive estate plan in place prior to December 31, 2012, the date we may have to focus on is actually November 30, 2011. For those that are calendar-impaired, THAT’S ONLY NINETY (90) DAYS FROM TODAY!!!
Rather than wasting your summer praying in vain for a savior to rise from these streets and enact a more favorable tax code (which may never come), you should be scheduling a free consultation with an estate planning attorney that can walk you through the process of using the current tax laws to your advantage before they possibly go away in three months.
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.
Whether you divorce her or not is up to you but you need to adjust your estate plan either way. If you stay with her, you need to be certain that you name the executor and trustee that you desire. If you don’t want her to get everything upon your death, you need to be very explicit about that in your trust. If you want your parents or siblings to be the guardian of your children instead of her parents and siblings, you need to stipulate that in your will (and you need to survive her). Who do you want making health care decisions for you? Financial decisions? Pulling the plug on your death bed?
Maybe you decide to divorce her. Your marital settlement agreement will most likely require that you procure a life insurance policy. Your life insurance policy should be owned by an Irrevocable Life Insurance Trust and not in your own name. If you already had an estate plan drafted, you’ll want to amend or restate all of the documnets to remove your now ex-wife from them completely. That is, unless you want her to still control all of your financial and medical decision making if you become incapacitated. Remember that line above regarding pulling the plug? It probably shouldn’t be left to your ex-wife.
And ladies, this goes for you too. After you wash that man right out of your hair, you had better erase him from your financial life as well. Aside from removing him from the above mentioned documents and drafting an entirely new estate plan, you’ll definitely want to have a trust put in place, if you haven’t already. If you die before your ex, he will be the guardian of any minor children that you had together. However, by using a trust to manage your assets instead of leaving them outright to your minor children, at least he wont inherit your stuff.
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.
People forget things all the time. Rumor has it that Joe Robbie forgot to sign his estate plan. The only difference between the two instances is that my omission resulted in you not receiving a blog post and Joe Robbie’s omission resulted in a $47 million estate tax bill, millions of dollars in legal fees and the never ending renaming of a football stadium.
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.
After a series of defeats in recent years, the movement to legalize same-sex marriage is hoping that its unexpected victory in New York will revive efforts to legalize gay marriage around the nation. The victory on Friday in New York, arguably the nation’s economic and cultural capital, carries enormous symbolic importance for the same-sex-marriage movement. New York is now the sixth and largest state in the country where gay couples will be able to wed legally. In late July, when the New York’s law goes into effect, there will be twice as many Americans in jurisdictions where same-sex marriage is permitted as there are today.
However, Florida’s outlook for same sex marriage is grim. After the 2008 amendment to the Florida Constitution, both same-sex marriage and civil union have been constitutionally banned in Florida.
Article 1 Section 27 of the Florida Constitution states:
“Marriage defined. Inasmuch as marriage is the legal union of only one man and one woman as husband and wife, no other legal union that is treated as marriage or the substantial equivalent thereof shall be valid or recognized.”
Because the law in Florida considers that there is no formal relationship between members of the same sex and unmarried couples, Estate Planning is particularly important. Same sex Couples in Florida have tools at their disposal to plan for the future, among these are Domestic Partnership Agreements. It is equally important to specify your wishes for medical care and elect your healthcare surrogate. Without these documents the hospital must keep you alive by any means necessary, no matter the cost or true desire. Provide your loved ones as much protection as possible by establishing your 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.
Too often we use the excuse that “there aren’t enough hours in the day” when we are approached with chores that we know are important but require us to stop our daily routines long enough to take care of them. One of the most important chores that you can ever check off of your To Do List is to have your estate plan drafted. If you already have an estate plan, it is equally important to have it reviewed every 3 to 5 years with an estate planning attorney to account for changes in law, changes in tax and changes in your family.
Today is June 21. June 21 is also known as the Summer Solstice; the longest day of the year. My challenge to you is to use the extra time we receive today (and yes, I know we still only get 24 hours but work with me on this) to make an appointment with an estate planning attorney and get your estate plan in place and up to date before your days get shorter and shorter.
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.
Surely, Steve Job’s death came as a shock to us all when he past away last week. The CEO of Apple Inc. was just 56 years old. He left behind his wife, son, and 3 daughters. His net wealth was estimated to be in the billions.
