Starting January 1, 2008 every non-spouse designated beneficiary will have the option to rollover an inherited IRA and stretch distributions. To take advantage of this opportunity your Florida estate plan must be setup correctly to qualify for this rollover opportunity. You are not entitled to a rollover, you must prove…
In Jacksonville Florida there are many Nursing homes. Some of them have very long agreements and some are very complex. You should review them carefully and make sure you look out for liberal guidelines regarding when a resident can be evicted, very restrictive visiting hours for family members, and requiring…
What is “fiduciary responsibility?” An attorney-in-fact is a fiduciary and as such has a duty to invest and manage the assets of the principal as a prudent investor. This standard requires the attorney-in-fact to exercise reasonable care and caution in managing the assets of the principal. The attorney-in-fact must apply…
When does the attorney-in-fact’s authority under a Durable Power of Attorney terminate? The authority of the attorney-in-fact of a Durable Power of Attorney automatically ends when one of three things happens: (1) the principal dies; (2) the principal revokes the Power of Attorney, or (3) when a court determines that…
RELATIONSHIP OF POWER OF ATTORNEY TO OTHER LEGAL INSTRUMENTS What is the difference between an attorney-in-fact and an executor or personal representative? An executor, termed a “personal representative” in Florida, is the person who takes care of another’s estate after that person dies. An attorney-in-fact may only take care of…
When is a Durable Power of Attorney effective? The Durable Power of Attorney is effective as soon as the principal signs it unless the document specifies that it is conditioned on the principal’s lack of capacity to manage property in which case appropriate affidavits are required in accordance with Florida…
What activities are permitted by an attorney-in-fact? An attorney-in-fact may perform only those acts specified in the Power of Attorney. If an attorney-in-fact is unsure whether he or she is authorized to do a particular act, the attorney-in-fact should consult the lawyer who prepared the document or other legal counsel.…
Next time you attend a Living trust seminar in Jacksonville Florida or where ever you live, you may want to think twice. This week Family First Advanced Estate Planning, and insurance company, and a life insurance company who targeted low cost estate planning to seniors settled with the Attorney General…
ABOUT THE POWER OF ATTORNEY What is a Power of Attorney? A Power of Attorney is a legal document delegating authority from one person to another. In the document, the maker of the Power of Attorney grants the right to act on the maker’s behalf. What authority is granted depends…
Kimberly Palmer of U.S. News & World Report wrote an article on the Alpha Consumer Blog where she discussed these issues. Her reader wrote: My husband, who is retired, has dementia. He responds to credit card offers in the mail and charges things to them, even though he shouldn’t, because…