Elder Law

December 23, 2016

Guardianship Fraud in Florida

According to recent censuses and polls, experts project Americans that are 65-and-older will double over the next three decades due to a large number of baby boomers. This means the current population of 65 and older persons should explode from the current rate of 48 million to almost 90 million by 2050. This is an impressive statistic, but also a worrying statistic because as the population of elders increases, so does the potential for elder abuse.

Florida has one of the highest percentages of elderly residents in the United States, which also means there are more older people that can be abused.

So how does fraud against the elderly occur in Florida?

December 21, 2016

Reverse Mortgage Firms Fined For Deceptive Ads

by David M. Goldman

Several reverse mortgage companies were fined a collective amount of $790,000 for using deceptive advertising that claimed consumers could never lose their homes through a reverse mortgage.

The reverse mortgage firms fined were American Advisors Group, Reverse Mortgage Solutions, and Aegean Financial. The three firms reached a consent agreement with the Consumer Financial Protection Bureau. The regulators for the Consumer Financial Protection Bureau found the ads used by the companies misled consumers.

Specifically, the ads used statements that implied a person could never lose his or her home with a reverse mortgage. Another ad promised, “ I can show you how to use a government-insured program that allows you to save money, get cash and live payment-free as long as you live in your home.”

December 19, 2016

Changes available to Jacksonville Special Needs Trust Lawyers

by David M. Goldman

Many Jacksonville Special Needs Trust Lawyers and estate planning lawyers are rejoicing at the fact that the law concerning special needs trusts is about to change for the better. In Jacksonville, a special needs trust can be of the best tools available for many clients of Jacksonville Special Need Trust Lawyers because it gives a great number of benefits to those that suffer from a disability.

Congress and the president are on the verge of passing The Special Needs Trust Fairness Act. This act will allow a disabled person to create a special needs trust for himself (a First Person Special Needs Trust). Previously, the law did not permit a disabled person to form their own special needs trust.

Under the old law, the only way a person could receive a benefit of special needs trust was if he or she had a parent or grandparent, or court order to create the special needs trust. In Jacksonville, special needs trust lawyers had to jump through costly hoops for those clients without living parents or grandparents. The only way for these disabled persons to receive this trust is by giving another person guardianship rights or petitioning the court to create the trust.

December 12, 2016

Estate and Gift Tax Updates for 2017

by David M. Goldman

The American Taxpayer Relief Act of 2012 is still going strong, and there are some changes to the tax code in store for this New Year. For those who are not familiar with the law, this act made the following permanent: the reunification of the estate and gift tax regimes, the $5 million estate along with the generation skipping transfer tax exemptions, and the portability of the federal estate tax exemption between spouses at death.

The great aspect of The American Taxpayer Relief Act of 2012 is that the gift tax exemptions adjust for inflation each year. In 2017, the federal estate tax exemption will be increased to $5,490,000. The exemption was $5,450,000 in 2016. Further, the generation skipping transfer tax exemption has also been increased to $5,490,000.

The more commonly used exemptions are the lifetime gift tax exemption. The lifetime exemption is the amount a person can give throughout his or her life without paying any federal gift taxes. In 2017, the rate will now be $5,490,000, which was also increased from $5,450,000 in 2016. Further, a married couple may combine their lifetime exemptions so the combined estate can give up to $10,980,00.
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December 7, 2016

The Cost of Long Term Care Continues To Rise

by David M. Goldman

What many of our clients do not realize is that long-term health care is expensive, and will only get more expensive with time. Many people are shocked when they learn about the actual costs of long-term health and feel helpless because they cannot afford it. The good news is that long-term health care can be affordable with careful estate planning.

So just how expensive is long-term health care? Lets look at the average costs both in the United States and in Florida. The median cost of a private nursing home in the United States as a whole increased by 1.24 percent from 2015 to $92,378 a year according to studies performed by genworth.com

The median cost of living has also grown in Florida. The cost of private nursing home care has also risen significantly in the past few years. The median cost of a semi-private room is $89,060, while the median cost of a private room is $100,375. Nationwide, Genworth reports that the median cost of a semi-private room in a nursing home is $82,125, which is up 2.27 percent from 2015.

November 7, 2016

Estate Planning Can Help A Person Prepare for life with Memory Loss

by David M. Goldman

Estate planning is important to prepare for potential memory loss. Studies show that memory loss is one of the most common ailments that an older person experiences as they begin to age. Memory loss is often a sign of early dementia, and those that suffer from dementia may not be legally competent to make financial or legal decisions. The best way to prepare for life with dementia is to plan for it through estate planning.

It is imperative to start estate planning when the early signs of memory loss begin. At this point, the person should consider their healthcare and financial future. The client should begin to think of who would be a suitable person to name in a power of attorney, whether or not the client wishes to live on life support during a coma with little chance of recovery, and where the client’s assets should go once he or she passes away.

Further, the client needs to start gathering documents to bring to an estate planning attorney. The client should create an itemized list of assets, and store copies of deeds and titles of assets, copies of tax returns, and copies of health insurance policies. This will allow the Jacksonville estate planning lawyers at The Law Office of David M. Goldman to create an estate plan that caters to the client’s unique needs.

November 3, 2016

Can You Prevent a Marriage in Florida?

by David M. Goldman

Can a Marriage be Prevented in Florida? We often get questions about whether the Fundamental Right to Marry Extends beyond Incapacity?

The state constitution of Florida offers every citizen basic fundamental rights. One of the most important of these rights is a Florida resident’s fundamental right to marry. The right to marry in Florida is strong and has grown ever stronger recently due to the U.S. Supreme Court’s holding that same-sex marriage is a right.

However, this right to marry in Florida is not without its limits. Under the current state laws, an incapacitated person cannot marry without court approval. When a person is deemed incapacitated by a court, he or she loses the ability to contract with others. As unromantic as it sounds, marriage is a contract between two people. Two people cannot get married if one of the persons to the marriage no longer has the ability to enter into a contract.

If an incapacitated person marries then the marriage may not be valid. So what is a valid marriage? According to the court in Goldman v. Dithrich, 179 So. 715 (Fla. 1938), “To constitute a valid marriage, the marital contract must be voluntarily entered into in good faith for the purposes actuating such contracts, the parties must be legally eligible to make the contract, and their status must be such that the union will not be contrary to public policy or obnoxious to the prevailing social mores.”
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November 2, 2016

Should Florida Enact a Disinheritance Statute to Prevent Elder Law Abuse?

by David M. Goldman

Elder law is one of the most important legal fields in Florida because it helps address the unique needs of this state’s large elderly population. One of the growing concerns in the legal community is the rise of elder abuse. The abuse is frequently under-reported, and worse, the abusers are the persons that often benefit from the abuse.

The elder law attorneys at The Law Office of David M. Goldman PLLC frequently come across older clients that have suffered some form of physical or emotional abuse that allows the abuser to exploit the client. Tragically, the abuser is often a person close to the client such as a family member or a close friend. Studies show that elder abuse is a growing problem in Florida and areas like Jacksonville and Ponte Vedra.

Why Are The Current Laws Not Enough?
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September 6, 2016

Florida Department of Elder Affairs Phone Scam

by David M. Goldman

As a Jacksonville elder law attorney we often run across phone scams that target the elderly. Besides the typical IRS and credit card scams the Department of Elder Affairs is warning Florida residents to watch out for scam artists who are allegedly making calls pretending to be the Department or an organization they refer to as Senior Services. These callers are using a method known as “spoofing” to make it appear on Caller ID as if the call is coming from a number belonging to the Florida Department of Elder Affairs’ fax line – (850) 414-2004.
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August 18, 2016

Ponte Vedra Trust Lawyer Interview

by David M. Goldman

I have recently become acquainted with a bank who does business very different than traditional banks. As we do Trust funding for many of our estate planning, elder law, and asset protection packages, we have the opportunity to interact with many banks around the area. One of the recent banks that I have been impressed with because of their understanding of revocable and irrevocable trusts is Seacoast Bank. There interest rates much higher than many of the local banks and offer trust services at a good value. They recently interviewed me about Florida estate planning and asset protection and here is the link to the interview.