Estate Planning

July 7, 2011

Pre-Need Guardianships in Florida

As a Jacksonville Guardian Attorney, I am often asked about the details in establishing a Guardianships in Jacksonville Florida. If a Pre-Need guardian has been selected by the Ward, the court will look to their eligibility first before looking at others. A Florida Pre-Need Guardian is a person who has been named by a competent adult to serve as guardian in the event of his or her future incapacity.

A Florida Pre-need Guardian is a person you name in a written declaration to serve as a guardian in the event of your future incapacity. Parents may also nominate a pre-need guardian for their minor children to act in the event of their incapacity or demise.

A Pre-Need guardian assumes the duties of guardian immediately upon the adjudication of incapacity and must petition the court for confirmation of the appointment. For minors, the Pre-Need guardian assumes such duties upon the adjudication of incapacity or the death of the last surviving parent.

June 27, 2011

New Florida law for Challenging Trust Revocation

by David M. Goldman

There has just been a progressive change in the trust law governing the revocation of a revocable trust in the state of Florida. With bill HB 325, Governor Rick Scott signed into effect a law allowing a person who has had their interest in a revocable trust revoked, to challenge that revocation. This is a great piece of legislation as to ensure every interested party can protect their individual rights.

The challenge of the revocation can only on the grounds of fraud, duress, mistake, or undue influence. This means that the settlor of the revocable trust revoked a person’s interest in that trust because he or she relied on a fraudulent statement, was forced by another person to revoke, the interest was revoked by mistake, or someone was heavily influencing the settlor to revoke that person’s interest.

Maybe one of your family members has been influence by someone to revoke your interest as a beneficiary in a revocable trust. You now have a means to combat this revocation and should contact a Jacksonville Florida Trust Lawyer to discuss your options or an attorney who works on Florida Trust Litigation .

June 23, 2011

Florida Intestate Law Changes: You may now need or want a Florida Will.

by David M. Goldman

If you are a married person in the State of Florida and have not created a Florida Will or Florida Revocable Trust you should fully understand what will happen to your assets when you die.

Previously in Florida, if a husband or wife passed away with only children belonging to the surviving spouse, the surviving spouse would receive the first $60,000 of the decedents probate estate, while the rest was split equally between the surviving spouse and the children or their heirs.

Governor Scott signed the Florida Law on June 21st. The new Florida Law gives everything to the surveying spouse (where one has passed away without a will and is survived only by a spouse and children of that marriage).

June 21, 2011

Parents Trust Creates Ineligibility for Child on Florida Medicaid

by David M. Goldman

Suppose your parents set up a tax planning Florida Revocable Trust with the assets being held for the kids in trust. Under the terms of the trust, the trustee is to distribute net income and principle as the trustee determines is necessary for education and support in reasonable comfort. If one of the kids is on Medicaid, many states will determine that they are ineligible for Medicaid because of the availability of funds, even if the trustee does not distribute them. It is important to create trusts with the proper language to deal with special needs and not make them ineligible for Medicaid. If you would like to review your situation or have a child with special needs you should contact a Florida Estate Planning Lawyer to discuss your situation and goals.

June 13, 2011

New GRAT Rules for 2011

by David M. Goldman

Senate passes the House proposed extension to the time requirement of 10 years for Grantor Retained Annuity Trusts (GRAT’s). This extension is to amend section 2702 of the Internal Revenue Code of 1986. Along with that change, comes the mandate that a GRAT’s fixed amount cannot “decrease relative to any prior year” during the first 10 years of the required annuity time period. The third mandate is a GRAT has to have a value greater than zero “at the time of transfer” in order to be valid.

Even though setting up this type of trust may be more risky and more difficult, it may still be a great option for your specific needs. A person wanting to pursue this avenue can still get the benefit of donating large sums of assets to the trust without paying a gift tax on those assets. You should discuss and compare the potential positives and negatives of setting up a GRAT with a Jacksonville, Florida Estate Planning attorney who knows the in’s and out’s of Grantor Retained Annuity Trusts.

June 9, 2011

Pet Trust for Can Save Your Dogs.

by Patricia Davis

Jacksonville Florida loves its dogs, and this is no truer than at the Law Office of David M. Goldman PLLC where on Friday’s, it’s bring your dog to work day. At the Law Firm, we always wag, we bark, and when necessary we bite. As Florida Estate Planning and Florida Probate Attorneys, we know the importance of creating legal documents to provide for your loved ones after you are gone. But what happens to your 4 legged best friends when you are gone? Who looks out for their best interest?

The Florida Statutes allow for the creation of a trust for the care of your pets. A Pet Trust will enable you to designate a certain amount of funds for the support and maintenance of your pets. You can also choose the person(s) who will be able to utilize the funds you have established for the continued care of your animals. You may also include a provision pertaining to the care and support of your pet(s) in your Last Will and Testament.

At the Law Office of David M. Goldman, we not only help you provide for your future with estate planning, but we care about you and your family today. Whether you need to initiate a guardianship proceeding over an elderly loved one or disabled adult, or whether you need criminal law defense for someone who has barked upon the wrong tree, or perhaps you are contemplating Bankruptcy, the Jacksonville Lawyers at the Law Firm will be happy to consult with you, will strongly (bark) advocate for you, and finally, will fight for your cause with all the bite that is needed.

June 2, 2011

Creating a Florida Dynasty Trust

by David M. Goldman

Florida Dynasty Trusts are generally used to keep assets within your family members or descendants. The person who creates this type of trust usually has significant assets which are far in excess of $1,000,000 which they want to protect from the misuse or dissipation of family members. A Florida Dynasty Trust can also protect the assets within the trust from the reach of future creditors of your born and unborn family members.

Florida is a great state in which to create a Dynasty Trust. This type of trust is regulated by state law, so where a person decides to create the trust will govern which state’s law will regulate the trust. Florida’s state law allows for a person to create a Trust for the benefit of another (usually children or grandchildren) plus 360 years after that benefited person has died. This is a longer than many states that have a limit of 21 years after the death of the beneficiary who was alive at the time the trust was created.

There are many options that need to be considered when creating a Florida Dynasty Trust such as who the trust’s assets (income and/or principal) should vest in and which state law the trust should be interpreted under. A Florida Dynasty Trust may be able to protect your assets from creditors even though you live in another state. To contact a Florida Irrevocable Trust Attorney. For more information on Florida Trusts please contact us to discuss your specific goals and circumstances or visit the Florida Estate Planning Lawyer Blog for general information.

June 1, 2011

Recent Changes for Retirement Accounts in Florida

by David M. Goldman

If you have a Retirement Account in the State of Florida, a recently enacted law will provide your heirs stronger asset protection in Florida.

An individual Retirement Account is a form of retirement savings that provides tax benefits to the owner of the account. The account is primarily used as a means of saving for retirement. When the owner of an Individual Retirement Account dies, the account may be transferred to a named beneficiary. When transferred, it is known as an inherited Individual Retirement Account.

Generally, Florida law provides for protection of various assets from creditors, which protection extends to bankruptcy proceedings. Under the old Florida law, a regular Individual Retirement Account was exempt from creditor claims, but an inherited Individual Retirement Account was not.

May 16, 2011

Ashes to Ashes, Dust to Dust, Deed to Deed

by Patricia Davis

If your last parent in Florida has passed away leaving their Jacksonville home, how do you proceed if you want to sell the house? A Florida deed transfers title to real property from one person(s) to another. Generally before anyone will purchase a property, they will require clear title to the real property.

Whether your surviving parent died with a Florida Will or without a Will (intestate), if you want to sell the home, title to the property will need to be transferred to your parents to the named beneficiary or heir. A Florida probate proceeding is necessary to transfer title to the real property in such a way as to establish clear title. Florida statutes require that a Jacksonville Probate Lawyer or a Florida Probate Lawyer is used to represent the Personal Representative or Estate when there is more than one heir in an estate.

April 30, 2011

Estate Planning and Firearms

by David M. Goldman

While a Gun Trust can provide guidance to your family and friends on how to transfer the legal ownership of Title I and Title II firearms, some individuals do not have anyone to leave their firearms to or want them to provide other benefits. The NRA has a program where one can exchange unused firearms collections for an income for life. The process involves selling the firearms and exchanging the revenue for a lifetime annuity for you or your spouse. They accomplish this though an action. The first of these auctions has already taken place and sold over 600 firearms. The next auction is expected to have a similar amount of firearms. I have spoken to several individuals who participated in the process and they felt that many of the firearms were sold for far more than they expected. (Some were in line and some were less than expected, but overall they were happy with the results).

If you are interested in finding out more about this to donate to the NRA or create an income stream for life, contact the NRA at http://www.nrafff.com