Estate Planning

January 31, 2011

No Florida WIll Contest Can Fix This Problem.

When you have a blended family or children from different marriages it is very important to have estate planning that deals with the various possibilities. All to often the standard will or generic documents can produce undesired results.

Take for example a Husband and Wife who each have children from a prior marriage. Husband and wife each want to support each other in the even they pre-decease each other. The problem is created when the Husband dies first, and leaves everything to the wife. Now the wife dies and leave everything to her children, essentially disinheriting the husband’s children.

There are several ways a Florida Estate Planning Lawyer can address these issues and achieve the desired results of the husband and wife.

January 25, 2011

Probate Does Not Have to Be Deadly

by Patricia Davis

The ABA Journal recently reported an unusual case when an attorney’s client was targeted for murder by his own brother. The parents of the brothers passed away leaving an unexpected $20 million dollar estate. The brother’s were the sole heirs of the estate, but apparently sharing the money was not in the one brothers plan. He was arrested for putting a murder contract out on his younger brother.

Money does crazy things to people. A consulting with a Ponte Vedra Estate Planning Law Firm may offer numerous ways in which you can provide for your heirs, which may prevent them from receiving too large of an inheritance at one time. Discussing the benefits of preparing a Florida will or Florida trust can be an important tool for anyone leaving assets to children or other family members.

If you are a named beneficiary in someone’s will, or if you expect a conflict with other beneficiaries, a Ponte Vedra Probate Firm can guide you through the probate procedure and any adversarial proceedings which may arise.

January 18, 2011

Florida Probate of Time Share Property

by David M. Goldman

As a Jacksonville Estate Planning Lawyer I get questions from Lawyers and clients all over the country on how to deal with a Florida Timeshare and if it is necessary to open a separate Florida Probate for the timeshare.

It is important to determine if there is any value in the Florida Timeshare property. To do this you may think about the following issues:

Generally timeshares are worthless and hard to sell.

January 17, 2011

How do you Revoke or Amend your Florida Will?

by Patricia Davis

If you have ever thought about changing or invalidating your Florida Will it is recommended that you speak with an Attorney at an Orange Park Estate Planning Firm, who is familiar with the Florida Statutes which govern the preparation and revocation of Florida Wills.

All Florida Wills are revocable until your death- as long as you are competent. A Florida Will can be revoked by writing or by an act. A Florida Will can be revoked by the preparation of a later Florida Will. A Florida Will can also be revoked by burning, tearing, defacing, or destroying the will if it is done so purposely and intentionally.

If you want to revoke a Florida Will and ensure that it is never used, it would be advisable to collect all copies and destroy them. If this is not possible, write the word REVOKED on the original Florida Will, along with the date, and your signature. You should prepare a new will before or at the same time as you revoke the old will in case you die before the new will is prepared. If a new will is not prepared, the court will consider that you died without a will and will base the distribution of your assets on the Florida intestate succession laws.

January 11, 2011

Stealing from your Grandmother’s Trust Fund?

by Patricia Davis

St. Augustine trustors establish a Florida Trust may have numerous objectives in mind. Trust assets can benefit several beneficiaries; a trust may help you avoid the probate process by funding the trust during your lifetime; and Florida trust funds can be managed by professionals. Professional management of the trust is important if the beneficiary is a minor or a mentally incompetent adult, or useful when the beneficiaries are not experienced with investing money or managing property.

In Connecticut, a man who was appointed trustee by a probate court, began to embezzle trust funds from his grandmother’s trust leaving her without enough money to live on. The grandson trustee’s transactions of investments to benefit the trust, were actually in violation of the established rules of the trust. Needless to say, the grandson is no longer trustee, and may be looking at jail time. Florida has laws that can make actions like these a crime against the elderly.

Establishing a Florida Revocable Trust is an important estate planning tool for many people regardless of their net worth. It is however, vital to speak with a St. Augustine Estate Planning Lawyer who can give invaluable advice as to your choice of trustee and successor trustee as well as the various duties, powers and limitations of the trustee.

January 4, 2011

Tax day extended to April 18- This year only

by David M. Goldman

The bonus days come thanks to Emancipation Day, a little-known Washington, D.C., holiday that celebrates the freeing of slaves in the district.

Emancipation Day falls on Sat., April 16, but it is observed in D.C. on Fri., April 15. That prompted the IRS to extend the tax filing deadline to April 18 this year. Under the tax code, filing deadlines can’t fall on Saturdays, Sundays or holidays.

January 4, 2011

Flordia has a Pet Trust Statute

by Patricia Davis

Florida pet lovers are part of the estimated 71.4 million households that have at least one pet. according to an article published in the Chicago Sun-Times. Jacksonville animal lovers spend lots of time and money caring for their pets, but what happens to these beloved creatures when their owner passes away?

If you have not made an arrangement with a family member or friend your pet may end up in an animal shelter or worse. People create Florida Wills to provide for their families and there is a growing trend to create pet trusts. Remember the very wealthy Leona Helmslely, she left millions to care for her maltese poodle. Make arrangements by speaking with a Pet Trust Attorney, so the person you designate to take your dog or cat or other animal, will have the adequate funds to look after your pet.

If you love and cherish your dogs, cats and pets than make sure they are cared for should you pass away before them. The Florida Trust Code has provided for a pet trust which allows you to ensure that your animal alive during your lifetime is taken care of even after you are gone. If you want to discuss having a trust created to ensure that you have left appropriate funds for the future care of your beloved pet, call a Jacksonville Estate Planning Firm.

December 31, 2010

New Year’s Resolution – Prepare your Will

by Patricia Davis

Prepare your Will! It’s easy, it’s affordable and it doesn’t involve giving up anything sweet.

We are all guilty of procrastinating when it comes to having our Florida Will prepared, make this a priority for 2011. Once you make the decision, you will be able to rest assured that when you pass (hopefully many years from now), your family will be provided for according to the provisions you have made.

If you die without a valid will you are said to have died “intestate”, and the

December 27, 2010

GST Loop Hole- Must Act before 12/31/10 to take advantage of this.

by David M. Goldman

The Tulsa Estate Planning Blog reported that The 2010 Tax Relief Act creates a unique opportunity to make gifts through December 31, 2010 that are not subject to the generation-skipping transfer tax. This is because, under the new law, the tax rate is zero for any generation-skipping transfer made in 2010. Beginning January 1, 2011, the tax rate for these transfers will be 35%. In two short years the rate goes back to 55%.

Money can be taken from an existing multigenerational trust, declared subject to the 2010 GST tax, and deposited in a new trust for grandkids’ benefit, with the GST tax now pre-paid at a 0% rate.

Under the tax deal, each person’s lifetime exemption from gift, estate and GST tax will be “unified” at a hefty $5 million in 2011 and 2012.

December 15, 2010

Gun Trust Lawyer & Class 3 Firearms Trusts

by David M. Goldman

Florida Gun Trusts are not the same as a standard Revocable or Living Trust.

We are getting more and more so called Gun Trusts that have been prepared by lawyers in Florida and other states that are nothing more than a traditional revocable trust with a few definitions thrown in to discuss the National Firearms Act.

The biggest problem with these trust is that they do not protect your family in the event you die or become incapacitated. If your trust talks about income and real estate or does not seem to be specific for firearms, you may want to have it reviewed by a Gun Trust Lawyer to see if your trust instructs your family or friends to break the law and subject themselves to the penalties of the NFA.