Florida Estate Planning Lawyer Blog

August 10, 2011

New Parents Make Plans to have Wills Prepared

Even Clark Howard agrees that new parents should take the time to consult with an attorney to have their Will prepared. A Florida Will allows you to choose who you want to take care of and raise your children, should anything ever happen to both you and your spouse at the same time. It only takes minutes to consult with a Jacksonville Will Attorney, and having your Will prepared is easy and affordable. A Will affords you the peace of mind to know that it will be your decision and not the State of Florida’s decision who would be the appropriate person to become the legal guardian of your children.

A Will allows you to direct how your children will be cared for financially, not only during their childhood, but in their adult life as well.

You also assign a Personal Representative (Executor) in your Will. This person will ensure that your wishes as outlined in your Will are carried out.

August 8, 2011

Estate Planning Thoughts

by Patricia Davis

Does the term ” Florida Estate Planning” evoke thoughts of the very rich standing by their Bentleys in front of their massive estates? Maybe the term should simply be Planning, because no matter who you are or how much you own, Everyone needs “Estate” Planning

Everyone has a Florida Estate, no matter how large or small. One’s estate is simply the possessions or property you have acquired, inherited, and worked for during your life. There are generally three types of property that comprise one’s estate, these are:

Real Property – Your home, land, houses or other structures on land;

August 7, 2011

Same-Sex Couples interested in ERISA Profit-Sharing Benefits Case

by Patricia Davis

A federal judge in Pennsylvania has been asked to determine whether the same-sex wife or parents of an attorney at the law firm of Cozen O’Connor should be the beneficiaries of the attorney’s profit-sharing plan. The parents of the deceased partner argue that an ERISA qualified plan falls under federal law and the U.S. Defense of Marriage Act (DOMA) limiting marriage to only a man and a woman controls whether same-sex couples can receive federal benefits

The wife of the deceased attorney argues that Pennsylvania law does not preclude her from being recognized as the surviving spouse for the purpose of receiving benefits under the plan. The wife states that the law firm profit-sharing plan is not governed by DOMA, and claims the profit-sharing plan is private and is controlled by the language in the plan.

To read more about this interesting case: Same-Sex Marriage Fight at Heart of Cozen O’Connor Benefits Case.

July 30, 2011

Florida Gay and Lesbian Service Members Rejoice!

by Patricia Davis

Don’t Ask, Don’t Tell (DADT), was adopted by Congress in 1996. On December 20, 2011 the the federal law banning openly gay people from serving in the military is repealed.

The President, Defense Secretary and Joint Chiefs of Staff Chairman signed and submitted a one-page certification to Congress that the military is ready to implement the repeal of DADT.

Nearly two million troops have received training in preparation for the repeal of DADT. The Department of Defense stated that sexual orientation is a personal and private matter and that all service members should be treated with dignity and respect. The Defense Undersecretary reported that there will be “zero tolerance for harassment, violence or discrimination of any kind.”

July 28, 2011

DAP Trust: Dealing with your Digital / Online Rights and Propert Correctly.

by David M. Goldman

Today there is a big hole in most estate plans. Most estate plans do not deal with the property and licence rights that almost all Americans have accumulated with their online lives.

What online assets should be concerned with?

Email Accounts – Gmail, Yahoo, MSN, Comcast, AOL …

July 28, 2011

Reason 7 to Make a Florida Estate Plan

by David M. Goldman

Everyone seemed to like our last one (Reason 10)so much we decided to post another of our Reasons to Make a Florida Estate Plan. Please let us know what you think of this one, and if you are the new wife, we apologize

July 28, 2011

Estate Planning Documents Benefits to LGBT Community

by Patricia Davis

It is crucial to make your heirs and family are aware of the

fact that there are documents in place and where these documents can be

found. Having your Florida estate planning documents prepared is the first step, and once you have made the call and scheduled a consult with an Atlantic Beach Estate Planning Attorney, you are sure to feel good about it.

July 27, 2011

Don’t Die Without Securing Your Estate Planning Documents

by Patricia Davis

Florida residents be advised, not only is it important to consult with a Neptune Beach Estate Planning Attorney about having your Will, Trust, Power of Attorney and other legal documents prepared, but you must make your beneficiaries and heirs aware that they exist.

Keeping your important legal, real estate, motor vehicle, insurance and financial papers in an organized fashion and storing them where they can be found is crucial. Keeping your original Will secure and accessible is the first step. A Will allows you to decide which of your family members or friends will inherit your assets. If you have minor children, you designate a guardian for your kids, in case of your demise.

Wills are subject to the Probate process, which is a court supervised proceeding in which a personal representative is appointed, an inventory of your property is prepared, your debts and taxes are paid, and finally your assets are distributed to those beneficiaries named in your Will.

July 25, 2011

Other Jacksonville Estate Planning Lawyer Blogs and related Sites

by David M. Goldman

Over the past several years the Law Office of David M. Goldman PLLC has expanded into several additional practice areas. As these practice areas grown we have been adding staff and creating more informational blogs to help consumers and our clients understand some of the common legal issues. May of our current readers do not realize that we cover these additional practice areas so I wanted to take a moment to update you with them:

For those of you who use an iPhone, we are trying to make some of the information and resources available through our new

Law Office of David M. Goldman PLLC iPhone Application.

July 23, 2011

Using an ILIT For Your Life Insurance Policy in Florida

by David M. Goldman

To hedge our bet against dying and to financially protect our families in the event death happens, we generally have a life insurance policy. This policy becomes part of our estate and can help our family with after death expenses such as funeral costs. You may already have a life insurance policy or need to get one. In either case, switching your current life insurance policy to a Florida Irrevocable Life Insurance Trust (ILIT), or setting the life insurance policy up in the name of the ILIT, can be done by hiring the services of a Florida Trust lawyer to prepare a Florida Irrevocable Life Insurance Trust.

When you pass away and have a Florida life insurance policy, the insurance payment is deemed to be included in the insurer’s (the person who is now deceased) estate. By passing to your heirs under your estate, the insurance payment can be subject to federal and state estate tax, which can be about 40% for the portion which is in excess of the Federal Estate Tax figures. The following example assumes that the entire amount of the policy was subject to the Federal Estate Taxes. So if you have a $5,000,000 life insurance policy, your heirs receive the payment after taxes, which, in this case, would be $3,000,000 ($2,000,000 in estate taxes).

However, this does not have to be the case. If you were to set up a Florida Irrevocable Life Insurance Trust the amount of the policy would not be included in your estate, and you would not have Federal Estate Taxes which could save you more than $2,000,000 based on a $5,000,0000 insurance policy. Talking to a Florida Trust lawyer or Jacksonville Estate Planning attorney will allow you to see if your estate or life insurance is subject to estate taxes or might be subject to them in 2012 after the current exemptions expire.