Florida Estate Planning Lawyer Blog

April 7, 2011

Do You Trust the Florida Trustee?

As a Jacksonville Beach Estate Planning Attorney I have heard countless stories of trustees who have been entrusted to administer, distribute, and account for trust funds to family members and beneficiaries . . . who DON’T!

Sad but true, the death of a grantor, trustor, or settlor of a trust fund may reign in the terror and unabashed greed of many trustees.

The Florida Trust Code provides that a Trustee of an irrevocable trust is required to keep beneficiaries of the trust fund informed about the trust and its administration. Florida Revocable Trusts become irrevocable upon the death of one or all of the grantors. Florida Statutes also dictate that the trustee make available to all beneficiaries certain accountings which will among other things:

April 7, 2011

Jacksonville Estate Planning and Gift Taxes

by David M. Goldman

With the current Gift tax exemption at 5 million dollars + 13,000 per person per year, many people are not concerned about making gifts or the taxes. It is important to remember that unless a gift tax return is filed with annual gifts to an individual exceed $13,000 there could be penalties and interest for the unreported gifts. Talk to your CPA about filing a gift tax return if you are giving an individual more than the exempt $13,000 per year.

In addition, gifts keep the current basis so to the extent that you give an appreciated asset, the recipient will have to pay the capital gains based on your cost. If they inherit the asset, there the beneficiary receives the asset as the cost basis as of your date of death. This can have significant advantages to highly appreciated assets.

Lets say you have Apple stock you purchased at $14 a share 12 years ago. It has split 3 times since then so your cost is less than $5 a share. With a value today of $350 / share and a value of $500 when you die.

April 4, 2011

New Estate Tax Exemptions May Effect the Florida Wife

by Patricia Davis

The estate tax exemption has increased to $5 million dollars for the years 2011 and 2012. Why would this effect you? Many Florida Wills are drawn up to distribute your spouse’s assets to your children in an amount equal to the federal exemption amount, and the remainder of the assets to you. In other words, if the total assets of your husband is $5 million and his Will directs that the federal estate exemption amount goes to your kids, with the remainder to you, and your spouse dies (in 2011 and 2012),that would leave you with 0 (ZERO).

Florida Estate Planning Lesson: Make time to not only talk to your accountant about the tax laws and exemptions and how they may effect you, but schedule an appointment with a Ponte Vedra Estate Planning Attorney. An experienced Estate Planning Attorney can review your Wills and give you and your spouse the necessary advice to make sure you are protected from future loss of inheritance.

Ponte Vedra Wives who may not have a spouse worth millions, don’t relax. You also need to consult with Florida Attorneys who specialize in Estate Planning to ensure that whatever assets you and your husband do have, are distributed according to your wishes and plan.

April 3, 2011

We Were Named One Of The Top 25 Estate Probate and Elder Law Blogs of 2011

by David M. Goldman

estate-probate-elderlaw-winner-220x180.JPG-550x0.jpg I would like to thank everyone who voted for us. We were selected on of the Top 25 Estate Planning Blogs of 2011.

Now LesixNexis is selecting the top estate planning blog of the year and you still have the opportunity to vote for us one last time. Even if you did not vote in the previous selection you can still vote.

Step 1: You will need to be registered in order to vote. If you haven’t previously registered, follow this link to create a new registration or use your sign in credentials from your favorite social media site. Registration is free and does not result in sales contacts. Once you are logged in, you can then vote by checking the box next to your favorite estate, probate and elder law blog then submitting the results.

April 3, 2011

Florida Medicaid Changes May Be in the Works.

by Patricia Davis

Medicaid overhaul has been set in motion in the Sunshine State. A Florida State Senate committee recently approved a controversial proposal that would hand over a large part of the Medicaid program to managed-health care plans.

The full Florida House is expected to pass its version of the Medicaid changes and intense debate and negotiations are expected in the coming weeks. The bill’s chief sponsor said the bill could improve care for Medicaid beneficiaries, who have been “second-class citizens” under the current Medicaid system.

Florida lawmakers also intend to use the managed care system to hold down costs in the multi-billion dollar program. Politicians state that the current Medicaid program is crowding out funding for public education, public transportation and economic development.

March 27, 2011

Our Same-Sex Relationship and Family

by Patricia Davis

If you live in Jacksonville Florida and have a same-sex partner, written, legal documents are what is needed to not only provide for your life-partner, but to leave something to the loved ones in your life.

There are many gay and lesbian couples who do not have their own children, and very often they become very close with nieces and nephews. Providing for your partner and those dear to you takes planning . . . Florida Estate Planning. Florida law currently does not allow for same-sex partners to marry nor does it recognize any legal rights of life partners. Don’t let the state dictate who gets your hard earned money and accumulated “things” by your failure to make a plan.

Contact a Jacksonville Beach Estate Planning Attorney who is knowledgeable about the various strategies and documents that you can implement to ensure that your partner, your niece, her nephew, his niece, the cousins . . . will be taken care of and given what You want them to have upon your death or incapacity.

March 26, 2011

Does Florida’s Constitution Provide Homestead Protection for Same-Sex Couples?

by Patricia Davis

Florida’s Constitution severely restricts a judgment creditor’s ability to place a lien on, and force the sale of the homestead property. The purpose of homestead protection is to protect the family home from all but a few qualified creditors. To qualify as homestead property, the property must be owned by a real person, as opposed to a corporation, and must be the permanent residence of the owner
The St. Augustine homestead shall not be subject to devise (leaving your home to someone in your Will) if the owner is survived by spouse or minor child, except the homestead may be devised to the owner’s spouse if there be no minor child.

How is the Florida Homestead protection interpreted if a Florida same-sex or non-traditional couple owns a home together, and there are minor children. Good question . . . and complicated question. Each couple has a unique set of circumstances surrounding their relationship and the relationship each person has with the minor child. Be prepared for protection by contacting a St. Augustine Homestead Attorney to discuss your unique situation.

March 23, 2011

Thumtack Elite – # 1 in Estate Planning

by David M. Goldman

We have been ranked #1 among estate planning professionals in Jacksonville by thumtack.

Estate Planning Services – Jacksonville

March 18, 2011

Who Gets Your Last Paycheck?

by David M. Goldman

Florida Statute 222.15 – Wages or unemployment compensation payments due deceased employee may be paid spouse or certain relatives.

(1) It is lawful for any employer, in case of the death of an employee, to pay to the wife or husband, and in case there is no wife or husband, then to the child or children, provided the child or children are over the age of 18 years, and in case there is no child or children, then to the father or mother, any wages or travel expenses that may be due such employee at the time of his or her death.

(2) It is also lawful for the Agency for Workforce Innovation, in case of death of any unemployed individual, to pay to those persons referred to in subsection (1) any unemployment compensation payments that may be due to the individual at the time of his or her death.

March 18, 2011

A Cautionary Tale, will your Will be Admitted to Probate?

by Patricia Davis

[Florida Probate: The court supervised process of gathering the deceased person’s assets and distributing them to their beneficiaries.]

You know the importance of having your last will and testament prepared. -You’ve heard those ads telling you to prepare your will yourself.-You think that having an attorney prepare your will is too expensive.

You should know this. Not having a Jacksonville Attorney either prepare your will or review what you have prepared from those “do your will yourself” kits will cost you and your family in the end.