March 2010 Archives

March 17, 2010

How to deal with NFA and Non NFA Firearms in a Florida Will

Firearms and Florida estate planning has become a hot topic. Many of us own individual firearms and would like to have a beneficiary for them. While I prefer to deal with this using a NFA Gun Trust there are times when individuals have other firearms or items subject to the NFA that they do not want to transfer into a NFA Trust. I was recently asked by a Virginia lawyer for some ideas on provisions to include in a clients will to help deal with these items properly.

While this can be a very complex issue, I will try to touch on a few of the areas of concern. First, you need to determine if you are dealing with a traditional will or a pourover will. If you are dealing with a pourover will, then you need to direct that NFA firearms go to the NFA trust and other personal property go to the other trust. The real problem is that if you are dealing with a traditional will.

Some of the sections that you should consider modifying are the areas where they talk about

Specific Gifts
Disposition of Property
Contingent Beneficiaries
Powers of the Personal Representative
Who is qualified as a PR
Guardianship provisions to the extent they are the guardian over the propery of an inappropriate heir
Payment of taxes and expenses - you may want to exclude these assets from the pool used to pay these funds.
Reliance of legal opinions
Incapacity in regards to these items.

As you can see it could be very tricky to deal with NFA firearms and regular assets within the same document and create confusion over what should be done and what is required to be done for each type of asset. It might be easier to deal with a codicil which only deals with modification for these specific items.

If you own NFA firearms as an individual you might consider moving them into a Gun Trust to protect your family and friends from inadvertent liability created by the improper use, transfer, possession, or transportation of these items. For help creating a NFA Gun Trust contact a Gun Trust Lawyer.

March 13, 2010

Toyota Diminution of Value Lawsuits: Toyota Class Action Lawyer

Whether you live in Florida, New York, California or any state and are the owner of a Toyota car, truck, or SUV, your Toyota Automobile may have just dropped in value. We all know there will be many Class Action Lawsuits against Toyota. Here is one class action that you may not have considered. Even if Toyota fixes the problems and no one is injured from a defect in your Toyota car, the recent bombardment of news has caused your automobile to decrease in value. You may ask, why is this on a Florida Estate Planning Lawyer's website? What if you are the PR of an estate that owns a Toyota vehicle, a trustee of a trust that owns a vehicle, or the guardian of someone who owns a Toyota car subject to the recall? You may have a duty to investigate what claims of action you might have to avoid liability. Remember that by failing to investigate a claim or pursue one, you may be violating your fiduciary duty.

The good news that whether to pursue these types of claims is a simple one as they are almost always done on a contingency basis. If you have a potential claim you might want to contact Florida Toyota Class Action Lawyer Mike Ossi at (904) 399-0606 to talk about a claim.

March 13, 2010

2010 and Estate Planning using Alaska Community Property Trusts

Given that there is not estate tax this year, individuals with assets that are exposed to large capital gains upon the death of the first or both spouses have begun to look at using an Alaska Community Property Trust to help reduce the tax liability that occurs when the first spouse dies. If you live in a state like Florida or one where there is not community property, you might want to contact a Jacksonville Estate Planning Lawyer or Florida Estate Planning Lawyer to discuss how using this technique could benefit you.

March 10, 2010

Commercial Property foreclosure and Certificate of Authority

Florida Commercial Foreclosure Case Law Update

Recently a Florida Court ruled that a Certificate of Authority is not required for a borrower to foreclose of a commercial property.

Summary -Mortgage foreclosure -- Commercial property -- No merit to borrowers' argument that national bank's failure to obtain and hold a "certificate of authority" from Florida Department of State precluded bank from transacting business in Florida, including securing, collecting, and enforcing debts, mortgages, and security interests -- State cannot require a national bank to register or file as a "foreign corporation" in order to maintain a lawsuit in a state court -- Statute prohibiting foreign corporation from transacting business in state until it obtains certificate of authority is expressly preempted as applied to all national banking associations -- Borrowers' contention that factual issues exist as to amounts owed is without merit where borrowers at no time offered a contrary calculation of monies owed, but merely contended, by way of affidavit in opposition to bank's motion for summary judgment, that they do not owe the amounts alleged by the bank -- Order entering final summary judgment against each mortgagor and against guarantor was appropriate.

35 Fla. L. Weekly D557a

For more information on Jacksonville or Florida Foreclosure Defense See the Florida Foreclosure Defense Lawyers Blog.

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