Treasure Chest..jpgIt 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. 

Keep your Florida will, and other documents in a secure place and let someone close to you know where these documents are kept.  Some Florida Estate Planning Lawyer will store the documents for you

There are more than 10 states investigating whether insurance companies are failing to pay out unclaimed life insurance policies to beneficiaries. Insurers are claiming that under policy contracts, they aren’t required to determine whether a policyholder is still alive, but rather they pay a claim when beneficiaries come forward.

If you don’t keep your estate planning and other important documents organized, and if you fail to disclose the location of these papers to a trusted family member or friend, the financial consequences can be considerable.

According to the National Association of Unclaimed Property Administrators, state treasurers currently hold approximately 32 billion in unclaimed bank accounts. Don’t let your hard earned assets be given to the state, inform your heirs and beneficiaries that your estate planning documents exist, and where they can be found.

To see if you have unclaimed treasure in Florida, go to the Florida Treasure Hunt website.

Take the time this summer to consult with an Atlantic Beach Estate Planning Attorney who will give you advice as to the estate planning documents that are best suited for you and your family, as well as recommended ideas as to where to store these documents.

File Cabinet.jpgFlorida 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.

As a Neptune Beach Probate Attorney, I have seen first hand what happens after you die, if your relatives cannot find your original Will. It becomes a more complicated, more timely, and more expensive undertaking than had your heirs known where to look for the original will, which you have “hidden” in the back closet, under a pile of clothes, in a box, with hundreds and hundreds of receipts and sheets of papers . . .

A Revocable Living Trust is another Estate Planning tool that not only benefits you and your beneficiaries, but also avoids the probate process. As you can amend your Living Trust at any time during your lifetime, it becomes imperative that you not only keep the original trust agreement but the amendments to the original trust where your trustee and beneficiaries can find it. Failure to find your trust documents may set your estate up for litigation.

A Durable Power of Attorney is a most powerful document as it allows someone you have named, to act on your behalf in financial, banking and business matters if you ever become incapacitated due to illness or injury. If the person you have designated is unable to locate this document, he or she will be unable to conduct banking transactions or deal with business associates on your behalf.

Another important Estate Planning Document is a Designation of Health Care Surrogate. This health care document allows you to name the person you want to make health care decisions on your behalf in the event you are incapacitated and unable to make health care treatment decisions for yourself. Again, remember, it is not only important to have these legal Estate Planning Documents prepared, but to share the existence and location of these documents to your beneficiaries, loved ones, and trusted friends.

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
.

Our main Website is for the

Law Office of David M. Goldman PLLC

The

Florida Estate Planning Lawyer Blog

covers a variety of topics focusing on Asset Protection, Estate Planning, Elder Law, Guardianship, and Probate

The

NFA Gun Trust Lawyers Blog

covers unique issues involved with estate planning, the purchase, possession, use, and transfer of firearms including those regulated by the National Firearms Act. Helps provide guidance on a National level through a network of over 150 lawyers in 43 states.

The

Jacksonville Criminal Defense Lawyers Blog

covers issues related to criminal defense, case-law updates, and legislative changes as they relate to protecting your rights from restrictions by the State of Florida dealing with your freedom.

The

Florida Foreclosure Defense Lawyers Blog

covers issues in Florida and around the country that help homeowners protect their home which is often their single biggest purchase. While we write on topics that have relevance to the entire state, our practice area focuses on the counties surrounding Duval or the City of Jacksonville and its surrounding area.

The

Jacksonville DIvorce Attorney Blog

covers topics relating to your family life, marriage, divorce, child custody, support and guardianship. Many of the articles help our clients to understand what can happen in these very emotional times and how slight differences in the circumstances can make a significant difference.

The

Jacksonville Personal Injury Lawyer Blog

covers issues relating to injury and compensation for the negligence of others. This is our newest blog and will be launching in the next few weeks.

The

Jacksonville Bankruptcy Lawyers Blog

covers topics related to bankruptcy and specific circumstances that may allow one to qualify for certain exemptions and benefits afforded under the Federal bankruptcy Code.

We hope you enjoy our postings and take the time to visit some of out other blogs that cover different Florida legal issues as over 50,000 people a month do. If you have a question regarding one of these area or something involving a legal issues in Florida, please Contact us and one of the lawyers in that practice area will respond.

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.

Gay colors on american flag.jpgWe the People of the United States, and of Jacksonville Florida in order to . . . promote the general welfare and secure the Blessings of Liberty . . .sound familiar. The Constitution of the United States provides the core principals of American freedom for We the People.

The Right to Privacy, Freedom of Association, and the Right to Equal Protection under the Law. Unfortunately, many in the LGBT community do not have these same seemingly inherent protections. As a result proper planning and consultation with a Jacksonville Beach Attorney is a recommended plan of action. If the Florida Constitution and Florida Statutes do not provide for equal protection for gay and lesbian individuals, then protecting oneself is crucial.

Some of the planning you need to consider are:

Estate Planning, preparing your Will or Trust;
Advance Directives, choosing your health care surrogate and making known your feelings on life-prolonging techniques;
→ Funeral Directives, ensuring that your after death wishes are respected.

Talking with a Jacksonville Beach Attorney who is sensitive to the various issues faced by gay and lesbian persons, makes these decisions easier to make.

gay flag at Jacksonville beach.jpgThe lazy days of Jacksonville Beaches summer is a time to relax, enjoy the beach, and have a great time. Summer time is also the time to reflect. . . about your life, your partner, your children, and your future.

Don’t put off until tomorrow, the preparation of important documents dealing with important Florida Estate Planning Documents or those dealing with Gay and Lesbian Legal Issues that will protect both yourself, your partner, and your family.

Your Florida Will, a Florida Revocable Trust, a Florida Durable Power of Attorney, your Florida Living Will, a Designation of Health Care Surrogate. . . take the time this summer to think about your future and how important it is to have these documents prepared, because before you blink, Jacksonville summers turn into Florida Fall.

A Jacksonville Beaches Estate Planning Attorney can discuss with you what estate planning and other documents are best suited for your situation.

By now, it is impossible to not know of the terrible housing market within the state of Florida with all the news of foreclosure and the like. There are many people that are in a are underwater in terms of home values. However, there are also some people taking advantage of the current housing market. These people are entrepreneurs looking to buy properties on short sale or at foreclosure auctions.

These entrepreneurs are working out of their own homes and likely seeing some profits through renting the newly acquired properties. Only some of these entrepreneurs are fully taking advantage of the asset protection options available to them. One of the main advantages is forming a multiple member limited liability company or LLC in Florida. It is reasonable that one entrepreneur would own about three properties. The entrepreneur could have each property owned by a separate LLC so as to minimize his risk of liability if an accident were to happen to a tenant in one of the properties. In that case, that tenant would likely be able to access the assets of that one LLC instead of all of them.

In order to provide yourself with this advantage and to realize other benefits that may apply to your situation, you should contact a Jacksonville Business Formation lawyer to assist you in setting up a Florida LLC. Take advantage of the Florida housing market today by setting up a LLC by calling 904-685-1200 to talk to an Florida Asset Protection Lawyer . Also, you can find more information on LLC’s and other asset protection vehicles online by clicking on the areas under the “Business Formation Practice Area” section of the webpage hyperlinked to in this sentence.

Gay baloons.jpgREASONS TO HAVE YOUR FLORIDA WILL PREPARED:

IT’S YOUR WAY: You decide who inherits from you. If you die without a Florida Will the Florida’s intestacy statute directs how your property and assets are divided and distributed.

Florida intestacy laws DO NOT provide for non-family members. Unless you draft a Florida Will, your partner will not inherit from you.

YOUR CHILDREN: If you have minor children, you nominate who is to become their legal guardian (the guardian you choose will still have to be approved by the judge). However, your nomination will by duly noted by the court and receive priority if qualified.

YOUR NON-BIOLOGICAL CHILDREN: In order for your child to inherit from a non-legal or non-biological parent, that parent must prepare a will in Florida.

LEAVING TO CHARITY: You can give money or personal property to the charities of your choice; the state will not distribute your property to charity.

BELOVED PETS: You can provide for the continued care of your pet after you are gone.

FAMILY SQUABBLES: Reduce the risk of dissension by providing clear directions as to how you want your property distributed. (Ask us how a Florida Trust may reduce the risk further)

PARTNER BURDEN: If you pass away without a will, you leave a burdensome job to your Partner, Spouse or other Close Personal Friend. They are already mourning your death, don’t make this time more difficult as they settle your personal affairs.

FAMILY DISSENT: If your family has been non-supportive and disapproving of your same-sex relationship, preparing a valid will is important in the event of a will contest. A penalty clause for a will contest is unenforceable in Florida.

To learn about having your will prepared, or how a Florida revocable trust might benefit you, as well as how other legal documents will protect you, your partner and family contact me, a Jacksonville Beaches Estate Planning Attorney and let’s sit down and talk.

In a recent online edition of Private Wealth, Beth Tractenberg and Kathryn Von Matthiessen discuss the nexus between people from a foreign nation living in the U.S. and the current Gift Tax exemption. The authors first break down the difference between foreigners Domiciled in the U.S. versus those that are not domiciled here (Non-Doms). U.S. courts have a factoring system when it comes to determining whether a person is domiciled in the U.S. If it is determined that a foreigner is domiciled in the U.S., U.S. gift taxes generally apply to that person. Previously, there was a $1 million cap on the amount a person could gift during his or her lifetime. This new reform ups that amount to a $5 million exemption for each person, therefore giving a couple a $10 million exemption. Also, it is VERY IMPORTANT to note that this exemption will only be in effect until the end of 2012. There is also a real possibility that Congress could end this extra exemption early so it is important not to wait to long if a significant give is something you are considering as part of your Florida Estate Planning

There are three types of people this blog is meant to inform: U.S. citizens, Domiciled foreigners, and Non-Domiciled foreigners. U.S. citizens can take advantage of the laws of their nation. However, it is the non-resident Domiciled and Non-Domiciled person who may not know their wealth can be protected from U.S. taxes in that the new exemption applies to them. If you do not know whether you are a Domiciled or Non-Domiciled foreigner, you should contact a Jacksonville Estate Planning attorney so they he or she can guide you to make a sound decision on keeping the money you have worked hard to earn before the exemption end at the end of 2012.

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