Today it was announced that deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and certain other retirement accounts which will remain at $250,000 per depositor. (This supersedes the October 3, 2008 changes.)

All lawyers who took estate planning in law school learned about the possibility of an 80 year-old woman giving birth to a child. This mental exercise is just one of the unusual circumstances a Florida Estate Planning Lawyer might deal with in the drafting of Florida Estate Planning Documents.

Matthew Curtiss, a Connecticut Estate Planning Lawyer who writes the Connecticut Estate Planning, Probate and Fishing Blog, recently posted a link to a 70 year old woman giving birth. While 70 is not 80, it looks like the hypothetical 80 year-old giving birth could one day be a reality.

duval-court-old.jpgA Summary Administration in Florida is an abbreviated Florida Probate proceeding where estates with assets of less than $75,000 or those where the decedent has been dead for more than 2 years can simplify the probate process. We often find that the families of people who die with a home or other property do not properly administer their loved one’s estate at the time of death and must go back to clear up the title so that the property can be sold or transferred properly at some later date.

When a piece of real property is involved in the estate, we have to ask the court to determine if the property is protected as a Florida Homestead or is subject to the claims of creditors. Once this determination is made the property can be transferred properly.

If you need help clearing up the title of a home or property located in Florida that belonged to a person who died, we can help with a Florida Summary Administration, please Contact a Florida Probate Lawyer for more information on this process.

gavel.jpgA couple was recently charged with theft and elder abuse for taking money from their elderly parents, under authority of a power of attorney to pay for personal expenses. These included vacations, plane tickets, lodging and meals. Matthew D. Gardner an Iowa Estate Planning Lawyer wrote about this case and the increasing frequency of elder abuse in the past year.

A Power of Attorney grants the agent (attorney-in-fact) broad powers to act in the best interest of he person. Often agents who accept this power do not understand that the money is not theirs to use as their own but the authority grants the agent the power to act in the other person’s best interest.

If you suspect that someone is misusing the Power of Attorney granted to them, report the information immediately to the local police who will be able to properly investigate the case. If you have been affected by this misuse you may have a claim against the agent for the harm they have caused you and should Contact a Florida Estate Planning Lawyer

Yes, the Privacy Rule generally allows a parent to have access to the medical records about his or her child, as his or her minor child’s personal representative when such access is not inconsistent with State or other law.

There are three situations when the parent would not be the minor’s personal representative under the Privacy Rule. These exceptions are:

1. When the minor is the one who consents to care and the consent of the parent is not required under State or other applicable law;

2. When the minor obtains care at the direction of a court or a person appointed by the court; and 3. When, and to the extent that, the parent agrees that the minor and the health care provider may have a confidential relationship.

However, even in these exceptional situations, the parent may have access to the medical records of the minor related to this treatment when State or other applicable law requires or permits such parental access. Parental access would be denied when State or other law prohibits such access. If State or other applicable law is silent on a parent’s right of access in these cases, the licensed health care provider may exercise his or her professional judgment to the extent allowed by law to grant or deny parental access to the minor’s medical information.

Often the decision of whether to use a Florida Will or Florida Revocable Trust depends on issues surrounding distribution of assets, disability, and death. This summary of issues should help you determine which is best for your circumstances.

Privacy

What happens with a Will No privacy. All documents and proceedings after death are public.

What happens with a trust Totally private unless court intervention is required, usually due to improper drafting or lack of funding.

Generally, elderly parents want to remain living in their own home. However, remaining in the home becomes a concern when children see their parents slowing down, perhaps even having trouble with handling stairs and doing general daily activities. Yet, with parents’ mental and physical health currently not creating problems, there seems to be no imminent need to search out support services or other accommodations for aging parents.

This is now the time to evaluate the home to make it safe and secure for your loved ones — now and in the near future — in anticipation of aging disabilities that may occur. Help and support are available. The nation as a whole is more aware of elderly needs and services and products are becoming available at an outstanding pace.
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In Jacksonville and around Florida we are often asked about the differences between a Florida Will and a Florida Revocable Trust. Although each persons circumstances are unique, generally the following factors tend to determine which is better in relation to disability and death in relation to the cost of a Florida Probate or avoiding Probate in Florida.

A Will tends to be the best tool if these issues fit your circumstances:

Limited cash flow Limited assets, including life insurance

A Trust tends to be the best tool if these issues fit your circumstances:

Older clients Large qualified retirement plans (IRA, 401k, 403b, etc.)

Estate planning can help deal with the proper use and distribution of your assets upon a disability or your death. Below are several of the advantages of using a Florida Revocable Trust for Disability and Death Planning.

DISABILITY PLANNING

No probate, so everything remains private.

You decide the criteria for your disability and you pick those who will determine whether that criteria have been met.

In Florida all sorts of clerks, customer service people, insurance sales people, brokers, account managers, and other employees of financial institutions give customers advice about how to title accounts and name beneficiaries. In an effort to avoid probate, these seemingly harmless changes can cause many problems with estate plans.

Most new account forms at financial institutions ask you to name a beneficiary. This does not have to be completed and sometimes you are better off to leave it blank than to fill in a name or attempt to name a proper beneficiary.

Often when filling out beneficiary designations people do not understand how a share of the assets will be treated if that person predeceases them. Will the share go to their descendants or to other named beneficiaries and is that what was intended.

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