Estate Planning

September 28, 2011

Zsa Zsa Gabor to be a new mother at age 95?

Zsa Zsa Gabor, currently 94, is in the process of becoming one of the oldest new mothers ever. In law school we learn about a theory involving a fertile octogenarian with the point being that no one is too old to have a child so it is important to plan for future children.

Today this is most common with grandparents who adopt children, Zsa Zsa is going about this a little differently. She is reportedly in the process of selecting an egg donor, surrogate mother, and after a succesful artificial insemination she could become a new mother. Zsa Zsa’s only previous child predeceased her.

What if the artificial insemination takes but the child is not born before she dies? Hopefully we will not have to answer this question. Historically an unborn child is considered a child of the parent if born within 9 months of death. Obviously this has historically applied to the father. What would the courts decide about a artificially inseminated child using a surrogate mother? I have no idea what a court would rule or what rational they would use, but it sounds like a law school or bar exam question.

September 25, 2011

Estate Planning in a Nutshell

by Patricia Davis

We all need someone to look after us and care for us when we become part of the eldery population. We also need to take care of our spouses, our children, and our loved ones, when we have passed away. Looking to, and preparing for our future is in a nutshell, what Estate Planning in Jacksonville is all about.

Florida Estate Planning can be as simple as having your Florida Will, Florida Living Will, Florida Designation of Health Care Surrogate, and Florida Durable Power of Attorney prepared. You can also have different types of trusts prepared if you would rather have your assets managed by a trusted individual, after your death. In Florida, Trusts are also a great way to minimize your taxes as well as to manage your assets.

Preparing for future medical and financial decisions to be made on our behalf in the event of our incapacity, or illness, is the reason we prepare a Living Will, Do Not Resucitate Order, Health Care Surrogate Designation, and Power of Attorney.

September 24, 2011

Updating your Florida Will is as Important as making a Will!

by Patricia Davis

Circumstances change, possessions change, homes change, has your Will changed? As a Middleburg Estate Planning Attorney, I have heard many “will” stories, not all of them have a happy ending.

A Florida woman was left a home in her father’s Florida Will . Her brother was left money in the amount equivalent to the value of the home. Her father sold the home before he died, but failed to update his Florida Will to provide for his daughter.

If the subject matter of a specific gift is not in the estate at the time of the testator’s death, the specific gift, (in this case the house) will fail and the person who should have received the gift will take nothing. This is called “Ademption by Extinction“, in other words, the house no longer belongs to the deceased and therefore it cannot pass to his heirs.

September 14, 2011

IRS extends Filing Deadline for Form 706 and 8939 for Decedents dying in 2010

by David M. Goldman

The IRS just released Notice 2011-76 that extends the filing deadline for Forms 706 and 8939 for estates of decedents dying in 2010.

The Notice provides that large estates of people who died in 2010 will have until early next year to file various required returns and pay any estate taxes due. In addition, the IRS is providing penalty relief to certain beneficiaries of these estates on their 2010 federal income tax returns. This relief is designed to give large estates, normally those over $5 million, more time to comply with key tax law changes enacted late last year. Specifically, the following relief is given:
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September 11, 2011

Differences between Estate Planning and Elder Law

by Patricia Davis

Many Middleburg families have thought about their future and what they want to happen upon their incapacity or death. However, many Middleburg families have not made that important call to consult with a Jacksonville Estate Planning Attorney about memorializing their thoughts in valid legal documents.

When you plan in advance you make your own decisions, you pay less, and you rest comfortably knowing that if you become incapacitated, and when you pass away, you have important legal documents in place. Legal documents that direct what you want to happen, to your children, your assets and you.

If you are a parent, whether you are married, divorced, or single, you must consider who will take care of, and provide for your minor children in the event of your incapacity or death. It is important to designate in a Forida Will or Pre-need Guardianship document your choice of who would be your child’s guardian. Better that you make this choice than a judge.

September 9, 2011

Personal Represntative of Yale Student’s Estate Files Wrongful Death Lawsuit

by David M. Goldman

It is the PR’s job in a Florida Probate case to take actions to gather the assets and distribute them to the beneficiaries. When wrongful death claims are not assets subject to distribution under Florida Probate, it is the personal representative of an estate who pursues a Wrongful Death Claim in Florida or another state. The Jacksonville Wrongful Death Lawyer will often work directly with a Florida Estate Planning Lawyer to pursue the claim for the family and children of the decedent.

The Yale Daily News is reporting that

The estate of former pharmacology student Annie Le GRD ’13 filed a wrongful death lawsuit against the University in New Haven Superior Court on Tuesday, alleging that pervasive sexual harassment at the University “emboldened” her killer, Raymond Clark III, who is serving a 44-year sentence for the murder and who the suit claims was hired through Yale’s negligence.

While many states have broader statutes dealing with wrongful death claims, Florida limits which family members can have a claim and often when an elderly person dies, the adult children may not be able to file a claim.

August 16, 2011

The New Florida Power of Attorney Act

by David M. Goldman

The Florida law governing powers of attorney and similar instruments is found in Chapter 709 of the Florida Statutes. The Florida legislature on May 4, 2011 voted to pass Senate Bill 670 which significantly revised Chapter 709.

A. Generally

A power of attorney is a writing that grants authority to an agent to act in the place of the principal. Pursuant to the Act, a principal is an individual who grants authority to an agent and an agent is the person granted authority by the principal in a power of attorney. The Act allows for both durable and nondurable powers of attorney. A durable power of attorney is one that is not terminated by the incapacity of the principal, whereas a nondurable power of attorney is terminated upon the principal’s incapacity. For a power of attorney to be durable, it must state that it is not terminated by the subsequent incapacity of the principal, or similar words that evidence the principal’s intent.

The Act applies to all powers of attorney created by an individual except a proxy or other delegation to exercise voting or management rights with respect to an entity, a power created on a form prescribed by a governmental agency or subdivision for a governmental purpose, and a power coupled with an interest (e.g., a power given to a creditor to sell pledged collateral.
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August 16, 2011

What is the Difference Between Medicare and Medicaid in Florida?

by David M. Goldman

They sound similar. Unfortunately many people do not understand the differences between the two. Most people think Medicare will “care” for them forever but, that is simply not the case.

While Medicare and Medicaid sound similar, they are very different government programs. Medicare provides healthcare benefits for the over 65, blind, and disabled; while Medicaid provides medical benefits for the impoverished.

Medicare is a basically public health insurance for those age 65 and older. Medicare does not pay for long-term care! It will cover some rehabilitation and this is often confused with long-term care.. If a senior citizen has Medicare and is hospitalized for a stay of at least three days, and is then admitted into a skilled nursing facility, Medicare may pay – for a while. But once those Medicare benefits hit 100 consecutive days or the patient stops improving the coverage is over.

August 14, 2011

What is an IPUG Trust?

by David M. Goldman

While most people feel they have to be super rich to use Asset Protection trusts an IPUG™ Trust is a Self-Settled Asset Protection Trust for that makes sense for regular people and offers Medicaid compliance that works in all states. It protects client assets from creditors, predators and nursing homes, while permitting the grantor to be trustee and have customized access.

The iPug™ Trust was created by utilizing universal, fundamental trust and common law principles dating back to the statute of uses and are not reliant or dependent upon state or federal specific asset protection laws. “In essence, the iPug™ Trust is an Irrevocable Grantor Trust for income and estate tax purposes.

Why is this important to most Americans? The IPUG™ Trust not only provides advantageous tax benefits but it also provides asset protection. Most Irrevocable trusts do not provide the beneficiaries with a full step-up in basis and allow the grantor to control the funds.

August 10, 2011

New Parents Make Plans to have Wills Prepared

by Patricia Davis

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.