Estate Planning

October 29, 2009

Asset Protection and Fraudulent Transfers

Under the Uniform Fraudulent Transfers Act (UFTA) whether a transfer is considered fraudulent boils down to two basic issues.

1) Actual Intent 2) Insolvency and Transfer for less than full value

The intent of the transfer is whether it was done to avoid payment or reach of a potential creditor that existed at the time the transfer took place. It is possible to have an intent other than to avoid the creditor’s reach that is not fraudulent. Often people want to transfer assets to others for little or not value, this is a problem because of the second issue.

October 18, 2009

Virtual Adoption in Florida

by David M. Goldman

Virtual adoption is not defined under the Florida Statutes. There was a recent Florida Bar article entitled Virtual Adoption: Not Just for Netizens written by Brian R. Dolan and Joel M. Commerford.

The Fifth District Court of Appeal listed the following elements which are necessary to establish a virtual adoption:

1. An agreement [to adopt] between the natural and adoptive parents;

2. Performance by the natural parent[s] of the child in giving up custody;

October 16, 2009

When to review your Florida Estate Plan.

by David M. Goldman

Many of my Jacksonville Estate Planning clients ask me when and how often they should review their Florida Estate Plan. I like to recommend that people take a look at their situation on a yearly basis and if they notice any of the following, they should make an appointment with their Florida Estate Planning Lawyer.

1. Change or contemplation of change in Marital status;

2. Death of spouse;

3. You or your spouses’ health changes;

October 15, 2009

Trust Mill Fined 6.4 Million in Ohio

by David M. Goldman

American Family Prepaid Legal Corporation and Heritage Marketing, their officers and employees have been bared from the practice of law for in over 3800 acts by participating in an illegal Trust Mill.

The firms sent direct mail ads to Ohio residents over the age of 65containing exaggerated claims regarding the costs and complications of disposing of their assets through a will. Then those that responded were targeted with high-pressure in-home presentations in which American Family’s non-attorney sales representatives provided them with legal advice including inflated “estimates” of the costs of probating their estates and the purported savings the customer would realize by purchasing American Family’s standardized living trust document – regardless of the size or composition of that individual’s estate or his/her existing estate planning documents.

We see these all the time and its important to remember that not everyone needs a trust nor is a trust the best solution for everyone. Its important to discuss you specific circumstances and objectives with an Jacksonville Florida Estate Planning Lawyer to determine what is the best procedure for you and your family.

October 14, 2009

Estate Planning & Trust Administration with Genetic Material

by David M. Goldman

As the use of genetic material becomes more accepted, the issue of what and how to deal with it has begun to be an important part of estate and trust planning and administration. Not only could this change distributions or dilute inheritance, but without guidelines or requirements for the disposition of genetic materials, there could be a conflict between the legal requirements of a trustee and what is ethically permissible as well as legal at the time of your death. The Wills, Trust & Estate Professors Blog has an article that references Jerry Coopers’s article on Trust Administrators Tool-Up for Custody and Care of Client’s Genetic Property.

October 12, 2009

When not to us a Living Trust in Florida

by David M. Goldman

Florida Revocable Trust‘s are often used to avoid problems. The North Carolina Estate Planning Blog has an interesting article on when you should not use a Living Trust.

1. You want the court to dictate how your estate is handled.

2. You favor supporting the government, so you like the idea of your estate paying thousands of dollars in court fees.

3. You believe testamentary dispositions and lists of assets should be public record.

October 2, 2009

Can a Florida Resident Create a Will Outside of Florida?

by David M. Goldman

If you are a resident of the state of Florida, you may create a will in another state. You do not have to create a Florida Will or execute a Florida Will within the state of Florida.

There are some areas of a will that even if executed in another state may not be valid in Florida. For example many states do not have the same restrictions on who can be a guardian or the formalities required to execute a will. Most wills, other than with a holographic will, that are validly executed in another state will be valid in Florida.

Florida requires that holographic wills be executed with the same formality as another will and does not recognize the exceptions for a handwritten will that some other states do.

September 29, 2009

Do I need a Will in Florida?

by David M. Goldman

A Florida Will provides instructions on how to distribute your assets upon your death. Many people believe that if they do not have a Florida Will their assets will be taken by the state. This is not true. Florida has a default will for all individuals built into the Florida Statutes. If you die without a will, your assets will be distributed to your spouse and children, and then your parents, siblings, nieces, and nephews as prescribed by Florida Law. For more information on this request our Florida Probate Handbook for free. If you want to be able to specify who will receive your assets and not depend on the state’s view, you must have a Florida Will.

There are some issues that are not discussed in the statutes. Who will take care of my children? What will happen to my body? Only a Florida Will will prevent the State of Florida from making these decisions. If you have minor children you should have a will to determine who will be the guardian of the children in the event of your death.

There are many times when it’s a good idea to update your will which includes if you purchase or sell the real property if your marital status changes if your financial condition changes significantly, and if you have children or grandchildren you would like to recognize in the event of your death.

September 15, 2009

Special Needs Trust Lawyers for Disabled Children in Florida

by David M. Goldman

Florida Special Needs Trust Lawyers & Florida Supplemental Needs Trust Attorneys.

Florida Families who have disabled children had a greater need for a Florida Estate Planning Lawyer to prepare for the possibility that they do not outlive their children. When people have disabilities or special needs, it’s important for parents to provide for their welfare while you are alive. There are also significant advantages to creating a Florida Special Needs Trust or a Testamentary Special Needs Trust.

When assets are left to an individual with special needs in a normal trust or outright, it could disqualify the individual from government benefits as well as require that any remaining assets be paid to the government for reimbursement of services provided during the individual’s life.

August 28, 2009

Are your Estate Planning Documents up to date? How about your Florida Estate Planners?

by David M. Goldman

This morning I woke up ready to leave on a trip to NY with my family. We had had this trip planned for several months and my wife and I like to travel a lot. As I got out of bed, something happened and I fell and hit my head on our new tile floor. Within seconds there was blood everywhere and I became disoriented. After spending more than 12 hours in the hospital, and after having been treated by one of the nicest Jacksonville Plastic Surgeons’s that I have met, I began to think about how many estate planners take their own advice and have documents that are up to date and trusts that are funded.

I first became concerned with my Florida Estate Plan when I was going to London for an extended time and there had recently been some bombings in London. My wife refused to go, or let me go, if our plans were not set in writing prior to our departure.

Today as I sit in the hospital, I am thinking that If I did not have plans and my injury would have been more serious, it may have been more difficult for my wife to speak on my behalf. What if I have had a heart attack, stroke, or just been unconscious as a result of my fall and injury.