Estate Planning

April 17, 2008

Estate Planning and Divorce

Leanna Hamill of the Massachusetts Estate Planning and Elder Law Blog has recently posted two useful and informative articles (Part 1 and Part 2) about Estate Planning and Divorce which was summarized on the Georgia Wills and Probate Law Blog.

In addition Paul Rabalais recently wrote a similar article on the Louisiana Estate Planning Blog Importance of Estate Planning Amplified When There’s A Second Marriage

The articles suggested revoking and or creating new Durable Powers of Attorney and Designation of Health care Surrogates as well as the importance of involving your Florida Estate Planning Lawyer in your divorce before it is finalized. Often wills, trusts, and non-probate assets will need to be retitled at the time of the divorce. In Florida, there is an automatic stay on changing the title or disposing of assets after a divorce has been filed in the courts.

April 16, 2008

Tennessee NFA Gun Trust Lawyer®

by David M. Goldman

Tennessee has joined the growing list of states in which we have a relationship with a lawyer who is familiar with the (NFA) National Firearms Act’s requirements relating to the formation of trusts to purchase Title II Firearms (sold by Class 3 SOT dealers). These include silencers, short barrel rifles, and machine guns.

If you are looking to create a Tennessee NFA Gun Trust, please Contact us and we can help make sure your trust deals with the many unique issues surrounding owning these firearms in a Revocable Trust

If you live in Tennessee or another state and wish to create a NFA trust to protect your family and purchase NFA firearms (Title II) or Title I firearms Contact a NFA Gun Trust Lawyer® in your state.

April 14, 2008

Can a Personal Representative Pay the Debt on a Conveyed Home or Property?

by David M. Goldman

In Florida an encumbered property shall be entitled to have the encumbrance on the property paid at the expense of the residue of the estate only when the will shows that intent. A general direction in a will to pay the debts does not show that intent Florida Probate Code Section 733.803 , Florida Statutes (2002)

In a recent case a Personal Representative tried to make the argument that since the debt was paid off a mortgage during the probate proceeding and that the above rule only applied if the debt was in place at the time of the distribution. In re Estate of Woodward (Fla. 2d DCA Apr 09, 2008)

The court said that the PR could not rewrite the decedents will and pay off the mortgage. The Florida Probate Code makes it clear that without a specific instruction in the will the property was to pass with the encumbrance.

April 12, 2008

Estate Planning for Each Stage of Life

by David M. Goldman

Neil E. Hendershot, an estate and fiduciary law attorney with Goldberg Katzman, P.C., in Harrisburg, Pa., and an adjunct professor at the Widener University School of Law posted an article by David Alexaner of the Janus Capital Group that describes what types of estate planning and adjustments are common at different ages or times of one’s life:.

Young Adult (18-30)

Middle Adult (30-45)

Pre-Retirement (45-65)

April 11, 2008

Can I Deduct my Long Term Car Insurance Premiums?

by David M. Goldman

As we get older long term care insurance premiums can become expensive. To qualify for a deduction on the insurance costs the policy must be a “qualified policy” as defined by the IRS.

A qualified policy is one issued after January 1, 1997 that adheres to certain regulations established by the National Association of Insurance Commissioners. Policies purchased before January 1, 1997 may still be treated as “qualified” if they are approved by the insurance commissioner of the state where it was sold.

If you policy is qualified then premiums are treated as un-remibursed medical expenses for income tax purposes. To qualify for the deduction of the premiums these un-reimburesed medical expenses must exceed 7.5 percent of the adjusted gross income. In determininging whether you meet the threashold you can use the lesser of the premium paid or the value. If on 12/31/2008 you are:

April 10, 2008

Divorce and Estate Planning opportunities

by David M. Goldman

Divorcing spouses can add flexibility to their tax and estate plans using property settlement agreements according to Private Letter Ruling 12572406.

Kreig Mtichell a Colorado Estate Planning Attorney wrote an article on this process. He stated that the facts involved a Husband and Wife who shiged a property settlement agreement pursuant to their divorce. The husband owned a large amount of publicly traded stock. The wife was to recieive a portion of the stock in the divorce agreement approved by the court.

Later the husband and his ex wife renegotiated the agreement to provide a larger amount of stock to the wife.

April 8, 2008

Florida Pet Trusts

by David M. Goldman

Many pet owners think of their pets as part of their family. Legally pets are considered personal property like a car or jewelry.

If you are sick, injured, or unable to care for your pet and have not planned ahead, your pets may not be taken care of by the person you want. They may be managed like your other personal property.

Upon your death, your pets will pass as residual property under your will or your states intestate laws.

April 4, 2008

Mississippi NFA Gun Trust Lawyer®

by David M. Goldman

Mississippi has joined the growing list of states in which we have a relationship with a lawyer who is familiar with the (NFA) National Firearms Act’s requirements relating to the formation of trusts to purchase Title II Firearms (sold by Class 3 SOT dealers). These include silencers, short barrel rifles, and machine guns.

If you are looking to create a Mississippi NFA Gun Trust, please Contact us and we can help make sure your trust deals with the many unique issues surrounding owning these firearms in a Revocable Trust.

If you live in Mississippi or another state and wish to create a NFA trust to protect your family and purchase NFA or Title 1 firearms Contact a NFA lawyer in your state

April 3, 2008

Ohio NFA Gun Trust Lawyer®

by David M. Goldman

Ohio has joined the growing list of states in which we have a relationship with a lawyer who is familiar with the (NFA) National Firearms Act’s requirements relating to the formation of trusts to purchase Title II Firearms (sold by Class 3 SOT dealers). These include silencers, short barrel rifles, and machine guns.

If you are looking to create a Ohio NFA Gun Trust, please Contact us and we can help make sure your trust deals with the many unique issues surrounding owning these firearms in a Revocable Trust

If you live in Ohio or another state and wish to create a NFA trust to protect your family and purchase NFA firearms (Title II) or Title I firearms Contact a NFA Gun Trust Lawyer® in your state.

April 3, 2008

Do it yourself Estate Planning: Bad News Part 9

by David M. Goldman

Invalid transfer of Florida Homestead with do it yourself deed leads to unintended consequences!

Man wants his second wife to have a life estate in his homestead after his death with the remainder to go to his children and not his second wife’s children.

His mistake, he used a preprinted deed and filled it out wrong. The court found that he did validly convey a life estate to his wife, but did not convey the remainder of the property to his daughter because it must have been signed by both spouses.