Estate Planning

December 17, 2007

Bad Will can Cost $1 Million dollars

A recent article on Your Louisiana Estate Planning Blog, For Families With More Than $2 million of Assets: Bad Wills Can Cost You $1,000,000 talks about how poorly drafted wills can quickly cost your over $1Million in estate taxes. I see several clients a month that would have tax bills in excess of 1 Million dollars upon their death.

For those of you who have assets in excess of 2 million or expect to have assets in 2011 in excess of 1 million dollars, did you know that almost 1/2 of your estate will go to pay the tax bill?

If you have substantial assets and want to leave them to your family instead of the government, talk to a Florida Estate Planning Lawyer about how to structure your assets.

December 16, 2007

Who should be invloved in Florida Estate Planning

by David M. Goldman

Jacksonville Estate Planning Lawyer Ideally your estate plan will be created by a Florida Estate Planning Lawyer, yourself and some or all of the following people:

1. Mother and Father 2. Tax Attorney 3. CPA 4. Financial Advisor 5. Trust Officer 6. Insurance Professional 7. Business Valuation Expert 8. Philanthropic Consultant 9. Fundraiser/Planned Giving Officer 10. Family psychologist or family facilitator

The likelihood of involving these people decreases as you go down the list, and increases as the amount of money involved in the plan increases.

Although children or heirs are almost never included in the preparation of these documents. It might be wise to have a meeting with them once they are prepared or in the later states so that the documents can be discussed. This is a time when any disputes of misreading the documents or their interpretations can be resolved.

December 15, 2007

Why Create a Florida Trust

by David M. Goldman

Jacksonville Estate Planning, Jacksonville Trust Lawyer, Florida Trust Attorney A Florida Trusts are created to fulfill different needs and obligations. Today people find it necessary to protect their investments and properly allocate their resources while taking the least risks with regards to finances. A Jacksonville Trust Lawyer can help you analyze your assets and determine if a Living Trust will work for you.

Some Florida Trust are created for the purpose of privacy. The terms of a Florida trust are not public, unlike the terms of a Florida will.

Trusts are also created to protect one’s assets. There are different types of Florida Truss based on individual needs. Often a spendthrift provision is included in a Florida Trust to protect beneficiaries from creditors or assignment of the assets.. These can protect a person from his or her own lack control his or her own money.

December 14, 2007

Animal Rights and Pet Trusts

by David M. Goldman

It wasn’t long ago that animals had no rights when their owner died. Today you make a difference in your Pet’s life after you are gone.

Estate planning for pets gained momentum during the 1990s, and pet trusts are now legal in most of the 50 states, including Florida.

A smooth transition

December 13, 2007

Who should be invloved in Florida Estate Planning

by David M. Goldman

Ideally your estate plan will be created by a Florida Estate Planning Lawyer, yourself and some or all of the following people: Jacksonville Estate Planning Team, Florida estate Planning techniques

1. Mother and Father 2. Tax Attorney 3. CPA 4. Financial Advisor 5. Trust Officer 6. Insurance Professional 7. Business Valuation Expert 8. Philanthropic Consultant 9. Fundraiser/Planned Giving Officer 10. Family psychologist or family facilitator

The likelihood of involving these people decreases as you go down the list, and increases as the amount of money involved in the plan increases.

Although children or heirs are almost never included in the preparation of these documents. It might be wise to have a meeting with them once they are prepared or in the later states so that the documents can be discussed. This is a time when any disputes of misreading the documents or their interpretations can be resolved.

December 12, 2007

Do it yourself Estate Planning: Bad News Part 7

by David M. Goldman

Today I found an article on where an individual purchase a preprinted will form and filled in the blank space incorrectly. He hand wrote:

My shares of Lee Bros. Holding Co. My property of 817 North Park St., Victoria, B.C. and 35% of cash & bonds to my brother Horace. 35% to my sister Estelle of cash & bonds. 35% divided evenly for my sisters Elsie, Edythe, Effie and my brothers Harold & Henry of cash & bonds.

A few months later Mr. Henry Lee died with over $2,600,000 in assets. Apparently the will was witnessed prior to the blank being filled in and this did not meed with the formal requirements of a will.

The Rule of Law has an extensive review of this case.

December 11, 2007

Estate Planing is Not a One Time Event

by David M. Goldman

When was the last time you sat down with someone to review your Floria trust, Florida will, Florida power of attorney, health care directive, and other documents intended to make sure that your assets will be managed and distributed according to your wishes? If it has been longer than a year, you are probably overdue for an estate planning check-up.

Changes in your assets

Acquiring different of assets or changes in the value of the assets may require Estate Planning that was not anticipated.

December 11, 2007

How can a living trust save on estate taxes?

by David M. Goldman

Jacksonville Elder Law Lawyer, Medicaid Planning Attorney The Ferrell Law Firm in Memphis bloghas a series on Living Trusts vs. Wills. Many of the issues discussed are similar to those in Florida. For those of you who are unsure as to whether you need a living trust, will, or both you might review their 4 part article.

Their Answer to “How can a living trust save on estate taxes?”

If you die in 2007 or 2008 and the net value of your estate (assets minus debts) is more than $2 million, federal estate taxes must be paid on the excess at a rate of 45%. If you are married, your living trust can include a provision that will let you and your spouse leave up to $4 million estate tax-free to your loved ones, saving up to $900,000 in taxes.

December 10, 2007

Do it yourself Estate Planning: Bad News Part 6

by David M. Goldman

Last week I had a client call me about a Probate problem? It turned out that this client had used a Do it yourself Will Program that was online ( LEGALZOOM). Her husband executed his will, but she did not. Then her husband died. The problem is that because her husband had a bank account in his name and did not have a Payable on Death designation, the bank account needed to go through probate.

This could have happened if a lawyer had prepared the will, but the lawyer would have probably inquired into the title of the assets in his possession. This little mistake cost $1500 in probate fees.

The odd thing is that she doesnt want her will or assets reviewed by an attorney because it will cost around $100. Some people never learn.

December 9, 2007

Will a “No Contest” Clause Keep Your Estate Out of Court in Florida

by David M. Goldman

Many couples and individuals want to place no contest clauses in their Florida Wills. The purpose of a no contest clause in a will is to keep the beneficiaries heirs from fighting over who gets what or how assets are distributed upon your death.

In many states no contest clauses become fights over the language used in the Florida will. Florida does not recognize no contest clauses for Florida Wills. Although it is possible to have a no contest clause if the laws of another jurisdiction or state are chosen to govern the will.

One example of a no contest clause that was struck down in Louisiana is found on Your Louisiana Estate Planning Blog. The article mentions a clause which stated that if any “named legatees should contest any provision in this will, then the naming of that person in my will shall be struck and they shall not be considered to be a legatee.”