Articles Posted in Estate Planning

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Could you imagine an Estate Planning Lawyer selling wills or estate planning documents with a disclaimer in small print that your documents may not be valid in Louisiana or some other state.Jacksonville, Jacksonville Beach, PVB, Ponte Vedra Beach, Orange Park, Florida Will

Today I found another example of when using quicken is a bad idea. Paul Rabalais the author of Estate Planning in Louisiana: A Layman’s Guide to Understanding Wills, Trust, Probate, Power of Attorney, Medicaid, Living Wills & Taxes and Your Louisiana Estate Planning Blog wrote an article about how buying Quicken can be the Worst Buy at Best Buy. Apparently there is a small print on their software which says Estate Planning documents Not Valid in Louisiana. I wonder what other states their documents are not valid in. I have examined several trusts created by quicken, and they do not address the new Florida Trust Code that was implemented in 2007.

Some other examples of Do it your self wills and bad news are covered in my articles listed below

Do it Yourself Wills? More bad news and Do it Yourself Wills? a Good Idea or Not?

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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.

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Jacksonville Estate Planning LawyerIdeally 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.

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Jacksonville Estate Planning, Jacksonville Trust Lawyer, Florida Trust AttorneyA 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.

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maltise.jpgIt 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

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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.

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Jacksonville, Jacksonville Beach, PVB, Ponte Vedra Beach, Orange Park, Florida WillToday 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.

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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.

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Jacksonville Elder Law Lawyer, Medicaid Planning AttorneyThe 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.

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Jacksonville, Jacksonville Beach, PVB, Ponte Vedra Beach, Orange Park, Florida WillLast 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.

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