Estate Planning

October 15, 2007

Updating Addresses in Estate Planning Documents

As an Estate Planning Lawyer in Jacksonville Florida, I am often asked about issues dealing with addresses in Florida Wills, Florida Trusts, Florida Living Wills, Florida Durable Powers of Attorney, and other documents.

Generally the address and phone number in these documents is to help locate or contract the person. In some cases they can be used to help distinguish one John Doe from the next. The Connecticut Estate Planning Blog had an example of when it might be important to update the address, but as the site states, this would only happen on a law school exam.

The only possible reason why such a move would prompt a legitimate will amendment is if the move created an identification problem. For instance, in the above example, suppose the client disinherited his other brother, also named Billy Bob (I don’t think I’ve ever seen two brothers with the same name), out of his will, but then that brother moves to Glastonbury after the other Billy Bob moved from Glastonbury to Wethersfield. Now the will seems to identify someone who the client didn’t intend to include as a beneficiary of his will.

October 11, 2007

Common Mistakes Your Estate Planning Attorney Can Help You Avoid( in Florida and other states)

by David M. Goldman

The Princeton Business Journal had an interesting article on Common mistakes that your Estate Planning Lawyer can help you avoid

Without a will, living will, durable powers of attorney for healthcare and property or Letters of Guardianship, the state will likely decide the distribution of your assets and the caring of your loved ones. A Florida estate plan should clearly define the distribution of your assets, how and if care will be provided in the event you cannot exercise control over your medical care and who will act as the guardian for your children, dependents or for yourself.

Without a Florida estate plan you may:

• Not be providing for your family when you pass.

• Not be protecting your estate from estate taxes.

October 11, 2007

What are the most important considerations When Selecting an Estate Planning Attorney?

by David M. Goldman

The Princeton Business Journal had an interesting article on how to choose an Estate Planning Lawyer.
Princeton suggests Due diligence. When selecting a Florida Estate Planning Lawyer, you should check to make sure they spend a significant portion of their time and resources on Estate Planning. Otherwise, the end result could be disastrous and financially devastating.

Ask pointed questions, such as: What percentage of your practice is devoted to Florida estate planning? Will you consult with my financial planner to review all aspects of my wealth? If you are not provided with clear answers move on to the next candidate.

October 10, 2007

What are the most important considerations When Selecting an Estate Planning Attorney?

by David M. Goldman

The Princeton Business Journal had an interesting article on how to choose an Estate Planning Lawyer.
Princeton suggests Due diligence. When selecting a Florida Estate Planning Lawyer, you should check to make sure they spend a significant portion of their time and resources on Estate Planning. Otherwise, the end result could be disastrous and financially devastating.

Ask pointed questions, such as: What percentage of your practice is devoted to Florida estate planning? Will you consult with my financial planner to review all aspects of my wealth? If you are not provided with clear answers move on to the next candidate.

October 8, 2007

What is a Living Will? Part I

by David M. Goldman

As a Jacksonville Estate Planning Lawyer, I find that I am explaining the terms of a Florida Living Will over and over and thought that I might be able to shed some light on what they are and how they are used with Florida Estate Planning.

A Florida Living Will is a document that says if I am both mentally and physically incapacitated and my treating (or attending) doctor and another doctor determine that there is no reasonable probability of my recovery from the condition, you direct that life-prolonging procedures be withheld or withdrawn when the application of the procedures would serve only to prolong artificially the process of dying.

It permits you to die naturally with only the administration of medication or medical procedures deemed necessary to provide me with comfort care or to alleviate pain.

October 7, 2007

Estate Planning for the Disabled in Florida

by David M. Goldman

As a Florida Estate Planning Attorney, I often get involved in planning for Disabled Florida Adults and Children. Often these individuals are receiving government benefits or expect to receive the in the future due to a physical or mental illness or disability. In some cases clients expect their spouse to need these benefits soon. If the individual receives income that is to create or acquires or maintains assets above a certain level, they will be unable to qualify for these government benefits.

Often the solution is to create a Florida Special or Supplemental Needs Trust. This trust can hold assets and income that would typically disqualify an individual. This money can then be used to supplement their lifestyle. If you have minor or adult children (or non-child beneficiaries) who are either receiving government benefits currently, or may receive them in the future due to a mental or physical disability, then you need to know about special needs trusts. These trusts are certainly important enough to spend the next two posts discussing them. The Connecticut Estate Planning Blog has a two part article on this topic and the rules there seem to be very similar to those in Florida. If you have someone in your family who is currently disabled, or you expect to need government benefits in the future, you should discuss this with a Florida Estate Planning Lawyer so that you can determine what the best option for your particular situation is.

October 7, 2007

Anatomy of a Florida Estate Plan

by David M. Goldman

As a Jacksonville Estate Planning Lawyer, one of the most common things I do is determine what is necessary for a clients Florida Estate Plan. Greg Herman-Giddens of the North Carolin Estate Planning Blog has an Article called the Anatomy of an Estate Plan where he discusses and defines the Basic Documents in an Estate Plan:

Will

Durable power of Attorney

Health Care Power of Attorney Living Will

October 6, 2007

Do It Yourself Estate Plan Disaster

by David M. Goldman

As a Florida Estate Planning Lawyer, I often get asked about Florida Estate Planning and Using “Do it yourself estate plans” like quicken or other online services. Mark Jakubik with the Pennsylvania Estate Planning Blog has a good analogy about the topic:

Recently we were having some work done at our home. The contractor is a great guy, a true craftsman and a perfectionist. He is also expensive, but his work is so good that he is worth the price. While finishing up the job, he asked me one day about some estate planning questions that had been bothering him. We chatted for a few minutes, and I suggested we meet to have a more detailed discussion. “Can’t I just download some stuff and do it myself?” he wanted to know. I asked him what he thought would have happened if I had tried to do the job he’d just finished for me by myself. “Total mess…” was the response.

October 5, 2007

Why do I need a Guardian for my Child?

by David M. Goldman

As a Jacksonville Estate Planning Lawyer, I often get asked about picking a Florida Guardian for a child in the even that the parents were to die before the child becomes an adult. There are two types of guardians one should consider to take care of their children. There is the person who will actually be taking care of the child, and the person who takes care of their money. Often these end up being the same person.

If a persons has Florida trusts included in their Florida estate plan, they can choose a guardian for the child, and a trustee to take care of the child’s money or assets. This can prevent the need for a court maintained guardianship over the person. These are expensive to set up and in Florida, they require yearly reporting to the court. In addition, the court may determine that the funds are best protected in a restricted account. If funds are placed in a restricted account, the Trustee must hire a lawyer to file a petition to allow for use of money from the account. While this serves to protect the assets, it limits the investment opportunities, potential growth, and increases the costs of management. All of these fees and restrictions can actually cause the funds to decrease over time and the child may have less money at 18 then when they originally received it.

Susan Nattras an attorney in California has written an article What is a Legal Guardian And Why Do I Need One For My Child? In the article she discusses:

October 4, 2007

Do I really need a Florida Living Trust?

by David M. Goldman

As aFlorida Estate Planning Lawyersand a Jacksonville Estate Planning Lawyer I often receive questions about Florida Living Trusts. These usually come after clients attend seminars given by Estate Planning Organizations. Often they are not law firms, but some are.

Although there are benefits to Florida Living Trusts, sometimes they are not necessary. I often get questions from clients who have less than 100,000 in assets who have been told that a Florida Revocable Trust or Florida Living Trust is the answer to their Florida Estate Planning needs.

To answer the question, “Is a Florida Living Trust right for me?” a Florida Estate Planning Lawyer needs to look at the clients individual financial circumstances. I have found that many times, simple payable on death designations will accomplish the same results as a Revocable Trust.