Estate Planning

September 5, 2007

Florida Wills: Revocation

In Jacksonville and throughout the state of Florida a will can be revoked only in specific ways. If you want to make sure your will is revoked properly, you should have Florida Estate Planning Attorney or Jacksonville Estate planning lawyer help revoke your Florida Will properly. Jacksonville, Ponte Vedra, Jacksonville Beach, Orange Park, Duval, Clay, St. Johns Often we see individuals who try to change the test or cross off paragraphs of their will. This can cause problems and unintended results. To prevent these types of issues you might consider a separate writing memorandum at authorized under Florida Statutes, Section 732.515. Follow this link to read more on Separate Writing memorandums.

1) Revocation by Writing: A Florida Will or Florida Codicil, or any part of either is revoked by a later inconsistent will or codicil, even though the subsequent will or codicil does not expressly revoke all previous wills or codicils. Such a revocation only extends to inconsistency.

By a subsequent will, codicil, or other writing that declares the revocation and is executed with the same formalities as required for the execution of a will (Florida Statutes, Section 732.505).

September 1, 2007

Are Pets Subject to Estate Taxes

by David M. Goldman

Since Leona Helmsley’s dog inherited $12 Million dollars, when her dog dies will it have to pay estate taxes. If so will the trustee opt to take advantage of the 2010 unlimited exemption and euthanize the dog in 2010?

It appears that New York’s Pet Trust Statute makes allows the Pet trust to direct the use of the proceeds after the death of the dog or revert it back to the decedents estate.

In addition, a court can reduce the amount of the property transferred if it determines that the amount substantially exceeds the amount required for the intended use.

August 31, 2007

Florida Guardianship: Advance Directives and their Role

by David M. Goldman

In Jacksonville Florida and other areas of the estate Florida Estate Planning Lawyers and Florida Guardianship Lawyers use advance directives including Durable powers of Attorney and Designation of health care surrogates to limit the need for Florida plenary or limited guardianship.

Prior to the appointment of a Florida Guardian, the Duval County court or local court will determine whether the ward executed a valid advance directive in accordance with Florida Statutes, Section 765. If a valid directive exists the court will specify what powers the guardian will have in the letters of guardianship. If court is considering modifying or revoking the authority of the surrogate, the surrogate must be given notice prior to the hearing.

August 29, 2007

Helmsley and her dogs 12 Million dollar Pet Trust

by David M. Goldman

In Florida there are limitations on Pet Trusts and the courts would likely find that $12 Million for a dog would be excessive and strike all or part of the trust.

Jacksonville, Duval, St. Johns, Estate Planning Attorney Leona Helmsley’s Dog was left a $12 Million dollar trust fund. In addition the Maltese, named Trouble will be buried alongside her and her late husband in a mausoleum. Leona also left 3 Million for the perpetual care of the mausoleum.

While the press and blogs are making a big deal over the dog getting $12 million, everyone fails to see the costs she is incurring because of probate. She left the majority of her money and property (rumored to be in excess of 1 billion dollars) to a Family charitable trust. The legal fees on handling this administration could be in excess of $60 Million dollars. If she would have put this money in a Revocable Trust or Living Trust there would be no probate fees to transfer the Billion dollars to the charity.

August 28, 2007

Florida Enhanced Life Estate Deed

by David M. Goldman

A Florida Enhanced Life Estate Deed (sometimes called “The Lady-Bird Deed”) is a tool used by Florida Estate Planning Attorneys, Florida Elder Law Attorneys, and other by Florida Lawyers to preserve the homestead for the benefit of the family. Upon the death of the homeowner’s the property will pass to the people designated without the need for a costly probate process.

Jacksonville Duval Clay Orange Park Why Use an Enhanced Life Estate Deed?
The Enhanced Life Estate Deed provides a mechanism to bypass the probate process and thus the creditors. Under this document, the husband and/or wife retain a Life Estate Interest under which he or she retains the right to live on the property for their life. Unlike a Life estate, the husband and/or wife retain the right to sell, mortgage, convey, gift, or cancel the remainder interest at any time during their life. If there is any property interest upon the last to die of the husband and/or wife, the remainder will pass in fee simple to the designated individuals named in the deed.
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August 20, 2007

Florida Will: Original Will must be kept safe

by David M. Goldman

In Jacksonville Florida or another Florida city, if a person creates a valid Florida will, but the will can not be found upon their death, the Florida courts will presume that the decedent destroyed the Florida will with the intention of revoking the Florida will. This doesn’t mean that it is impossible to get a copy of the Florida will admitted, but it will be difficult.

The first step is to establish the terms of the will in Florida and offer it for Florida probate. This can be done by any interested person. The specific content of the Florida will must be proven by the testimony of two disinterested witnesses, or, if a copy of the will is available it can be proven by one disinterested witness.

In Florida, it is very important to keep your original will in a safe place. You might consider having your Florida Estate Planning Attorney keep the original will for you in a fire and water proof safe. If you live in an area of Florida that is prone to hurricanes, it would be wise to keep the will in a water proof, fire proof area that is not at risk to weather. Some Florida will lawyers or Jacksonville will attorneys can keep the original Florida will in their safe.

August 14, 2007

Validity of Florida Arbitration Clauses

by David M. Goldman

Recently the Florida statutes changed to allow for arbitration clauses in Florida Revocable Trust Agreements. When including an arbitration clause in a Florida Revocable Trust one needs to make sure the arbitration clause will be enforceable.

Below are some issues with arbitration clauses in Florida that need to be considered whether used for Florida Business Contracts, Transactions in Florida, or Florida revocable trusts. Luckily the US Supreme Court has ruled that if an arbitration clause is invalid, the clause can be removed from the agreement and the underlying agreement can still be valid.

Florida Arbitration Clauses
An agreement to arbitrate, or a provision in a contract providing for the arbitration of disputes, is valid, enforceable, and irrevocable without regard to the justiciable character of the controversy. The only questions for a court to determine when looking to see whether an arbitration clause is enforceable are:

1. Whether the agreement that contains the arbitration clause is valid?
2. Whether the parties have a valid arbitration agreement;
3. Whether an arbitrable issue exists; and
4. Whether the right to arbitrate has been waived.

July 30, 2007

Florida Gun Trusts or National Firearms Trust

by David M. Goldman

If you live in a Jacksonville or another city in Florida where the Chief law Enforcement Officer (CLEO) will not or easily sign a Form 4, there are several solutions.

Title II Firearms (sold by Class 3 SOT dealers) include suppressors, , short barrel rifles, machine guns, and other destructive devices.

The most common solution is to create a revocable trust to hold title to the firearm or class 3 items you desire to purchase. There can be many problems with a typical revocable trust and firearms. Its best to use a Firearms Trust or NFA Gun Trust

A Gun Trust, Firearms Trust, Limited Liability Company, or Florida S Corporation is a legal entity established under state law. For NFA purposes many individuals prefer the a Revocable Trust over a corporation or LLC because it is less expensive to operate and provides privacy. Florida Business entities typically cost $150 a year for the state filings in addition to the cost of a CPA to prepare and file the federal filings. In addition, Florida Trusts don’t require any disclosure or public filings. The lack of any required filings means, the only people who know the terms of the trust are those you choose to tell.

Although most Florida Revocable or Living Trusts can hold firearms or other class 3 items, many are not properly setup to deal with the issues involving firearms and other items which are regulated by the National Firearms Act (NFA). If the NFA is violated, the owners are subject to criminal penalties, substantial fines, and forfeiture of not only the class 3 items in question but all firearms in the possession or ownership. ($250,000 penalty, 10 years in prison, and forfeiture of items)

The gun or firearms trust must give the Trustee instructions and special powers so that they can legally manage for unplanned events. Weapons and other assets in a Firearms Trust can not be distributed like other assets upon the death or incapacity of the person who placed the items in the trust(The Grantor or Settlor).
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July 11, 2007

Florida Trusts & Real Estate

by David M. Goldman

In Jacksonville or other cities in Florida, there are many advantages to using a Revocable Living Trust or Florida Land Trust to hold title to real estate. Dyches Broddiford has an interesting article dealing with many of these issues.

In summary a real estate trust provides:

– Privacy for the owners;

July 4, 2007

Jacksonville Living Will Seminar

by David M. Goldman

Jacksonville Estate Planning Law Firm will continue it community service project by adding 3 Living Will Seminars in the month of September. This program provides Free information and the chance to create a free Florida Living Wills, Florida Designation of Health care Surrogate, and a Hipaa Release.

Jacksonville, Jacksonville beach, Ponte Vedra Beach, PVB-on-beach.jpg On September 11, 2007 at 11 A.M.

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