Estate Planning

June 7, 2007

Florida Business law & Estate Planning: Ways to avoid costly litigation

It is important to have a Florida Business Attorney review important and complex contracts. In my experience as an entrepreneur, I have found that the number one reason why problems occur with employees and clients is a failure to set proper expectations and communicate effectively. Often when one looks hard enough at any problem, the cause and cure deal exclusively with expectations and communication. Often Florida estate planning involves litigation, although this article is focused on business, the same issues tent to apply to probate, guardianship, will constests and other types of Estate Planning.

I ran across this article which describes 5 things that one can do to help avoid litigation.

1 Think carefully about the type of people that you do business with 2 Be the kind of organisation which does not create disputes 3 Seek to communicate effectively and consistently.

June 6, 2007

Securita Launches Vital Records PortaVault

by David M. Goldman

As Hurricane season has just started, I thought that this product may be of interest to those of you wanting to secure your important documents.

The Vital Records PortaVault(TM) is a lightweight, binder-sized portfolio made of durable canvas that stores hundreds of pages of paper documents and records, as well as information saved on CDs and DVDs. The PortaVault includes a custom-designed zippered pouch that holds cash, keys and small keepsakes. The sturdy handle and shoulder strap make the PortaVault easy to transport and carry at all times.
The PortaVault enables individuals and their families to aggregate in one place vital information needed to recover from a natural disaster or other types of emergencies. The PortaVault also serves as a convenient repository for vital records for daily use and is ideal for adult children who care for elderly parents. The PortaVault costs $49.95 and can be purchased at http://www.securitaonline.com

June 1, 2007

Florida Estate Planning: Exercise financial fitness with checkups

by David M. Goldman

Most medical doctors recommend women get an annual physical to ensure good health and to identify issues before they become problematic. When it comes to financial health, a periodic checkup is just as appropriate and important. Unfortunately, many people put off financial checkups or decisions until they are rapidly approaching retirement. By then, it could be too late.

Just as you should get medical checkups, you should have your Florida estate plan evaluated when you move, get married, divorced, or have a significant change in assets.

May 22, 2007

Estate Planning for your parents

by David M. Goldman

Orange Park, Duval, St. Johns, Jacksonville Florida
Most Jacksonville estate planning attorneys or those in other locations, focus on your heirs (children and grandchildren). As your parents are aging it is also important to consider and evaluate your parent’s estate planning. One you understand the value in creating your own estate plan, you need to understand what effects your parents estate planning will have on you. You may find that your parents should leave the maximum exempt amount to their grandchildren (GST Trust)instead of to you. This can help avoid an extra layer of Death taxes. Its also important to classify their assets and allow the Personal representative or trustee the flexibility and duty to find which assets have the most appreciation (lowest cost value) and allocate those as to be most beneficial to the estate. If you can discuss your parent’s estate planning with them, you may want to. You should speak with an estate planning attorney who can help structure a multi generational estate plan to help you and your parents establish a plan that will pass their values and protect inheritance.

May 15, 2007

Florida Will Requirements

by David M. Goldman

Jacksonville Florida Estate Planning Lawyers are often asked who may make make a will in Florida. The answer to this can be found in the Florida Statutes, Section 732.501 which states:

732.501 Who may make a will.–Any person who is of sound mind and who is either 18 or more years of age or an emancipated minor may make a will.

Whether you live in Jacksonville or some other area of Florida, the requirements are the same.

May 10, 2007

Florida Will Execution Requirements

by David M. Goldman

Jacksonville, Duval, Ponte Vedra, Jacksonville beach, orange park The Florida Statute, Section 732.502 define the requirements for a valid execution of a Florida Will. You should have your will reviewed if you move to another state, marry, divorce, have children, or any major change affects your finances, or family.

In addition to being in writing, the will must include the testator’s signature at the end of the will. If the person creating the will is unable to sign, they can ask someone else to sign for them at their direction, while in the testator’s presence.

Two witnesses must acknowledge the will was signed in their presence of the testator and in the presence of each other.

April 15, 2007

Florida Pet Trust Changes

by David M. Goldman

In Florida estate planning a person can leave money in trust for the care of an animal. As of July 1, 2007 Florida Statute 736.0408 replaced the previous statute 737.116 which was effective from April 23, 2002 until June 30 2007.

The new Florida Statute states:

(1) A trust may be created to provide for the care of an animal alive during the settlor’s lifetime. The trust terminates on the death of the animal or, if the trust was created to provide for the care of more than one animal alive during the settlor’s lifetime, on the death of the last surviving animal.

February 18, 2007

Successor Trustee: Florida

by David M. Goldman

In Florida a Successor Trustee is the person or institution named in the Revocable Trust agreement or other trust agreement who will assume control of the trust if the original trustee dies, resigns, or becomes unable or unwilling to act. There can be several layers of back-up trustees that take over in the order you designate. This person is like a backup agent for a power of attorney or Living Will

February 13, 2007

Florida Probate Attorney-in-Fact Definition

by David M. Goldman

Attorney-in-Fact:

The person selected to have the authority to act on the behalf of a principal. An attorney-in-fact can be any adult that the principal selects. (He or she need not be a Florida lawyer.) Typically, people appoint an attorney-in-fact in a power-of attorney, granting the attorney-in-fact the power to transact business (enter into agreements, contracts, make transfers of property, etc.) in accordance with the power-of-attorney. The authority of the attorney-in-fact cannot last beyond the life of the principal. In most cases a power of attorney expires if the principal becomes disabled or incapicated. Florida allows for a Durable Power of Attorney that can become effective upon a disability, an occurrence of an event, or at the time that the document is signed. Florida law provides that a durable power of attorney is not impacted by a persons subsequently disability. The agent can also use this power to help the principal qualify for Florida Medicaid.

February 12, 2007

Florida Spendthrift Trust

by David M. Goldman

Florida Spendthrift Trust: A trust established to provide a fund for an individual that includes a provision intended to secure it against that person’s lack of caution and protect it against the claims of creditors. A person can typically prevent against their own creditors but they can achieve some asset protection for others they choose to provide for such as children who have a trust but a trustee with discretionary powers whether or not to distribute property.