Florida Estate Planning Lawyer BlogA new problem has begun to surface in Florida Estate Planning. What happens if you use email, or other online services? Will your loved ones be able to act upon your behalf if you are incapacitated or unable to act on your own?
Articles Posted in Estate Planning
Living trusts: Best to transfer assets soon?
A durable power of attorney is to provide a mechanism for reducing a person’s estate by making gifts of his or her assets. A similar objective in a smaller, nontaxable estate may be to make the principal eligible for Medicaid planning or assistance. In either case, it is prudent, and good practice demands, that the attorney at law who drafts the power of attorney includes the power to make gifts.
If the gift-making power is not included, the validity of the gift may be challenged. The IRS has successfully challenged gifts that were made when there was no specific authority in the document.
A power of attorney is not the same as a trust, a will or a living will. But it is a separate legal document that is an important part of a Florida estate plan.
Estate planning & Financial Options: Reverse Mortages and Estate Planning
NOTE: Check with your Florida Estate Planning Attorney or one from your state on the effects of a reverse mortgage on your estate planning goals.
Today, many financial planners and insurance agents are advising seniors to consider reverse mortgage as a way to pay for healthcare and/or home exspense.
Reverse mortgages allow seniors to use the equity in their homes to pay expenses and still live in their home. The money can either be paid in a lump sum payment or montly payments or be available as they need the funds. Some reverse mortgages can even be setup as a combination of the options.
Types of Trusts: Your estate is a matter of trust (and not just for the wealthy)
For an understanding of Estate Planning you might read an article for some background. Mark A. Cline has written an article about the value of trusts for Megayacht news online where he talks about Trusts not only being for wealthy individuals. I am not sure any people who are not wealthy will be reading Megayacht news, but thought that others might find the article interesting.
He does a good job of explaining the various terms of trusts like the grantor, beneficiary, and trustee. In addition, he makes the point that ” these documents (trusts) protect your assets and carry out your wishes in the event that you cannot.” Here is the link to the article
For those who like this article you may also want to read his article on Estate Planning (wills, trusts, or both)
Estate Planning Questionnaire / Checklist
Florida Estate Planning Checklist
This initial estate planning questionnaire is presented in a narrative form. The detailed explanations and the space provided for answers are designed to garner more complete and helpful information than would be afforded by merely filling in blanks.
ESTATE PLANNING REVIEW FOR__________________________
The purpose of this questionnaire
Your lawyer will use the information you provide in this questionnaire:
1. To help you organize personal and financial information so that you can assess your current estate plans and evaluate whether changes are desired or required.
2. To provide your estate planning attorney with the information needed to make a similar analysis.
3. To help you evaluate your lawyer’s estate planning recommendations. The estate plan is your plan, not your lawyer’s, and you must be satisfied that it is workable.
The information you provide must be as accurate as possible. If you are uncertain about exact information,
tell your lawyer that and give your best assessment. If your lawyer believes that exact information is required,
he or she will ask you to be more precise. You may provide as much or as little information as you want. We recognize that this questionnaire is a fairly intrusive document.
Keep in mind, however, that the more complete the information is, the better it will equip you and your lawyer throughout the planning process to come up with the best possible estate planning alternatives. Your information will be kept confidential by your lawyer unless you authorize or request its release to others.
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Florida Estate Planning Attorneys
Some Estate Planning Attorneys, practice in a specific region and others are State Wide Estate Planning Attorneys. Findlaw has a list of estate planning law firms, lawyers, and attorneys in the following cities in Florida. They also have an advanced search for additional cities. Not all of the attorneys specialize in estate planning, but they do claim to practice in those areas.
AARP crash course in estate planning
NOTE:
This is a basic overview of estate planning, and not specifically for Florida estate planning purposes, This information may help you to develop a general understanding of estate planning. It is not designed to replace what a Florida estate planning attorney can do for you and you should consult a tax professional about the taxing implications of the ideas discussed.
This link contains useful information on the basic overview of estate planning. The major topics are The disposition of property with or without a will The probate process Trust basics Simple living trusts comparing simple living trusts and wills Disposition of property outside probate Taxing issues other elements of estate planning The use of life insurance in estate planning specialized trusts and estate planning tools preserving your estate with lng term care insurance
Estate Planning for Widows
A firm in Dallas has created a program to help widows deal with financial planning. They state that the average age of a widow in America is 56 and that offen estate planning was not created to provide for widows as they need. They do a preliminary evaluation and work on restructuring estates to provide the necessary cash flow to last for the remainder of the spouses’ lives. See the above link for more details. They may be able to help or refer you to someone in your area who can provide similar services.
Life Insurance Worksheet: How much Life Insurance is needed
The following is a worksheet that should be competed as accurately as possible. The details on this sheet will help a life insurance professional and your Florida Estate Planning Attorney determine what is the appropriate amount of life insurance that is needed.
Estate Planning: Life Insurance
Life Insurance options with Florida Estate Planning
• Term Insurance – provides a preset amount of cash if you die while the policy is in force.
• Permanent Insurance – more expensive than term insurance, but it can never be cancelled.