Living Trust / Revocable Trust

December 11, 2007

How can a living trust save on estate taxes?

Jacksonville Elder Law Lawyer, Medicaid Planning Attorney The 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.

November 28, 2007

Maximizing Charitable Gifting in Your Estate Plan

by David M. Goldman

Many Florida residents include language in their Florida estate planning documents which leave either a fixed sum or a percentage of their estate to one or more charities.

The most common gift is an outright bequest of property to a named charity from a Florida Will or Florida Revocable Trust. The gifts can be any type of property and often consultation with a tax adviser as to which property to leave can produce additional tax savings. Analysis of the size of the estate, and the cost basis of various assets can make significant differences.

In addition, careful attention needs to be made to the selection of the asset and how it is described in the documents. Contingencies can be made for a change in assets if the person wants to make a gift even if that asset does not exist.

November 15, 2007

Multi State Estate Planning Techniques

by David M. Goldman

Many people who have reached the age of retirement split their time between Florida and another state. Since we are at the prime time of year for this to be happening I thought it appropriate as a Florida Estate Planning Lawyer to write about some of the issues of Estate Planning lawyers from these states to make sure that any recent changes in the states laws are included in the will or revocable trusts that are in place or being prepared

Do you have to work with a Florida Estate Planning Lawyer to make sure your estate plan works in Florida and or a different state than where it was created? In most cases I find that the answer is no. Although competent drafting can establish the site of the trust as the state where it was created it can also establish another state when there are advantages. Most Florida Estate Planning Lawyer focus on one state and are not able to accurately determine what is the best state to use. This means that even if there are judicial proceedings in Florida, the court can interpret the revocable trust according to the chosen state in the trust.

An effective estate plan for dual residency is a challenge and an opportunity. Multi-state Estate Planning Documents reviewed to see if they can be enhanced please contact a Florida Estate Planning Lawyer.

November 14, 2007

Why Do I Need Estate Planning?

by David M. Goldman

Mitchell Port a California lawyer posted a link to an article on the California Tax Attorney Blog about an article on the State Bar Website which provides information on estate planning. Although this is a California bar website, many of the same issues and considerations are important to Florida residents interested in Florida Estate Planning. Much of the information is also found on The Florida Estate Planning Lawyer Blog which primarily deals with Florida issues.

1. What Is Estate Planning?

2. What Is Involved in Estate Planning?

3. Who Needs Estate Planning ?

November 13, 2007

Discussing Your Estate Planning With Your Children.

by David M. Goldman

Leanna Hamill with the Massachusetts Estate Planning and Elder Law Blog wrote an article on Estate Planning titled Should You Discuss Your Plans with Your Children?

In the article she discusses the fact that clients often wonder if they should share their estate plans with their children. In giving her expected advice of IT DEPENDS, Leanna explains some of the reasons why one should and should not disclose their plans. These deal with the way the property is split between the beneficiaries, who will be the PR, Executor, or Trustee, unfit children, issues of disinheritance, and special provisions for one child.

For more insight on these issues read her article or speak with your Florida Estate Planning Lawyer about your particular situation. While you may have not considered the ramifications and ways to approach your specific issues, an Experienced Florida Estate Planning Attorney has.

November 6, 2007

FLORIDA ESTATE PLANNING AND THE RECENTLY DIVORCED CLIENT

by David M. Goldman

Wills

•A new Florida will is almost always advisable for the divorced client, especially if there are minor children.

•Florida Statute section 732.507 generally provides that after the dissolution the provisions for the former spouse in the will are treated as if the former spouse died at the time of the dissolution of the marriage.

• A subsequent marriage, birth, adoption, or divorce will not revoke a Florida Will.

November 5, 2007

IRA’s and your Florida Living Trust

by David M. Goldman

Jacksonville IRA distributions lawyer One common mistake that people make when they have a spouse or children is to transfer their retirement accounts into their Florida Living Trust.

Generally, retirement accounts are not subject to probate because you can name beneficiaries. If you name individual beneficiaries, each beneficiary is given the most flexibility in the way they take and report the proceeds from the IRA.

If you name a Florida Living Trust, the beneficiaries might have to take all of the distributions in the year after death. This can happen when one of the beneficiaries is a charity or not an individual.

November 4, 2007

Florida Domestic Partners Estate Planning: More important than you would think

by David M. Goldman

In Florida Domestic Partners need the help of a Florida Estate Planning Lawyer to handle their complex situations. Domestic partners are considered any two people no mater what sex who live together and what each other to benefit in the event of the subsequent death of the other.

Without a valid Florida Will or Valid Florida Estate Planning Documents the domestic partner will not receive any portion of the others estate upon their death. The Florida intestate statutes do not provide any benefits for a domestic partner.

If one creates an invalid Floria Will using software or a form, the Florida statutes provides benefits to the spouse and children of the deceased. Although the decedent’s desires may not be complied with completely. Their family, who is usually the intended beneficiary, will receive the proceeds from the estate. This is not true with domestic partnerships. The domestic partners will receive nothing from the decedents estate.

November 3, 2007

Who Should Help Me with My Estate Planning Documents?

by David M. Goldman

Jacksonville Estate Planning Jacksonville meeting Can I do it myself?

It is possible for a person to do his or her own Florida estate planning with forms or books bought at a stationery or bookstore or from the State Bar. At the least, a review of such forms can be helpful in preparing you for doing estate planning. If you do review such materials and have any unanswered questions, however, you should seek professional help form a Florida Estate Planning Lawyer.

Will documents I prepare myself be valid?

November 2, 2007

Review Your Estate Plan. (And Your Parents)

by David M. Goldman

Jacksonville Estate Planning Documents, Jacksonville Family Estate Planning If you or a member of your family was to have a crisis are you prepared? That is the question you should ask your Florida Estate Planning Lawyer or Attorney on a regular basis. Often we only look at significant events in our lives and do not consider the effects that a significant effect in our parents or children’s lives will have upon us.

When you review your Florida Estate Plan you should also review or remind your parents and adult children to review their plans also. There are changes in the laws which may prompt updates to your estate planning techniques. In addition, significant changes in your life including births, deaths, marriages, divorces, and changes in assets should trigger an estate plan review.

Generally when an Florida Estate Planning Attorney creates Florida Estate Planning Documents their duty is over once the documents are prepared. The obligation is up to you to seek a regular review of these documents.