Florida Estate Planning Lawyer Blog

April 15, 2007

Florida Pet Trust Changes

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.

April 10, 2007

Florida Probate Tax Checklist

by David M. Goldman

In a Florida Probate case there are many tax issues that need to be considered. Below is a list of the things that should be done immediately.

1) Shortly after the decedent’s death, someone should contact the decedent’s CPA to get general information regarding the status of the decedent’s income and gift tax returns.

a) Obtain copies of income tax returns for the last 3 years.

April 7, 2007

PR can be Liable for Taxes

by David M. Goldman

Before accepting the duties and responsibilities of being a PR in a Florida Probate Case or any probate case, the PR should be aware that they can be personally liable for the taxes, penalties and interest that are from the decedent.

According to 31 U.S. C. 3713b:

A representative of a person or an estate paying any part of a “debt” of the person or estate before paying a claim of the U.S. government is personally liable to the extent of the payment for unpaid claims of the U.S. Government.

April 2, 2007

Florida Guardianship: Incapacity Proceedings

by David M. Goldman

The process of finding someone legally incapacitated begins with the filing of a petition to determine incapacity. In Jacksonville and other areas in Florida the petition can be filed by any adult person. The subject of the petition to determine incapacity is known as the Alleged Incapacitated Person.

As soon as the petition to determine incapacity if filed, the court appoints an examining committee and a Florida Guardianship Attorney to represent the Alleged Incapacitated person (AIP).

The Florida Attorney who is appointed to represent the AIP is not a guardian ad litem. Florida Statutes, Section 744.102(1) defines the duties of an attorney for an AIP. Such an attorney represents the AIP ans shall represent the expressed wishes of the AIP to the extent it is consistent with the rules regulating The Florida Bar. This means that they Florida Guardianship Attorney who is appointed to represent an AIP must represent the AIP like in any adversary proceedings. After all, the purpose of these proceedings is to determine whether or not important rights should be taken away from the AIP. A ward under a plenary guardianship has less rights than a convicted Felon in Florida.

March 4, 2007

St. Johns County, St. Augustine North Florida Courthouse

by David M. Goldman

St. Johns County Estate Planning Lawyer and St. Augustine Estate Planning Lawyer David Goldman works with clients in Northeast Florida including St. Augustine, St. Johns County, Orange Park, Clay County , and Duval County Florida. Orange Park is located in Clay County. St. Augustine has a rich history including the oldest school house. St. Johns County borders Duval County which is where Jacksonville Fl is located. Jacksonville is the largest city in the state of Florida and the largest contiguous city in the United States. Jacksonville is located about 25 miles south of Georgia. Jacksonville is in the First Coast region of north east Florida and the St. johns River runs through the center of the city. The current courthouse is located in three locations which are listed below.

St. Johns, St. Augustine County Court House

4010 Lewis Speedway St. Augustine, FL 32084 Tel: (904) 819-3600 Fax: (904) 819-3661

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 16, 2007

Florida Probate-Appointment

by David M. Goldman

Appointment of the Executor/Administrator

In Florida Probate, if no one objects to the petition for the allowance of the http://www.jacksonvillelawyer.pro/lawyer-attorney-1335235.html or (if there is no will) to the petition for administration of the estate without a will, then the court will usually appoint the executor named in the will (or the administrator named in the petition) to be the legal representative of the deceased’s estate. Once formally appointed by the court, the executor or administrator will take legal title to all of the deceased’s probate assets, so that estate property may be “dealt with” in the process of settling the estate. In other words, all of the deceased’s bank accounts, securities, and other assets (real estate is subject to special rules in many states) that are a part of his probate estate will be titled “Jane Jinx, Executrix, Estate of John Jinx.”

The executor, or the administrator if there was no will, is the person responsible for all aspects of settling the estate, including paying debts and taxes, dealing with claims against the estate, and ultimately distributing the estate property to the beneficiaries. After receiving his appointment, however, one of the first things he must do is prepare and file an estate inventory.

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.

February 8, 2007

Florida Revocable Trust

by David M. Goldman

In Florida a Revocable Trustcan be amended and revoked, by the grantor who established the trust. This trust may become irrevocable and no longer amendable when the grantor of the trust dies or becomes permanently incompetent.

Living Trust also known as Revocable Trust of Revocable Living Trust: A trust that one establishes during one’s lifetime which is not part of one’s will, but is established by a separate written trust agreement. A revocable trust is one of the primary means for avoiding probate. I can also allow for a specific distribution such as the children receiving 1/3 of the inheritance at 25 1/3 at 30 and 1/3 at 35 if the parents are already deceased or providing longer term asset protection on their behalf. It can provide for professional management of the trust assets, help to ensure that the grantor or their trustee can maintain control over their affairs and has many useful benefits.

Assets which are in the Revocable Living Trust prior to the death of the grantor are not subject to probate, inventory, but can be subject to estate tax. The Trust will generally become irrevocable at the time of the death of the grantor and terminate shortly afterwards. The trust can create several new trusts upon or give assets outright to the beneficiaries. Consult with your Florida Revocable Living Trust Attorney to create a trust that works best for you. There are also several special trusts that can be used to carry out your desires and achieve your goals and objectives.