Florida Estate Planning Lawyer Blog

July 20, 2011

Importance of Estate Planning for Florida LGBT Community

The lazy days of Jacksonville Beaches summer is a time to relax, enjoy the beach, and have a great time. Summer time is also the time to reflect. . . about your life, your partner, your children, and your future.

Don’t put off until tomorrow, the preparation of important documents dealing with important Florida Estate Planning Documents or those dealing with Gay and Lesbian Legal Issues that will protect both yourself, your partner, and your family.

Your Florida Will, a Florida Revocable Trust, a Florida Durable Power of Attorney, your Florida Living Will, a Designation of Health Care Surrogate. . . take the time this summer to think about your future and how important it is to have these documents prepared, because before you blink, Jacksonville summers turn into Florida Fall.

July 18, 2011

Taking Advantage of the Florida Housing Market with a LLC

by David M. Goldman

By now, it is impossible to not know of the terrible housing market within the state of Florida with all the news of foreclosure and the like. There are many people that are in a are underwater in terms of home values. However, there are also some people taking advantage of the current housing market. These people are entrepreneurs looking to buy properties on short sale or at foreclosure auctions.

These entrepreneurs are working out of their own homes and likely seeing some profits through renting the newly acquired properties. Only some of these entrepreneurs are fully taking advantage of the asset protection options available to them. One of the main advantages is forming a multiple member limited liability company or LLC in Florida. It is reasonable that one entrepreneur would own about three properties. The entrepreneur could have each property owned by a separate LLC so as to minimize his risk of liability if an accident were to happen to a tenant in one of the properties. In that case, that tenant would likely be able to access the assets of that one LLC instead of all of them.

In order to provide yourself with this advantage and to realize other benefits that may apply to your situation, you should contact a Jacksonville Business Formation lawyer to assist you in setting up a Florida LLC. Take advantage of the Florida housing market today by setting up a LLC by calling 904-685-1200 to talk to an Florida Asset Protection Lawyer . Also, you can find more information on LLC’s and other asset protection vehicles online by clicking on the areas under the “Business Formation Practice Area” section of the webpage hyperlinked to in this sentence.

July 17, 2011

Gay and Lesbian Individuals Need Florida Wills and Estate Planning

by Patricia Davis

REASONS TO HAVE YOUR FLORIDA WILL PREPARED:

IT’S YOUR WAY: You decide who inherits from you. If you die without a Florida Will the Florida’s intestacy statute directs how your property and assets are divided and distributed.

Florida intestacy laws DO NOT provide for non-family members. Unless you draft a Florida Will, your partner will not inherit from you.

July 15, 2011

Foreigners Using U.S. Gift Tax Exemption to Their Benefit

by David M. Goldman

In a recent online edition of Private Wealth, Beth Tractenberg and Kathryn Von Matthiessen discuss the nexus between people from a foreign nation living in the U.S. and the current Gift Tax exemption. The authors first break down the difference between foreigners Domiciled in the U.S. versus those that are not domiciled here (Non-Doms). U.S. courts have a factoring system when it comes to determining whether a person is domiciled in the U.S. If it is determined that a foreigner is domiciled in the U.S., U.S. gift taxes generally apply to that person. Previously, there was a $1 million cap on the amount a person could gift during his or her lifetime. This new reform ups that amount to a $5 million exemption for each person, therefore giving a couple a $10 million exemption. Also, it is VERY IMPORTANT to note that this exemption will only be in effect until the end of 2012. There is also a real possibility that Congress could end this extra exemption early so it is important not to wait to long if a significant give is something you are considering as part of your Florida Estate Planning

There are three types of people this blog is meant to inform: U.S. citizens, Domiciled foreigners, and Non-Domiciled foreigners. U.S. citizens can take advantage of the laws of their nation. However, it is the non-resident Domiciled and Non-Domiciled person who may not know their wealth can be protected from U.S. taxes in that the new exemption applies to them. If you do not know whether you are a Domiciled or Non-Domiciled foreigner, you should contact a Jacksonville Estate Planning attorney so they he or she can guide you to make a sound decision on keeping the money you have worked hard to earn before the exemption end at the end of 2012.

July 11, 2011

Child Custody and Summer Vacation

by Patricia Davis

As Floridians we know that Jacksonville summers seem to blend into the Florida Fall. Before you know it, school registration will be upon us, sports physical exams, and signing up for health insurance. As the non-legal parent of a minor child, don’t wait until the school year begins to obtain Florida legal custody over your grandchild, niece, nephew or other minor relative.

Florida Statutes, Chapter 751 recognizes that many minor children live with and are cared for by members of their extended family and not by their natural or legal parents. An “extended family member” is any relative within the 3rd degree by blood or marriage to the parent, or the stepparent of a child if currently married to the parent and not in a pending civil or criminal proceeding involving one or both of the child’s parent as an adverse party.

If you are a Jacksonville individual eligible to bring a proceeding in the circuit court to obtain legal temporary custody of a minor child under your care, contact a Jacksonville Custody Attorney to discuss the importance of obtaining court ordered legal custody. For more information on Child Custody in Florida please review our Jacksonville Divorce Attorney Blog

July 9, 2011

Florida’s Gay Senior Citizens and Elders

by Patricia Davis

Elderly Gay.jpg Though statistics are scarce, there are somewhere between 1.6 to 3.2 million gay men and women who are 65 or older. Many of them live in Florida, which also happens to be home of the first federally-funded elder care center with an LGBT program.

Planning for end of life care and asset protection takes time and should not be left to the last minute. Unfortunately, for gay and lesbian couples in Florida, current laws are often discriminatory or simply do not consider the issues that arise with these couples who wish to leave their belongings to a same-sex partner. Florida Laws often favor direct family members, who may challenge wills that were meant to distribute assets to a same-sex partner. These challenges can be costly, time consuming, and are definitely something one should seek to avoid.

It is important to remember that a Florida Will is not the only means of divesting assets after death. An Florida Estate Planning Lawyer can explain these alternatives to you. For example, you may consider an inter vivos trust or a Florida Revocable Trust . This allows an individual to transfer title to property in a trust, which is held by someone you name as trustee. A trustee may then hold the property for the individual’s lifetime. When the individual dies, or at some other stated time, the property remaining in the trust can be transferred to the intended beneficiaries.

July 8, 2011

What is a Florida Guardian?

by Patricia Davis

A Florida guardian is a surrogate decision-maker appointed by the court to make personal

and/or financial decisions for a minor-child or for an adult with mental and/or physical disabilities. After the court has found that a person requires a Florida Guardian, they are referred to as a “ward.”

Florida Statutes provide for the appointment of a guardian for a minor in Florida in certain circumstances, such as when the child’s parents die, they are unable to care for a child, or if a child receives an inheritance exceeding an amount parents are allowed by statute to receive on behalf of their child.

July 7, 2011

Pre-Need Guardianships in Florida

by Patricia Davis

As a Jacksonville Guardian Attorney, I am often asked about the details in establishing a Guardianships in Jacksonville Florida. If a Pre-Need guardian has been selected by the Ward, the court will look to their eligibility first before looking at others. A Florida Pre-Need Guardian is a person who has been named by a competent adult to serve as guardian in the event of his or her future incapacity.

A Florida Pre-need Guardian is a person you name in a written declaration to serve as a guardian in the event of your future incapacity. Parents may also nominate a pre-need guardian for their minor children to act in the event of their incapacity or demise.

A Pre-Need guardian assumes the duties of guardian immediately upon the adjudication of incapacity and must petition the court for confirmation of the appointment. For minors, the Pre-Need guardian assumes such duties upon the adjudication of incapacity or the death of the last surviving parent.

July 6, 2011

Locating a Missing Heir in a Florida Probate Matter

by David M. Goldman

Because many people move to Florida when they retire, it can make it harder to find family members who have not remained close with their relatives. Section 733.816 of the Florida Statutes is discusses what is to be done when an heir cannot be found. The Florida Statute provides that an attorney has to expend a reasonable effort in order to find the “missing heir,” and also that notice must be given to the “missing heir.”

The funds are then held by the court for 10 years. A “missing heir” must have a court hearing if he or she is claiming a right to those funds. It is probably best that a “missing heir” be represented by a Jacksonville Florida Probate Litigation attorney who knows the proper documents to file with the court.

If you think you may be a “missing heir” or if you are currently involved with an estate or probate matter in Florida that cannot find an heir, you should contract a Jacksonville Probate attorney that can evaluate your circumstances and determine. You can contact a Florida Probate lawyer online or by calling 904-685-1200.

July 5, 2011

Florida Trust Case When Asset Generates No Income

by David M. Goldman

A recent Florida appellate court decision, 2010 WL 4226204, came to the conclusion that if a trust only has a piece of real property as its sole asset and the trust documents provide an intent that the trust give 5% of its annual principal disbursements to the beneficiary, no monies needs to be paid to the beneficiary. However, as a substitute, the court ordered this trust to pay 5% of the interest in the principal asset to the beneficiary. The court ruled that this would be an “equivalent transfer of interest.”

What this may mean to you: If you find yourself as the beneficiary of a trust where the sole asset is a house or some other type of real property and you are expecting a disbursement from the trust, you may be entitled to a substitute payment in an interest in the house. On the other hand, if you are a trustee of a trust with no money to make disbursements, you may still have some options depending on the language of the trust. In either case, you should contact a Jacksonville Florida Trust lawyer who can look over the facts of your particular situation, and let you know the possible legal avenues you can pursue. Or, if you are further down the road leading to litigation, you can contact a Florida Trust Litigation attorney who can represent you in court.