Florida Estate Planning Lawyer Blog

May 4, 2011

Florida Legislature Fixes Charging Order Protection for LLC’s

Florida’s Governor is expected to sign a bill that was passed by the Florida Senate on April 29th, 2011 which will apparently retroactively make a charging order the sole and exclusive remedy by which a judgment creditor of a member or a member’s assignee may satisfy a judgment from a the interest in an LLC and that foreclosure is not an available remedy in a multi member LLC.

Single member LLC do not have asset protection and a creditor of the member can apply top foreclosure on the membership interest of the owner of the LLC when it is shown that distributions will not satisfy the judgment within a reasonable amount of time.

Here is the house bill text on the subject which was passed on May 2nd 2011

April 30, 2011

Estate Planning and Firearms

by David M. Goldman

While a Gun Trust can provide guidance to your family and friends on how to transfer the legal ownership of Title I and Title II firearms, some individuals do not have anyone to leave their firearms to or want them to provide other benefits. The NRA has a program where one can exchange unused firearms collections for an income for life. The process involves selling the firearms and exchanging the revenue for a lifetime annuity for you or your spouse. They accomplish this though an action. The first of these auctions has already taken place and sold over 600 firearms. The next auction is expected to have a similar amount of firearms. I have spoken to several individuals who participated in the process and they felt that many of the firearms were sold for far more than they expected. (Some were in line and some were less than expected, but overall they were happy with the results).

If you are interested in finding out more about this to donate to the NRA or create an income stream for life, contact the NRA at http://www.nrafff.com

April 29, 2011

Legal Documents Create Equality for LGBT Community

by Patricia Davis

St. Augustine has a prominent and growing gay population, and like numerous other gay Floridians, they are doing their part in executing legal papers to protect themselves, their same-sex partners, and children.

The LGBT community in Florida are not afforded any inherent rights when it comes to same-sex couples. Despite the number of years you have been with your St. Augustine gay or lesbian partner, if you die without a Florida Will they get nothing. If your home is not titled properly, it may not pass to the surviving spouse. If one partner has children not the biological children of another partner, that person may not be appointed guardian upon the death of the biological parent.

UNLESS . . .

April 25, 2011

Estate Planning in Florida For Gay and Lesibian Couples

by Patricia Davis

Going to an attorney may be a difficult step for many. Being gay and unsure as to how you may be received by an attorney, may stop more than many.

Jacksonville Beach Residents, Atlantic Beach residents, erase your fear. Law Office of David M. Goldman PLLC has Estate Planning & Family Law Attorneys who focus on areas of law as it relates to the gay and lesbian community. Our beach doors are open.

Schedule a consult at our new beach office, located at 6th Avenue, Jacksonville Beach, with one of our Jacksonville Beach Estate Planning Attorneys who focuses on LGBT legal issues, to discuss the necessary legal documents in planning for your future, as well as the future of your domestic partner, children, and family.

April 20, 2011

Reason To Make An Estate Plan #10

by David M. Goldman

While estate taxes are not a compelling reason for most of us to make an estate plan this year, there are many other reasons that provoke strong emotions and the need to do proper planning. Below is reason number 10. If you know someone who needs an estate plan, please send them a link to this page.

If you havent voted for us for your favorite estate planning blog, please take a moment to read this article and vote for this blog.

April 19, 2011

Equal Benefits for Florida Gay and Lesbian Employees Getting Closer to Home

by Patricia Davis

St. Augustine, Jacksonville, Orange Park gay employees get ready. Orange County, Orlando Florida, will now offer gay employees the same benefits that heterosexual employees receive. Orange County Commissioners unanimously approved new benefits for gay employees to include life, health, dental, and bereavement benefits. These equal benefit changes will take effect in January 2012.

Other cities and counties in Florida that offer equality benefits for same-sex and domestic partners are: Gainesville, Kissimmee, Miami Beach, Tampa, Tallahassee, Broward County, Miami-Dade County, Monroe County and Palm Beach County.

April 17, 2011

Floridians Remember Terri Schiavo and the Living Will

by Patricia Davis

All Jacksonville residents should remember Terri Schiavo, the St. Petersburg, Florida woman who made national news in 2005. Terri Schiavo had been in a coma for years and was diagnosed by doctors as being in a persistent vegetative state. The hotly debated issue between the husband and parents was whether Terri would want to be hooked up to life prolonging procedures.

The case centered on the fact that Terri did not have any Florida Advance Directives in place, in particular, no Living Will. Therefore, the debate centered on what her wishes would be. Seven years and numerous court cases later, (the Florida Legislature, the U.S. Congress and Supreme Court also became involved), a Florida Judge ordered the removal of Terri Schiavo’s feeding tube.

A Florida Living Will is a legal document which allows you to express Your Wishes as to the type of medical treatment and intervention that you do or do not want in the event that you suffer from a:

April 12, 2011

And Florida Justice and Liberty for All?

by Patricia Davis

Do Gay and Lesbian individuals living in Jacksonville know that according to the United States Government Accountability Office (GAO), there are approximately 1,138 rights and benefits that the federal government provides to heterosexual couples that are NOT provided to same-sex couples (even if legally married in their state)?

Again, 1,138 benefits not afforded to Florida’s LGBT community. The number is staggering, and gives one pause to reflect (after the anger dissipates) as to what one can do for themselves and their same-sex partner or unmarried partner to protect them, when the government will not.

The answer is contact a Jacksonville Estate Planning Attorney who can discuss with you the various legal documents and tools that are available to provide you with the protection needed in times of illness, incapacity, and upon your death. Documents to be considered are Wills, Trusts, Durable Power of Attorney, domestic partnership agreements, preneed guardianship, and other documents related to providing and caring for minor children.

April 7, 2011

Do You Trust the Florida Trustee?

by Patricia Davis

As a Jacksonville Beach Estate Planning Attorney I have heard countless stories of trustees who have been entrusted to administer, distribute, and account for trust funds to family members and beneficiaries . . . who DON’T!

Sad but true, the death of a grantor, trustor, or settlor of a trust fund may reign in the terror and unabashed greed of many trustees.

The Florida Trust Code provides that a Trustee of an irrevocable trust is required to keep beneficiaries of the trust fund informed about the trust and its administration. Florida Revocable Trusts become irrevocable upon the death of one or all of the grantors. Florida Statutes also dictate that the trustee make available to all beneficiaries certain accountings which will among other things:

April 7, 2011

Jacksonville Estate Planning and Gift Taxes

by David M. Goldman

With the current Gift tax exemption at 5 million dollars + 13,000 per person per year, many people are not concerned about making gifts or the taxes. It is important to remember that unless a gift tax return is filed with annual gifts to an individual exceed $13,000 there could be penalties and interest for the unreported gifts. Talk to your CPA about filing a gift tax return if you are giving an individual more than the exempt $13,000 per year.

In addition, gifts keep the current basis so to the extent that you give an appreciated asset, the recipient will have to pay the capital gains based on your cost. If they inherit the asset, there the beneficiary receives the asset as the cost basis as of your date of death. This can have significant advantages to highly appreciated assets.

Lets say you have Apple stock you purchased at $14 a share 12 years ago. It has split 3 times since then so your cost is less than $5 a share. With a value today of $350 / share and a value of $500 when you die.