Florida Estate Planning Lawyer Blog

December 26, 2009

Florida Foreclosures Continue to Rise

Florida is not the number 2 state for Foreclosures as it moves ahead of California with 1 of every 165 homes in danger of becoming bank-owned reported the Palm Beach Post.

Many properties that sold in 2003-2006 are now upside down and if people loose their jobs, they risk not being able to pay their mortgage or sell their home. In November there were more than 3300 foreclosures filings. While this number is similar to October’s number it is 26% greater than in 2008.

With 1 of six foreclosures in the US being reported in Florida, there a greater risk of foreclosure in Florida than in most states.

December 13, 2009

2010 Annual Gift Tax Exclusion $13000

by David M. Goldman

The IRS recently announced that the gift tax annual exclusion will remain unchanged in 2010 at $13,000

The yearly amount of the exclusion is based on the Consumer Price Index and has increased from $10,000 in 1997 to $13,000 in 2009 and 2010. As long as your gifts to an individual are less than the exclusion amount, there is no gift tax return that is required to be filed and no gift taxes are due. Each spouse gets an exclusion so a married couple can actually gift $26000 to each individual without creating a tax liability or necessity for reporting.

With proper gift planning a family can transfer a significant amount of money to their children and grandchildren. Take a family who has 3 kids, each married and each with 2 grandchildren.

December 13, 2009

Specific Training and Trusts:- Does Your Trust Provide for the Training You and Your Family Need or Willl Want?

by David M. Goldman

Florida Revocable Trust’s as well as those created in other states often have language that provides for the health, education, maintenance, and support of our spouses and children. Recently I was reading an article written by a CA Estate Planning Lawyer and firearms instructor on providing firearms training as an option within the definition of education. David R. Duringer wrote an article entitled Does the Definition of Education in Your Revocable Trust Allow for Firearms Training? and while it is a short article and only deals with firearms education, it got me thinking about other types of education and training that may be important to your beneficiaries or family tradition that you may want to include in your traditional revocable trust. Obviously this is something that would make sense to provide for in a NFA Gun Trust or a firearms trust designed specifically for firearms. In David’s article he goes on to state

Such training can provide your children with the comfort of skill at arms so they can protect themselves and their own children, and furthermore, passes on American values necessary to preserve political independence of families in our society. Other benefits of such training can include increased personal responsibility and lower juvenile delinquency rates.

You may even want to go further with an incentive trust provision actually requiring this training, possibly with achievement standards.

Whether your passion is firearms, golf, tennis, a musical instrument, or anything else its important to discuss this with your Florida Estate Planning Lawyer to draft documents that reflect your goals and help achieve your families desires.

December 11, 2009

HAMP homeowners stuck in limbo

by David M. Goldman

As a Florida Foreclosure Lawyer we notice trends that would lead you to believe that the banks are using HAMP to collect fees and not to actually help people. A recent article on PUBLICCITIZEN a Consumer Law & Policy Blog has an article by Alan White where they quote some of the HAMP Conversion rates. It would appear from the very low rates, that there is an intentional effort not to approve, or to allow many into the program who they know will not qualify. The these numbers are compounded further by those who wait months to try to receive approval for temporary modifications.

As of August 2009, Bank of America had only accepted 59891 temporary loan modifications, while this may seem like a lot, they only converted 98. That means they collected fees from more than 600 people for every conversion. With All of the fees go to the servicer, It easy to see how Bank of America and other Banks are padding their bottom line at the expense of the American Consumer.

The bad news is that even those who are eventually approved find themselves in a worse position than if there was no loan modification. While the current payment is lower, many will actually end up paying more for their home than if they were able to perform under the original note. Since a prerequisite of the program is your upside down in the home (but not too much- we would not want to help those who really need it) maybe its a good that few of the HAMP modifications are actually approved.

December 4, 2009

Stopping a Florida Foreclosure Lawsuit

by David M. Goldman

Most homeowners do not realize that a Florida foreclosure can be defended. Homeowners have the ability to fight for your right to remain in you home. THE Law Office of David M. Goldman PLLC CAN FIGHT FOR YOU!

You may be upside down in your property today and think that walking away is your best option. STOP AND THINK. This may not be the right choice for you and your family! Over time your equity will return and by defending your foreclosure now, your future equity can be in protected and you may stand a better chance to economically survive. Fighting a Foreclosure makes sense for many Florida families and should be discussed with a Florida Foreclosure Lawyer or a Florida Foreclosure Lawyer who can look at your individual circumstances and let you know what your options are.

You may be behind in your payments and might have received a notice of default. That does not mean you must leave your property! Regardless of what debt collectors are telling you. You are a homeowner, not a renter. Eviction is not the lenders remedy. You have a right to fight for your home.

December 4, 2009

Breaking News: House Votes Yes on Estate Tax Bill

by David M. Goldman

Yesterday, the House of Representatives voted 225-200 in favor of H.R. 4154. The bill will make the 2009 Estate Tax Level Permanent.

Currently (for 2009) the estate tax exemption is $3.5 million and the maximum tax rate on estates is 45%. The Bill referred to as the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009, would permanently extend this estate tax exemption amount and tax rate.

The Bill still needs the Senate and President’s approval.

December 2, 2009

The Family Dog and Florida Probate

by David M. Goldman

Most people would not believe that a family pet needs to be subjected to the Florida Probate process, but Florida Law defines animals as personal property and as such are subject to probate just like other personal property. Fortunately we can create provisions in our Florida Revocable Trust to deal with our animals or at least to own them so that they are not subjected to probate. If you want to provide for more than an easy transfer of the ownership of the animals, you might consider pet trust provisions to allow for the care of the animal in the event they survive you.

Next time you talk with your Florida Estate Planning Lawyer ask them about your pet and how they will be dealt with if you were to die.

December 2, 2009

‘The Will’ airing on INVESTIGATION DISCOVERY

by David M. Goldman

Canadian-based TV production company – CMJ PRODUCTIONS – is currently shooting a new documentary series called, ‘The Will’ airing on INVESTIGATION DISCOVERY.

“The Will” tells the true life stories of complex and surprising disputes that have arisen surrounding a will, estate or trust.

The series is now accepting story submissions to appear on-air. They are looking for dramatic, unusual stories with numerous twists and turns, secrets and real emotion. Most importantly, all cases must have reached a final ruling or settlement in order to be considered. The company wants to interview all parties involved as well as their legal representatives.

November 23, 2009

Farrah Fawcett’s Revocable Living Trust Published

by David M. Goldman

One of the benefits of using a Florida Revocable Trust is that the contents of the trust can remain private. Remember that if you or your heirs provide copies to others you may loose this advantage. This is exactly what happened with Farrah Fawcett’s Revocable Trust. RadarOnline.com obtained a copy of Farrah Fawcett’s Living trust and has posted it.

a) All art work has been left to the University of Texas at Austin.

b) All other personal items have been left to her nephew, Greg Walls.

November 22, 2009

Foreclosure Defense: St. Johns county information

by David M. Goldman

If you own a home, subject to a Foreclosure in St. Johns county, you should contact a Florida Foreclosure Lawyer to discuss your rights.

St. Johns county is made up of the following citites.

Crescent Beach, Fort Matanzas, Fruit Cove, Hastings, Marineland, Palm Valley, Ponte Vedra, Ponte Vedra Beach, St. Augustine (County Seat), St. Augustine Beach, Switzerland, Vilano Beach.