Florida Estate Planning Lawyer Blog

January 16, 2008

Medical Powers of Attorney for Minor Children

Florida residents who have minor children should consider executing a power of attorney which allows another to take care of their minor children medically if they are unable to do so or unavailable at the time.

A medical power of attorney for a minor child is just another piece in the estate planning jigsaw puzzle. Like many estate planning documents, it isn’t for everyone. However, if you are like my family and your children spend a lot of time in the care of another loved one, a MPOAMC is an important piece.

Contact a Florida Estate Planning Lawyer to create a medical power of attorney for your minor children.

January 15, 2008

Class Action Suit Against Living Trust Sellers

by David M. Goldman

A number of Texarkana residents have filed suit against sellers of living trust documents in a class action accusing the salesmen of exploiting senior citizens. This is similar to what I reported happening in California in December.

A Plaintiff says he purchased a living trust after attending a lunch presentation at a restaurant. He states the document was misrepresented and that if he dies with only these estate-planning documents, his estate will still need to be probated because the living trust failed to factor in his real property in Arkansas.

The living trust sellers are facing allegations of “masquerading as qualified financial advisers, estate planners, lawyers, and paralegals” to “exploit and prey” upon senior citizens with the creation and selling of “unnecessary and often useless” living trusts.

January 14, 2008

Florida Prepaid Funeral Plans and Estate Planning and Elder Law

by David M. Goldman

Part of Florida Elder Law planning and Florida Estate Planning includes planning for funerals. medicare exempts prepaid funeral plans in Florida and many other states. Sam Hasler of the Indiana Civil & Business Lawyer Blog has an article about this. He has an article dealing with the these by a cash purchase and funding them by insurance policy.

Setting up a prepaid funeral trust means going to the funeral home and selecting the sort of funeral you want. Before going to the funeral home, you should read the Federal Trade Commission’s Funerals: A Consumer Guide. The FTC’s Funeral Home Rule requires a funeral home to display a price list that includes all goods and services the funeral home will provide to the buyer. The funeral trust funds whatever the buyer selects.

I know no one likes to consider Florida Wills, Florida estate planning or funerals, but not doing can leave your survivors making the choices and may leave them in the same position as the Randolph family.

January 13, 2008

Leaving IRA Money to a Minor

by David M. Goldman

Fox Business has an article on A New and Smart Way to Leave Your IRA to a Minor where they discuss the importance of reviewing beneficiaries on all acounts including insurance, annuities, and retirement plans.

They discuss leaving a percentage of the account rather than a dollar amount as this can cause complications if there are not enough assets in the account.

“If you don’t name someone in your will to act as “financial guardian” for your granddaughter, then your IRA will end up in probate court with a judge making the decision. And it might not be the person you’d want. (Your son-in-law, for instance.)”

January 13, 2008

Who Will Inherit Your IRA?

by David M. Goldman

Vanguard recently sent their clients a notice that they would no longer allow their clients to name different beneficiaries for multiple IRA accounts and would be changing the beneficiaries to whomever was named last.

If you have a Florida Estate Plan that uses POD or beneficiary designations, this could significantly change your estate planning.

It is important to check your designations on all accounts.

January 11, 2008

Ten Florida Estate Planning and Probate Tips – 2008

by David M. Goldman

Florida residents should start the New Year off right, here are ten important Florida estate planning and Florida probate and tips for the New Year.

1. If you don’t have a Will, get one.

Florida estate planning and Florida Probate tip #1: Have a Florida Will. If you don’t have a Florida Will, get one. In particular, married couples with children from prior relationships should always have a Florida Will. Otherwise, the state will decide who gets the money at death.

January 11, 2008

Who Get What in a Florida Probate with No WIll?

by David M. Goldman

The Florida Bar has released consumer information on Florida Probate.

One of the most common questions deals with the distributions of a persons estate when is no will in a Florida probate case.

Contrary to the belief of some, the decedent’s assets are not turned over to the State of Florida unless no intestate heirs can be found. If there is no will, the assets of the decedent will be distributed to the intestate heirs as follows:

• Surviving Spouse and No Lineal Descendants. If there is a surviving spouse and no lineal descendants, the surviving spouse takes all.

January 10, 2008

What does a Personal Representative do in Florida?

by David M. Goldman

The Florida Bar has released consumer information on Florida Probate.

One of the most common questions deals with the personal representative and their role in a Florida probate case.

The personal representative is the person, bank or trust company appointed by the court to be in charge of the administration of the estate. The generic term “personal representative” has replaced such terms as “executor, executrix, administrator and administratrix.”

January 5, 2008

NFA Trust used to Purchase NFA Firearms

by David M. Goldman

If you live in a Jacksonville or another city in Florida where the Chief law Enforcement Officer (CLEO) will not or easily sign a Form 4, there are several solutions.

Title II Firearms (sold by Class 3 SOT dealers) include suppressors, , short barrel rifles, machine guns, and other destructive devices.

The most common solution is to create a NFA Gun trust to hold title to the firearms.

January 5, 2008

Donating Your Body for research in Florida

by David M. Goldman

Most Florida medical schools will accept donation of bodies (complete with organs). Florida Medical schools will use them for research and instruction.

Generally after the body is used, it will be cremated by the school. If requested most schools will return the remains if requested. Individuals and schools are not permitted to pay for a body, but they will pay for the transportation costs as well as the final disposition costs. These types of arrangements need to be made in advance but there are some institutions that will accept a donation at the death with the written permission of the next of kin.

Here is a list of Florida Medical Schools. If you live in a state with no medical school or one that has strict requirements you may also contact the national Anatomical service 24 hours a day at 1-800-727-0700.