Florida Estate Planning Lawyer Blog

November 12, 2007

Florida Gun Trusts: (NFA) National Firearms Trust – Update

If you live in a Jacksonville Florida, like many other cities around the country where the (CLEO) Chief law Enforcement Officer of your city will sign a Form 4 for NFA purchases of Class 3 items, 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 revocable trust to hold title to the firearm or class 3 items you desire to purchase. Florida now requires a nexus to the state of Florida to create a Florida Revocable Trust or Florida Gun Trust

November 12, 2007

Do it yourself Estate Planning: Bad News Part 3

by David M. Goldman

A Florida Probate Lawyer Long Duong is reporting a mistake a client of his made with a modification to a Florida Will. The document was not properly executed and it was held to be invalid. This mistake cost the intended beneficiaries over $75,000.

Some other examples of Do it your self wills and bad news are covered in my articles listed below

Do it Yourself Wills? More bad news and Do it Yourself Wills? a Good Idea or Not?

Recently I saw a Florida Probate case, where a mistake was made in a will that changed a homestead to non-homestead property. Luckily there were no creditors, but in the even that there were creditors, the home could have been lost because of this mistake.

November 11, 2007

Estate Planning for Grandpop’s Gun in the Chest

by David M. Goldman

jacksonvilleFloridaMachineGun NFA Gun Trust Lawyer Attorney.jpg Joshua Prince, a law student has written another article on NFA Firearm issues and estate planning. The article appears on Neil Hendershot’s PA Elder, Estate & Fiduciary Law Blog and is the third in a series on Gun Trusts.
To answer these and other question about Firearms and Estate Planning Please read his article Estate Planning for Grandpop’s Gun in the Chest. His article deals with the requirements, benefits, and detriments of registering a weapon as an individual person, corporation , or trust. Many of the issues hold trust for Florida Gun Trusts but you should check with a Florida Gun Lawyer to verify what makes sense in your particular situation. His article begins:

As an estate attorney, how do you handle the planning of an estate, which includes National Firearms Act [NFA] firearms? What if your client asks you, prior to his/her purchase of a NFA weapon, what is the best form of ownership, with long term estate planning in mind?

This issue may plague estate attorneys, leaving them to scratch their head in bewilderment as to the correct course of action. More importantly, a probate attorney may be flirting with malpractice, since the registration of NFA weapons is mandatory and ignorance is not a defense.

to read the full article titled Estate Planning 101 under the National Firearms Act follow this link

November 7, 2007

Family Estate Planning and Conflict of Interest

by David M. Goldman

Whenever a Florida estate planning lawyer represents two or more individuals, there is always at least the potential of a conflict of interest, even when the clients agree about everything.

The same is true when a married couple needs a Florida attorney’s help with an estate plan. Depending on the circumstances, the Florida estate plan may well result in one spouse being deprived of a legal right. Whenever a person in a joint representation may be deprived of a legal right, the attorney must advise that person that he or she is entitled to seek the opinion of an independent attorney and, in fact, we are required to recommend a second attorney be consulted.

However, when both spouses are adamant that they wish to be represented by the same lawyer, the lawyer should incorporate both spouses’ desires in what is called a “joint” or “dual” representation letter that is signed by both spouses. This type of letter is important because both spouses have acknowledged that each was advised of the potential or actual conflict and waived the right to seek independent counsel.

November 6, 2007

FLORIDA ESTATE PLANNING AND THE RECENTLY DIVORCED CLIENT

by David M. Goldman

Wills

•A new Florida will is almost always advisable for the divorced client, especially if there are minor children.

•Florida Statute section 732.507 generally provides that after the dissolution the provisions for the former spouse in the will are treated as if the former spouse died at the time of the dissolution of the marriage.

• A subsequent marriage, birth, adoption, or divorce will not revoke a Florida Will.

November 5, 2007

IRA’s and your Florida Living Trust

by David M. Goldman

Jacksonville IRA distributions lawyer One common mistake that people make when they have a spouse or children is to transfer their retirement accounts into their Florida Living Trust.

Generally, retirement accounts are not subject to probate because you can name beneficiaries. If you name individual beneficiaries, each beneficiary is given the most flexibility in the way they take and report the proceeds from the IRA.

If you name a Florida Living Trust, the beneficiaries might have to take all of the distributions in the year after death. This can happen when one of the beneficiaries is a charity or not an individual.

November 4, 2007

Florida Domestic Partners Estate Planning: More important than you would think

by David M. Goldman

In Florida Domestic Partners need the help of a Florida Estate Planning Lawyer to handle their complex situations. Domestic partners are considered any two people no mater what sex who live together and what each other to benefit in the event of the subsequent death of the other.

Without a valid Florida Will or Valid Florida Estate Planning Documents the domestic partner will not receive any portion of the others estate upon their death. The Florida intestate statutes do not provide any benefits for a domestic partner.

If one creates an invalid Floria Will using software or a form, the Florida statutes provides benefits to the spouse and children of the deceased. Although the decedent’s desires may not be complied with completely. Their family, who is usually the intended beneficiary, will receive the proceeds from the estate. This is not true with domestic partnerships. The domestic partners will receive nothing from the decedents estate.

November 3, 2007

IRS to Hold Workshops for 501(c)(3) Exempt Organizations

by David M. Goldman

The Internal Revenue Service announced that it is offering one-day workshops for small and mid-sized section 501(c)(3) exempt organizations during fall and winter 2007 and spring 2008.

The closest one to Jacksonville looks like the Columbia South Carolina workshop on December 4th, 5th, or 6th.

There is also one in Austin Texas on May 6th, 7th, or 8th. Check expressjet for non-stop fares to Austin for less than $100.

November 3, 2007

Who Should Help Me with My Estate Planning Documents?

by David M. Goldman

Jacksonville Estate Planning Jacksonville meeting Can I do it myself?

It is possible for a person to do his or her own Florida estate planning with forms or books bought at a stationery or bookstore or from the State Bar. At the least, a review of such forms can be helpful in preparing you for doing estate planning. If you do review such materials and have any unanswered questions, however, you should seek professional help form a Florida Estate Planning Lawyer.

Will documents I prepare myself be valid?

November 2, 2007

Review Your Estate Plan. (And Your Parents)

by David M. Goldman

Jacksonville Estate Planning Documents, Jacksonville Family Estate Planning If you or a member of your family was to have a crisis are you prepared? That is the question you should ask your Florida Estate Planning Lawyer or Attorney on a regular basis. Often we only look at significant events in our lives and do not consider the effects that a significant effect in our parents or children’s lives will have upon us.

When you review your Florida Estate Plan you should also review or remind your parents and adult children to review their plans also. There are changes in the laws which may prompt updates to your estate planning techniques. In addition, significant changes in your life including births, deaths, marriages, divorces, and changes in assets should trigger an estate plan review.

Generally when an Florida Estate Planning Attorney creates Florida Estate Planning Documents their duty is over once the documents are prepared. The obligation is up to you to seek a regular review of these documents.