As you begin the New Year, are you looking into updating your estate plan? Has it been a while since you pulled out your original Florida estate plan and really examined it? Have there been changes in your life and the lives of your close family? Have there been changes in the laws governing your Florida estate plan? Are you concerned about your plans to protect yourself and your family?
As you review your current Florida estate plan, does it:
All the questions listed above are difficult but they will enable you to think about your current estate plan and what you need to do to update it. We also have 4 tips to share with you to get you started on updating:
1. Think about who you have chosen to be your agent and act for you in your current estate plan in a crisis, is this person still the person you trust and want to select? Is this person readily available?
2. Do you have the same person acting as an agent for you with health care decisions and financial decisions? Are you contemplating having a different person for your health care decisions versus your financial decisions?
3. Are you concerned that you had named your spouse, but are now concerned that your spouse may not be up to the responsibility? What should you do now?
4. Should there be multiple backup people? Also, should you name both of your children to serve as agents together or as personal representatives together?
Now would be a good time to contact your Florida estate planning attorney to assist you in updating your estate plan. He will be current with all laws regarding Florida estate planning and probate, federal and state tax changes and more in regard to a comprehensive Florida estate plan. It is very important to periodically ensure that your Florida estate plan always reflects what you want, memorializes changes to your family structure if there are any, and gives the legal authority to your decision makers to act in a crisis.
We know this article may raise more questions than it answers. Our office is here to help you navigate the legal issues related to seeking and covering the cost of memory care. We encourage you to contact us and schedule a meeting with our attorneys.
Are you planning to make an appointment with a Florida estate planning attorney and create your estate plan? Have you been putting it off because you have so little time? Having an estate plan is critical, however, it is even more critical if you have a loved one with Down syndrome. When you have a loved one with Down syndrome it can result in both mental and physical challenges for your loved one. You and your loved one need planning protections in place for whatever the future holds for your loved one with Down syndrome.
As the parent of a loved one with Down syndrome you have been both an advocate and caregiver for your loved one. As a parent, advocate and caregiver, you are in charge of many daily tasks including, but not limited to, the following:
• Personally caring for your loved one
• Being sure to protect and advocate for your loved one’s rights
• Making sure your loved one has access to education
• Securing government benefits
• Locating and regularly visiting doctors and specialists
• Organizing and managing prescription medications
• Keeping a stable home environment
• Assist your loved one in all interactions, including with family members and the outside world
• Always protecting your loved one from harm
• Staying aware so that your loved one is not taken advantage of
With so much responsibility for your loved one, the idea that there might come a time when you are no longer here to care for your loved one can be frightening. That is why planning ahead and putting protections in place for your loved one with Down syndrome is so important.
In fact, this is where we can begin the discussion on estate planning and being sure that your loved one is protected should there come a time when you are no longer here to care for him or her. With a comprehensive Florida estate plan you can choose who your successor is for your loved one’s person as well as have a plan in place for your loved one’s financial stability. By planning ahead with your Florida estate planning attorney, who is experienced in this area, you can work together to create a care team that can act in your place when you are no longer here.
By working with your Florida estate planning attorney you will create your estate plan for your loved one with Down syndrome. Your plan will probably include special needs planning because estate planning in this area can include:
• A special needs trust
• Making choices regarding future healthcare decision makers
• Planning for the financial security of your loved one
• Transition plans to ensure someone can access government benefits
As the parent of a loved one with Down syndrome your daily care and attention is knowledge that is invaluable to anyone coming after you. You should consider making a detailed list of instructions on just what it is you do. In fact, we know many loved ones of family members with Down syndrome have fought significant battles for years and they know both what to do and what not to do when it comes to caring for their loved one. With that said, it is important for you to provide instructions for future advocates so they are not at risk of not knowing what to do in specific situations.
Your estate planning attorney has the experience to talk to you about what it means to create a special needs trust for your loved one with Down syndrome. You want to share your concerns with your attorney as well as what your goals for the future are. Our office is here to help you navigate the legal issues related to seeking and covering the cost of memory care. We encourage you to contact us and schedule a meeting with our attorneys.
Are you searching for some key ideas on how to avoid probate in Florida? Are you contemplating creating an estate plan? Are you planning to at least create a last will and testament sometime in the future? Is your idea that with a last will and testament you can avoid probate? We encourage you to keep reading.
First, creating a Florida last will and testament is extremely important. That being said, it cannot be used to avoid probate and this is why. A will is a set of instructions for your personal representative, who you choose when you create your will. Your will directs your personal representative, with written instructions, in how to distribute all of your assets. You may have assets that include a house, a vehicle, bank or brokerage accounts or personal items. Now, the important information you need to know is that upon your passing your personal representative will be required to probate your will. Probate takes time and, possibly, money from your estate. Now, knowing all about a will, you should consider other estate planning tools if you want to keep your assets out of probate.
A key idea to avoid probate would be to use the estate planning tool called a trust. We recommend you meet with your Florida estate planning attorney to discuss the addition of a trust to your estate plan. He may advise that a revocable trust would be a good way to avoid putting your estate through probate. In addition to creating your trust, your Florida estate planning attorney will help you put all your current assets into your trust. Now once you have worked with your Florida estate planning attorney and created and funded your trust you may think you are done. However, that is not the case. As time goes by, there may be many changes in your assets, you may sell some assets and acquire other assets. The key idea here is that in order to avoid probate all changes in your assets must be reflected in your trust. Do not forget to put your new assets into your trust! The key idea is to be aware that only the assets in your trust will avoid probate. Any other assets you may have acquired, but forgot or erred to put into the trust, will have to go through probate.
A key idea, and one that is often overlooked, is to have a plan in place to meet annually or biannually with your Florida estate planning attorney. You and your attorney can look at all your estate planning tools to make sure they are up-to-date and that you can still accomplish your goal of having your estate avoid probate.
Our office is here to help you navigate the legal issues related to seeking and covering the cost of memory care. We encourage you to contact us and schedule a meeting with our attorneys.
Have you wondered whether to add a trust to your estate plan? Are you hesitant because you have heard that sometimes a trust will fail? On the other hand, did you know that trusts are often considered one of the most useful estate planning instruments? For example: They can keep an estate out of probate. They can be utilized for tax planning purposes. They can be used as a vehicle for long-term care planning by structuring a person’s assets in a way that makes him or her eligible for Medicaid to cover the expense of a nursing home. However, we are aware that trusts may also fail. That is why we would like to share with you three of the top reasons why a trust may fail.
1. Failure to fund. Is a trust complete once it is drafted and signed? Absolutely not! The trust must now be funded. All of the assets described in the trust should be moved into the trust in order for the trust to be funded. Unfortunately, the trust’s beneficiaries may find that they will not receive anything from the trust because it was never funded.
Be aware that this means that the trust must hold title to all of the assets. This involves changing the deed on the home, the title to cars, boats, RV’s, the ownership of bank accounts and stock certificates intended to be transferred into the trust. So do not forget, even though funding a trust is a critical step in properly establishing a trust, it is also one that may be overlooked.
2. Failure to update. It is very important to know that a trust is not a document that is created and then placed in a drawer or safety deposit box. Whenever there is a significant life change, such as the birth or death of a loved one, a divorce or a remarriage, or even the death of your trustor, a trust should be updated or, at least, reviewed. All life events can impact who inherits from your estate.
3. Failure to reflect current law. Because the laws on trust and estates may change, you should have your trust reviewed. Your trust may have been drafted under one set of laws, but there may be new or updated laws at the time of your passing, which have the potential to invalidate portions of your trust. The best solution to this problem would be to work with a Florida estate planning attorney. He can provide periodic bulletins regarding significant changes in the law, which can alert you to the need to have your trust revised. Make it a point to have your trust periodically reviewed by your Floria estate planning attorney to assure that it is supported by current law.
Our office is here to help you navigate the legal issues related to seeking and covering the cost of memory care. We encourage you to contact us and schedule a meeting with our attorneys.
Have you created an estate plan? Are you planning to? Did you know that, according to a 2022 wills survey, less than one-third of Americans have an estate plan in place? Interestingly, though, almost two-thirds of Americans admit that having an estate plan is important. The primary reason why people do not have an estate plan in place, even though they believe it is important, is because they believe that they do not have enough assets, according to this same survey. We would like to discuss four important reasons for you to begin working with an experienced Florida estate planning attorney to create an estate plan to protect your assets and your wishes.
1. Minimize estate taxes. By creating your estate plan you may be able to minimize the amount of taxes your estate may have to pay. It depends on the size of your estate and the location of your property, as to whether the tax burden may be very substantial if the proper estate plan is not put into place.
2. Take care of your children. There are multiple reasons why estate planning can be important if you have children. One very important reason is that you have the opportunity to name in your will who you would want to raise your children in the event of your death. If you do not have a will with this information, the court will probably have to step in and make that decision. Another important reason is in the handling of your assets for your children. You, of course, want to decide how your assets are distributed to your children in the event of your death. However, if you die without an estate plan, the decision about the distribution of your assets will probably be governed by the laws of the state of Florida.
3. You want everything private. Are you concerned about the public nature of probate? Do you want to keep your estate affairs more private? By working with a Florida estate planning attorney you can take advantage of a variety of estate planning documents that can help you accomplish this task.
4. You need to plan for incapacity. Are you aware that estate planning is not just about what happens to your assets when you die? In fact, no matter what your age or what your assets are, what would happen if you were suddenly incapacitated due to an accident or illness? Who would pay your bills, monitor your business, take care of your children or make medical decisions? All of these questions can be answered in a good and thorough Florida estate plan.
Our office is here to help you navigate the legal issues related to creating a good Florida estate plan. We encourage you to contact us and schedule a meeting with our attorneys.
