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Monthly Archives

September 2015

Estate Planning and Second Marriages

By Asset Protection Planning, Elder Law, Estate Planning

When getting remarried later in life, you must consider how that marriage will affect your previous plan to leave assets to beneficiaries such as children from previous marriages.  Most think that having a will specifying who their assets will go to is enough but, after getting remarried, a will may not be enough.  Even if a decedent has a will leaving assets to their children at the time of their death, their new spouse can be eligible to receive assets through a probate process that occurs involving an “elective share” under Florida law.

To ensure your assets are passed on as you desire, it is usually recommended that you and your new spouse-to-be sign a prenuptial agreement designating what will happen to each of your assets in the event of a divorce or the death of one spouse.  If you are already married, you can also sign a postnuptial agreement to make your wishes clear as to who the beneficiaries of your assets should be.  The use of trusts that provide for your children from the prior marriage, as well as your spouse, are also common estate planning tools.

When planning a second marriage, it is crucial to talk to an estate planning attorney and put necessary documents in place to designate beneficiaries of your assets.  To contact one of our experienced estate planning attorneys, call our office at (941) 906-1231.

September 29, 2015
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Who should I name as the beneficiary of my life insurance?

By Asset Protection Planning, Estate Planning, Government Benefits

            Besides naming a specific individual as the beneficiary of your life insurance trust, you can name a trust as beneficiary.  This can be helpful in ensuring the money in this policy goes to whoever you designate instead of future creditors and can also bring tax benefits.  The three most common types of trusts to leave a life insurance policy to are a living trust, an irrevocable life insurance trust, and a special needs trust.  It is also common to include a spendthrift clause in these trusts which can help beneficiaries to manage the money from the life insurance policy by giving one individual the authority to distribute the funds according to the terms of the trust and their own best judgement.

To get recommendations on which type of trust you should leave your life insurance policy to, contact our office today at (941) 906-1231.

September 25, 2015
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How do I choose the best assisted living facility?

By Long-Term Care

Choosing the right assisted living facility for you or a loved one is a very individual process which depends largely on personal needs and desires.  Comparing choices and options can be daunting and to find a good fit it is important that the future resident is involved in the search as much as possible.  We developed the following comparison checklist to help you keep in mind what each facility under consideration offers to decide what option is best for you or your loved one.

Assisted Living Facility Comparison Checklist

September 22, 2015
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How can I avoid family feuds over inheritance?

By Asset Protection Planning, Estate Planning, Probate

Fighting over an inheritance can both cause significant family tension and a reduction in the inheritance heirs will receive due to legal fees.  To avoid this situation, you must set up a very clear estate plan.  Talk with your family about who you all agree would be the best executor of your estate and who will receive power of attorney if you are incapacitated.

The following are some documents you should put in place before you are dealing with any type of incapacitation:

  • Will
  • Trust
  • HIPAA Release
  • Power of Attorney
  • Health Care Surrogate
  • Living Will
  • Pre-Need Guardian
  • Guardianship plan for minor children and pets

 

If you would like to modify any estate planning documents already in place or begin to form an estate plan, contact Bach & Jacobs, P.A. today at (941) 906-1231.

September 18, 2015
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Who is entitled to a Veteran’s Educational and Training Benefits?

By Government Benefits, Veterans Affairs

The Survivors’ and Dependents’ Educational Assistance (DEA) program provides that certain dependents of Veterans completely disabled or killed in active duty are eligible to receive educational opportunities.  Eligible dependents include sons, daughters, or spouses of a Veteran who experienced total disability in active service in the armed forces, who died with this disability, who is missing in action or captured by a hostile force, or who was forcibly detained by a foreign government.  A complete list of eligibility can be found here:  Click This Link
Qualified dependents are eligible to receive up to 81 months of education including degree and certificate programs, apprenticeships, or on-the-job trainings.

To apply for these benefits, fill out VA Form 22-5490, available at the following link: Click This Link

Those eligible but already enrolled in schooling must give the above application to their school and ask the school to complete VA Form 22-1999, available at the following link: Click This Link

September 15, 2015
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Preventing Identity Theft After Death

By Asset Protection Planning, Elder Law, Estate Planning, Probate

Unfortunately, many people’s identities are stolen after they die.  This obviously creates much trouble and confusion for family members attempting to honor the wishes of their deceased loved one by administering their estate or distributing their assets.  The following are some tips for how you can minimize the threat of your deceased loved one’s identity being stolen:

  • Contact the Social Security Administration promptly so that your deceased loved one will be removed from the payroll. This also comes with a monetary benefit as the SSA gives $225 to people who report a beneficiary of social security as deceased.
  • Close social media accounts.
  • Close credit card accounts and call the major credit reporting bureaus, telling them to add “Deceased. Do Not Issue Credit.” to your loved one’s credit report so that new accounts cannot be opened.
  • Ensure all documents such as bank statements, IDs, and anything containing your loved one’s social security number are kept in a secure location.

Bach & Jacobs, P.A. represents and advises personal representatives (aka executors) and family members who are dealing with what to do after someone dies.  Contact Bach & Jacobs, P.A. at (941) 906-1231 for assistance in administering the probate and/or trust for your loved one.

September 11, 2015
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Crucial Considerations During Estate Planning

By Asset Protection Planning, Elder Law, Estate Planning

As you and a qualified attorney are drafting estate planning documents, be sure to consider the following and express to your attorney exactly how you want your assets to be distributed after your death.

  • Flexibility: Think about how easily you will be able to modify your estate planning documents.  Also consider how much flexibility you are giving your beneficiaries through your will or trusts.  For example, think about whether you are putting age restrictions on beneficiaries of a trust or if you want to put stipulations on how the funds can be used.
  • Special Provisions: If wish to leave someone with special needs an inheritance, consider how that money could affect their public benefits eligibility and discuss with your estate planning attorney whether you could leave assets to their special needs trust.
  • Titling Assets: When doing tax planning, discuss with an attorney how you and your spouse should title your assets such as real estate to ensure you are utilizing available tax exemptions.

To speak with and experienced estate planning attorney or  Board Certified Tax Attorney Fredric Jacobs, Esq., call our office at (941) 906-1231.

September 8, 2015
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What Constitutes Undue Influence?

By Elder Law, Estate Planning, Probate

Undue influence often involves a family member or friend coercing someone to add or remove beneficiaries from their estate planning documents in the last months of life or when their mental ability begins declining.  In determining if undue influence was exercised, the court evaluates whether mental inequality, or a notable difference in mental sharpness of the elder and accused exploiter, existed at the time of contested will revisions.

September 4, 2015
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Why could a will be contested in Florida?

By Elder Law, Estate Planning, Probate

Out of several circumstances under which a will could be contested in Florida, the simplest is the will was not drafted using the proper formalities.  For example, if a will is not witnessed as per state requirements, it can be contested and thrown out.

Other grounds for contesting a will include:

  • If the writer is found to have lacked capacity at the time of its drafting.
  • Due to the testator being manipulated or exploited, especially during old age if “undue influence” occurs.
  • if the author of the will suffers “insane delusions” which cause them to change the beneficiaries of the will, such as if a person believes their husband has left them and decides to remove the husband from their will when in fact the husband visits his spouse every day.
  • If fraudulent activity occurs. For example, if someone lies about other family members or beneficiaries and these lies cause the slandered family member to be taken out of a will.

Wills must be contested very quickly, generally within 90 days of when the Personal Representative files and serves the Notice of Administration.  It is also possible for other testamentary documents besides wills to be contested if the situations listed above apply.

If you have questions about whether a will can be contested or to ensure your estate planning documents will not be contested, contact our office at (941) 906-1231 to speak to an experienced probate attorney.

September 1, 2015
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