A Personal Representative of a Will is the individual who is appointed to administer your estate and carry-out the wishes set forth by you in your Will. This is one of the most important decisions that you will make when preparing your Will, so it should not be taken lightly. The responsibilities of a Personal Representative include, but are not limited to: filing court papers to start the probate process, taking inventory of your estate, preparing/filing final income tax returns, distributing assets to your beneficiaries and, ultimately, notifying banks and government agencies of your passing as well as using your estate funds to pay bills.
Do you have a loved one who is disabled or has special needs? If so, then a special needs trust (also known as a supplemental needs trust) may be the right option for you and your family. A special needs trust provides your disabled loved one with financial support and is designed to supplement the benefits that a disabled person may receive from government programs. A special needs trust is used so that an individual can still qualify for and receive medical benefits and supplemental security income, without the assets in the trust being calculated as a part of their income when it comes to determining eligibility for benefits from government programs.
If you have further inquiries regarding this matter, please contact our office at: 941-906-1231 to schedule an appointment with one of our attorneys.
Hospice is end-of-life care in which health professionals give individuals’ medical and emotional support. Hospice can be provided in a patient’s home, hospice center, hospital, nursing home, or long-term care facility. An individual who is diagnosed with a terminal illness is eligible for hospice after a physician certifies that they may have a life expectancy of six months or less. Deciding when it’s time for a loved one to go into hospice is a complicated emotional issue and, because of this, families often wait until the final days of their loved one’s life to request this form of care. However, if you have a terminally ill family member that is eligible, requesting hospice earlier can bring them more comfort and make the end of life process less turbulent. Hospice care can allow your loved one to get the assistance that they need and experience as little pain as possible during this difficult process. If you’re having trouble deciding when hospice care should be implemented, remember this: when the goal of medical treatment starts to become keeping an individual comfortable rather than trying to cure their illness, it is definitely time to consider hospice.
A living trust is a legal entity that you create with rules and conditions that apply to any assets owned by the trust. This type of trust is in operation during the lifetime of the person who establishes it and can resemble a Will in that it expresses your wishes in regards to matters such as your assets, your dependents and your heirs after death. A living trust is different than a Will because a Will only becomes effective after you die and it has been entered into probate. Living trusts are popular because they allow individuals to bypass probate, which can be a costly and time-consuming process. With a living trust, you appoint a successor trustee to transfer assets to the beneficiaries. In some circumstances, this process can take only a few weeks, while probate has the potential to last for months. Additionally, individuals concerned with privacy generally prefer a living trust, as probate records are filed in the court records and available for public inspection.
If you have further inquiries regarding living trusts or other forms of Estate Planning documents, contact our office at: 941-906-1231 to schedule an appointment with an attorney.
When you are going about Estate Planning, deciding what to do with a vacation home can seem daunting. If you decide to leave it to one (or more) of your family members, it is important that you discuss this with them. There are several choices you can consider when deciding what to do with your vacation home. If you choose an outright transfer, your home will be given to one (or several) of your loved ones as a gift, but there may be adverse tax consequences of doing so. Another option would be to place your home in an LLC made up of your family members. If you choose this method, you could have a family member manage the property and allow one or more of your family members to utilize it. You could also transfer your vacation home to a QPRT (Qualified Personal Residence Trust), in which you transfer your home to a family member in exchange for continual rent-free use for a specified term. This is a popular choice because it can reduce the amount of a gift or estate tax. Another option is gifting your home to an irrevocable trust, which would have rules regarding the use and expenses of the home among the beneficiaries.
Estate Planning comes with a large variety of options and complications. Please contact our office at: 941-906-1231 if you need assistance with your Estate Planning or have questions.
A Qualified Personal Residence Trust (QPRT) is a lifetime transfer of a personal residence in exchange for rent-free use of said residence during the trust term. When that term comes to an end, the home passes to the intended beneficiary or beneficiaries. If you are still living at the end of the specified term, you have the option to have the home distributed amongst your loved ones or put into a trust for them. This is a popular estate planning method for individuals that want to give their vacation homes to family members when they pass away because it can reduce the gift or estate tax cost that comes with transferring a residence. Both residence and vacation homes can qualify as QPRTS and often more than one home can be protected.
If you think that a Qualified Personal Residence Trust may be the right choice for you, or need assistance with any Estate Planning matters, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.
Losing a spouse is, undoubtedly, one of the most devastating experiences a person can face and is difficult to even contemplate. However, it is important to consider and plan for the financial implications of a spouse passing before that day arrives. Then, when that unfortunate time comes, your sole focus can be on grieving and healing rather than facing financial turmoil or stress.
The first step you can take when approaching this matter is to speak with your spouse and ensure that both of you understand what assets you have (as a couple and individually), as well as where they are located. It is also important to discuss whether or not there are life insurance policies in place, who you will each be naming as survivor beneficiaries, and whether or not either of you has a pension or retirement plan. This helps to provide you both with an understanding of what you have individually, what you have as a couple, and what each of you will have when the other passes.
The next step is to gather important documents and put them all in a secure, memorable location that you will be have easy access to if needed (ex: a locked filing cabinet in your home or a safety deposit box). Documents you may need include: each spouse’s Will and a list of assets, all insurance policies, social security numbers, your marriage certificate, your children’s birth certificates, titles on vehicles as well as properties, and any relevant Estate Planning documents.
If you need assistance with the creation and development of Estate Planning documents or if you have questions, the skilled attorneys at Bach & Jacobs are experienced in Estate Planning. For help regarding these matters, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.
The Florida Electronic Wills Act, which the legislature intended to take effect on July 1st, 2017, was vetoed on June 26th by Florida’s Governor. This Act would have allowed remote technology to assist in the witnessing and notarization of Wills. It also included the specification that electronic Wills of residents and non-residents may be probated in Florida. The Governor stated that his reasons for the veto were that the Act would have displaced safeguards against fraud and would overly burden the court system in Florida. He also urged legislatures to address the issues that he identified and create improved legislation that would solve these problems.
If you need assistance in developing a Will or with any other Estate Planning matters, please contact our office at 941-906-1231 to schedule an appointment with one of our attorneys.
To ensure that your end-of-life wishes are carried out in a manner that comports with your wishes, it is important to understand the difference between a Living Will and a DNR (Do Not Resuscitate Order).
A DNR is a medical document that must be signed by both you and your physician in order to be considered valid and in effect. This document asserts that you do not want to be resuscitated if you die, and one can be obtained at your physician’s office. Additionally, a DNR tells the medical staff that is responsible for treating you, should your heart or lungs give out, not to perform CPR or implement a breathing tube. The original copy of this document must be visible to the EMTs to stop them from trying to resuscitate you. Most individuals that choose to have DNRs are those suffering from long-term illnesses or that are very old and want to maintain their dignity in death.
A Living Will is a legal document that details an individual’s end of life desires in regard to their medical treatment if they become incapacitated or unable to express informed consent. A Living Will is implemented so that you are still able to make important health care decisions, such as whether you want to be kept alive via life support, in the event that you are unable to communicate those wishes yourself.
A Living Will and a DNR serve different purposes and can ensure that your wishes are expressed in the most clear and concise manner possible. For help regarding these matters, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.
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