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Monthly Archives

March 2018

What is an Incentive Trust?

By Estate Planning

An incentive trust is a trust designed to encourage or discourage the occurrence of certain behaviors in the trust’s beneficiaries by using the distributions of the trust as an incentive. An incentive trusts holds and manages assets for the benefit of the beneficiaries of the trust, but it is different than any other type of trust in that it uses the trust’s assets to award beneficiaries for achieving desired goals. This type of trust is often used by parents or grandparents to pass on wealth to their children or grandchildren while dually encouraging them to be personally responsible and reach important milestones in their lives. This type of trust can also lay-out specific instructions regarding how the money within the trust can be distributed and can employ certain techniques that help ensure the beneficiaries of the trust will have financial independence beyond what the trust has given them. Advantages of incentive trusts include implementing age restrictions regarding when the beneficiaries can receive the assets within the trust, encouraging educational achievement, discouraging illegal or destructive behaviors and motivating positive behaviors.

If you have any further inquiries regarding this matter, please contact our office at: 941-906-1231 to schedule an appointment with one of our attorneys.

 

March 30, 2018
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Disposition of Personal Property without Administration

By Estate Planning, Probate

In some cases, individuals are able to complete a process referred to as Disposition of Personal Property Without Administration. You can refer to the 2017 Florida Statute (Statute 735.301) that addresses Disposition Without Administration to determine eligibility for this process. This statute states that:

1) No administration shall be required or formal proceedings instituted upon the estate of a decedent leaving only personal property exempt under the provisions of s. 732.402, personal property exempt from the claims of creditors under the Constitution of Florida, and nonexempt personal property the value of which does not exceed the sum of the amount of preferred funeral expenses and reasonable and necessary medical and hospital expenses of the last 60 days of the last illness.

2) Upon informal application by affidavit, letter, or otherwise by any interested party, and if the court is satisfied that subsection (1) is applicable, the court, by letter or other writing under the seal of the court, may authorize the payment, transfer, or disposition of the personal property, tangible or intangible, belonging to the decedent to those persons entitled.

3) Any person, firm, or corporation paying, delivering, or transferring property under the authorization shall be forever discharged from liability thereon.

To obtain a Disposition of Personal Property Without Administration, completion of the following forms is required:

  • Disposition without Administration Petition (3 pages, notarized)
  • A certified copy of the death certificate
  • Copies of medical and hospital bills for the last 60 days of illness
  • Copy of paid funeral bill
  • Copy or copies of documents that show the asset you are attempting to transfer to you (ex: bank statements, stock certificates, insurance policies, etc.)
  • Signed and notarized consent from all heirs
  • Original Last Will and Testament of the decedent (provided one exists)If you qualify for this process or would like more information, the Sarasota County Clerk’s website has directions regarding how to apply and provides the necessary forms.
March 27, 2018
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Why Being Able to Communicate with Your Doctor Effectively is Important

By Health

A strong doctor-patient relationship is one built on honesty and communication. Being able to talk openly with your doctor is one of the best ways to ensure that your health care needs are met in the most effective manner possible. When you go to a doctor’s appointment, be sure to share any symptoms you may be experiencing, give your doctor information about your medications, talk openly about your diet as well as your lifestyle choices, and voice any other concerns that you believe are important. Additionally, if anything your doctor says does not make sense or if you need further clarification on a topic, ask them to explain it to you again. It is important to have a clear understanding of what your doctor is saying to you and to give them a clear understanding of what you are trying to communicate to them. Do not feel uncomfortable talking about any sensitive issues with your doctor, as they are trained in these matters and should do everything they can to help you alleviate any problems you are facing as the result of a medical condition.

 

March 23, 2018
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What is Decanting a Trust?

By Asset Protection Planning, Estate Planning

A trust is an entity created by an individual (the settlor) to hold assets for the benefit of the trust’s beneficiaries, while a trustee is appointed to manage the trust. Decanting a trust is the act of distributing assets from an old trust to a new trust that has more amicable terms. It gets its name from the process of decanting wine from its original bottle to a new one in order to eliminate any sediment residue; decanting a trust allows you to pour the assets from one trust into another while getting rid of any terms that aren’t amenable. Decanting is a powerful tool, as it allows the trustee of an irrevocable trust (one that cannot be modified or terminated after it has been signed) to essentially re-write an irrevocable trust without having to go to court, so long as the trustee complies with the motive and consent requirements of the Florida Trust Code.

 

March 20, 2018
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Volunteer Ombudsmen Look-Out for the Elderly

By Long-Term Care

In the state of Florida, a long-term care ombudsman is a trained volunteer that advocates for senior citizens and assists in improving the quality of life of residents in long-term care facilities. Volunteer ombudsmen work with patients in long-term care facilities, such as nursing or assisted-living homes, to identify and investigate common issues that residents may be facing. This allows the ombudsman program to advocate for residents of these facilities and help improve their lives. Ombudsman volunteers are trained to listen to the concerns and problems of residents and to make them feel heard. However, certified volunteer ombudsmen receive additional training that allows them to investigate residents’ concerns and help resolve them. These volunteers come from all walks of life but share one common goal: helping improve the quality of life of senior citizens living in long-term care facilities.

 

March 16, 2018
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How to Get Guardianship of an Elderly Loved One

By Guardianship

Guardianship is the position of being legally responsible for an individual that is unable to manage their own assets and/or healthcare. As a guardian, the person that you have the legal authority to care for is called your ward. Guardianship may be a viable option if your loved one is incapacitated due to advanced age or disability and they neglected to appoint a power of attorney for their finances or a healthcare surrogate for their medical and health matters. If you are petitioning for guardianship, you must go to court and have your loved one declared incapacitated. Once this occurs, the court may transfer the responsibility of managing your loved ones assets and healthcare to you. Guardians have a fiduciary duty to act in the best interests of their wards, and there are Guardianship monitoring programs in place to ensure that Guardians fulfill their obligations. Depending on the extent of a ward’s incapacity, a guardian’s duties may include: determining where the individual will reside, paying bills, giving consent for medical treatments, making end-of-life choices, managing finances and handling matters related to said individual’s tangible personal property.

If you have any further inquiries regarding this matter, please contact our office at: 941-906-1231 and schedule an appointment with one of our attorneys.

 

March 13, 2018
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The Prevalence of Resident-on-Resident Elder Abuse in Nursing Facilities

By Long-Term Care

A study published in the journal Annals of Internal Medicine states that at least one in five nursing facility residents is subject to abuse by other nursing facility residents. A large amount of this aggression in nursing facilities is due to the fact that some residents suffering from Alzheimer’s or Dementia are being placed in communal living environments that are unfamiliar to them, as they likely spent most of their lives in a private residence. This factor can exacerbate the behavioral issues in some individuals with these afflictions and increase the likelihood of conflict in nursing facilities. Resident-on-resident abuse can take on many forms, including: physical, verbal or sexual abuse.

Many individuals that reside in nursing facilities have lowered inhibitions due to mental or physical impairment, which can contribute to the rate of resident-on-resident abuse as well. To combat this issue, there are steps nursing facilities can take to reduce agitation in patients suffering from dementia or other neurodegenerative disorders. These include, but are not limited to: reducing or eliminating loud noises, introducing music therapy, introducing aromatherapy, reducing overcrowding, aiding residents in getting more exercise and eliminating the use of overly bright lighting. Additionally, caregivers in nursing facilities can be taught more effective techniques for handling situations in which a resident with Alzheimer’s or Dementia becomes agitated.

March 9, 2018
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What is a Spendthrift Trust and Should I Consider Implementing One for My Troubled Child?

By Asset Protection Planning, Estate Planning

A spendthrift trust is a trust created for an individual that gives an independent trustee full authority regarding how the trust funds may be spent to meet the needs of the beneficiary (the individual receiving assets from the trust). In this situation, the beneficiary of the trust is not allowed to spend the money until they receive distributions and the trustee has determined what payments are necessary according to the trust agreement. A spendthrift trust can be a powerful estate planning tool if you have a troubled child who you still want to provide for after you pass away, but who you do not believe has the capability to make sound financial decisions. A spendthrift trust is generally used in situations where a child is troubled, has an addiction problem, is irresponsible with spending, or has credit problems. A spendthrift trust is a way to control an individual’s spending of the money you have left them and alleviates the stress or worry you may feel about a having the assets you worked so hard to obtain being wasted. It also allows you to avoid going through the uncomfortable process of having to disinherit a child whom you don’t trust with money because you know, if given free reign, they will waste it or spend it on unsavory items.

 

March 6, 2018
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Reducing the Risk of Dementia

By Health

A new international study featured in the Lancet has released nine factors that contribute to the risk of dementia. This study was recently presented at the Alzheimer’s Association International Conference in London and suggests that lifestyle changes can aid in the prevention of dementia.

The scientists who presented this study suggest that these nine preventable factors (listed below along with the percentage of the risk they cause) make-up 35% of dementia risk in individuals and states that behavioral changes can help reduce or eliminate this percentage of risk.

  1. Mid-life hearing loss (9%)
  2. Failing to complete secondary education (8%)
  3. Smoking (5%)
  4. Failing to seek early treatment for depression (4%)
  5. Physical activity (3%)
  6. Social isolation (2%)
  7. High blood pressure (2%)
  8. Obesity (1%)
  9. Type 2 diabetes (1%)

These nine factors, which are considered to be modifiable, can contribute to the risk of developing dementia. The other 65% of dementia risk is thought to be non-modifiable, so making lifestyle changes that help an individual avoid from falling into any of these above categories may be one of the only ways to decrease the risk of developing dementia.

March 2, 2018
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