Skip to main content
Monthly Archives

December 2018

How is a health care surrogate chosen for a minor?

By Estate Planning, HealthNo Comments

The relatively new Florida Statute §765.2038 aims to make the process of naming a health care surrogate for a minor easier. To do so, it provides a form for the legal custodians or legal guardians of the minor to designate a person to provide consent for his/her medical treatment and procedures. This action is taken so that, in the case where the legal custodians or guardians are unable or reasonably unavailable to make the health care decision, a trusted adult will be there to make the decision.

The designation of this health care surrogate does not expire unless revoked by the parties involved, and it can thus endure for the duration of the child’s minority. Even young families with minor children should have their estate plan documents in order, including a preneed guardian for minors declaration. Call Bach, Jacobs & Byrne, P.A. to schedule an appointment to set up your documents and provide you with peace of mind that your child will be protected.

 

 

December 31, 2018
Love0

How is a Trust amended?

By Estate PlanningNo Comments

Amending a Trust is a relatively simple and straightforward process, so long as the original Trust contains a provision allowing for it to be amended. Should you find yourself wanting to amend a Trust, you need to first locate the Trust document.

The amendment will make note of which article in the original Trust allows for the Trust to be amended. Furthermore, the amendment will state the changes that you wish to make.

The amendment document should be executed with the same formalities of a Will or Trust that has testamentary bequests, which will include two witnesses and a notary. The attorneys at Bach, Jacobs & Byrne, P.A. can assist you with a review of your Trust and the preparation of any amendments to ensure they comply with Florida law.

December 27, 2018
Love0

What is “electing against the will”, or “taking an elective share”?

By Estate Planning, ProbateNo Comments

“Electing against the will” refers to the right of a spouse to take a certain share of their deceased spouse’s inheritance. It can be utilized if the elective share is greater in the long run than the stated benefits of the spouse’s will.

The right to an elective share has its origins in England, where common law mandated that a certain portion of the decedent’s estate be reserved for the spouse, so as to prevent that spouse from becoming the burden of the community. In many American states today, the elective share ranges from 1/3 to 1/2 of the decedent’s estate. In Florida, it is 30% of the elective estate, as defined in the Florida Probate Code.

December 24, 2018
Love0

What happens if the personal representative nominated by a decedent is found to be unqualified for the role?

By Estate Planning, ProbateNo Comments

The Florida Probate Code lists the order of preference for the selection of personal representatives in both estates where the deceased left a Will and where the decedent died without a Will. In an estate with a Will (a “testate” estate), if the individuals nominated under the Will are not eligible, then the “person selected by a majority in interest of the persons entitled to the estate” takes precedence. If this person, too, is unqualified, one of the Will’s devisees may be appointed as the next in preference.

The attorneys at Bach, Jacobs & Byrne, P.A. are experienced elder law and estate attorneys who can advise you in the process of naming your personal representative. Call us at (941) 906-1231 to schedule an appointment.

December 21, 2018
Love0

Drug Prices Vary Widely from Coast to Coast

By HealthNo Comments

A recent study by GoodRx (https://www.goodrx.com/blog/most-least-expensive-cities-prescription-medications/) shows how the costs of prescription drugs change based on where in the United States you live. Using costs for the 500 most popular drugs in 30 of the most populated American cities, the analysis determined each city’s percentage above or below the national average for medication costs.

The top five most expensive cities for drugs, in order of most to least expensive, are as follows:

  1. New York, New York (20.10% above the national average)
  2. San Francisco, California (12.60% above the national average)
  3. Los Angeles, California (9.80% above the national average)
  4. Philadelphia, Pennsylvania (7.90% above the national average)
  5. San Diego, California (6.40% above the national average)

The top five least expensive cities for drugs, in order of least to most expensive, are as follows:

  1. Columbus, Ohio (21.70% below the national average)
  2. Atlanta, Georgia (18.60% below the national average)
  3. Houston, Texas (17.40% below the national average)
  4. Dallas, Texas (16.90% below the national average)
  5. Denver, Colorado (16.30% below the national average)

Tampa, Florida was ranked as the 10th least expensive city for medication costs in the United States. The Florida government also offers a free drug price research and comparison service at http://myfloridarx.com/rx.nsf/finder/.

December 17, 2018
Love0

How can I protect my pet when I die?

By Estate Planning, ProbateNo Comments

One can include specific instructions for the transfer of care for one’s pet in a Last Will and Testament or in a revocable living Trust. Specific amounts of money can be devised to beneficiaries entrusted with caring for one’s pet after death. While one cannot leave assets directly to their pet, one can leave assets to a human beneficiary with directions to exclusively use those assets in caring for the pet. It can be a good idea to name alternate pet caregivers in one’s Will, as well.

Because a Will only applies to the care for the pet following death, the revocable living Trust is an option for scenarios wherein a pet owner has become incapacitated or must move to a long-term care facility.

The attorneys at Bach, Jacobs & Byrne, P.A. are experienced and compassionate trust and estates attorneys who can help you prepare your estate plan documents or review your existing ones, with a special emphasis on the people (and critters) most important to you. Call us today at (941) 906-1231.

 

December 13, 2018
Love0

What does it mean to hold property as “tenants in common”?

By Real EstateNo Comments

Tenancy in common is a form of ownership which is made distinct from other forms of ownership between or among multiple owners (i.e. joint tenancy and tenancy by entireties) by several factors. Primarily, tenants in common do not have to own equal shares of the property – one tenant can own 30%, another 50%, and the other 20%. Additionally, tenants in common can be added at any time during the ownership of the property – even 20 years after three people began holding property as tenants in common, a new tenant can obtain interest on the property. Finally, it is important to note that tenants in common do not have to be legally married or related to hold their property as such.

As a tenant in common, one retains full right to sell their portion of the property, bypassing the need for permission from the other tenants. And, when an individual holding property as a tenant in common dies, his/her portion may pass to the decedent’s named heirs.

The attorneys at Bach, Jacobs & Byrne, P.A. are licensed real estate title and closing agents and can assist you in the sale, purchase, or re-titling of your real property. Call us today at (941) 906-1231.

December 11, 2018
Love0

“It’s All Greek to Me”: Residue of an Estate

By Estate Planning, ProbateNo Comments

It would be cumbersome for a Will to specifically devise every single thing a person has ever bought or owned. So, the residue of the estate refers to all the assets not expressly left to a beneficiary.

The residuary provision in a Will or Trust typically deals with these assets. These remaining assets can be left to a certain person or people, or they can be designated to be distributed either per stirpes or per capita among a group. Whatever the case, it is vital to provide for the residue of the estate in any Will.

For help making your Will and other estate plan documents, call (941) 906-1231 to schedule an appointment with the attorneys at Bach, Jacobs & Byrne, P.A.

December 7, 2018
Love0

How can I terminate a Durable Power of Attorney?

By Estate PlanningNo Comments

One way to terminate a Durable Power of Attorney is by creating a new Durable Power of Attorney. This new document must include language revoking the old Durable Power of Attorney, and it may be filed with the county public records office for added security.

Another option available to those seeking to terminate a Durable Power of Attorney is to create a separate document revoking the authorities of the agent or attorney-in-fact and to sign it. In addition to this, the agent or attorney-in-fact must be notified that they no longer retain the powers of the old document.

Do you need help terminating a Durable Power of Attorney or making a new one? Call Bach, Jacobs & Byrne, P.A. today at (941) 906-1231 to schedule an appointment with our experienced and highly-rated attorneys.

December 3, 2018
Love0