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Bach, Jacobs & Byrne, P.A.

What Happens to Jointly Owned Stock After a Spouse Dies?

By Asset Protection Planning, Estate Planning, Probate

In Florida, selling jointly owned stock is different than selling another jointly owned asset.

If you and your spouse owned the stock jointly and with the right of survivorship, then when your spouse passes away you automatically become the sole owner of said stock. This means that you are free to do whatever you want with it, whether you would prefer to keep, sell or trade it. As far as taxes are concerned, half of the investment’s tax basis is increased when the first spouse passes away. This means that, if you choose to sell the stock, the capital gains or losses on your half of the investment will be based on what the stock was valued at when you first purchased it. Your spouse’s half, however, will be based on the value of the stock at the time that he or she passed.

November 24, 2017
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Who Should be My Successor Trustee?

By Estate Planning

If you have created a living trust, you may have appointed yourself as trustee so that you can be in charge of the assets titled to the trust while you are alive. However, you must also decide who to name as your successor trustee. A successor trustee is the individual who will take over the trustee position when you pass away, and who will be in charge of your trust’s assets. It is very important to carefully consider who you want as your successor trustee. Most people choose a family member or close-friend because they are confident that this person will carry out their duties honestly, impartially and in a manner that is consistent with the terms of the trust. However, make sure that whoever you choose is up to the task given the responsibility involved. Pick an individual who will be relentlessly scrupulous and who has you as well as your family’s best interest at heart. Your successor trustee will also be in charge of managing and distributing your assets should you become incapacitated.

If you are uncomfortable choosing a friend or family member to be your successor trustee, consider designating the task to a knowledgeable, respected corporate trustee or a legal professional that you trust fully.  For inquiries regarding this matter, please contact our office at: 941-906-1231.

November 21, 2017
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Babette will be speaking about Medicaid at The Academy of Florida Elder Law Attorneys UnProgram in December 2017

By Elder Law, Firm News

December 1-2, 2017

Babette Bach will be attending and, this year, speaking at the The Academy of Florida Elder Law Attorneys UnProgram in December at the Hyatt Regency in Orlando. She is looking forward to lecturing there on Saturday, December 2nd, 2017 on the subject of “Advanced Medicaid Planning & Techniques”. Please contact AFELA at 850-296-8089 or www.afela.org  for further information on this event. Please contact our office on 941-906-1231 if you would like to schedule a consultation with Babette for advice on Medicaid and Asset Protection Planning.

November 20, 2017
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Cyber Safety Tips for Seniors: Part 1

By Health

According to a survey by the Pew Research Center, almost 60% of Americans over 65 were internet users as of 2014. As our world continues to advance in terms of technology, more individuals are entering the online world and have begun completing more of their daily activities via a computer or smartphone. If used safely and correctly, the internet can be a very beneficial tool. However, if you aren’t careful, other individuals online may try to take advantage of you.

Here are some tips to help senior citizens use the internet in a safe and efficient manner:

  • Use a strong and unique password on all of your accounts that you never share with anyone
  • Put password locks on your phone, computer and any other electronic device you may possess
  • Be careful what you post online and make sure not to share too much personal information on social media
  • Use privacy settings on social media sites such as Twitter, Facebook and Instagram
  • Be on the lookout for scams: if an offer, email, or message seems at all questionable then delete it immediately

Only shop online at reputable websites

November 17, 2017
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Florida is a Mandatory Report State for Elder Abuse

By Elder Law, Health

Florida law requires that knowledge or suspicion of abuse, neglect, or exploitation of vulnerable adults (whether elderly or disabled) be reported. The issue of Elder Abuse is taken seriously here in Florida, where we have a high population of senior citizens. If you suspect or know of any elder abuse that is occurring, you should report it immediately to the Florida Abuse Hotline, which receives reports 24 hours a day. You can also call 1-800-962-2873 or visit https://reportabuse.com.dcf.state.fl.us and file a report online. Elder abuse is one of the most underreported crimes and, because of this, only about 800 people have been charged with elder abuse and neglect in Florida over the last five years. Of these, approximately 370 have been convicted. It is everyone’s responsibility to help end Elder Abuse and to make our world a safer place for the Senior Citizens in our lives.

November 14, 2017
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What is Unclaimed Property and how do I Claim it?

By Asset Protection Planning

Unclaimed property is the money in accounts at financial companies that has had no activity for over a year. This can include money in bank accounts, refunds, payroll checks, trust distributions, stocks and dividends. The purpose of unclaimed property laws is to protect individuals by ensuring that their money is returned to them, rather than permanently remaining in accounts at financial institutions or companies. Every state has an unclaimed property website and office. You can recover unclaimed property by following the instructions on Florida’s unclaimed properties website (https://www.fltreasurehunt.org/) and filling out the proper forms.

November 10, 2017
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Now Available – Neuro Challenge 2018 Resource Guide

By Health

2018 Resource Guide Now Available!

The 2018 Parkinson’s Disease Resource Guide is available for download on our website: www.neurochallenge.org.

You can also request that a copy be mailed to you or a loved one by calling 941-926-6413.

The 2018 Guide provides education and information for the person with Parkinson’s, as well as the caregiver. The Guide, written by NCF’s Medical Advisory Committee, PD experts and NCF Staff, covers topics including medical treatment, non-motor aspects of Parkinson’s and practical tips on how to live well with PD today.

The 2018 Parkinson’s Disease Resource Guide is presented to you at no cost thanks to the Community Foundation of Sarasota County and The Michael Saunders and Company Foundation.

November 8, 2017
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How to Choose a Personal Representative for Your Estate: Attributes of the Personal Representative

By Estate Planning

Being the Personal Representative of an Estate is a solemn responsibility. Therefore, you should choose an individual that is honest, diligent and reliable. Most people opt to designate a family member that they are close with as their Personal Representative, but if you do not believe that any of your family members are up to the task or do not want to burden them in an already difficult period, you may want to consider asking a trusted friend. However, make sure that this individual is in good health so that they will still be around and able to perform their duties by the time you pass away.

If you are not comfortable naming a friend or family member Personal Representative of your Estate, you always have the option of naming a third party Personal Representative in your Will, such as a bank, trust company, or legal professional with experience in Estate Planning.

For assistance regarding this matter, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.

November 7, 2017
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National Family Caregivers Month

By Long-Term Care

November is National Family Caregivers Month! We want to celebrate all of the Family Caregivers that assist their loved ones every day and recognize how physically as well as emotionally demanding their lives are. Being the designated Caregiver for a loved one is an arduous duty that involves around-the-clock commitment. The hard work and dedication shown by Family Caregivers often goes unnoticed or underappreciated, as many don’t understand the amount of inner strength this job takes. At Bach & Jacobs, we want to show our admiration of and support for those who love and take care of their family members every day.

November 3, 2017
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Babette Bach to lecture on Guardianship at a Republican Women’s Club of Sarasota event on 11/03/17

By Firm News, Guardianship

Babette Bach will be speaking at a Republican Women’s Club of Sarasota event being held tomorrow, Friday November 3rd, 2017, at Michael’s on East restaurant at 11.30am. The presentation topic will be Guardianship.

Republican Women’s Club of Sarasota

October 30 at 9:19am · 

Luncheon this Friday.

MENU
1/2 portion Wild Mushroom Ravioli and 1/2 portion Cobb Salad
OR
Cobb Salad
Dessert: Mini Red Velvet Cupcakes
$27 per person, payable at door

Speaker: Babette Bach, Esq, subject: Guardianship and Elder Care

Call or email Karen at 941-306-1947 or rwcsreservations @gmail.com

 

November 2, 2017
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