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Asset Protection Planning

What is a Children’s Trust?

By Asset Protection Planning, Estate Planning

A children’s trust or a standby trust for minors can be set up to help manage the inheritance of a beneficiary who is underage.  If a beneficiary is not 18 or another minimum age chosen by the benefactor, a children’s trust can be used to designate a trustee who will manage the minor’s assets until a certain age.  The trust creator can choose at what age the child receives part of all of the inheritance and under what circumstances and for what purposes the child will access to the funds in the trust.

If you need advice about planning for the young people in your life, contact one of our experienced estate planning attorneys at (941) 906-1231.

March 29, 2016
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Payable on Death Accounts

By Asset Protection Planning, Estate Planning

Financial accounts can be set up to designate a person to whom the funds are payable on death, meaning the named beneficiary can claim the funds without going through the probate process.  If you are the named beneficiary of a payable on death account you should be able to receive the funds from the account after providing documentation of the decedent’s death and your identity.

When an account is designated as payable on death, the named beneficiary has no right to access the money until the death of the account holder.  It is important to remember that these accounts should be coordinated with other estate planning documents to prevent confusion and disagreement during the settling of an estate.  To set up estate planning documents or for advice on how to best ensure your assets will be distributed as you want after your death, contact one of our experienced estate planning attorneys at (941) 906-1231.

March 18, 2016
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Tenancy by the Entirety

By Asset Protection Planning, Estate Planning

In Florida, married couples can hold jointly owned property as tenants by the entirety which can help couples to avoid probate and protect one spouse from creditors of the other.  When someone dies and they and their spouse owned a property as tenants by the entirety, the property is automatically passed to the surviving spouse and the creditors of the deceased spouse cannot reach any property which the couple owned as tenants by the entirety.

Any property, including bank accounts, can be held as tenancy by the entirety.  If a married couple owns a bank account jointly, it is presumed under Florida law that this account is held as tenancy by the entirety.

For more information about estate planning and probate avoidance, contact one of our experienced estate planning attorneys at (941) 906-1231.

March 15, 2016
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Do I have the right to access or handle my spouse’s financial affairs?

By Asset Protection Planning, Elder Law, Estate Planning

Being married does not give your spouse the ability to make financial decisions for you, such as accessing your IRA.  In order to grant your spouse or another trusted individual those rights, you must set up a durable power of attorney (DPOA).  A DPOA is important as it can give an individual of your choice the right to handle your financial affairs, plan for Medicaid, etc.  While the DPOA becomes effective the moment it is executed, the DPOA is especially useful in the event that you become unable to make such decisions yourself.  The specific powers which you grant to your power of attorney can be designated in the document you set up.  They can be extremely specific, such as granting a person the right to sell your home, or broad, such as granting a person the right to conduct banking transactions.

If you do not have a durable power of attorney set up or would like an old DPOA reviewed and updated, contact our office at (941) 906-1231 to meet with one of our estate planning attorneys.

March 8, 2016
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What happens if a beneficiary is underage?

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

When a minor child inherits assets in Florida, their parent or guardian does not have the authority to settle, collect, receive, or manage real or personal property if the total assets exceed $15,000.  If the assets inherited exceed this amount, the court can appoint a Guardian Ad Litem who is responsible for managing the probate process and inheritance for the child.  This guardianship can cost time and money as the guardian must petition the court each year for distributions of assets.

To avoid the cost of an unknown guardian helping a minor to manage inherited assets, assets can be passed for the benefit of a minor using a trust.  A known trustee can then be designated to distribute assets to the minor child or for the minor’s benefit in accordance with the trust provisions.  For example, it could be specified that trust assets are to be used to fund the child’s education.

For estate planning services or to set up a trust to ensure your assets are passed to beneficiaries in the way that you desire, call one of our experienced estate planning attorneys at (941) 906-1231.

March 4, 2016
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How to Clear the Title to Jointly Owned Real Estate when Your Spouse Dies

By Asset Protection Planning, Estate Planning, Probate, Real Estate

If your spouse passes away and you owned real property with your spouse as tenant by the entirety, you need to clear the title to your real estate so it is owned by you alone as the surviving spouse through the following steps.

  • Record a copy of the death certificate with the Clerk of Court in the county where the property is located.
  • File an “Affidavit of Continuous Marriage” with the County Clerk. This form proves that your marriage was valid through your spouse’s death.
  • File an “Affidavit of No Florida Estate Tax” (or DR-312 form). A copy of this form is linked below.

Affidavit of No Florida Estate Tax

Following these steps to clear the title to your property will ensure that there are no delays when you later wish to sell the property.

Bach & Jacobs, P.A. assists clients with the transfer of jointly owned real property after a joint owner dies and can prepare the necessary Affidavits and guide you through the process to properly transfer the title.

 

February 19, 2016
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End of Life Care Plans

By Asset Protection Planning, Elder Law, Estate Planning, Guardianship, Long-Term Care

Distinct from healthcare directives such as a healthcare power of attorney or a living will, a personal care plan is a document telling your loved ones how you wish to be taken care of throughout your life if you lose capacity.  Living wills only concern end of life medical treatment but personal care plans can be used to express desires such as nursing home preferences and what types of entertainment and hobbies they should have access to.  Although on their own end of life care plans are not enforceable, their power can be strengthened by tying them to a trust and directing that the trustee use the assets in the trust to ensure your desires are met.

If you are interested in setting up an end of life care plan or healthcare directives to ensure that your later life care will be carried out on your own terms, contact Board Certified Elder Law Attorney Babette Bach, Esq. at (941) 906-1231.

February 5, 2016
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Disputing a Deathbed Marriage in Florida

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

Florida has laws that protect high net worth elderly individuals from exploitation through “deathbed” marriages.  Deathbed marriages occur when an elderly, sometimes high net worth, individual enters into a marriage during the last days or even hours of their life.  These marriages are commonly used to exploit the elderly and to attempt to claim their assets.  Florida is attempting to protect true heirs from having their inheritance taken away by a new deathbed spouse through the “Spousal Rights Procured by Fraud, Duress, or Undue Influence” statutes.  These laws require that it be proved that the deathbed marriage was entered into voluntarily by both parties for the deathbed surviving spouse to claim rights to life insurance policies and other assets.  An interested party, such as a rightful heir, can also challenge a deathbed marriage within four years of the marriage.

If you know someone who was involved in a death bed marriage and want to know how it will affect your inheritance and the administration of your loved ones’ estate, contact Board Certified Elder Law Attorney Babette Bach, Esq. at (941) 906-1231.

January 19, 2016
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Clauses to Include in a Will or Living Trust

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

While everyone needs individualized legal advice on what language their estate planning documents should contain, the following are some of the most common and important clauses which should be discussed with the lawyer preparing your will or living trust.

  • Revocation: Previously written wills or trusts should be revoked to avoid the court intervening later to decide which parts of certain documents should be followed.
  • Disaster Clause: This clause helps plan what will happen to your assets if both you and your spouse or main beneficiary die at the same time.
  • Appointment of personal representative: While doing estate planning you will need to name someone as your Personal Representative who will be in charge of distributing the assets in your estate.
  • Guardianship of children: If you have minor children, it is very important that you name someone as their guardian in the event that you or you and your spouse die.
  • Spendthrift Provision: This clause prevents the beneficiary of your assets from transferring their rights to those assets. A spendthrift provision is often used to protect assets from creditors.
  • Total failure: Total failure would occur if all heirs of your estate died before inheriting your assets. This is an extremely rare situation but, without a total failure clause, your estate would go to the government in this circumstance.  A total failure clause allows you to instead designate an organization of your choice for the estate to be given to.

If you have questions about what should be in your estate planning documents to ensure all of your wishes are met and your assets are distributed exactly as you desire, contact our office at (941) 906-1231 to speak with an experienced estate planning attorney.

December 11, 2015
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True Link Card – The card for professionals

By Asset Protection Planning, Guardianship

The True Link Prepaid Visa Card is a better way for professionals such as guardians, fiduciaries, and trustees to manage and protect their clients’ finances.
With the True Link Card you can easily manage and monitor funds for each client. With online access you have the ability to transfer and disburse funds, block specific merchants, put a cap on ATM withdrawals, and prevent over-the-phone and online spending.
You can consolidate all spending into one prepaid debit card that can be funded online or over the phone. You can add money by transferring funds from a checking, savings, special needs trust or other source. You can also schedule recurring transfers and auto-refills.
As the administrator, you can meet the specific needs of each of your clients by approving certain expenses such as groceries, medications and social activities while restricting unapproved expenditures, for example online shopping or liquor store sales. You can prevent or limit cash withdrawals so your client can spend funds that you approve.
Setting up a True Link account is easy. With a low monthly fee of $10.00, you can start by creating an account online or over the phone with a True Link Advisor. All it takes is 5 minutes.
www.truelinkfinancial.com or 1-800-299-7646 for a Schedule of Fees and Charges
Note: This firm has no affiliation with this company and receives no compensation for this blog. It is strictly intended as an aid for our guardians and fiduciaries.

December 11, 2015
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