Skip to main content
Category

Estate Planning

The Florida Electronic Wills Act Vetoed By Governor

By Elder Law, Estate Planning

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.

October 6, 2017
Love0

The Difference Between a Living Will and a DNR

By Estate Planning

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.

October 3, 2017
Love0

What Is The “Florida Fiduciary Access to Digital Assets Act” and Why Is It Important In Today’s World?

By Asset Protection Planning, Estate Planning

In March of 2016, Florida adopted a new law, entitled the “Florida Fiduciary Access to Digital Assets Act”. This law went into effect in July of 2016 and contains rules regarding the management and disbursement of digital assets by a fiduciary upon the death of an individual. This gives individuals the ability to specify what it is that they want to do with their digital assets, which simplifies the process of Estate Planning. The overarching goal of the “Florida Fiduciary Access to Digital Assets Act” is to give people the power to plan for the management of their digital assets if they die or become incapacitated. It accomplishes this goal by authorizing fiduciaries to either access, control, copy or delete an individual’s digital assets after their passing, according to the wishes set forth by said individual. The “Florida Fiduciary Access to Digital Assets Act” also gives the custodians of digital assets the authority to communicate and interact with the fiduciaries of their users without breaching any privacy expectations. Before this law was introduced, Florida did not have any legislation that specifically addressed the access of digital assets by a fiduciary upon an individual’s death or incapacity.

September 19, 2017
Love0

Estate Planning Series: What Is Estate Planning and Why Is It Important?

By Estate Planning

The term Estate Planning refers to the act of preparing for the transfer of a person’s wealth and assets after they pass away. Your “estate” consists of all of the property you owned at your time of death, including but not limited to: real estate, bank accounts, stocks, life insurance policies and personal property. Estate planning is essential because it prevents your assets from ending up with unintended beneficiaries, protects your family and can minimize the amount of taxes that need to be paid for your beneficiaries to receive your property. Additionally, Estate Planning establishes what kind of funeral arrangements that you want, states what kind of life-prolonging medical support you wish to receive if incapacitated and avoids the time as well as the costs associated with probate proceedings. Estate Planning is a way to ensure that your wishes for your assets are honored after you pass away, and can greatly reduce the amount of stress and uncertainty your loved ones will be faced with when you die. Grieving is difficult enough without having to handle a myriad of complex decisions, and Estate Planning can help your family minimize their stress in difficult times such as these.

The skilled attorneys at Bach & Jacobs are experienced in Estate Planning, so if you need assistance or have any questions, please contact our office at (941) -906-1231.

September 12, 2017
Love0

Probate Court Series: Can I Avoid Probate?

By Asset Protection Planning, Estate Planning, Probate

Probate proceedings can be very time consuming, make assets inaccessible for months, and involve the filing of documents and information in court that you may want to keep private. There are also legal fees involved in a probate proceeding that may be minimized or eliminated by alternatives to transfer assets after death.

If you have further questions or would like to talk about options for transferring assets outside of probate, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.

August 18, 2017
Love0

Losing Capacity

By Asset Protection Planning, Estate Planning, Guardianship

It is important that while competent you decide who will make personal decisions and who will make financial decisions on your behalf should you lose capacity. Consulting with an attorney regarding your choice of agent or fiduciary will help ensure that your wishes are followed. If a person has not made these decisions and consulted with an attorney, a legal guardianship proceeding may be commenced to appoint an individual who will make decisions on a person’s behalf if the person is incapacitated.

For help regarding these matters, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.

July 18, 2017
Love0

Duties of an Agent under a Power of Attorney

By Elder Law, Estate Planning

An agent, or “attorney-in-fact,” is authorized under a power of attorney document to make decisions and undertake financial and business transactions for the person executing the power of attorney (the “principal”). An agent can fill a role and perform certain tasks authorized by the power of attorney.

An important step in fulfilling your role as agent is to follow the instructions in the power of attorney document. It is imperative that in every decision you make for the principal, whether it be medical or financial, it is in the principal’s best interest. It is a good idea to keep a detailed record of your transactions undertaken on behalf of the principal. Depending on the restrictions specified in the power of attorney, the agent typically has the authority to control the principal’s financial affairs. These authorities could include cashing checks, opening and closing bank accounts, paying bills, entering into contacts, etc.

Some principals choose to include specific authorities in their power of attorney documents. The agent can only make these actions if the document specifically authorizes them. Some examples of these powers include making a gift; changing a beneficiary designation; creating, amending or revoking an inter vivos trust; and disclaiming property.

To discuss the creation of a power of attorney as part of your estate planning or if you are an agent appointed under a power of attorney, consult with an attorney at Bach & Jacobs, P.A. that can advise you of your rights and obligations.

May 5, 2017
Love0

Is an Agent under a POA Entitled to Compensation?

By Elder Law, Estate Planning

Many individuals who are agents under a power of attorney also are expected to provide caregiving services to the principal when he or she can no longer do so. Some agents have to quit their jobs or take time out of their week to help care for the principal. From being a primary caregiver to driving the principal to doctor appointments, agents can be responsible for several tasks and financial matters.

Typically, agents under a power of attorney are entitled to “reasonable compensation,” with some exception. However, some power of attorney documents specifically prohibit compensation and some agents are specifically prohibited by law for receiving compensation for serving as an “attorney-in-fact.” Due to the vagueness of the term “reasonable,” one way to approach this matter is to enter into a written caregiver contract with the principal.

Contact an attorney at Bach & Jacobs, P.A. to discuss how you can help minimize risk and liability by creating a caregiving agreement that includes services undertaken as an agent under a power of attorney. This is especially necessary if you are employing private duty caregivers directly rather than through an agency.

May 2, 2017
Love0

Estate Planning for Same-Sex Couples in Florida: Tax Filing

By Asset Protection Planning, Estate Planning, Tax Law

Because same-sex married couples are now federally recognized, they can file joint tax returns. The  IRS also recognizes federal tax provisions which include income tax credit, child tax credit, and employee benefits.

Spousal exclusion now applies to same-sex couples, which permits partners to leave property to the surviving spouse without having to pay estate taxes when the first spouse passes away.

The 2015 ruling, Obergefell v. Hodges, also made amends to states’ intestacy statutes. Now if a same-sex spouse dies without making a will, the surviving same-sex spouse will inherit some of the assets of the deceased spouse and receive other benefits formerly only available to heterosexual couples such as homestead protection.

April 28, 2017
Love0