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Estate Planning

Questions to ask before retirement

By Asset Protection Planning, Estate Planning, Government Benefits, Long-Term Care

For many seniors, retirement is a time of relaxation and having opportunities to explore their interests and the world. But before making the transition into retirement, there are some questions that you and your spouse should discuss.

 

  • What is the best time for my retirement? There are several factors you and your loved ones should consider before making the decision to retire. A large topic to discuss is how best to maximize your Social Security spousal benefits. You should also assess your family’s financial needs and consider the ways in which your retirement could impact your loved ones.
  • What lifestyle do I want to pursue? Everyone has a different vision for retirement. While some wish to travel the world, others plan to stay close to home. By having an idea of your lifestyle, you can properly prepare for your retirement.
  • How do I plan for long-term care? Planning for long-term care can be a long process. It is a good idea to meet with an elder law attorney to properly construct a plan. Planning ahead can save time and money and reduce unnecessary stress. Planning for long-term care involves setting up end-of-life documents, finding the right assisted living facility if necessary, and getting the best healthcare coverage for your needs.

 

If you wish to set up estate planning documents or plan for your retirement and end-of-life decision-making, please contact our office at (941) 906-1231 to speak with one of our attorneys.

 

April 25, 2017
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Changes to the Florida Health Care Surrogate Act for Minors

By Elder Law, Estate Planning

Legislation that made changes to the Florida Health Care Surrogate Act was enacted in October of 2015. Although many of the changes affected competent adults, there were also changes that affected the medical treatment of minors. The bill makes a change that no power of attorney executed after October 1, 2015 can consent to the treatment of a minor.

The bill makes an amendment to s. 743.0645, F.S. to establish that a power of attorney executed between July 1, 2001 and September 30, 2015 is sufficient to authorize an individual to consent to ordinary and necessary health care for a minor. However, the bill changes the statute so that no power of attorney executed after October 1, 2015 will have the authority to consent to the treatment of a minor.

After October 1, 2015, only a health care surrogate, designated pursuant to 765.2035, F.S., can allow someone other than a parent or guardian to consent to medical care or treatment for a minor. This designation must be in writing and signed by two witnesses. The designation can be revoked or amended at any time.

April 21, 2017
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Changes to the Florida Health Care Surrogate Act for Adults

By Elder Law, Estate Planning

Florida recently enacted changes to the Florida Health Care Surrogate Act that gives patients additional flexibility in appointing an agent and add additional notification requirements for facilities. These improvements went into effect October 1, 2015, and impact both adults and minors.

The bill created a new statute 765.202(6), F.S. that allows an individual to designate a health care surrogate who can act and make health care decisions while the individual is still competent. Historically, a determination of incapacity has been essential to a health care surrogate taking effect. Now, however, a health care surrogate can be given authority immediately upon execution of the document. The bill also maintains that when a conflict arises between the principal and the surrogate, the decision of the principal prevails.

The bill amended s. 765.204, F.S. so that a health care facility is required to notify the surrogate of a determination of incapacity. It is also required now that if the health care facility knows of a durable power of attorney, it must also notify the attorney in fact of a determination of incapacity. Lastly, the bill makes it a requirement that the attending physician’s office notify the principal’s primary physician of the principal’s incapacity.

To update your appointment of health care surrogate document or other estate planning documents, contact Bach & Jacobs, P.A. to schedule an appointment.

April 18, 2017
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Estate Planning for Same-Sex Couples in Florida

By Asset Protection Planning, Estate Planning, Government Benefits, Tax Law

 The U.S. Supreme Court rulings in the 2013 Windsor v. U.S. and the 2015 Obergefell v. Hodges cases resulted in changes for same-sex couples in areas such as estate planning and tax filing.

It is important that same-sex couples living in Florida take the proper steps in their estate planning, and specify key details that will ensure their protection under the law.  Such planning may include creating estate planning documents such as a last will and testament, or Revocable Trust, durable power of attorney, living will, and a designation of pre-need guardian.

April 7, 2017
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Guardianship vs. POA: Incapacitated Individuals Making Dangerous Decisions

By Elder Law, Estate Planning, Guardianship

Despite having a power of attorney and other lesser restrictive alternatives in place, there may still be situations in which appointing a guardian is necessary for the safety of the incapacitated individual. Sometimes, an incapacitated individual will become uncooperative and refuse care and assistance from loved ones. Incapacitated individuals can also put themselves in physical danger by mishandling electrical equipment, refusing medicine, forgetting to eat, and carelessly driving.

Under Florida law, it is unlawful to force an individual to stay in an assisted living facility or to house an unwanted caregiver absent a guardianship. It is sometimes necessary to appoint a guardian that will protect the individual from their own incapacity.

If you have more questions on this topic, please contact our office at (941) 906-1231 to speak with one of our attorneys.

April 4, 2017
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Guardianship vs. POA: Exploitation

By Elder Law, Estate Planning, Guardianship

While appointing a power of attorney can mitigate the need for a guardianship, there are other times in which a guardianship is necessary.

In the last blog post, we discussed the need for a guardianship in the event that the incapacitated person lacks competency and makes harmful decisions. A guardianship may also be needed if the power of attorney does not act in the best interest of the incapacitated person.  If the power of attorney is exploiting the individual by depriving them of their funds or their rights, a court will appoint a guardian to prevent any continued abuse.

If you have more questions on this topic, please contact our office at (941) 906-1231 to speak with one of our attorneys.

March 31, 2017
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Guardianship vs. POA: Incapacitated Individuals

By Elder Law, Estate Planning, Guardianship

In estate planning documents, an agent can be  chosen to act under a power of attorney, which is especially  useful in the event that the principal becomes incapacitated and cannot make decisions for himself.  Typically, a power of attorney is given the authority to control financial affairs. Other times, powers of attorney have complete control over the ward.

When the power of attorney is properly advocating for the ward, and the ward is cooperative, a guardianship may be avoided. However, there are instances and situations that nonetheless necessitate a guardianship. If the incapacitated individual continues undertaking financial activities that put their assets at unreasonable risk of depletion and wasting, a guardianship may be necessary. The guardian can make decisions regarding the ward’s financial, legal, and medical affairs, but some decisions must be approved by the court. By appointing a guardian, the court is able to preserve the ward’s property from dissipation.

If you have more questions on this topic or wish to set up documents, please contact our office at (941) 906-1231 to speak with one of our attorneys.

March 28, 2017
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Florida Studio Theatre Event – April 10th, 2017

By Estate Planning, Firm News

Babette Bach will be one of the key speakers talking about end of life issues at the Florida Studio Theatre event entitled “Everything You Ever Wanted To Know About Death But Were Afraid To Ask”. This event takes place on Monday, April 10th, 2017 at 5pm in the Bowne Lab Theatre at FST. If you are interested in attending, please click this link or copy and paste it into your browser for more information:

http://conta.cc/2o5RBeH

 

 

 

March 24, 2017
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How to Prevent Property from Getting Lost and “Unclaimed”

By Asset Protection Planning, Estate Planning

In the last few blogs, we discussed the process of finding and claiming lost property. However, there are safeguards and steps to follow in order to prevent your property from getting lost.

Because property goes unclaimed due to the absence of communication between the financial institution and the owner of the account, you should contact the institutions each year and notify them of any changes to your address, financial matters, or marital status.

It is also imperative to maintain detailed and accurate financial records. These records should also include records of bank account numbers, types of accounts, insurance policies, and stock certificates.

After receiving checks such as for wages, dividends, and insurance settlements, make sure to cash them without delay. Also, if you have a safe deposit box, record its number, bank name, and provide the extra key to a person you trust.

Lastly, you should prepare a Last Will and Testament that sets up the distribution of your assets. To create or update these documents, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.

February 17, 2017
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Claiming Lost Property in Florida

By Asset Protection Planning, Estate Planning

To claim lost property, go to your state’s unclaimed property administrator’s office. There you will find the proper instructions and forms. If you are a Florida resident, go to https://www.fltreasurehunt.org/.

The claim forms may require certain documentation such as a copy of current identification and proof that you are the owner of the account. The Florida Department of Financial Services may take up to 90 days to make a determination about the claim.

If you are a guardian or acting as an agent for someone under a durable power of attorney, you can complete a search on behalf of the individual for whom you advocate, if you are authorized to do so.  To claim the property as a guardian, you may be required to provide a copy of the documents appointing you as guardian or power of attorney to ensure you actually have the authority to do so.

And for executors of an estate or personal representatives, you should also search for any unclaimed property of the deceased individual. Unlike the process for guardians and agents, the search process may be more difficult for executors and personal representatives due to the documents that you must produce. However, Bach & Jacobs, P.A. represent and assist executors and personal representatives in the administration of estates, including ancillary administration, and can guide you through the process.

February 14, 2017
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