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Estate Planning

How Does Remarriage Affect Estate Planning?

By Estate Planning

As our society has increasingly high divorce and remarriage rates, more individuals are faced with the task of updating or revising their Estate Planning documents to account for their change in partner. However, remarriage can make Estate Planning quite complicated, especially if each or either spouse has children by a previous partner.

The first step in updating your estate plan if you plan on getting remarried is to review yours and have your current partner review theirs. If you both decide that you would like to continue to keep your assets separate and leave everything to your respective children, then you will need to contractually agree to this by entering into a prenuptial agreement or “prenup”. At this time you may want to amend your advance health care directives and medical release forms as well.

If you have further inquiries, the skilled attorneys at Bach & Jacobs can assist you with Estate Planning. Please call our office at 941-906-1231 to schedule an appointment.

January 12, 2017
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What property goes into a living trust?

By Asset Protection Planning, Estate Planning

Unlike a testamentary trust, which is set up in a will and takes effect after someone’s death, a living trust is established and funded during one’s lifetime. A revocable trust can also be utilized to avoid probate, if that is a priority for you.

Typically, a revocable living trust involves three parties: the grantor, the trustee(s), and the beneficiaries. It is a good idea to include your most valuable property in a living trust. Some of these assets may include your:

  • House
  • Stocks, bonds, and mutual funds
  • Jewelry
  • Antiques
  • Brokerage accounts
  • Business interests

For real estate that is jointly owned, it is important to remember that you do not need to transfer it into a trust to have the property pass outside of probate because the property will go directly to the co-owner if you die by operation of law.

January 10, 2017
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Planning with Your Sibling to Care for Elderly Parents

By Estate Planning, Guardianship, Long-Term Care

Instead of coming up with a strategy for caregiving arrangements right after an emergency room visit or life-threatening event, it is good for families to meet early during a time when everyone is relaxed and rational. By meeting early, families can make arrangements when they are clear-minded and collected.

Another effective step in planning for caregiving is matching the parents’ wishes and needs with the capabilities of the siblings. For example, many elderly parents need help in areas like transportation, managing finances, and healthcare. Depending on the situation, one sibling might be able to assist with transporting the parents while another may be greater help in paying bills.

Lastly, it is important for siblings to remember that asking for outside help is sometimes necessary. If you and your siblings are still struggling to meet the needs of your parents, it is good to contact volunteer, hospital, and senior care programs that can provide their abilities and time.

January 6, 2017
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Digital assets act grants personal representatives access to digital data

By Asset Protection Planning, Elder Law, Estate Planning

Senate Bill 494, also known as the Florida Fiduciary Access to Digital Assets Act, took effect July 1, 2016. The act allows fiduciaries to manage digital assets and communications in the same way one would with tangible assets.

Digital data includes emails, photos, social media content, and online account information.

The four types of fiduciaries that this bill applies to are personal representatives; guardians of minors or incapacitated persons; agents under the authority of a power of attorney; and trustees. Fiduciaries must provide evidence of their authority under Florida law.

The bill does not extend access to digital data to family members or loved ones who aren’t fiduciaries. Also, the act does not grant the fiduciaries the right to own the asset; it only allows them to access it.

By granting fiduciaries access to digital assets while you are competent, you can properly protect and plan for your assets.

December 27, 2016
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Preventing financial institutions from refusing to honor POA’s

By Asset Protection Planning, Elder Law, Estate Planning

In the last blog, we discussed the issue of financial institutions refusing to honor powers of attorney and making clients sign their own institutions’ legal forms.

In order to prevent this from occurring, here are some suggested steps to take:

  • Draft your durable power of attorney with a trusted and experienced Florida elder law attorney who will prepare comprehensive documents for you.
  • Show your DPOA to your financial institution to ensure that it will accept the document in the future. Make sure to have this agreement signed and in writing. If the institution does not approve of the DPOA, go back to your attorney for assistance.
  • If the institution is difficult to work with, ask your elder law attorney to speak with them or move your assets to a new financial institution.

While it is important to have a durable power of attorney, it is also critical to take the extra steps to ensure that it will be honored at other institutions. If you have more questions on this topic or wish to prepare end-of-life documents, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.

December 23, 2016
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Financial institutions refusing to honor POA’s

By Asset Protection Planning, Elder Law, Estate Planning

In a recent New York Times article titled “Finding Out Your Power of Attorney Is Powerless,” the author discusses an issue that frustrates families and elder law attorneys alike —financial institutions refusing to honor powers of attorney. Some banks and brokerage firms have reportedly failed to accept powers of attorney out of fear of elder exploitation or concerns over liability.

Due to these reasons, the financial institutions have required their clients sign new forms with their institution. The banks have reportedly argued that some power of attorney documents were signed too long ago (“stale”) or even that it lacks the proper language.

Florida’s Durable Power of Attorney Act includes provisions aimed at preventing banks and financial institutions from refusing to honor a power of attorney, although they may legally require an opinion of counsel from a Florida lawyer that the document is valid.

The attorneys at Bach & Jacobs, P.A. can assist you in both the creation and enhancement of a durable power of attorney to ensure that it complies with Florida law.

December 20, 2016
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Death with Dignity: Appointing a Health Care Surrogate

By Estate Planning

For individuals who believe they have a right to die on their own terms, there are certain ways to set up end-of-life documents to reflect your wishes and values. Despite being a resident in states like Florida, which do not have laws legalizing assisted suicide for terminally ill patients, residents can create living wills and appoint health care surrogates to act in their interests if they wish to have life-prolonging treatment withheld in certain situations. If you believe in the right to die, there are a few things you should discuss with your appointed surrogate.

You and your health care surrogate should have a conversation about your values. Because your surrogate has the authority to make decisions for you when you are incapacitated, it is imperative that he or she knows how to act in your interest. You should also discuss life-sustaining treatments, and when and how you wish to use or withhold them. Lastly, your surrogate should have a copy of your living will in order to guide decision-making.

Your surrogate should be comfortable answering several medical questions. Make sure to discuss hypothetical medical situations such as the occurrence of a stroke, head injury, or progressive debilitating disease. Also, the surrogate should know whether you want to receive artificial nutrition and fluids, resuscitation attempts, or other life-sustaining treatment.

If you have further questions on this topic or wish to set up end-of-life documents, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.

December 16, 2016
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Death with Dignity: How do I withhold life-prolonging treatment in my end-of-life documents?

By Estate Planning, Long-Term Care

With the technological and medical advancements of the 21st century, life-sustaining treatment in end-of-life care has become more widespread and affordable. However, many individuals are against the idea of being kept alive by artificial means, especially when suffering from a terminal ailment. For those who are against such treatment, there are ways to withhold life-prolonging treatment in end-of-life planning documents.

Living Will

Crafting a living will allows you to communicate your wishes for end-of-life care. In this document, it is important to specify whether you plan on using life-prolonging treatment when you are incapacitated or denying the treatment.  Your doctors and family are required to honor the document.

Health Care Surrogate

Also sometimes referred to as a healthcare proxy, healthcare agent, and attorney-in-fact, your healthcare surrogate is responsible for making medical decisions for you when you are unable to do so yourself. By appointing a trusted health care surrogate, you can ensure that if you are temporarily or permanently incapacitated and unable to give informed consent, you will not be given life-prolonging treatment. The health care surrogate is only authorized to make medical decisions and does not have the capacity to access and use your funds unless you provide for that in another kind of document. It is important that you meet with your surrogate and clearly communicate your wishes and values so he or she can make the best decisions for you if need be.

It is wise to both draft a living will and appoint a health care surrogate. Your health care surrogate can use the living will as a guide in making decisions, including large decisions such as continuing or ending medical treatment. Also, if for some reason your health care surrogate is unavailable to advocate for you, your living will can help guide other caregivers.

If you have further questions on this topic or wish to set up end-of-life documents, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.

December 13, 2016
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Death with Dignity: Using Advance Directives

By Elder Law, Estate Planning

While the debate about proposed death with dignity laws continues in Florida, it is important to know that current Florida law prohibits assisted suicide, which is allowed in several other states. However, there are still ways that you can have autonomy in directing your own medical care within the parameters of Florida law. In a living will document or advance directive, you can specify your refusal of life-sustaining treatments such as feeding tubes, chemotherapy, and artificial nutrition. Doctors, caregivers, and other health care providers are required to honor these documents.

If you have further questions about this topic or setting up your end-of-life documents, contact one of our experienced estate planning attorneys at (941) 906-1231.

December 9, 2016
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Death with Dignity in Florida

By Elder Law, Estate Planning

A movement that is spreading throughout this country is the death with dignity initiative, or laws that allow terminally ill patients to use prescribed medications to end their lives on their own terms. Also known as the right to die, death with dignity is only legal in Washington, Oregon, California, and Vermont. Although Florida and several other states have not adopted such laws, there are still ways to direct your own end-of-life medical care.

The death with dignity movement is a controversial one. Advocates posit that the laws minimize suffering for terminally ill patients, grant individuals authority, and lessen the burden on family, friends, and caregivers. Opponents of death with dignity believe that some patients could be pressured into making the decision, the regulatory authority over who can administer the pills is too lax, and the cheap cost of the assisted suicide could improperly affect the decision-making of doctors and patients.

This week, we’ll be blogging about what options you have as a Florida resident with regard to end-of-life planning.

December 6, 2016
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