Skip to main content
Category

Estate Planning

What is a qualified disclaimer and when should it be used?

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

If for financial or tax reasons you do not wish to receive an asset for which you are a beneficiary, you can use a qualified disclaimer to pass this asset instead to other listed beneficiaries.  This may be beneficial for individuals who do not wish to claim an asset they are set to inherit for tax purposes.  To make sure your qualified disclaimer is compliant with IRS codes it must be in writing, delivered within a set amount of time dependent on specific circumstances, and irrevocable.  The assets you disclaim cannot be directed by you and will usually pass to the spouse of the decedent.

It is important to consult an experienced attorney when planning to submit a qualified disclaimer.  Contact our Board Certified Tax Law Attorney Fredric Jacobs, Esq. at (941)  906-1231.

October 6, 2015
Love0

Privacy of Estate Planning Documents

By Elder Law, Estate Planning

During estate planning, it is crucial to learn about the different levels of privacy that various estate planning documents provide you.  If you choose to leave assets through a will, that will and its contents become public after your death.  After a will becomes public record, it is available for viewing in the county in which the person it was written for was living or domiciled at their death.  To keep your desires for your assets private after your death a trust may be a more appropriate estate planning document because of the privacy protection it provides.  For example, the full terms of the trust are not recorded in the public record, unlike a will.  If you have more specific questions about the privacy of your estate planning documents after your death, contact our office at (941) 906-1231.  We have attorneys who provide estate planning services have experience in providing these services to high net worth families who can help assure your desires for privacy are met as your plan for your estate.

October 2, 2015
Love0

Estate Planning and Second Marriages

By Asset Protection Planning, Elder Law, Estate Planning

When getting remarried later in life, you must consider how that marriage will affect your previous plan to leave assets to beneficiaries such as children from previous marriages.  Most think that having a will specifying who their assets will go to is enough but, after getting remarried, a will may not be enough.  Even if a decedent has a will leaving assets to their children at the time of their death, their new spouse can be eligible to receive assets through a probate process that occurs involving an “elective share” under Florida law.

To ensure your assets are passed on as you desire, it is usually recommended that you and your new spouse-to-be sign a prenuptial agreement designating what will happen to each of your assets in the event of a divorce or the death of one spouse.  If you are already married, you can also sign a postnuptial agreement to make your wishes clear as to who the beneficiaries of your assets should be.  The use of trusts that provide for your children from the prior marriage, as well as your spouse, are also common estate planning tools.

When planning a second marriage, it is crucial to talk to an estate planning attorney and put necessary documents in place to designate beneficiaries of your assets.  To contact one of our experienced estate planning attorneys, call our office at (941) 906-1231.

September 29, 2015
Love0

Who should I name as the beneficiary of my life insurance?

By Asset Protection Planning, Estate Planning, Government Benefits

            Besides naming a specific individual as the beneficiary of your life insurance trust, you can name a trust as beneficiary.  This can be helpful in ensuring the money in this policy goes to whoever you designate instead of future creditors and can also bring tax benefits.  The three most common types of trusts to leave a life insurance policy to are a living trust, an irrevocable life insurance trust, and a special needs trust.  It is also common to include a spendthrift clause in these trusts which can help beneficiaries to manage the money from the life insurance policy by giving one individual the authority to distribute the funds according to the terms of the trust and their own best judgement.

To get recommendations on which type of trust you should leave your life insurance policy to, contact our office today at (941) 906-1231.

September 25, 2015
Love0

How can I avoid family feuds over inheritance?

By Asset Protection Planning, Estate Planning, Probate

Fighting over an inheritance can both cause significant family tension and a reduction in the inheritance heirs will receive due to legal fees.  To avoid this situation, you must set up a very clear estate plan.  Talk with your family about who you all agree would be the best executor of your estate and who will receive power of attorney if you are incapacitated.

The following are some documents you should put in place before you are dealing with any type of incapacitation:

  • Will
  • Trust
  • HIPAA Release
  • Power of Attorney
  • Health Care Surrogate
  • Living Will
  • Pre-Need Guardian
  • Guardianship plan for minor children and pets

 

If you would like to modify any estate planning documents already in place or begin to form an estate plan, contact Bach & Jacobs, P.A. today at (941) 906-1231.

September 18, 2015
Love0

Preventing Identity Theft After Death

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

Unfortunately, many people’s identities are stolen after they die.  This obviously creates much trouble and confusion for family members attempting to honor the wishes of their deceased loved one by administering their estate or distributing their assets.  The following are some tips for how you can minimize the threat of your deceased loved one’s identity being stolen:

  • Contact the Social Security Administration promptly so that your deceased loved one will be removed from the payroll. This also comes with a monetary benefit as the SSA gives $225 to people who report a beneficiary of social security as deceased.
  • Close social media accounts.
  • Close credit card accounts and call the major credit reporting bureaus, telling them to add “Deceased. Do Not Issue Credit.” to your loved one’s credit report so that new accounts cannot be opened.
  • Ensure all documents such as bank statements, IDs, and anything containing your loved one’s social security number are kept in a secure location.

Bach & Jacobs, P.A. represents and advises personal representatives (aka executors) and family members who are dealing with what to do after someone dies.  Contact Bach & Jacobs, P.A. at (941) 906-1231 for assistance in administering the probate and/or trust for your loved one.

September 11, 2015
Love0

Crucial Considerations During Estate Planning

By Asset Protection Planning, Elder Law, Estate Planning

As you and a qualified attorney are drafting estate planning documents, be sure to consider the following and express to your attorney exactly how you want your assets to be distributed after your death.

  • Flexibility: Think about how easily you will be able to modify your estate planning documents.  Also consider how much flexibility you are giving your beneficiaries through your will or trusts.  For example, think about whether you are putting age restrictions on beneficiaries of a trust or if you want to put stipulations on how the funds can be used.
  • Special Provisions: If wish to leave someone with special needs an inheritance, consider how that money could affect their public benefits eligibility and discuss with your estate planning attorney whether you could leave assets to their special needs trust.
  • Titling Assets: When doing tax planning, discuss with an attorney how you and your spouse should title your assets such as real estate to ensure you are utilizing available tax exemptions.

To speak with and experienced estate planning attorney or  Board Certified Tax Attorney Fredric Jacobs, Esq., call our office at (941) 906-1231.

September 8, 2015
Love0

What Constitutes Undue Influence?

By Elder Law, Estate Planning, Probate

Undue influence often involves a family member or friend coercing someone to add or remove beneficiaries from their estate planning documents in the last months of life or when their mental ability begins declining.  In determining if undue influence was exercised, the court evaluates whether mental inequality, or a notable difference in mental sharpness of the elder and accused exploiter, existed at the time of contested will revisions.

September 4, 2015
Love0

Why could a will be contested in Florida?

By Elder Law, Estate Planning, Probate

Out of several circumstances under which a will could be contested in Florida, the simplest is the will was not drafted using the proper formalities.  For example, if a will is not witnessed as per state requirements, it can be contested and thrown out.

Other grounds for contesting a will include:

  • If the writer is found to have lacked capacity at the time of its drafting.
  • Due to the testator being manipulated or exploited, especially during old age if “undue influence” occurs.
  • if the author of the will suffers “insane delusions” which cause them to change the beneficiaries of the will, such as if a person believes their husband has left them and decides to remove the husband from their will when in fact the husband visits his spouse every day.
  • If fraudulent activity occurs. For example, if someone lies about other family members or beneficiaries and these lies cause the slandered family member to be taken out of a will.

Wills must be contested very quickly, generally within 90 days of when the Personal Representative files and serves the Notice of Administration.  It is also possible for other testamentary documents besides wills to be contested if the situations listed above apply.

If you have questions about whether a will can be contested or to ensure your estate planning documents will not be contested, contact our office at (941) 906-1231 to speak to an experienced probate attorney.

September 1, 2015
Love0

Compiling Digital Asset Account Access Information

By Asset Protection Planning, Estate Planning, Probate

Use this digital asset inventory template to keep track of all of your important usernames and passwords for your digital fiduciary or personal representative.  You should designate who you authorize to access each account or computer and also specify what they are authorized to do.  For instance, you may wish for your Facebook account to be closed but want your email account to be preserved so your personal representative can retrieve stored sentimental photos.

Digital Assets Inventory Template

This list of account information should be kept in a secure location with other estate planning documents.

The attorneys at Bach & Jacobs, P.A. make efforts to stay on the cutting edge of new technologies that assist our clients, including the Personal Representatives that we represent.  We recommend all trust and durable power of attorney documents specifically authorize access to digital information.   We can also help you identify your digital assets and ensure that they are fully accounted for in your estate planning documents.

To set up an appointment to review what estate planning method would be best to grant access to your digital assets, call our office at (941) 906-1231.

August 25, 2015
Love0