Babette Bach and Fred Jacobs will be speaking at a Heritage Oaks event, “Lifetime and Estate Planning – A Seminar by Experts”, being held at their clubhouse on January 15th, 2018 at 2:00pm. The attorneys will cover a variety of topics and give some insights into preservation of assets and estate planning for Florida residents. The event is presented by the Heritage Oaks Lifelong Enrichment Committee. Please contact the club for more information: 941-926-7602.
In Florida, selling jointly owned stock is different than selling another jointly owned asset.
If you and your spouse owned the stock jointly and with the right of survivorship, then when your spouse passes away you automatically become the sole owner of said stock. This means that you are free to do whatever you want with it, whether you would prefer to keep, sell or trade it. As far as taxes are concerned, half of the investment’s tax basis is increased when the first spouse passes away. This means that, if you choose to sell the stock, the capital gains or losses on your half of the investment will be based on what the stock was valued at when you first purchased it. Your spouse’s half, however, will be based on the value of the stock at the time that he or she passed.
If you have created a living trust, you may have appointed yourself as trustee so that you can be in charge of the assets titled to the trust while you are alive. However, you must also decide who to name as your successor trustee. A successor trustee is the individual who will take over the trustee position when you pass away, and who will be in charge of your trust’s assets. It is very important to carefully consider who you want as your successor trustee. Most people choose a family member or close-friend because they are confident that this person will carry out their duties honestly, impartially and in a manner that is consistent with the terms of the trust. However, make sure that whoever you choose is up to the task given the responsibility involved. Pick an individual who will be relentlessly scrupulous and who has you as well as your family’s best interest at heart. Your successor trustee will also be in charge of managing and distributing your assets should you become incapacitated.
If you are uncomfortable choosing a friend or family member to be your successor trustee, consider designating the task to a knowledgeable, respected corporate trustee or a legal professional that you trust fully. For inquiries regarding this matter, please contact our office at: 941-906-1231.
Being the Personal Representative of an Estate is a solemn responsibility. Therefore, you should choose an individual that is honest, diligent and reliable. Most people opt to designate a family member that they are close with as their Personal Representative, but if you do not believe that any of your family members are up to the task or do not want to burden them in an already difficult period, you may want to consider asking a trusted friend. However, make sure that this individual is in good health so that they will still be around and able to perform their duties by the time you pass away.
If you are not comfortable naming a friend or family member Personal Representative of your Estate, you always have the option of naming a third party Personal Representative in your Will, such as a bank, trust company, or legal professional with experience in Estate Planning.
For assistance regarding this matter, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.
A Personal Representative of a Will is the individual who is appointed to administer your estate and carry-out the wishes set forth by you in your Will. This is one of the most important decisions that you will make when preparing your Will, so it should not be taken lightly. The responsibilities of a Personal Representative include, but are not limited to: filing court papers to start the probate process, taking inventory of your estate, preparing/filing final income tax returns, distributing assets to your beneficiaries and, ultimately, notifying banks and government agencies of your passing as well as using your estate funds to pay bills.
Do you have a loved one who is disabled or has special needs? If so, then a special needs trust (also known as a supplemental needs trust) may be the right option for you and your family. A special needs trust provides your disabled loved one with financial support and is designed to supplement the benefits that a disabled person may receive from government programs. A special needs trust is used so that an individual can still qualify for and receive medical benefits and supplemental security income, without the assets in the trust being calculated as a part of their income when it comes to determining eligibility for benefits from government programs.
If you have further inquiries regarding this matter, please contact our office at: 941-906-1231 to schedule an appointment with one of our attorneys.
A living trust is a legal entity that you create with rules and conditions that apply to any assets owned by the trust. This type of trust is in operation during the lifetime of the person who establishes it and can resemble a Will in that it expresses your wishes in regards to matters such as your assets, your dependents and your heirs after death. A living trust is different than a Will because a Will only becomes effective after you die and it has been entered into probate. Living trusts are popular because they allow individuals to bypass probate, which can be a costly and time-consuming process. With a living trust, you appoint a successor trustee to transfer assets to the beneficiaries. In some circumstances, this process can take only a few weeks, while probate has the potential to last for months. Additionally, individuals concerned with privacy generally prefer a living trust, as probate records are filed in the court records and available for public inspection.
If you have further inquiries regarding living trusts or other forms of Estate Planning documents, contact our office at: 941-906-1231 to schedule an appointment with an attorney.
When you are going about Estate Planning, deciding what to do with a vacation home can seem daunting. If you decide to leave it to one (or more) of your family members, it is important that you discuss this with them. There are several choices you can consider when deciding what to do with your vacation home. If you choose an outright transfer, your home will be given to one (or several) of your loved ones as a gift, but there may be adverse tax consequences of doing so. Another option would be to place your home in an LLC made up of your family members. If you choose this method, you could have a family member manage the property and allow one or more of your family members to utilize it. You could also transfer your vacation home to a QPRT (Qualified Personal Residence Trust), in which you transfer your home to a family member in exchange for continual rent-free use for a specified term. This is a popular choice because it can reduce the amount of a gift or estate tax. Another option is gifting your home to an irrevocable trust, which would have rules regarding the use and expenses of the home among the beneficiaries.
Estate Planning comes with a large variety of options and complications. Please contact our office at: 941-906-1231 if you need assistance with your Estate Planning or have questions.
A Qualified Personal Residence Trust (QPRT) is a lifetime transfer of a personal residence in exchange for rent-free use of said residence during the trust term. When that term comes to an end, the home passes to the intended beneficiary or beneficiaries. If you are still living at the end of the specified term, you have the option to have the home distributed amongst your loved ones or put into a trust for them. This is a popular estate planning method for individuals that want to give their vacation homes to family members when they pass away because it can reduce the gift or estate tax cost that comes with transferring a residence. Both residence and vacation homes can qualify as QPRTS and often more than one home can be protected.
If you think that a Qualified Personal Residence Trust may be the right choice for you, or need assistance with any Estate Planning matters, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.
Losing a spouse is, undoubtedly, one of the most devastating experiences a person can face and is difficult to even contemplate. However, it is important to consider and plan for the financial implications of a spouse passing before that day arrives. Then, when that unfortunate time comes, your sole focus can be on grieving and healing rather than facing financial turmoil or stress.
The first step you can take when approaching this matter is to speak with your spouse and ensure that both of you understand what assets you have (as a couple and individually), as well as where they are located. It is also important to discuss whether or not there are life insurance policies in place, who you will each be naming as survivor beneficiaries, and whether or not either of you has a pension or retirement plan. This helps to provide you both with an understanding of what you have individually, what you have as a couple, and what each of you will have when the other passes.
The next step is to gather important documents and put them all in a secure, memorable location that you will be have easy access to if needed (ex: a locked filing cabinet in your home or a safety deposit box). Documents you may need include: each spouse’s Will and a list of assets, all insurance policies, social security numbers, your marriage certificate, your children’s birth certificates, titles on vehicles as well as properties, and any relevant Estate Planning documents.
If you need assistance with the creation and development of Estate Planning documents or if you have questions, the skilled attorneys at Bach & Jacobs are experienced in Estate Planning. For help regarding these matters, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.
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