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Asset Protection Sarasota

How to Choose a Personal Representative for Your Estate: Attributes of the Personal Representative

By Estate Planning

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.

November 7, 2017
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Estate Planning for a Vacation Home

By Estate Planning

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.

October 17, 2017
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What is a QPRT?

By Estate Planning, Real Estate

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.

October 13, 2017
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What Does Losing a Spouse Mean Financially?

By Asset Protection Planning, Estate Planning

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.

October 10, 2017
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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
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What Are Digital Assets And Why Are They Important?

By Asset Protection Planning

A digital asset is content owned by a person that is stored in digital form. Generally, digital assets relate to data or information that is stored on a device such as a smart phone or computer. Types of digital assets include, but are not limited to: photographs, presentations, spreadsheets, word documents, email, online banking, credit cards, or social media accounts. Digital assets are just as important as physical assets because they have financial and/or personal value to their owners. It is important to address the conveyance of your digital assets, which can be done in your Will. The attorneys at Bach & Jacobs specialize in Estate Planning and can help you develop a Durable Power of Attorney and a Will that not only address who will have access to your digital assets, but also clearly express your wishes for the transfer of your various assets when you pass away.

If you would like more information or have questions regarding asset protection or estate planning, please contact our office at: (941) 906-1231.

September 15, 2017
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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
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Care Planning Part 2

By Long-Term Care

While typical estate planning includes planning for incapacity during one’s lifetime as well as distribution of one’s assets upon their passing, Elder Law attorneys have an added focus of planning with long-term care in mind. If and when long term care becomes necessary, your end of life planning documents allow those you trust most to ensure you are cared for in a manner that comports with your wishes. Adding certain provisions to existing planning documents can enable those trusted persons to pursue additional planning strategies if and when the time comes for a senior to utilize long-term care. When the time comes for Medicaid pension planning, it is critical that the agent have the authority to take specific actions on behalf of the elderly person, such as establishing and funding an irrevocable trust, filing a Medicaid application, or preparing a VA pension application. The grant of authority must be clearly stated within the documents. Having clients in our office before they are in need of immediate long-term care allows our attorneys to successfully assist our clients in the most effective manner possible.

If you have further questions, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.

August 11, 2017
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Medicare vs. Medicaid: What are you eligible for?

By Medicaid Planning, Medicare

Medicare is a federally funded program for which most U.S. citizens and permanent legal residents over the age of 65 who have lived in the country for over five years are eligible for. Medicaid, among other things, supports individuals and families by covering costs associated with both medical and long-term custodial care for those who qualify. Eligibility for Medicaid is means-based, and the program has strict asset and income eligibility requirements that vary from state to state. For more information on current qualification requirements, individuals should visit Medicaid.gov. Additionally, Babette Bach is a Board Certified Elder Lawyer and can assist you with your questions about public benefits and qualifications for Medicaid.

August 4, 2017
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Babette Bach to speak at the Friendship Center on: “How Would A Disability Upset Your Retirement Financial Planning?”

By Asset Protection Planning, Firm News

Babette Bach will be speaking at the Friendship Center, 1888 Brother Geenen Way, event at 2:00pm on Wednesday, May 17th, 2017.  The topic is “How Would A Disability Upset Your Retirement Financial Planning?”. In this hour long program Babette will discuss the necessity to plan for disability and guardianship avoidance. Additionally, she will discuss recent legislation regarding living wills and trends in other states towards compassion choice. For more information on this event, please go to: www.friendshipcenterforagingstudies.org. and click the following link to see the flyer for this event: fcas-may-2017-bach-wright

May 10, 2017
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