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Elder law attorneys Sarasota

Disposition of Personal Property without Administration

By Estate Planning, Probate

In some cases, individuals are able to complete a process referred to as Disposition of Personal Property Without Administration. You can refer to the 2017 Florida Statute (Statute 735.301) that addresses Disposition Without Administration to determine eligibility for this process. This statute states that:

1) No administration shall be required or formal proceedings instituted upon the estate of a decedent leaving only personal property exempt under the provisions of s. 732.402, personal property exempt from the claims of creditors under the Constitution of Florida, and nonexempt personal property the value of which does not exceed the sum of the amount of preferred funeral expenses and reasonable and necessary medical and hospital expenses of the last 60 days of the last illness.

2) Upon informal application by affidavit, letter, or otherwise by any interested party, and if the court is satisfied that subsection (1) is applicable, the court, by letter or other writing under the seal of the court, may authorize the payment, transfer, or disposition of the personal property, tangible or intangible, belonging to the decedent to those persons entitled.

3) Any person, firm, or corporation paying, delivering, or transferring property under the authorization shall be forever discharged from liability thereon.

To obtain a Disposition of Personal Property Without Administration, completion of the following forms is required:

  • Disposition without Administration Petition (3 pages, notarized)
  • A certified copy of the death certificate
  • Copies of medical and hospital bills for the last 60 days of illness
  • Copy of paid funeral bill
  • Copy or copies of documents that show the asset you are attempting to transfer to you (ex: bank statements, stock certificates, insurance policies, etc.)
  • Signed and notarized consent from all heirs
  • Original Last Will and Testament of the decedent (provided one exists)If you qualify for this process or would like more information, the Sarasota County Clerk’s website has directions regarding how to apply and provides the necessary forms.
March 27, 2018
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What is Decanting a Trust?

By Asset Protection Planning, Estate Planning

A trust is an entity created by an individual (the settlor) to hold assets for the benefit of the trust’s beneficiaries, while a trustee is appointed to manage the trust. Decanting a trust is the act of distributing assets from an old trust to a new trust that has more amicable terms. It gets its name from the process of decanting wine from its original bottle to a new one in order to eliminate any sediment residue; decanting a trust allows you to pour the assets from one trust into another while getting rid of any terms that aren’t amenable. Decanting is a powerful tool, as it allows the trustee of an irrevocable trust (one that cannot be modified or terminated after it has been signed) to essentially re-write an irrevocable trust without having to go to court, so long as the trustee complies with the motive and consent requirements of the Florida Trust Code.

 

March 20, 2018
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The Basic Steps of Probate in Florida

By Probate

Probate is the legal process of proving that a Will is valid in court and administering the estate of the decedent according to the terms of their Will. If you are the personal representative of an estate, probate can become a complex and overwhelming matter. In Florida, the probate process can be broken down into four fairly simple steps. These steps will help you acquire a better understanding of how the probate process works and provide guidelines to follow that will help you fulfill your various duties.

Step 1: File a petition and give notice to the heirs and beneficiaries

File a petition with the probate court. You will either need to admit the Will and appoint the personal representative or, if there is no Will, appoint an administrator for the estate. In some situations, you will need to provide notice of the court hearing to all interested parties, which is usually the beneficiaries and heirs.

Step 2: Give notice to all creditors                                    

Following appointment by the court, the personal representative must give written notice to all creditors of the estate that indicates the date by which claims must be submitted. A notice will need to be filed publically to notify any unknown creditors, which can be done through the newspaper. Then, the creditors must file a valid claim with the court in order to get paid.

Step 3: Pay all debts, including taxes and funeral expenses

As the personal representative, you need to ensure that all funeral bills and final expenses have been paid. Additionally, determine which creditors’ claims are legitimate and pay those that are.

Step 4: Ask for permission to transfer remaining assets to beneficiaries

Once the creditor waiting period is over and all bills are paid, you can petition the court for the authorization to transfer assets to the beneficiaries indicated in the decedent’s Will and then close or discharge the probate proceeding.

If you need legal advice regarding the probate process, please contact our office at: 941-906-1232 to schedule an appointment with one of our attorneys.

February 27, 2018
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What Is an Explanatory Letter and How Does It Relate To a Will?

By Estate Planning, Probate

An explanatory letter is a separate document that you attach to your Will. The purpose of an explanatory letter is to explain the wishes set forth in your Will. When you create a Will, it is wise to include only the specific instructions regarding disbursement of your assets, rather than going into great detail explaining why certain assets are being given to certain beneficiaries. An explanatory letter is the place to include the reasoning behind the wishes you expressed in your Will and make any necessary explanations regarding said Will. Things that you can include in your explanatory letter are: explanations about gifts, final thoughts, and instructions for what to do with a pet. An explanatory letter is not at all legally binding, but can help to clarify your intentions if your Will is in any way contested. It also allows you to have a final say on any personal matters, which can help bring peace of mind to your loved ones.

February 13, 2018
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FINRA Introduces New Rules Addressing Financial Exploitation of Senior Citizens

By Elder Law

Recently, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 17-11, announcing that FINRA’s new rules addressing the financial exploitation of senior citizens would go into effect as of February 5th, 2018.  These new rules, which gained SEC approval, implement two important changes that are designed to help better protect senior investors.

The first change amends an existing Rule (Rule 4512) and requires that firms make “reasonable efforts” to obtain the name and contact information of a trusted person. This means that, when an investor that is 65 or older opens an account, the institution is required to ask them for the name and contact information of an individual that senior trusts with whom the institution may communicate if financial exploitation is suspected.  Additionally, the amendment to Rule 4512 states that existing senior customers will be asked this same question when their profile is updated. However, an individual is not required to list a trusted contact person and will not be prohibited from opening or maintaining an account if they refuse to do so.

The second change is the implementation of a new rule, Rule 2165, that allows member firms to place temporary holds on customer accounts when there is a reasonable belief of financial exploitation. This rule states that, if an institution suspects financial exploitation of someone 65 or older (or someone 18 or older that is disabled or considered mentally impaired), it can place a temporary hold of up to 15 business days on the disbursement of funds or securities from the account. This rule only applies to suspicious disbursement of funds or securities, not to securities transactions. Once this temporary hold starts, the institution has two business days to contact the customer as well as their chosen trusted contact person to investigate the matter.

Bach & Jacobs, P.A. employs elder law litigators who assist seniors and their families in combatting financial exploitation of the elderly.

February 6, 2018
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Recent Survey Has Found That More Than Half Of Americans Currently Do Not Have A Will

By Estate Planning

A survey of approximately 1,000 adults, conducted by the Princeton Survey Research Associates International in January of 2017 indicates that only approximately 42% of Americans adults have created Estate Planning documents such as a Wills or Living Trusts. Furthermore, it reports that, out of American adults who have children, only 36% have developed estate plans. While it is understandable that many Americans do not want to think about their deaths and likely put off writing a Will or participating in Estate Planning due to this, it is important to remember that processes such as these can help ensure that your loved ones have financial security after you are gone.

Another reason that individuals many not create Wills is because they do not believe that they have an amount of assets that is substantial enough to have value to anyone. However, regardless of age or economic status, you should create a Will so that your wishes regarding your property and personal belongings are followed. Additionally, making a Will can help bring any individual peace of mind and a sense of certainty.

If you have any inquiries regarding Wills or other Estate Planning documents, please contact our office at: 941-906-1231 to set up an appointment with one of our talented attorneys.

January 2, 2018
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What is Your Estate Planning IQ?

By Estate Planning

Kiplinger.com has a new quiz that allows an individual to assess their smarts when it comes to Estate Planning, Wills and Trusts. This quiz is multiple choice, consists of ten questions, and will give you your results once you have completed it. Additionally, the quiz will provide you with an answer to each question as well as an explanation of that answer immediately after you submit it. Click the following link to test your knowledge of Estate Planning:

http://www.kiplinger.com/quiz/retirement/T021-S001-know-about-wills-test-your-estate-planning-smarts/index.html

Didn’t score as high as you had hoped or still have questions? The skilled attorneys at Bach & Jacobs have a great deal of experience when it comes to Estate Planning. For assistance regarding these matters, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.

December 19, 2017
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When Can I Contest a Will?

By Estate Planning, Probate

Florida law gives individuals the power to contest Wills in the cases of fraud, mental incapacity or undue influence. In Florida, you can challenge a Will within the statute of limitations before the probate is complete. Additionally, if the Will has not yet been submitted to the court, you may challenge it. If the Will has been admitted to probate court and you have been notified of the submission and probate administration, then you have three months to file paperwork challenging the Will. However, if you did not receive the notice, then you may file after more than three months have passed as long as the probate process has not been completed.

You are allowed to file a Will contest in Florida if you have evidence that the will is not representative of the decedent’s wishes. You are also able to contest a Will if you have proof of undue influence, incapacity, or fraud.  Incapacity refers to a situation in which an individual did not have the mental capacity to understand the document they were signing, and undue influence refers to a situation in which the decedent was coerced or otherwise pressured into signing the Will.

For assistance regarding these matters, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.

 

December 12, 2017
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The Impact of Elder Abuse on Long-Term Health

By Health

A 2017 study supported by the World Health Organization estimates that, over the past year, 15.7% of people age 60 or over have been subject to some form of abuse. As elder abuse is one of the most underreported crimes, this is likely to be an underestimation. This study was published by Lancet Global Health, and it addresses not only the incidence of elder abuse across the world, but also suggests that elder abuse has long-term health effects. This study determined that the highest rate of elder abuse is psychological abuse and noted that this form of abuse can have especially negative health consequences. When a senior citizen’s psychological health is damaged, it can lead to increased risk of nursing home placement, hospital services, use of emergency services and even death. Although all forms of elder abuse can have a negative effect on victims’ health, this study suggests that psychological abuse may be the most internally damaging. It is of paramount importance that awareness is raised regarding the prevalence of elder abuse in our society and that people learn enough information about elder abuse to be able to identify and stop it.

December 5, 2017
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What is a Guardianship Monitoring Program?

By Guardianship

The term “guardian” refers to an individual who is appointed to care for and/or handle the affairs of a person who is deemed incompetent or incapable of administering their own affairs. The 12th Circuit Court has established a Guardianship Monitoring Program, which was created to help make sure that all court-appointed guardians adhere to the law. This is done by ensuring that they provide care to the elderly individuals they have been entrusted with in a manner that most positively benefits said individuals. This program includes, if necessary, guardianship investigations and court appearances. It also appoints a full-time guardianship monitor to make-sure that guardians are fulfilling their obligations in an appropriate, safe and caring manner. As a part of this program, a toll-free guardianship hotline has been implemented to make it easier for individuals to report any concerns regarding guardianship cases that take place in Sarasota County.

The number for the aforementioned hotline is (855)-506-0304, you can call this number if you have any knowledge regarding improprieties in relation to Guardianship cases that take place in Sarasota County.

December 1, 2017
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