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Elder law in Florida

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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Lifetime and Estate Planning – A Seminar by Experts

By Estate Planning, Firm News

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.

December 7, 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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What Happens to Jointly Owned Stock After a Spouse Dies?

By Asset Protection Planning, Estate Planning, Probate

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.

November 24, 2017
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Who Should be My Successor Trustee?

By Estate Planning

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.

November 21, 2017
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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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How to Choose a Personal Representative for Your Estate: Duties of the Personal Representative

By Estate Planning

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.

October 31, 2017
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What You Need to Know About a Living Trust

By Asset Protection Planning, Estate Planning

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.

October 20, 2017
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