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Elder Law

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
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Appointing a Digital Fiduciary

By Asset Protection Planning, Elder Law, Estate Planning

            When planning for the transfer of your digital assets, you should be sure the person given the power to access and disperse information from your digital accounts is technologically savvy.  Most people appoint a surviving spouse or child who is financially literate to take care of many of their assets as personal representative or trustee.  If this person is not familiar enough with computers and the technology associated with your digital accounts, you can appoint a separate digital fiduciary to perform actions such as closing accounts, accessing photo storage, and transferring digital content such as videos or purchased books and movies onto DVDs.

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 21, 2015
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How can I plan to transfer my digital assets after I die?

By Asset Protection Planning, Estate Planning, Probate

To ensure that your digital assets are protected and dealt with as you desire after death, be sure to compile all usernames and passwords for online subscriptions and accounts in a secure location.  Also, speak with an estate planning attorney about how to ensure your durable power of attorney will have authorization to access assets such as online bill pay, photos, or social media accounts.  You should specify which, if any, of your digital assets you want deleted and, if you have digital assets which earn profits, where you want that money to go and who is able to access and handle it.  An attorney can tell you where your digital asset wishes should be expressed, keeping in mind that wills become public record after death.

Planning for digital assets is a newly emerging issue in estate planning and is complicated by the fact that many accounts on websites such as Facebook and Google have Terms of Service agreements which can be violated by anyone besides the original account holder authorizing someone else to log in.  Attempting to access an account without proper permission can constitute a violation of anti-hacking laws.

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 18, 2015
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What happens to my digital assets after death?

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

Digital assets such as online bill pay accounts, online investment management accounts, personal records, digital movies, books, games, airline rewards points, and photos must be accounted for in modern estate planning to ensure your loved ones can access and control your digital accounts as you wish.  As technology plays a growing role in our everyday lives, some of our assets carry personal value, such as photos and videos, and others, such as online blogs with paid advertisements, may even have monetary value.  In order to ensure that personal accounts, sites, and memories are available to the desired loved ones after death, who you want to be given access to your digital accounts and what type of control they may have over them must be included in your estate planning documents.

At Bach & Jacobs, P.A., we incorporate planning for the transfer of digital assets into our estate and end of life planning for clients.  Call our office today at (941) 906-1231 to set up an appointment to review how to make your digital assets a part of your estate plan and ensure access to these accounts is granted safely and as you desire.

August 14, 2015
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What is Considered Financial Exploitation of an Elderly Person under Florida’s New Elder Exploitation Laws?

By Elder Law

Legal protections for Florida’s elderly residents from financial exploitation were strengthened by a new law, effective October 1st, 2014.  This new law defines exploitation as occurring when 1) a misuse of a power of attorney or guardianship duties result in unauthorized transfer of property, 2) personal assets are taken without authorization, 3) a vulnerable adult’s money is misused or transferred, or 4) a vulnerable adult’s assets are not effectively used for their support and needs.

 

If you or someone you love has been the victim of financial exploitation against an elderly person, contact Sean M. Byrne, Esq. at Bach & Jacobs, P.A. to discuss your options for recovery of those assets.  Call our office at (941) 906-1231.

August 11, 2015
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How can I ensure my medical treatment wishes will be honored

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

An essential part of estate planning is setting up clear instructions for loved ones about your wishes with regard to medical treatment.  It is incorrect to believe that a Last Will & Testament contains information that will empower your loved ones to make decisions in line with your desires in the event that you are incapacitated or unable to communicate.  To provide your loved ones with information about your medical care desires and give them the power to make decisions on your behalf, you must set up advance directives.  It is recommended that you set up a living will, health care surrogate, pre-need guardian, and/or health care proxy to protect your wishes.  These documents should be put into place far before incapacitation occurs and discussed with loved ones so they are clear about your wishes.  If you would like to discuss what documents you should have in place to give instructions about medical treatment, please contact Bach & Jacobs, P.A. at (941) 906-1231.

August 7, 2015
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How can I set up charitable giving to be a part of my estate?

By Estate Planning

We can help you set up a charitable giving plan to ensure you can continue to utilize and increase your money during your lifetime and later provide support to charities of your choice.  Some of the different ways to maximize your charitable giving are outlined below:

  • Charitable Lead Trusts: This type of trust can allow you to give to a charity each year until a designated year or your death. After the trust is terminated, the remaining assets can be distributed as you choose.  This type of trust brings significant benefits such as removing the contained assets from your estate for estate tax purposes and making earnings tax exempt.
  • Charitable Remainder Trusts: These trusts can be set up so that you can continue to increase and spend your assets during your lifetime. A tax deduction is available once money is transferred into this fund and the charity the funds are to be left to can be changed if the designated charity changes status.
  • Donor Advised Fund: These funds can be used to gain tax deductions and specify how you want your money to be spent within an organization through fund advising.
  • A Private Foundation: If you choose to establish a private foundation, you will have a very high degree of control over how your money is spent.  This can also be an opportunity to begin a family legacy of giving in the community.  Significant tax benefits also entail.  This can be useful for high net-worth families and wealthy individuals.

If you would like more information on any of the above charitable giving plans or want advice on what giving option would be of most benefit to you, please contact our Board Certified Tax Lawyer Fred Jacobs, Esq. at (941) 906-1231.

August 4, 2015
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How does a dementia diagnosis affect my ability to do estate planning?

By Elder Law, Estate Planning, Guardianship

Estate planning involves signing legal documents which those who are incapacitated due to a dementia diagnosis often cannot do.  For estate planning documents to be valid, they must be executed by a person with “testamentary capacity.”  This is why proper estate planning before capacity is lost or diminished is critically important in ensuring assets will be passed on to the desired beneficiaries.

However, a diagnosis of dementia does not always entail an immediate loss of legal competency or the right to sign contracts and undertake estate planning.  If a diagnosis of dementia is made and estate planning documents are not already in place, it is important to meet with an estate planning attorney right away to assess the necessary legal capacity or competency and discuss an estate plan before it is too late.

If you need help with estate planning for you or a loved one, contact Bach & Jacobs, P.A. at (941) 906-1231.

July 31, 2015
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Modifying an Irrevocable Trust

By Asset Protection Planning, Elder Law, Estate Planning

Florida’s Trust code allows courts to modify irrevocable trusts which are unambiguous but which have terms that are considered contradictory or wasteful.  Courts can modify trusts if the trust’s purpose no longer exists, if the modification is not inconsistent with the purpose of the trust, or if the current trust is wasteful or impracticable to fulfill under the current terms.

Modifications to irrevocable trusts can be made to preserve the intent of the original trust in changing circumstances.  If you have questions about setting up or modifying trusts, contact one of our experienced estate planning attorneys at (941) 906-1231.  Our firm represents trustees and beneficiaries of trusts and can advise you on your options and rights with regard to the trust.

July 28, 2015
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What are the changes to Florida’s guardianship laws?

By Elder Law, Guardianship

The most important aspect of the new legislative changes to the Florida guardianship law is the modification of the method of appointing an emergency temporary guardian.  Under the new law which takes effect July 1st, 2015, a person who is allegedly at imminent risk of physical harm or of having their assets wasted and misappropriated and therefore in need of emergency guardianship protection must be notified along with their attorney at least 24 hours before the emergency court hearing.  Previously, advanced notification was not required which left many unprepared for proceedings.  This advanced notification is especially important as it has historically been difficult to contest the need for a guardian after one is appointed on an emergency basis as the ability to make a decision to change attorneys or access financial assets is often hindered.  Emergency temporary guardianship often led to a permanent guardian being appointed.  Now, an emergency guardian will no longer be given preference in hearings appointing permanent guardians and emergency guardians cannot be appointed to permanent positions without a request from the ward or their family.

Another change to the law is that if the ward’s condition improves and they could have some of their rights restored, the guardian is required by law to notify the court.  Lastly, a guardianship cannot suspend the power of attorney.

Babette Bach worked for the past year on this new law and is a legal activist for the elderly.  If you have questions about the new guardianship law or would like set learn about setting up a Designation of Pre-need Guardian, contact our Florida Board Certified Elder Law Attorney Babette Bach, Esq. at (941) 906-1231.

July 21, 2015
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