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Estate planning attorney Sarasota

How Does Remarriage Affect Estate Planning?

By Estate Planning

As our society has increasingly high divorce and remarriage rates, more individuals are faced with the task of updating or revising their Estate Planning documents to account for their change in partner. However, remarriage can make Estate Planning quite complicated, especially if each or either spouse has children by a previous partner.

The first step in updating your estate plan if you plan on getting remarried is to review yours and have your current partner review theirs. If you both decide that you would like to continue to keep your assets separate and leave everything to your respective children, then you will need to contractually agree to this by entering into a prenuptial agreement or “prenup”. At this time you may want to amend your advance health care directives and medical release forms as well.

If you have further inquiries, the skilled attorneys at Bach & Jacobs can assist you with Estate Planning. Please call our office at 941-906-1231 to schedule an appointment.

January 12, 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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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 is a Special Needs Trust?

By Estate Planning

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.

October 27, 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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The Difference Between a Living Will and a DNR

By Estate Planning

To ensure that your end-of-life wishes are carried out in a manner that comports with your wishes, it is important to understand the difference between a Living Will and a DNR (Do Not Resuscitate Order).

 

A DNR is a medical document that must be signed by both you and your physician in order to be considered valid and in effect. This document asserts that you do not want to be resuscitated if you die, and one can be obtained at your physician’s office. Additionally, a DNR tells the medical staff that is responsible for treating you, should your heart or lungs give out, not to perform CPR or implement a breathing tube. The original copy of this document must be visible to the EMTs to stop them from trying to resuscitate you. Most individuals that choose to have DNRs are those suffering from long-term illnesses or that are very old and want to maintain their dignity in death.

 

A Living Will is a legal document that details an individual’s end of life desires in regard to their medical treatment if they become incapacitated or unable to express informed consent. A Living Will is implemented so that you are still able to make important health care decisions, such as whether you want to be kept alive via life support, in the event that you are unable to communicate those wishes yourself.

 

A Living Will and a DNR serve different purposes and can ensure that your wishes are expressed in the most clear and concise manner possible. For help regarding these matters, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.

October 3, 2017
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