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Estate Planning

When an Out-of-State Resident Dies Owning Florida Real Estate

By Elder Law, Estate Planning, Probate, Real Estate

Question:     What happens when someone dies owning real estate or other assets in Florida, but is a resident of another state?

Answer:    If a deceased person was a resident of a state other than Florida, the estate will be administered in the county and state of residence.  However, even if the decedent’s estate is administered by the probate court of the state of residency, assets located in Florida, especially real estate, may have to be administered by Florida’s probate courts.  This is called “ancillary administration” and requires that the Florida court issue letters of administration to a personal representative qualified to act under Florida law.  If you are the personal representative for a non-Florida resident and need assistance with opening an ancillary administration in Florida for the estate, call Bach & Jacobs to speak to an attorney.

September 19, 2013
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Supreme Court DOMA Decision Affects Estate Planning for Same Sex Spouses

By Elder Law, Estate Planning, Tax Law

The Supreme Court of the United States’ ruling that a portion of the Defense of Marriage Act (“DOMA”) is unconstitutional may allow same sex spouses who were legally married under state law at the time they filed individual Federal income tax returns to amend past tax returns and receive a refund.  The DOMA ruling’s implications will also affect the gift and estate tax marital deduction, portability of a spouse’s estate and gift tax credit, retirement benefits, and the future tax filing status for same sex spouses.  Many tax experts believe that the Court’s ruling has retroactive effects.  This means that same sex spouses may be able to amend previous tax returns to claim refunds for prior tax years if the taxpayers can show that they would have paid less if the marriage had been recognized by the IRS.  Same sex couples can contact tax expert Fred Jacobs at Bach & Jacobs to review the effect that the Supreme Court’s decision may have on their federal taxes.

September 5, 2013
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What is the Effect of Prior Gifts on Inheritances?

By Elder Law, Estate Planning, Tax Law

Question: My widowed father recently died and his will directed that his estate should be split between my brother and me.  My brother is well off, where I have struggled financially.  To help me out over the last few years my dad gave me his car and several cash gifts.  Will those prior gifts be counted against my inheritance or will my brother and I still split the existing assets dad had at his death?

Answer: Whether those prior or “inter vivos” gifts will be counted against your inheritance depends on whether your father made a written declaration contemporaneous with the gifts that they were “advancements” against your inheritance.   If he did, or if you acknowledged in writing that they were indeed advancements to be counted against your inheritance, then the value of the car and cash at the time you received it could be used to reduce your inheritance after your father’s death.  Otherwise, these lifetime gifts are ignored and the assets remaining in your father’s estate are split equally upon his death.  To avoid confusion, it is best if your father had documented these gifts in writing.  Any lifetime gifts to an individual totaling greater than $14,000 in a calendar year should be reflected on your father’s tax returns.  The team at Bach & Jacobs assists families in administering estates after the passing of a loved one.  Contact Bach & Jacobs at (941) 906-1231 if you need assistance with probate administration.

August 29, 2013
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What Happens if You Pass Away Without a Will or Trust?

By Elder Law, Estate Planning, Probate

Assets pass to the family members the state presumes to be the intended heir. If you pass away with a spouse and children surviving you, 100% of your estate would go to your spouse. If you pass away with a spouse and children from a previous relationship(s), 50% of your estate will go to your spouse and 50% of your estate would be divided among your children.

If you need legal advice for estate planning, Asset Protection Planning, or tax planning, please contact our office at (941) 906-1231 for an initial consultation.

August 21, 2013
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What Happens If Someone Dies Without A Will in Florida?

By Elder Law, Estate Planning, Probate

Question: What happens when someone dies without a will in Florida?

Answer: When someone dies ‘intestate’ (without a will), the State of Florida has an established protocol and priority that sets forth how a decedent’s assets are distributed.  With an intestate estate, the decedent’s spouse typically receives half or all of the decedent’s estate.  The amount the spouse receives depends on other family dynamics, such as whether the decedent or the surviving spouse has children from a prior spouse.

If your spouse or parent has recently died without leaving a will, Bach & Jacobs can help guide you through the process of distributing your loved one’s assets.  If you need legal advice for estate planning or would like a review of your existing legal documents, including a prior will, please contact our office at (941) 906-1231 for an initial consultation.

August 11, 2013
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Is My Out of State Power of Attorney Valid In Florida?

By Elder Law, Estate Planning

Question: My parent executed a power of attorney document in another state that appoints me the attorney in fact.  As a Florida resident, can I use the out-of-state power of attorney document to handle my parent’s financial matters in Florida?

Answer: Yes, under Florida law a power of attorney executed in another state is valid in Florida so long as the execution met the requirements of either (a) the state of Florida or (b) the state where the document was executed at the time.  A third party, such as a bank or other financial institution, may require an opinion of counsel regarding the validity of the power of attorney if the out-of-state document does not meet Florida’s requirements.  If you have an out of state power of attorney document and are unsure of its validity, call Bach & Jacobs. We can have it reviewed so you can be sure the document meets the requirements of either Florida or the state where it was executed.

If you need legal advice for estate planning or would like a review of your existing legal documents, such as a power of attorney, please contact our office at (941) 906-1231 for an initial consultation.

August 11, 2013
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Attorney Sean Byrne to Join Bach & Jacobs Sarasota, FL

By Firm News

Bach & Jacobs, P.A. is pleased to announce that Sean M. Byrne will be joining the firm this summer.

Mr. Byrne’s practice focuses on trust & estate planning, probate, guardianship, and elder law litigation. Mr. Byrne begins with Bach & Jacobs on July 22. Prior to joining Bach & Jacobs, Sean was the in-house counsel for the Conservation Foundation of the Gulf Coast where he provided options to landowners, high net worth individuals, and their financial advisors seeking to reduce federal income taxes and local property taxes through land conservation and philanthropy. Sean will continue to represent parties to real estate transactions involving environmentally sensitive lands.

Mr. Byrne is a member of the Florida Bar, the American Bar Association, the Southwest Florida Estate Planning Counsel, the Sarasota County Bar Association and the Young Lawyers Division. He is a graduate of Leadership Sarasota County and is the founder of the nationwide Next Generation Conservation Attorneys network, currently sponsored by the national Land Trust Alliance.

“Sean combines a sharp legal mind and a diligent work ethic with his genuine concern for senior citizens and their families. He will be an outstanding addition to our strong team of professionals who put our clients’ interests at the heart of everything we do,” said Babette B. Bach, founder of Bach & Jacobs and a Board certified attorney by both the Florida Bar and the National Academy of Elder Law Attorneys (CELA).

Bach & Jacobs practices estate planning, probate, guardianships, tax and business law, Medicaid, VA benefits and land conservation transactions.

Sean M. Byrne can be reached at (941) 906-1231 or at [email protected].

June 3, 2013
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Babette B. Bach, Esq. to Speak for the Jewish Foundation of Sarasota-Estate Planning Sarasota

By Estate Planning, Firm News, Medicaid Planning, Medicare

Babette Bach will be the keynote speaker for a seminar March 20, 2013 at the Jewish Foundation in Sarasota. Topics will include estate planning and the basic recommended documents to have in place, Medicare and Medicaid Planning.

Ms. Bach is looking forward to speaking to the members of the community on such an important topic. She appreciates the invite to lecture.

If you need legal advice for estate planning, Medicare, Medicaid planning, or VA planning, please contact our office at (941) 906-1231 for an initial consultation.

March 14, 2013
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Babette B. Bach, Esq. to speak for the Women’s Club of the Palm Aire Country Club

By Estate Planning, Firm News, Medicaid Planning, Medicare

Babette Bach will be the keynote speaker for a seminar March 15, 2013 at the Palm Aire Country Club in Sarasota. Topics will include estate planning and the basic recommended documents to have in place, Medicare and Medicaid Planning.

Ms. Bach is looking forward to speaking to the members of the woman’s club on such an important topic. She appreciates the invite to lecture.

If you need legal advice for Estate Planning, Medicare, Medicaid planning, or VA planning, please contact our office at (941) 906-1231 for an initial consultation.

March 5, 2013
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Changes to Special Needs Trust Law in POMS

By Elder Law, Estate Planning

In September 2012, there was a change in the POMS prohibiting Special Needs Trustees from being able to reimburse family members for travel to visit a beneficiary. This change stated that a Special Needs Trust document that states that the trust funds can be used to reimburse family members visiting a beneficiary would cause the trust to violate the sole-benefit rule (and make the trust a countable resource). It also prohibited payment of travel expenses to a companion assisting the beneficiary in travel.

Fortunately, on December 18, 2012 the Social Security Administration published yet another change to the POMS which removed the two previously added examples. Special Needs Trusts can once again pay for travel of family members visiting the beneficiary and companion travel fees for assisting the beneficiary with their traveling.

If you need legal advice for estate planning, Asset Protection Planning, Medicaid or planning, please contact our office at (941) 906-1231 for an initial consultation.

January 20, 2013
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