Incapacity Planning

Monday, January 09, 2012

Day 6: Save $300 on a Trust based Estate Plan

Day 6: Save $300 on a Trust based Estate Plan¹

The LegalJourney Law Firm is providing $300 off a “Trust based Estate Plan” for anyone who contacts the firm prior to close of business on January 12, 2012.

The LegalJourney Law Firm’s Trust based Estate Plan includes: a Revocable Trust, a Will, a Living Will, a Health Care Surrogate, HIPPA Authorization and a Durable Power of Attorney.

To find out additional details, please contact the LegalJourney Law Firm PLLC.

¹This offer is available until close of business January 12th, 2012.

Thursday, January 05, 2012

Day 4: Free Declaration of Preneed Guardian

Day 4: Free Declaration of Preneed Guardian¹

The first 3 individuals who contact the LegalJourney Law Firm using the "Contact the Firm" option on www.legaljourney.com will receive a free Florida Declaration of Preneed Guardian.

When included as part of your Estate Plan, the declaration of a preneed guardianship can alleviate the stress involved with determining who will become guardian of a loved ones person and property during incapacity.

The LegalJourney Law Firm’s Declaration of Preneed Guardian free offer includes: an interview with an attorney and a customized Declaration of Preneed Guardian.

To find out additional details, please contact the LegalJourney Law Firm PLLC

Florida Statute Section 744.3045 Preneed Guardian States that “a competent adult may name a preneed guardian by making a written declaration that names such guardian to serve in the event of the declarant’s incapacity… ”

¹This offer is available until close of business January 5th, 2012.

Monday, October 10, 2011

Free Online Seminar: Estate Planning 101

Attorney Karnardo Garnett of the LegalJourney Law Firm will be presenting an online seminar titled "Estate Planning 101" on Saturday, October 15th 2011 at 9am.

During the one hour free web broadcast, Attorney Garnett will cover the basics of Estate Planning in Florida, including but not limited to:

Register Online Today.

Wednesday, October 05, 2011

Local Attorney to Participate in National Special Needs Law Month

[Tampa, FL] – Attorney Karnardo Garnett of the LegalJourney Law Firm in Tampa will participate in National Special Needs Law Month in October 2011 by offering online seminars and is available to speak to your local organization or church group.

Attorney Garnett, a resident of Tampa since 1984, has practiced law for several years and focuses his practice on Estate Planning, Elder Law and Asset Protection.  Attorney Garnett is a member of the Florida State Bar Association and the National Academy of Elder Law Attorneys (NAELA).

There is a growing need for attorneys that specialize in Special Needs Law as families and caregivers become more aware of the legal rights of their loved ones. Special Needs Law attorneys assist families in financing long-term care, and providing them with the legal tools for financial management, such as powers of attorneys and trusts as well as understanding Medicare and Medicaid, special needs trusts and a student’s right to an independent educational plan, housing options, and other issues.

Special Needs Law attorneys throughout the country are observing National Special Needs Law Month by providing public seminars, law clinics and other activities that will educate the public.

In honor of National Special Needs Law Month, the LegalJourney Law Firm will present two free online presentations on the following subjects:

·       October 15, 2011: Estate Planning 101

·       October 29, 2011: Special Needs Law

Registration is available online (http://www.legaljourney.com).

About NAELA

Members of the National Academy of Elder Law Attorneys (NAELA) are attorneys who are experienced and trained in working with the legal problems of aging Americans and individuals of all ages with disabilities. Established in 1987, NAELA is a non-profit association that assists lawyers, bar organizations and others. The mission of NAELA is to establish NAELA members as the premier providers of legal advocacy, guidance and services to enhance the lives of people with special needs and people as they age. NAELA currently has members across the United States, Canada, Australia and the United Kingdom. For more information, visit www.NAELA.org

About Elder and Special Needs Law

Elder and Special Needs Law are specialized areas that involve representing, counseling and assisting seniors, people with disabilities and their families in connection with a variety of legal issues, with a primary emphasis on promoting the highest quality of life for individuals. Typically, Elder Law and Special Needs Law address the convergence of legal needs with the social, psychological medical and financial needs of individuals. The Elder Law and Special Needs Law attorney handles estate planning and counsels clients about planning for incapacity with health care decision-making documents. The Elder and Special Needs Law attorney also assists clients in planning for possible long-term care needs, including at-home care, assisted living or nursing home care. Locating the appropriate type of care, coordinating public and private resources to finance the cost of care and working to ensure the client’s right to quality care are all part of the Elder and Special Needs Law practice.

Thursday, September 29, 2011

Beware of “Simple” Estate Plans

“I just need a simple will.”  It’s a phrase estate planning attorneys hear practically every other day.   From the client’s perspective, there’s no reason to do anything complicated, especially if it might lead to higher legal fees.  Unfortunately, what may appear to be a “simple” estate is all too often rife with complications that, if not addressed during the planning process, can create a nightmare for you and your heirs at some point in the future.   Such complications may include:

Probate - Probate is the court process whereby property is transferred after death to individuals named in a will or specified by law if there is no will. Probate can be expensive, public and time consuming.  A revocable living trust is a great alternative that allows your estate to be managed more efficiently, at a lower cost and with more privacy than probating a will.  A living trust can be more expensive to establish, but will avoid a complex probate proceeding. Even in states where probate is relatively simple, you may wish to set up a living trust to hold out of state property or for other reasons.

Minor Children - If you have minor children, you not only need to nominate a guardian, but you also need to set up a trust to hold property for those children. If both parents pass away, and the child does not have a trust, the child’s inheritance could be held by the court until he or she turns 18, at which time the entire inheritance may be given to the child. By setting up a trust, which doesn’t have to come into existence until you pass away, you are ensuring that any money left to your child can be used for educational and living expenses and can be administered by someone you trust.  You can also protect the inheritance you leave your beneficiaries from a future divorce as well as creditors.

Second Marriages - Couples in which one or both of the spouses have children from a prior relationship should carefully consider whether a “simple” will is adequate. All too often, spouses execute simple wills in which they leave everything to each other, and then divide the property among their children. After the first spouse passes away, the second spouse inherits everything. That spouse may later get remarried and leave everything he or she received to the new spouse or to his or her own children, thereby depriving the former spouse’s children of any inheritance.  Couples in such situations should establish a special marital trust to ensure children of both spouses will be provided for.

Taxes - Although in 2011 and 2012, federal estate taxes only apply to estates over $5 million for individuals and $10 million for couples, that doesn’t mean that anyone with an estate under that amount should forget about tax planning. Many states still impose a state estate tax that should be planned around. Also, in 2013 the estate tax laws are slated to change, possibly with a much lower exemption amount.

Incapacity Planning – Estate planning is not only about death planning.  What happens if you become disabled?  You need to have proper documents to enable someone you trust to manage your affairs if you become incapacitated.  There are a myriad of options that you need to be aware of when authorizing someone to make decisions on your behalf, whether for your medical care or your financial affairs.  If you don’t establish these important documents while you have capacity, your loved ones may have to go through an expensive and time-consuming guardianship or conservatorship proceeding to petition a judge to allow him or her to make decisions on your behalf.  

By failing to properly address potential obstacles, over the long term, a “simple” will can turn out to be incredibly costly.