Estate Planning

Am I too young to need an estate plan?

Many young adults assume they are too young to need an estate plan.  After all, young adults may still be enrolled in college or just embarking on their career path.  They may have few, if any, significant assets.  Even still, there are certain

Read more . . .

What questions should you and your partner ask as you plan your estate(s)?

Because it is now so common to be involved in a second, or even third, intimate relationship later in life, it is important for those involved to consult with a reliable estate planning attorney to straighten out their financial plans for the future. Though most of us don't like to think about it, let alone plan for it, we are all going to die, many of us after a prolonged illness. This means that, as responsible adults, we should all make preparations for elder care of ourselves and our spouses or significant others and for the distribution of our assets after we pass away. These processes become more difficult when we are married to, or involved with, a person who is not the parent of our children and who may also have children of his or her own. Unions that are consummated later in life have a different set of complications than the ones of typical newlyweds.

Read more . . .

The 2015 Florida Health Care Surrogate Act allows you to choose someone to act for you in the future.  The individual designated under this act is called the “Durable Health Care Surrogate” (DHCS).  In the proper legal document, you may permit this person to act on your behalf even if you are not or do not become completely debilitated.  

A DHCS may be attractive to you because the surrogate would be able to act instantaneously, rather than having to wait for your “incapacity,” the triggering event, to be absolutely certain.

Read more . . .

How should I protect my special needs child in my estate plan?

Sadly, there will always be some children with special needs, whether they are born with congenital defects or develop disabilities through accident or disease. The astonishing increase in the number of cases of autism, the  Zika virus, with its potential for the catastrophic congenital defect of microcephaly, and the discovery of lead in the water of Flint, Michigan have combined to make the general population particularly uneasy about the possibility that one day some member of their own family will have special needs. While distressing to consider, it is a reality for a growing percentage of families. Families of moderate means, as well as those who have substantial estates, should consult with

Read more . . .

What happens to death benefits if a policyholder's survivors fail to contact an insurer?

When a loved one dies, family members are often left with the unhappy task of tracking down bank accounts, insurance policies and other assets. Unless the deceased was extremely well-organized, this can be a chore. Beneficiaries often fail to locate all the wealth to which they are entitled and receive little help from insurance companies. Some insurers have a history of failing to notify beneficiaries of the existence of policies, even when they are aware that the policyholder has died.

Florida First in the Nation to Require Insurers to Notify Beneficiaries

A new Florida law will change that.
Read more . . .

Read more . . .

How can you protect your beloved pet through estate planning?

Many people, particularly those who live alone, are concerned about what will become of their pets after they pass away. While you cannot leave property to your pet, you can make sure that your pet's needs continue to be met and that your furry, feathered or scaled companion is able to enjoy life even without you present.

Estate Planning Options for Your Pet

In some cases, family members or close friends will commit to caring for your pet without any legal arrangement, but in many cases the pet's owner feels more confident if everything is down in black and white as part of a legal arrangement.

It is, of course, necessary to make sure that the chosen caretaker has the resources to handle your pet's expenses (food, healthcare, grooming, boarding). For this reason, most people who leave their pets to a trusted caretaker, leave that person sufficient funds to cope with the added expense.

Read more . . .

Florida’s guardianship laws are in place to protect vulnerable seniors and disabled adults from further physical and/or financial harm. Guardianship is a process through which a close family member or friend assumes the role of ensuring the health, safety and well-being of the “ward.
Read more . . .

How can my estate plan protect my children?

Planning an estate seems daunting for many individuals, and changes that occur on the journey though life, especially having children, can complicate the process. That being said, having children is even more of a reason to put an estate plan in place. If you are a new parent, there are some essential steps  you should take in order to protect your family, including: preparing a will, buying life insurance, establishing powers of attorney, and designating beneficiaries of your retirement accounts. Let's take a brief look at each of these.

A Will

While many individuals are better served putting a trust in place as a means to protect their assets, having a will is necessary for naming a guardian of your children in the event both parents become incapacitated or pass away. Having a will is especially important if you are raising children without a partner. By failing to have a will, you leave open the possibility that the court will make decisions about guardianship you may not agree with. While writing a will is relatively easy and inexpensive, many people mistakenly believe a will can be created from forms on the internet. It is always best,  however, to consult with a highly skilled estate planning attorney.

Life Insurance

Life insurance serves two purposes: to provide funds for the expenses of death (funeral and burial or cremation), and, more importantly, to replace an individual's earnings so that the surviving parent has sufficient resources to help support the family. There are different types of life insurance policies available, including term life, whole life and hybrid insurance.

Durable Powers of Attorney and a Living Will

It is essential for every adult to have durable powers of attorney for health care and finances of his or her partner. In a durable power of attorney (DPOA) for healthcare, a trusted person is given the authority to carry out the wishes in your advance directive, and to make other medical decisions if you are unable to do so. A durable power of attorney for finances gives someone, such as your spouse, authority over your assets. Moreover, a living will can set forth the end-of-life care you desire.  

In the event your are seriously incapacitated, these documents clarify your wishes, relieving your family of the burden of making these decisions, minimizing the potential for disputes, and avoiding intervention by the court.

Designate Beneficiaries for Retirement Accounts

By naming a beneficiary for your retirement accounts, such as an IRA or a 401(k), the funds will go directly to the person(s) you select without going through probate.

Planning for Your Children

Many new parents mistakenly believe they have plenty of time to put an estate plan in place. But accidents happen, and not having a simple estate plan, starting with a will, can protect your family and ensure your wishes are carried out.

What is the difference between estate planning and retirement planning?

Estate planning and retirement planning are closely related, and for this reason many people mistakenly believe that they are the one and the same, but it is important to remember that there are differences between them. Retirement planning relates to the time you will have after reaching a certain age and exiting the work force. Estate planning, on the other hand, relates to a time that you either become incapacitated or die. Retirement planning is broader and should include a comprehensive estate plan.

When you are planning for retirement, you are considering a time when you are no longer working, or are working very little. This means that you must examine how you will support yourself without the income you are currently receiving from your job. This might include Social Security payments or a pension. You should also think about how your healthcare needs will be met when you are no longer receiving benefits from your employer. Many like to consider how close (or far) they would like to be from family and friends during this time and how they will spend the time that they would previously have devoted to working. Remember, retirement planning should also include contemplating what type of estate plan you would like to put together.

Estate planning is very different from retirement planning. Estate planning relates to a time when you are either incapacitated or deceased. This means that you must give serious thought to what type of medical care you would like if and when you are unable to make decisions for yourself, and how you would like your assets to be distributed after your death. It also means speaking with an attorney to put your plan into effect.

While retirement planning is something you can do with the help of a financial advisor, only a qualified attorney can assist you with estate planning. Contact a qualified Tampa, Florida estate planning attorney to represent you today.

Why do I need to keep my estate plan current?

 Once you have an estate plan in place, it is essential to understand that your personal and financial situation may change over time. This means that it may be necessary to revise your estate plan to reflect those changes.

By reviewing your estate plan you can keep it up-to-date in the following circumstances:

• Marriage -- A first or second marriage requires  changes  to the terms of your will or trust
• Divorce -- Your estate plan should be revised promptly after your divorce
• Having or adopting a child -- You should make changes to protect your children's financial future and appoint a legal guardian in case you and your spouse die or become incapacitated
• Injury or illness -- If you or a family member becomes seriously ill, special needs may require changes in your estate plan
• Buying or selling a business  -- This can significantly change the extent of your assets and require long-term asset protection for you and your family
• Relocating --  Estate planning documents are portable, but differences in state law, such as those between separate and community property states, can have tax implications

What to Include in an Estate Plan

Whether or not you experience life changes, it is important to ensure that you have a comprehensive estate plan. A well-designed plan will name who you wish to manage your affairs in the event you become disabled, incapacitated or pass away. Planning for incapacity also requires planning for long-term care. Additional benefits of having an estate plan in place include:

• Avoiding probate
• Protecting children from a prior marriage
• Protecting assets inherited by your heirs from lawsuits, divorces, or other claims

The Bottom Line

In the event you experience significant personal or financial changes, your estate plan must be revised to reflect those changes, as well as to protect your assets and your loved ones. Also, your plan could be affected by changes in state and/or federal law that you are not even aware of. This is why it is so important to work with a qualified estate planning attorney to ensure that your estate plan is up-to- date.