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Beginning the Process of Estate Planning - 5 Vital Steps

5/10/2017

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Once in the Process Estate Planning Begins, We Tell Our Clients:

They need a team of advisors: their lawyer, their accountant, and their financial advisor. These advisors need to know who each other are and cooperate with each other in the client’s best interest. These people need the current documents.
The people the client has named as their power of attorney, healthcare surrogate, personal representative under their will, and successor trustee of their trust should receive copies of the documents in which they are named. Further these helpers need to have an explanation describing what their responsibilities are and what they are expected to do.

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Where are You at 50 Years of Age?

5/6/2017

These working parents have children ages 8, 17, and 22 and have now reached 50 years of age. By this time, this couple has been working since they were married at 22, each have IRA accounts. They own a home valued at 485,028 but still have an $18,000 Mortgage. They have jointly owned CD’s totaling a value of $650,000. By the time one or both individuals are 50 years old, this couple has had a lawyer who prepared wills for them, a power of attorney and a living will last updated twelve years ago.

They have been disappointed with those investments. They are not aware what a financial advisor is or what to do next. They have an accountant who has prepared their tax returns for more than 20 years.

Our couple here does not have a team of advisors. Their estate planning documents are at least 12 years old. They were done before all their children were born. They need to find out if the lawyer who did the documents knows anything about estate planning. How would they find out? They could contact and ask him. They could inquire about him from the local Bar Association or ask other lawyers.

Joint Ownership: Pro and Cons

5/5/2017

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Joint Ownership, under Florida law, real or personal property owned by husband and wife in both names is a tenancy by the entireties. This ownership also has the characteristics of a joint tenancy with right of survivorship. Therefore, when husband and wife take title in both names, and one of the parties dies, title and ownership vest immediately in the surviving spouse. It is for this reason that joint ownership is used as an inexpensive and convenient substitute for a Will.

Joint Ownership Pros
Parties other than husband and wife who wish to create a survivorship joint ownership (tenancy) on their estate planning documents, must be sure that title is taken in both names followed by the words “as joint tenants with right of survivorship, and not as tenants in common.” The reason for this requirement is that Florida Law states that unless the intention to create a “joint tenancy with right of survivorship” is specifically stated a tenancy in common is presumed.

A tenancy in common is ownership by two or more persons where the interest of a deceased co-tenant passes as a part of his probate estate to his heirs or the beneficiaries of his will, rather than to the surviving co-tenants. It can be seen, therefore, that a tenancy in common will not avoid probate.

A separate rule applies in the case of bank and savings and loans joint accounts. Florida law provides that bank or savings and loan association accounts registered in the name of two or more persons being payable to the order of one or more of them, or the survivor or survivors shall, upon the death of one party, be the property of the survivor or survivors in the absence of fraud or undue influence.

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The Florida Power of Attorney Act

5/4/2017

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The Florida Power of Attorney Act is described in Florida Statutes chapter 709. This document is signed by a “principal” who appoints an “agent”. The “agent” is granted authority in place of the principal as described and explained under the power of attorney document.

Durable power of attorney means that a Power of Attorney is not terminated by the principal’s incapacity.

We recommend that the durable power of attorney be used in two ways, first to manage financial assets and pay bills, and second, make personal health care and medical decisions.

If the principal who signs the Durable Power of Attorney chooses a person as an agent who will serve both as financial, health care, and personal decision manager these provisions may be included in one document. If a decision manager for financial and management decisions is different than the decision maker to handle personal and medical decisions then two separate documents would be necessary.

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Beginning the Process of Estate Planning - 5 Vital Steps

Once in the Process Estate Planning Begins, We Tell Our Clients:

Where are You at 50 Years of Age?

Joint Ownership: Pro and Cons

The Florida Power of Attorney Act

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