DIY Legal Planning? Don't Try This at Home

                   D.I.Y.?  Don't Try This Yourself At Home

The death of a loved one is a life-changing event filled with emotion and can be traumatic.  Is there anything that can help ease the pain and promote the healing process? Absolutely - proper advance legal planning can make all the difference.

Imagine that someone close to you decided to write their own Last Will & Testament rather than seek the advice of a skilled and experience estate planning attorney.  The old adage "penny-wise and pound-foolish" would apply.  Relying on a stationary store form, Legal Zoom or, an internet site frequently results in creating a problem for the beneficiaries.

Look no further than your backyard.  A Florida woman used an E-Z Legal Form to create a Last Will & Testament.  Ms. Aldrich was very specific in identifying the type of assets (i.e. her house, car, life insurance, bank accounts) she wanted distributed to her sister or, if her sister predeceased her then to her brother.  However, her Last Will & Testament failed to contain a paragraph (known as a residuary clause) directing the disposition of all her other property.  Before Ms. Aldrich died, her sister died and left Ms. Aldrich $122,000.00 in cash and land.  Ms. Aldrich opened a new bank account and deposited the cash into it.  Ms. Aldrich did not revise her Will to include the property she inherited from her sister. Sometime during the last year of her life she wrote a hand-written note stating that all her worldly possessions should pass to her brother. We can see that Ms. Aldrich recognized the need to take action to devise (bequeath) the cash and land. This note did not meet the legal standards to be recognized as a 'codicil' to her Will.

The family became divided. Her brother believed that he should inherit all Ms. Aldrich's assets. Ms. Aldirch's nieces (children of a deceased brother) argued that they should receive a portion of the cash and land. The case went to the Florida Supreme Court read the case who decided that the property Ms. Aldrich inherited from her sister was to be distributed based on the Florida law of intestacy (dying without a Will).    That property would be distributed to her heirs who included both her living brother and nieces. If Ms. Aldrich had taken the time to consult with a lawyer after she inherited from her sister's estate, a proper Last Will & Testament could have been prepared and signed.  The cost of the 'form' Will may have been less expensive than a Will prepared by a qualified attorney, but the long run it cost more due to the legal fees incurred in the litigation as well as the dissension it created in the extended family. This is a real life danger of using a pre-printed form with no legal advice. It is not tailored to each person's unique situation.

One very important lesson to learn from Ms. Aldrich is to seek the advice of a skilled attorney and update your estate plan when there are major life changes such as:

1. a marriage

2. a divorce

3. a birth

4. a death

5. receipt of an inheritance

6. receipt of a lawsuit settlement

Our firm counsels people of all ages through the aging process. Young people over age 18 are legally adults and should have incapacity and estate planning documents so they and their families may have peace of mind.

We want to be your Trusted Advisor Through Life.

Planning For After Divorce

                                                         Planning For After Divorce
Divorce can take its toll on a person's physical, emotional, mental and financial well-being.  Even after the divorce is final, moving forward and starting anew can seem daunting especially when there are minor children of the marriage.  While keeping up the daily routines of preparing the family for school, going to work, team sports and household chores, it is easy to forget, or neglect to make  creating a new legal plan a priority.

Here are some suggestions for implementing a legal life care plan after a divorce:

 

1. Declaration of Preneed Guardian of a Minor. While your ex-spouse would have the legal right to care for the child in the event of your incapacity or unexpected demise he/she would not necessarily be entitled to handle any assets your child inherits from you. You can choose who administers your child's inheritance and a Court is required to appoint that person as financial guardian absent some disqualifying event (i.e. convicted of a felony).
2. Durable Power of Attorney: Designate a trusted person to handle your financial affairs in the event you are temporarily incapacitated. It can happen to anyone of any age (look at Terry Schiavo).  This document can help you avoid a legal guardianship proceeding which can be time consuming, expensive and result in a loss of your privacy.
3. Designation of Healthcare Surrogate: Designate a trusted person to make your healthcare decisions in the event something affects your ability to comprehend and give informed consent. This document helps you avoid a guardianship for medical decision-making.

These documents form the foundation. Your plan should be tailored to meet your needs and future goals and may warrant additional documents created such as: a Last Will & Testament; Revocable Trust; Living Will; Declaration of Designee for Funeral Arrangements, just to name a few. 

 

Realize too that your "children" over the age of 18 are legally adults and need to have their own legal documents, where you, the parent, can make decisions should the young adult become incapacitated, even temporarily. Learn more here.

 

 It is an investment in the new future you are creating.

 

     We want to be your trusted advisor through life.

PET TRUSTS

                          Your Beloved Pet Deserves a Pet Trust

Recently, more people are including their pets in their estate plan.  In 2012 a Tennessee resident died and provided for the future care of his two casts in his Last Will & Testament.  He has left $250,000.00 and his home to Frisco and Jake. The monies that remain after Frisco, the older cat, dies will be distributed to his family provided that they care for the remaining feline. Click here to read more.

Many clients have shared with me how their lives have been more meaningful by sharing their home with a pet.  It is only fitting to plan for the future of your pets after you have left this earth.  Florida and other states have laws that permit pet trusts. A pet trust can be created in your Last Will & Testament or your Revocable Trust.  Consider these preparation tips before you meet with your elder law attorney:

 

1. Identify all your intended beneficiaries (people, animals and charities).

 

2. Determine what assets and how much you would like to leave to each beneficiary. It is generally best to work with percentages and not dollar amounts. No one has a crystal ball to predict what assets will remain at your demise.  Using percentages assures that each beneficiary will receive something.

 

3. Think about whether you want your pets and other beneficiaries to receive assets at the same time or, if your priority is the animals first and then distribute remaining assets to individuals and/or charities.

 

4. Identify a trusted person or organization to care for your pets.

 

5. Create a rough estimate of the yearly cost of care for your pets.

Once you have prepared, meet with a qualified elder law attorney and create a plan that will make the aging process easier for you and provide for the comfort and care of your loved ones.  Our firm is here to guide you. We want to be your trusted planning advisor through life.sm

How Much Does a Simple Estate Plan Cost?

                                   "How Much Do You Charge for a Simple Estate Plan?"

Ever since the United States economy tanked in 2008, along with the downturn in the Florida real estate market, I've observed that a lot of people became frozen by the fear of not having enough money and delayed seeking elder law advice to resolve important legal issues.

Many families found themselves in a legal crisis. Why? Because they didn't want to invest in their future and seek qualified legal advice at the earliest possible time.  What I refer to as the 'fear of lack' instead of abundance (the glass is half full), has caused people to take shortcuts to resolve their legal issues - these shortcuts often result in more problems and expense to fix. Unfortunately, the delays I witnessed resulted in people incurring more legal fees to fix the problem, losing the privacy in their lives (due to guardianship) and having fewer planning options. 

 A common situation is people creating their own legal documents on the internet through Legal Zoom or other service.  In many situations those documents were not properly signed (so they are not valid) or, didn't fully address their legal needs.  Sadly, this is a perfect example of being 'penny wise and pound foolish.'

Since 2008 my office receives calls from people asking "how much does it cost for a simple estate plan?" or, "how much will it cost to protect my assets and qualify for Medicaid?" Unless the caller receives a range of legal fees, the caller won't schedule a consultation.   My staff and I cannot diagnose your issues in a few minutes on the telephone in order to tell you the cost of our legal services--as qualified and experienced as I am.  Just like a doctor cannot diagnose and treat a patient's medical issue over the telephone.  We do not want to scare anyone away by quoting a range of fees that may not apply to your particular situation.  We want to motivate you to be an informed consumer. At our firm we: 

• tailor our advice and recommendations to your circumstances and needs while treating you  with compassion
• educate you about the law, your rights and planning options
• empower you to make an informed decision to achieve your goals that helps create peace of mind.

      To do this effectively, I need to meet with you to: 

1. discuss what is happening or changing in your and your spouse or partner's lives;
2. identify your concerns and goals;
3. review your finances (type of assets and income, value and ownership); and
4. determine which legal planning options will best help you achieve your goals based on your circumstances.

There is no 'one size fits all' solution to creating an estate or asset protection plan.  Each person is unique and deserves to receive a comprehensive analysis with recommendations tailored to them.  That is why when you visit my firm's website (www.fl-elderlaw.com ) you can download a gift certificate for a 20% discount for the initial consultation.  The consultation will be an investment in your future.  At the end of the consultation you will not only leave informed about your planning options you will also receive a written proposal for legal services. 

As a well known businessman suggested: Be an educated consumer. Don't make decisions that impact your future and your family based on fear.

We are pleased to work with our clients at our office, via telephone where appropriate, and we make house-calls. Our goal is to counsel people of all ages to co-create a plan that achieves your goals.