If you have never checked Florida’s website for lost accounts and abandoned property you should do so – immediately. You may be pleasantly surprised!

You may think that it is not possible that you have any “unclaimed” property held by the State of Florida – and you could be wrong.

The dirty secret is that many banks and life insurance companies will make little effort to find you if you do not notify them of your change of address. They will do the easy thing: transfer your account to the Florida Division of Accounting and Auditing, Bureau of Unclaimed Property. Thousands of such accounts end up in the Florida Unclaimed Property fund each year.

In the past we have had clients find more than $100,000 in old bank accounts that they had forgotten or failed to notify the bank of a change of address.

Special Note: Beware of scammers. There are a number of so called “private investigators” that may call you and tell you they can find lost money owed to you, but first you have to agree to pay them a percentage of the funds. Do not sign anything! They are simply doing what you can do for free by checking the website below.

The holidays are coming. Now may be a good time to see if Florida has any unclaimed property for you or a family member. The search is easy. Click Here: Florida Treasure Hunt.

Good luck!

Phil Rarick

Rarick Trusts & Wills Law, P.A.

Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced Miami asset protection attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

A. Who is a Minor Person in Florida? A “minor” is a person under 18 years of age whose disabilities of age have not been removed by marriage or otherwise. F.S. 744.102(13). During minority, the mother and father are the natural guardians of their own children, either natural or adopted. F.S. 744.301(1) B. Settlement of Claims for Minor Children The settlement of claims on behalf of minors is governed by F.S. 744.301, 744.3025 and 744.387. The statutes make a distinction between settlement of claims under or above a $15,000 threshold. (Note: Prior to April 29, 2002, the threshold was $5,000.) 1. Settlements Of $15,000 Or Less Court approval is not required. The natural guardian is authorized to settle such claims. 2. Settlements Of Over $15,000 Court approval is required for all settlements over $15,000. Therefore, a legal guardianship will be required. F.S. 744.387(2). 3. Appointment Of Guardian Ad Litem For Minor Appointment of a guardian ad litem to represent the minor’s interest is required if the gross settlement amount is $50,000 or more. If the amount is between $15-50,000, a guardian ad litem may need to be appointed. Note: For more information about Florida Guardianship see: Florida Guardianship Quick Reference C. Conclusion Failure to obtain court approval under F.S. 744.387(3)(a) of a pre-suit structured settlement exceeding $15,000 on behalf of Florida minor child could result in the settlement being disaffirmed by the minor on reaching majority or within a reasonable time thereafter. The attorneys at Rarick, Beskin & Garcia Vega provide guardianship planning and administration. For more information or a good faith estimate of the legal fees and costs, please contact Phillip B. Rarick, Miami Probate Attorney, at (305) 709-2858 or e-mail prarick@raricklaw.com. Special Note The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced Miami probate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

The benefits of a Special Needs Trust for an autistic minor child or adult are several:

– The Trust allows the person to continue to receive governmental assistance when they either inherit assets or when they receive assets through litigation or other unexpected sources

– Prevents the autistic person from being disqualified for governmental assistance

– When you can no longer care for your child, the trust appoints a person and successor persons whom you trust to act as the Trustee. The Trustee’s job is to make sure all of the money designated for your child goes to your child in the most prudent way possible, and that your instructions are followed exactly as written.

How A Special Needs Trust Works A special needs trust is a discretionary trust designed to preserve governmental benefits for the autistic person. Distributions from the special needs trust are designed to supplement the beneficiary’s public benefits, not supplant them. There are a two different types of special needs trusts: (1) a third party special needs trust, and (2) a self-settled special needs trust. Special needs trusts are commonly used to provide the beneficiary with specially equipped vehicles, dental work, computers, televisions, electronic devices, and other benefits not covered by SSI, Medicaid or other public benefits programs. Consult With An Experienced Estate Planning Attorney If you have a child with autism, you should consult with an experienced trust attorney to ensure that all of the technical requirements are met for this type of trust. To schedule an appointment with Miami trust attorney Phil Rarick, call (305) 709-2858 or email info@raricklaw.com. Special Note The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an attorney that is experienced in Florida estate planning law. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

Resources is a virtual law library of Florida and Federal law, as well as helpful local county data bases. Here are some examples:

• Florida Probate Statutes
• Florida Trust Statutes
• Florida Statutes

For access to the library, click here: Florida Legal Resources.

These valuable resources are designed to help you find answers to basic legal questions; they are not a substitute for a good analysis by an experienced attorney. Do your research, but don’t try to serve as your own legal counsel; let your attorney do the legal analysis for the more difficult questions. Don’t hesitate to give us a call for a consultation at (305) 709-2858.

The commencement of a Florida guardianship is typically used in two situations – either when a person may be incapacitated or when a minor receives assets in excess of $15,000. If a guardianship is sought because someone may be incapacitated, then typically the court sets two hearings. At the first hearing the court determines whether the person is incapacitated; at the second, the court appoints a guardian if the person is determined to be incapacitated. Often, these hearings are combined. The court has the option of appointing a limited or a plenary guardian.

A. Incapacity

A person is legally incapacitated if he or she is judicially determined to lack the capacity to manage at least some of the property or to meet at least some of the essential health and safety requirements of such person. F.S. 744.102(12). The court will appoint an examining committee composed of three professionals, usually a psychiatrist, psychologist, and a third professional to interview the person and file a report with the court. See F.S. 744.331(3). The court will also appoint an attorney to represent the person alleged to be incapacitated. Partial or total incapacity must be established by clear and convincing evidence. F.S. 744.331.

B. Appointment of Guardian

Any adult resident of Florida can serve as a guardian. A non-resident of the state may serve if he or she is a close family member. See F.S. 744.309. The court gives consideration to the wishes expressed by the incapacitated person in a written declaration of pre-need guardian or at the hearing. Institutions, such as a public guardian may be appointed, but a bank trust department can only be appointed as guardian of the property and not guardian of the person.

C. Declaration of Pre-Need Guardian

The statutory requirements for execution of a Declaration of Pre-Need Guardian are similar in some ways to the execution of a Florida will. The declaration must be signed by the declarant in the presence of two attesting witnesses who are present at the same time. In a proceeding for incapacity, production of a Declaration of Pre-Need Guardian constitutes a rebuttable presumption that the person named as pre-need guardian or alternative is qualified to serve. However, the court is not bound to appoint the person named if they are found to be unqualified or if the court determines that appointing the preneed guardian would not be in the best interests of the ward. F.S. 744.3045(4),(6), 744.312(4).

D. Guardianships for Minors

A “minor” is a person under 18 years of age whose disabilities of age have not been removed by marriage or otherwise. F.S. 744.102(13). During minority, the mother and father are the natural guardians of their own children, either natural or adopted. F.S. 744.301(1)

E. Minor’s Claims

The settlement of claims on behalf of minors is governed by F.S. 744.301, 744.3025 and 744.387. The statutes make a distinction between settlement of claims under or above a $15,000 threshold. (Note: Prior to April 29, 2002, the threshold was $5,000.) Court approval is not required for settlements of $15,000 or less – the natural guardian is authorized to settle such claims. However, court approval is required for settlements over $15,000. A legal guardianship will also be required. F.S. 744.387(2). Appointment of a guardian ad litem to represent the minor’s interest is required if the gross settlement amount is $50,000 or more. If the amount is between $15-50,000, a guardian ad litem may need to be appointed.

Note: Failure to obtain court approval under F.S. 744.387(3)(a) of a pre-suit structured settlement exceeding $15,000 could result in the settlement being disaffirmed by the minor on reaching majority or within a reasonable time thereafter.

F. Is Guardianship the Only Means of Helping an Incapacitated Person?

No. Certainly there are better alternatives to a guardianship. As stated in the Florida Bar publication on guardianship, “Florida law requires the use of less restrictive alternatives to protect persons incapable of caring for themselves and managing their financial affairs whenever possible.” Therefore, if a person appoints a health care surrogate, creates a durable power of attorney, and a revocable living trust while competent, he or she may not require a guardian in the event of incapacity.

G. Conclusion

The attorneys at Rarick Trusts & Wills Law provide planning to help avoid guardianship for loved ones; if guardianship is necessary we will assist your family in establishing the guardianship as fast as possible. Our guardianship services are limited to southeast Florida. For more information or a good faith estimate of the legal fees and costs, please contact Phillip B. Rarick, Miami Probate Attorney, at (305) 709-2858 or e-mail prarick@raricklaw.com.

Disclaimer

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an attorney that is experienced in Florida guardianship law. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.