Elder Law

Seven Point Year End Checklist

Published on: November 17, 2016 | by Rarick & Bowden Gold

By Phil Rarick, Miami Trust Attorney

Hard to believe we are in mid-Fall and 2016 is coming to a close. Now may be a good time to sit down with a Miami trust attorney and review your estate plan. One of the biggest problems we see with individual estate plans is failure to keep the plan updated to ensure that it continues to meet the changing needs of your dynamic family. Here is a short checklist:

Marriage/Divorce.Has there been a marriage, divorce, or separation of anyone named in your will or trust – such as your adult children or grandchildren? Most persons want to ensure that their hard earned money goes to their children – or grandchildren – not to any spouses.

Is Your Living Trust Up To Date? 10 Point Checklist For Amending Your Revocable Trust

Published on: April 5, 2016 | by Rarick & Bowden Gold

Checklist for Amending your revocable trust

Note: Your revocable living trust is designed to be as dynamic as your family. It serves as the master set of instructions to care for you and your family. Therefore, when there are big changes in your family, you may need an experienced Miami trust attorney to amend your revocable trust.

______#1. Marriage/Divorce. Has there been a marriage, divorce, or separation of anyone named in your will or trust? If there has been a marriage of an adult child (without a prenuptial agreement) you may need to amend your revocable trust to make sure monies designated for this adult child are protected.

Update in Law Alert: Changes to Florida’s Healthcare Designation Law

Published on: November 3, 2015 | by Rarick & Bowden Gold

By: Jacqueline R. Bowden, Miramar Estate Planning Attorney

As of October 1, 2015, Florida’s Healthcare Designation laws, provided under Chapter 765 of Florida Statutes, have changed providing more flexibility for the person appointing the surrogate, formerly known as the “principal.”

Three Options. Currently, for a healthcare surrogate to make medical decisions, the attending physician must evaluate the principal’s capacity. If the physician finds the principal lacks capacity to make medical decisions, then the surrogate is permitted to review medical records and make medical decisions. Under new legislation the principal now has three options to choose from:

Florida Successor Trustee Checklist

Published on: October 27, 2015 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Trust Attorney

You are named the successor trustee and the trustmaker has just died. No doubt these are difficult times, but thankfully there are many resources to help. The following is a checklist of initial important tasks to help guide you after the funeral or memorial service.

Note: You are not required to accept the trustee duties. However, if you begin to act as successor trustee you will likely be held responsible for all acts as the trustee to the beneficiaries and the IRS. Therefore, do not begin to take any actions as Trustee before you know what your duties are. Consult a Miami trust attorney and see our 12 Point Summary of Florida Successor Trustee Duties.

Florida Probate or Trust Administration Document Checklist

Published on: October 27, 2015 | by Rarick & Bowden Gold

____ 1. Minimum of 10 death certificates (these can usually be obtained through the funeral home)

____ 2. Original Will and all codicils (or amendments to the Will)

Note: If you have the original, either personally deliver to the attorney’s office or send via Federal Express or certified mail.

Successor Trustee Duties

Published on: April 27, 2015 | by Rarick & Bowden Gold

12 Point Summary of Florida Successor Trustee Duties

Note: Trust administration requires strict compliance with the trust terms and often analysis of complex tax requirements. A trustee is a fiduciary and is held to a high standard of care under Florida law. If you are a successor trustee, we can help. It is important that you follow the advice of an experienced Trust Administration Attorney to avoid or reduce estate taxes or income taxes and to protect yourself against personal liability. Not only are the expenses of an attorney and CPA typically considered routine trust expenses, but failure to utilize such services can expose the trustee to personal liability.

Show Loyalty To All Trust Beneficiaries. Even if the successor trustee is himself a beneficiary, as trustee he has the duty of loyalty to all the other beneficiaries, including the remaindermen. Remaindermen are beneficiaries who do not have a current interest in the trust income or principal, but have a future interest in the trust.

What is a Durable Power of Attorney- And Why Is It So Important?

Published on: March 3, 2015 | by Rarick & Bowden Gold

By: Jacqueline R. Bowden and Phillip B. Rarick, Miami Estate Planning Attorneys

A power of attorney is a legal instrument you may give to a trusted family member or friend (commonly called your attorney-in-fact or agent) to manage your financial affairs and act on your behalf. The person creating the document is referred to as the principal. A Durable Power of Attorney (DPA) differs as it remains effective after the principal becomes incapacitated. In order for a DPA to remain effective it must include language stating that subsequent incapacity will not affect the powers of your agent.

Note: Florida’s Durable Power of Attorney law was completely rewritten effective October 1, 2011. See New Florida Durable Power of Attorney Law Makes Sweeping Changes. If you have a DPA dated prior to October, 2011, we strongly recommend that you update your DPA.

Beware of Creditor Harassment Upon Death of Your Spouse or Family Member

Published on: January 5, 2015 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq. and Jacqueline R. Bowden, Esq.

In Florida, when you die, your debts remain in your estate – and are not transferred to a surviving spouse or family member. However, this simple legal concept does not stop some creditors from harassing the surviving spouse or a family member into payment of a debt for which they have no legal obligation.

Creditors may strike immediately after death, showing empathy and false kindness, and then try to convince the surviving spouse they have a legal or moral obligation to pay. Beware and do not pay until you have consulted an attorney.

What Is A Living Will (It is Not a Will)

Published on: January 2, 2015 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Trust Attorney

A Living Will is not a will and it is not a living trust. It is simply detailed, legally binding instructions to your physician that you do not want to be maintained in a persistent vegetative state if there is zero possibility of recovery.

The term “living will” is confusing because it is not a will. A better name is Declaration Regarding Life Prolong Procedures. Such a Declaration is important to most persons because, at the end of life, they do not want to maintained in a vegetative state if there is absolutely no possibility of recovery.

What Is A Living Trust- And What Are the Benefits?

Published on: December 30, 2014 | by Rarick & Bowden Gold

Within the past 10 years, the Living Trust has replaced the Will as the best way to care for you and your loved ones because it can avoid the fees, cost, and stress of court intervention in the event of mental incapacity or death. Properly funded, a living trust can help you keep legal control in your family or with persons you trust and avoid having a judge – an unknown third person – make decisions about your personal affairs.

A living trust is simply detailed, legally binding instructions to care for you and your family. There are three key players in a trust. First, the Trustmaker or grantor; this is the person who makes the trust. Second, the Trustee, whose job is to follow the instructions of the trust exactly and to the spirit of the trust. The third role are the Beneficiaries. The Trustee’s fiduciary duties run like a laser beam to the beneficiaries: every penny of the Trust must be used in the best interests of the beneficiaries.

Initially, you can act in all three roles in your living trust: You can be the trustmaker, trustee and beneficiary. Your spouse, children, or other loved ones can also be beneficiaries.