Tag Archive for: estate planning attorney

Will Facts

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A will has no legal authority until after death. So, a will does not help manage a person’s affairs when they are incapacitated, whether by illness or injury. A will does not help an estate avoid probate. A will is the legal document submitted to the probate court, so it is basically an “admission ticket” to probate. A will is a good place to nominate the guardians  of your minor children if they are orphaned. All parents of minor children should document their choice of guardians. If you leave this to chance, you could be setting up a family battle royal, and your children could end up with the wrong guardians.

Don’t Let The State Of Florida Decide

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There are various strategies and tools available in estate planning, such as wills, revocable living trusts, irrevocable trusts, durable powers of attorney, living wills, and advance health care directives, among others. Unfortunately, many people overlook this critical step in securing their family’s financial future. By preparing a well-considered estate plan, you position yourself ahead of those who fail to plan at all. It often comes as a surprise to learn that without an estate plan, Florida law will determine how your assets are distributed after your death—and the State’s plan is often not what you would have chosen. A properly drafted estate plan ensures that your wishes take precedence over the State’s default plan.

Involve Your Family in Estate Planning to Honor Wishes and Prevent Future Conflicts

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Discussing estate planning with family is crucial, particularly as parents grow older. These conversations help ensure that everyone’s wishes are respected and that potential conflicts are avoided. Initiating these discussions early on can provide peace of mind for the entire family. Involving adult children in these talks is essential for maintaining an up-to-date and comprehensive estate plan.

The Importance of Family Involvement

Including adult children in the estate planning process is vital as parents age. Health and financial circumstances can change, necessitating updates to estate plans. Adult children can help ensure that these plans accurately reflect current needs and desires. Early discussions also help sidestep the complexities of probate, which can be time-consuming, expensive, and stressful.

Understanding Probate and Its Impact

Probate is the legal process through which a deceased person’s estate is managed and distributed. Without the proper estate planning documents, an estate will go into probate upon death, which can lead to several challenges:

  • Lengthy Delays: Probate can take months or even years, delaying asset distribution.
  • High Costs: Legal fees and court costs can significantly reduce the estate’s value.
  • Lack of Privacy: Probate proceedings are public, allowing anyone to access details about the estate.

By having the right estate planning documents in place, families can avoid the pitfalls of probate.

Preparing for the Conversation

Approaching the subject of estate planning with aging parents requires sensitivity and respect. Consider the following tips:

  • Choose the Right Time and Place: Select a calm, private setting at a time when everyone is relaxed and receptive.
  • Be Patient and Understanding: Acknowledge that this can be a difficult topic for parents to discuss.
  • Frame It Positively: Highlight that planning now can prevent stress and confusion later.

Strategies for Effective Communication

To ensure clear and productive discussions:

  • Encourage Openness: Allow parents to express their wishes freely, without feeling pressured.
  • Include All Relevant Family Members: Ensure that all siblings or relevant family members are involved to prevent misunderstandings later.
  • Listen Actively: Show respect for your parents’ wishes by listening carefully.

Key Topics to Address

When discussing estate planning with your parents, it’s important to cover the following:

  • Wills and Trusts: Make sure these documents reflect current wishes and circumstances. Trusts can help avoid probate and offer clear instructions for asset distribution.
  • Healthcare Directives: Discuss living wills and medical powers of attorney to ensure parents’ healthcare preferences are followed.
  • Powers of Attorney: Decide who will handle financial and legal matters if parents become incapacitated.
  • Executors and Healthcare Proxies: Ensure the chosen individuals are ready and willing to take on these roles.

Legal and Financial Considerations

Consulting with legal and financial professionals is essential to make sure that all aspects of the estate plan are legally binding and financially sound. It’s advisable to review the estate plan regularly, particularly after major life events or changes in the law, to keep it current and effective.

Providing Peace of Mind

Making estate planning a family affair ensures that everyone’s wishes are honored and helps prevent future conflicts. Approach these discussions with care and a shared commitment to respecting each other’s wishes. A well-prepared estate plan not only helps avoid the complications of probate but also offers peace of mind for the entire family.

Ready to begin the conversation about estate planning with your family? Contact Carol Lawson PA  today at (727) 410-2705  to schedule a consultation and receive expert guidance on creating a comprehensive and respectful estate plan.

COVID-19 Office Social Distancing Changes

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Our firm remains intact by both office and remote technology and is ready and able to assist anyone needing our services by phone and Zoom or Google Duo video call.   We are also executing, witnessing, and notarizing documents in the office, and receiving our paying clients in the office.  Masks are required, and will be provided to you if you do not have one.  We also provide gloves, hand sanitizer and disinfect the conference room between each client with Clorox wipes.  All safety procedures such as gloves, masks, hand sanitizer and Clorox bleach disinfect sanitizing are being taken for your safety.

We can receive documents through email, fax or in-person drop off upon arrangement with Carol or you may drop them off at the office with the receptionist.     

Payments can be made over various electronic methods, through the mail or in-person by arrangement. Call (727) 410-2705.

 

Carol A. Lawson, Esq., 28870 U.S. Hwy 19 #300, Hodusa Towers, Clearwater, FL 33761

Phone: (727) 410-2705;   email: calh@gate.net

 Clearwater Bankruptcy Attorney, Clearwater Bankruptcy Lawyer, #Clearwater Bankruptcy, Clearwater Estate Planning Attorney,  Pinellas Estate Planning Attorney, Pinellas Probate Attorney #FileLocallyDontOverpay #ClearwaterBankruptcy #ClearwaterBankruptcyAttorney #ClearwaterEstatePlanning #ClearwaterProbate

 

Why You Need a Durable Power of Attorney

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Client’s often ask why can’t I just put my child on my bank account with me.  One of the things that I’m looking at is, how do they own their assets, who actually owns their asset who is on their bank account, who is on the title to their real estate. Often I discover that a client will have an adult child on their bank account with them.

Why is your child on that bank account with you? Is it  for convenience purposes?   Is it if you’re in the hospital, or traveling, or need your child to pay bills, they can do so because they’re on the account?

There’s a lot of downsides unfortunately, to having your child on your bank account with you.  The first one is liability. If your child gets into a car accident, get sued files, bankruptcy, maybe even files for divorce then your bank account could be subject to that child’s creditors or property distribution.

The second reason it’s a bad idea to have your child on your bank accounts with you is because it could affect your child down the road if they are applying for government assistance such as Social Security disability benefits, because they have access to, even though it’s not their money, your assets making them ineligible for benefits.  The third reason it’s a bad idea to have your child as a co-owner of your bank accounts is you’re basically giving your child carte blanche to your money, they can go in do whatever they want to with your money.  It’s going to be very difficult to get any money back if your child or to steal money from you, or otherwise, mishandle the funds, because you trusted him, you put him on the account, you gifted the value of the account.  The fourth reason it’s a bad idea in a lot of situations to name your child as co-owner of your accounts is that when you die, the bank account continues to belong to that child.  If you have multiple children, and the intent is to divide the account among all of your children, the child on the account does not have any legal obligation to share it with their siblings, even if your will says to do so the ownership of the account trump’s your will, and the money belongs to your one child who was co-owner of the account.

My job is to play devil’s advocate. They’re not going to share the money with their siblings in most cases.   Assuming they did share and If it’s a large enough amount then that is considered a gift now from the child to their siblings, and they might have the burden of having to file a gift tax return with the IRS to disclose those gifts.  If they later file bankruptcy, the bankruptcy trustee could go back void the transfers and force your other children to pay the money they received into the bankruptcy estate.  How do you get around this?  Remove your child from your bank account.  Your child will have to agree to be removed from the bank account.  Put the account back into just your name, sign a power of attorney, you can name that same child, giving them authority to help you out with your banking affairs. Give a copy of that power of attorney to the bank.

That child can now continue to pay bills on your behalf out of your account and help you manage the account.  If you want to avoid probate of the account, when you die, sign what’s called a POD ( payable on death beneficiary form) with the bank for that account.  List whoever you want to inherit the account upon your death, that might be the one child it might be all of your children. Some financial institutions call it TOD form (transfer on death form). By signing that form, you’re naming beneficiaries for the account.  After your death, all the beneficiaries will need to do is present a death certificate and the account will be dispersed among all of your beneficiaries.   If you have questions about this or anything else related to your estate, and you’re a Florida resident, I would be more than happy to handle your planning and answer your questions.

 

 

Carol A. Lawson, Esq., 28870 U.S. Hwy 19 #300, Hodusa Towers, Clearwater, FL 33761

Phone: (727) 410-2705;   email: calh@gate.net

 Clearwater Bankruptcy Attorney, Clearwater Bankruptcy Lawyer, Clearwater Bankruptcy, Clearwater Estate Planning Attorney,  Pinellas Estate Planning Attorney, Pinellas Probate Attorney #FileLocallyDontOverpay #ClearwaterBankruptcy #ClearwaterBankruptcyAttorney #ClearwaterEstatePlanning #ClearwaterProbate

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