The term ‘estate planning’ often creates confusion. Some people believe it’s a luxury reserved only for the rich and famous. Instead, ‘estate’ in this regard refers to an individual’s personal property, including real estate, bank accounts, insurance policies, trusts, and more.

Estate planning ensures that your property is distributed according to your express wishes. In addition, in the case of death or incapacity, it decides for the care of minors and loved ones not able to care for themselves. There are many other factors involved in the process.

Here’s how to get started on your estate planning:

Create a Strategy

Some people are reluctant to begin a plan since it forces them to come to terms with their own mortality. However, not planning at all only leaves your loved ones in the lurch, and has the potential to create chaos in the wake of your passing.

Any effective estate plan begins with document preparation. This can be done as an individual effort, or you may choose to contact a qualified Daytona Beach estate planning attorney. Common documents include:

• a will detailing distribution of assets
• a living will as to end of life directives
• a health care surrogate for medical information and decision making
• power of attorney for financial decisions

Some people take the crass notion that once they’re dead and gone, they no longer must worry about what happens to their finances and belongings. That attitude only creates troubles for your family and loved ones. It also prompts unnecessary court proceedings, which are both costly and time consuming.

In addition, without a detailed estate plan, the potential for improper or undesired guardianship and care of minors and pets is heightened. This has the potential to negatively affect the quality of life for those left behind.

Lastly, while taxes should never be your driving force in estate planning, it’s a fact that Federal estate taxes are high. The state may also seek their share of estate taxes.

Protect Your Income

No estate planning is ever truly finished during your lifetime. Changes beyond your control are constant, including tax laws, economic climate, estate exclusions, values of accounts, inflation, and other factors.

In addition, life events will force updates to your plan. These include marriage/divorce, birth of a child, death in the family, changes in income, retirement, health complications, and more.

You should also realize that some items cannot be included in wills, including joint assets/investments and some life insurance policies. Speak with an estate planning attorney for a full list of what is and isn’t included.

The most important thing is to simply begin an estate plan. From there, adjustments can be made to beneficiary descriptions, asset titling, and other designations.

Consult an Attorney

Though necessary, estate planning is not an easy process. Data gathering alone can take anywhere from several hours to many days. And that’s just the first step! Rather than become overwhelmed, it’s important to contact your Daytona Beach estate planning attorney, who can guide you through the process and offer valuable advice along the way.

Offering nearly 40 years of experience, our office has helped scores of Volusia County residents secure their assets, and plan for the futures of their families and loved ones. Contact us today to get started on your own estate plan.

 

 

 

None of us want to think that a loved one might become mentally incapacitated. However, dementia is a real and growing affliction affecting aging Americans today.

According to 2017 data collected by Alzheimer’s Association researchers, more than five million Americans are struggling with the disease. By 2050, that figure is expected to rise to more than 16 million. One out of every three seniors die from complications associated with dementia, including Alzheimer’s. That makes it the sixth leading cause of death in the country.

Given all of this, it’s important that active adults have legacy plans in place, in the event they’re unable to make financial decisions on their own. Here’s how to financially protect an aging loved one:

Start the Discussion Early

Encourage older loved ones to create an estate plan. Doing so early is essential. If/when dementia set in, it’s too late. Though decisions must be made by the individuals themselves, you can offer guidance and assistance, to ensure financial wishes are honored.

Ideally, rather than one large conversation, the topic of estate planning should be brought up in several smaller talks. Simply stating “I’ll take care of you” isn’t good enough. Make sure your loved one has explicit plans for the distribution of funds and assets, care for those family members left behind, and other considerations.

Keep cognizant of tone and approach, however, to avoid feelings that you’re being militant or condescending. Instead, make sure your loved one is aware that your sole focus is on their well-being — financially and otherwise. Building trust in this regard makes it more likely that they’ll be receptive to the concept and implementation of estate planning.

Recognize the Signs

According to AARP, up to 20 percent of Americans over the age of 65 suffer from at least mild cognitive impairment. This includes information processing, the ability to reason, decision-making skills, and more.

While some memory loss is to be expected (and in fact affects many people regardless of age), it’s important to recognize warning signs of dementia and cognitive decline, including:

• sudden difficulty performing basic financial skills, even with assistance, such as a calculator
• forgetting to pay mortgages or bills to the point of collections or utility disconnection
• concern about “missing funds” in bank accounts and accusations of theft of money mismanagement
• erratic/unusual purchases and withdrawals
• sudden increase in philanthropic donations (annually to monthly or weekly)
• frequently falling victim to scams and/or frauds

When you begin estate planning conversations early and observe signs of mental decline, you help safeguard a loved one’s assets and ensure proper distribution. In fact, the Journal of American Medical Association advises seniors to select an agent (someone to assist or take over financial decisions) while they are still of sound mind.

Consult an Estate Planning Attorney

One of those resources is a qualified Daytona Beach estate planning attorney. Offering nearly 40 years of experience, our office has helped numerous Volusia County residents with their estate planning needs, including power of attorney, revocable trust, guardianship, and more. Contact us today to learn how we can help secure a financial future for you and your loved ones.

 

 

You want what’s best for your aging relatives, and that includes ensuring their finances are secure. Unfortunately, there are several groups with ill-intentions bent on trying to scam the elderly.

Many seniors are swayed by tales of desperation and hardship. Kind-hearted active adults want to help those down on their luck. While this is an admirable quality, being able to separate valid philanthropic opportunities from outright scams is a skill.

Here how you can help your aging loved ones avoid elder financial abuse:

Know the Terms and Tactics

Also known as elder financial exploitation, elder financial abuse is when an individual or group uses an elderly person’s funds, property, or resources in an illegal or improper manner. This ranges from sweepstakes scams and the like, to fake home repair offers, telephone scams, and even identity theft.

Statistically, most elder financial abuse occurs with those people between the ages of 80 and 89. Most of the victims are experiencing cognitive incapacity or decline, including dementia. In addition, most victims live alone and have limited social interaction.

Warning signs that your loved one may be the victim of elder financial abuse include:

• unpaid bills that the individual should have the means to pay
• out-of-character spending
• sudden changes to wills, trusts, and financial documents
• abrupt/unexplained transfer of assets 
• new “friends” who show little or no common interests or connection to the victim
• confusion about recent charges or financial arrangements

All scams include three main elements: a hook, manipulation, and a deadline. Scammers use a hook to generate interest and divert attention from the details. Then, they use any type of manipulation tactic to build trust and convince the victim to let their guard down. Finally, a strict deadline is given, aimed at forcing the victim to make a quick decision.

Stay Vigilant and Create a Plan

It’s important that seniors discuss their plans early on, and clearly communicate their wishes. Scheduling a discussion with a Daytona Beach estate planning attorney is a good first step.

As with anyone, active adults should always be cautious when providing financial and/or personal information over the phone or online. It’s essential to know with whom you’re speaking or communicating. No reputable institution will aggressively coerce or harangue an individual into making a rapid and rash financial decision. Always ask for more information in writing and speak with an attorney before making any changes to wills, trusts, or other important documents.

A qualified attorney can also help seniors establish a revocable trust. This allows a trusted loved one to access and manage accounts in the event of emergency or incapacitation.

If you suspect elder financial abuse, you should immediately report it to the authorities. Scammers rely on secrecy and shame to perpetuate their crimes.

Speak with a Qualified Expert

Offering nearly four decades of experience and service, our office specializes in estate planning, real estate, and guardianship. We’ve helped people across Volusia County better understand their legal options and opportunities. Contact us today begin a conversation on how we can assist in your specific needs.

 

 

 

 

The dawn of a new year creates opportunities for improvement in all aspects of life, including estate planning. As you pay attention to your physical health and overall well-being, it’s important not to lose sight of the coming years, and to make plans to set yourself up for a bright financial future. 

Use these tips to make sound estate planning decisions in 2018, and for years to come:

Assess Your Current Plan and Make a Budget

Time moves fast, and it may have been months or even years since you last took a close look at your estate plans. This includes reviewing the past, recognizing areas for improvement, and making clear goals moving forward.

Consider factors such as retirement and financial planning as it pertains to your long-term goals. Speaking with your Daytona Beach estate planning attorney will help you gain a better understanding of the necessary steps to achieve and/or maintain your financial ambitions.

As part of this process, you’ll also need to create a budget. While there’s no way to plan for unexpected events, such as loss of income, emergency home repairs, and the like, drafting a basic budget will help you track your current expenditures, and identify financial areas that can be improved or even eliminated.

For many people, creating a comprehensive budget can be an eye-opening experience. For instance, Americans spend about $14 a week on coffee purchased from coffee shops (not made at home). That adds up to $1,100 per year! These funds could be better used as a contribution to your overall estate plan.

Don’t forget charitable giving. As you’re aware, charitable donations must be made by December 31^st of the current calendar year to qualify for charitable donation deduction. Rather than wait until the end of the year, it’s wise to start planning as early as possible.

In addition, assessing your current plan and making a detailed budget can help you understand where you are financially. Can you finally take that dream vacation? Is it time to make a significant investment into your grandchildren’s education? These are questions that can only be answered by getting all the facts.

Be Flexible and Realistic

Estate tax laws change often, and it’s possible that estate tax exemptions will increase. This makes flexibility essential.

You’re already in the habit of speaking with your Daytona Beach estate planning attorney when there are significant changes in your life. It’s also important to be in more regular contact, so you can be aware of changing rules that could be of direct benefit to your plans.

Especially in the case of being the head of household with dependents trusting in you, having a sound estate plan in place ensures the financial safety and security of your loved ones.

Get an Estate Planning Checkup

Rather than a chore or unwanted task, estate planning should be viewed as a valuable resource in providing for your loved ones once you pass. Such a plan ensures your wishes are clear and legally binding.

In addition, it gives you peace of mind. Without a plan, the state distributes assets according to state laws. Prevent this from happening by speaking with your Daytona Beach estate planning attorney.

With nearly four decades of experience, we’re proud to have helped countless families in their estate planning and financial goals. Contact us today and take the first step toward your financial future!

While it’s not something that many of us like to talk about, there are times when a loved one is unable to make financial decisions on their own. In these cases, it important to have a guardianship in place, to ensure your loved one’s financial wishes are fully carried out.

Guardianship essentially guarantees caregiver rights. In the event that a minor child or adult close friend or family member is not able to adequately take care of their own finances, this is a legal option to avoid misunderstanding and complication. It covers medical and personal decision making, as well as the possibility of financial control.

When your loved one becomes disabled, incapacitated, experiences drastic changes in mental capacity, and other factors, this legal option empowers the guardian to safeguard assets, ensure the proper management of finances, and provide for proper care.

Here’s what you need to know about guardianships:

Why is Guardianship Necessary?

It’s difficult to pinpoint when a loved one will require guardianship services. For many people, this is an uncomfortable topic to breach, and can even result in a heated discussion. However, it’s essential to have a plan in place before it’s too late.

In basic terms, guardianship is necessary when your loved one is no longer able to manage their financial resources on their own due to mental or cognitive illness (which includes dementia), drug abuse that has impaired cognitive function, and other factors.

There are three main categories of guardianship. Guardianship of the person allows the guardian to make financial decisions related to healthcare, legal, and other factors. Guardianship of the property allows the guardian to take custody and control of assets for the benefit of that person. A plenary guardian is both a guardian of the person and estate.

What is the Guardianship Process?

A guardian is a court-ordered person who has legal rights to make financial decisions for others. This can be a family member, close friend, attorney, or another individual. Guardians manage estates and personal property, including assets, bank accounts, and bill payments. It also covers other financial decisions such as medical share, shelter, food and clothing, and other factors of daily life.

Gaining guardianship is not an easy process. It involves filing legal applications, compiling expert documentation, court hearings, and more. This is not something that is easily performed on your own. That’s why it’s important to consult with a qualified Daytona Beach attorney, who can help guide you along the way.

Get More Information

Guardianship should be viewed as a last resort since the legally-binding decision affects many legal rights of your loved one. It’s beneficial to speak with your Daytona Beach attorney to get details on guardianship, and how to move forward with the process, should you decide to do so.

With almost 40 years’ experience serving the people of Central Florida, we’re proud to offer legal advice in which you can trust. We specialize in guardianship, estate planning, and real estate legal issues. Contact us today to begin a conversation on how we can help you plan for your family’s future.

Appointing the right trustee can make the entire estate planning process a little easier to manage—but picking that person can, of course, be a task of its own! We know that it’s a difficult decision to make—so in an effort to make it a little simpler, we’ve put together three tips to follow along the way.

Choose your trustee with the future in mind

Your trustee should, of course, be someone you can depend on to carry out your trust on your terms. They should naturally be someone you can count on to be there to do it, too! Keep in mind factors like the age and health of your trustee, as well as their day-to-day ability to handle a trust should they ever need to unexpectedly.

Look for organization and common sense

As well as a basic ability to be there when you need them the most, your trustee should show a track record of organization and common sense values you trust. Would they be able to keep good track of records and important documents, schedule appointments and carry out similar duties? Do they have the common sense or levelheadedness needed to handle surprises or setbacks with care?

Your trustee doesn’t need to be an expert, or have experience in dealing with a trust. They should simply be someone who you’ve observed to be a careful, level-headed and overall organized person. These are among the most fundamental qualities needed in a good trustee.

Talk to your trustee

When choosing your trustee, don’t forget the most important step—that is, to let them know! A good trustee is someone who’s in the know, who’s not blindsided by an unfortunate surprise later on. When armed with that knowledge, your trustee will be able to prepare themselves mentally for the task at hand.

Talking to a trustee before officially selecting them also lets you find out whether or not they’re up to the task in the first place—if they have major conflicts with the idea, it’s better that you know now rather than much further down the line.

We hope that these tips help you choose the trustee that’s right for you and your unique plan. As always, be sure to call our office with questions about the role of a trustee or general inquiries about your own estate plan—that’s what we’re here for!

Whether you’ve devoted your life to an institution, or simply want to leave a powerful legacy where it counts, you may have considered charitable donations as part of your estate planning process. If so, know that there are plenty of ways for you to give back!

In today’s blog, we will be discussing the long-lasting benefits of this kind of giving (even beyond the tax deductions!).

A chance to leave a legacy

Estate planning is a difficult topic to approach, often times because it forces us to think about the legacies we’re set to leave behind. It’s only natural to want to leave a profound impact on your family and surroundings on a local and larger-scale level—but knowing how to do that isn’t always clear. Fortunately, charitable giving through your estate plan lets you leave a legacy with ease. Whether you choose to help your favorite charity, alma mater or another worthwhile institution, your gift will be felt long after your own life.

The achievement of a lifelong goal

Your life’s work is never done—but putting part of your estate toward a worthy cause lets you achieve your goals in a new way. You can count on this kind of donation to further the projects or causes you spent your life working toward—which is not something everyone gets to say!

While many of the details of estate planning can be difficult to manage, the decision to further your life’s work through charity is not one of them.

Family opportunities

Charitable giving in your estate plan also lets you provide for your family in a unique way. Your gift can guide them toward a cause you want them to pursue, or leave room for them to continue your legacy in a way you care deeply about.

Now that you’ve seen the benefits of charitable giving as part of your estate plan, what’s next? If you want to include this kind of giving in your own plan, call our office today to find out how.

All too often, we get a glimpse at what can happen when celebrities, loved ones and other influential figures pass away without having established adequate estate planning. While what ensues—family strife, will disputes, and more—can be difficult to watch, it can actually teach us a lot about our own estate planning needs.

In today’s blog, we will be looking at some of the most common estate planning mistakes we see—and how you can avoid them with a bit of time and planning today.

Not having a plan

The biggest mistake when it comes to estate plans is, of course, not having one at all. You typically have a good amount of freedom when it comes to deciding what you want to happen with your estate—however, none of your decisions will mean much unless they are expressed and confirmed in an estate plan.

Too often, unexpected events leave families confused and without much guidance when it comes to the wishes of their loved ones. Embarking on the estate planning process—even if you’re young—is a sure way to avoid this happening in your family.

Trying the “do-it-yourself” approach

The do-it-yourself, or DIY, craze is popular when it comes to home improvement, arts and crafts, culinary creations and more—but estate planning is definitely one area that is typically better suited to the help of a professional. Mistakes in the estate planning process can lead to changes to what you originally intended for your estate and for your family, so always be sure to work with a professional during the process, if only to confirm that everything you’ve decided on is legally sound and legitimate.

Not making your wishes explicit

It’s one thing to have a passion for a particular charity or organization—it’s another thing entirely to have that passion documented in your estate plan. Don’t count on family or other parties using your estate to benefit the causes you care about… instead, make this provision explicit in your estate plan.

Failing to change documents with time

Too often, we hear about loved ones passing away with outdated estate plans. While the plan itself may not “expire,” the plan you make when you’re 30 is often very different from the one you need when you’re 40, 50 or older. Needs and family circumstances change, so don’t let your estate plan stay in the past—rework it to suit your current needs and enjoy the peace of mind that comes with it.

We hope that today’s blog helps you along during the estate planning process—whether you’re just getting started or are simply revisiting your plan. As always, we are here to help you with whatever you may need along the way—just call our office today.

Estate planning is a process often filled with big decisions and hard-to-answer questions—but fortunately, there can be lighter moments, too. When you choose to incorporate your family’s legacy and heritage into your estate plan, you will be learning more about your family’s meaningful history—all while preserving that information for your children and future generations.

In today’s blog, we will be looking at a few ways you can involve your family’s heritage and legacy in your estate plan.

Share your stories

One of the best things to include alongside your estate plan is a collection of family stories and memories you want to pass down. You’ve probably already shared dozens of them through word of mouth—but your family members and future generations will appreciate having something tangible and physical to serve as a record of all your best moments as a family. This is also a good way to include those stories you’ve been waiting to tell until your kids got older.

Take advantage of research resources

Family research resources are more plentiful today than ever before—so take advantage of them while preparing your estate plan! You can research your family’s genealogy and condense that information into a scrapbook or document for your family to keep. You can also talk to relatives who might have valuable information about who you are and where your family comes from—you might be surprised at just how varied and interesting the stories are!  

Revel in th­­e sentimental

Finally, don’t forget to revel in the sentimental side of “legacy planning.” Include those things that you can’t imagine leaving your family without—anything from precious family recipes to letters you’ve written and just about anything else you can think of. Your loved ones will truly appreciate the meaningful touch, and you will be able to relax with a clear mind, knowing the comfort these items will bring to your family in the future.

It may not be traditional estate planning—but to many families, answers about family heritage and legacy are just as important as those about wills and trusts. Consider taking the time to include this kind of information with your estate planning documents.

We all know the importance of estate planning—it’s a necessary step for ensuring that your life’s wishes are carried out and followed by those you love. However, planning your estate while young may seem like a difficult task. With limited assets and, in many cases, no family or dependents, knowing what to plan for and how to do it isn’t always clear.

However, while your estate plan might not be extensive yet, it’s still worth putting some time and thought into. In today’s blog, we will be looking at a few factors to consider as a young person drafting his or her estate plan for the first time.

Finances

Even at a young age, your finances matter—and how they are managed can have an effect on yourself and the people you love. You can grant someone you trust financial power of attorney, which means that he or she can work on your behalf in business and financial dealings. If you grant the person a durable financial power of attorney, however, that granting of power will be extended even if you become incapacitated.

If you own any property, run a small business or have another potential need for financial representation, granting someone you trust financial power of attorney is something to consider.

Healthcare

Health matters to everyone, no matter your specific age or situation. You want to know that your healthcare wishes are carried out by someone you trust to have your best interests at heart. This is why you might decide to appoint a healthcare surrogate—someone who you trust to make medical decisions on your behalf—or a preneed guardian, someone who you appoint to serve as your guardian should you ever need one.

With healthcare surrogates and preneed guardians, there’s no need to wait—in fact, you can be a perfectly healthy, young person and still appoint these roles. They simply serve to make unexpected events a little easier on your loved ones—all while giving you the chance to have a say in important healthcare and life decisions.

End of life wishes

Everyone deserves the chance to decide how they want to spend the end of their life, if need be. Creating a living will allows the person in question to make decisions about the use of life-prolonging procedures in the event of a terminal condition or vegetative state, among other scenarios.

The news is rife with stories about people in unexpected circumstances, whose families do not know how to proceed. Save your loved ones the emotional stress and confusion by making your decisions ahead of time as clear as possible.

While you can count on your estate plan changing over the years, having a basic foundation set up early is always a good idea. Call our office today so we can help you get started on this important process.