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SCHIAVO II? PLEASE, NO
One Terri Schiavo case should be more than enough for Florida. One living will should be a priority for each adult Floridian.

Karen Weber of Okeechobee didn't have a living will when she suffered a seizure in November. A living will allows someone to specify medical instructions if she or he becomes incapacitated. As The Post detailed in a story last week, her husband wants to disconnect the feeding tube that has sustained Ms. Weber for the past seven months. Ms. Weber's mother disagrees. -more-

THE WORST ESTATES OF THE YEAR
Life is short—sometimes tragically so—and an estate plan is never truly finished. The year’s most notable estate blowups were all sadly avoidable, if only they had left clear intentions for everyone on their list.

Anna Nicole Smith
A $500 million baby . . . maybe
James Brown
Unclaimed souls
Robert Atkins
Living off the fat
Nina Wang
Feng shui and ill winds

-more-

FAMILIIES RETHINK
THEIR ESTATE PLANS

After flirting with death, the estate tax now looks like it isn't going away anytime soon -- and that's creating headaches for wealthy families and their advisers.

Instead of having an estate plan that's set in stone, many people have been flocking to flexible strategies that can help minimize taxes but can still be adjusted as tax laws and circumstances change. -more-

 

THE BURDEN OF BEING AN EXECUTOR
Patricia Marek, in Woodland Hills, Calif., says an uncle asked her and her older sister to serve as his so-called personal representatives when he died. They agreed. When the time arrived in the fall of 2005, they combed through his filing cabinets, safe-deposit box and other personal items to determine assets and liabilities. Ms. Marek headed off to Florida to deal with the remnants of his life there. -more-

NEW TRUST CODE OFFERS OPPORTUNITIES AND CHALLENGES
If  you  have  a  trust,  or  you're  considering setting up a trust, Florida  has a new trust code, "Chapter 736," which became effective Sunday The  five-year  drafting  effort, according to Brian Felcoski, co-chair  of Florida's ad hoc trust code revision committee, may not change too  much, but it could save you money. -more-

 

 

Estate Planning

TOP TEN TIMES IN YOUR LIFE WHEN YOU NEED TO BE SURE TO UPDATE YOUR WILL, TRUST and ESTATE PLANNING DOCUMENTS

Benjamin Franklin so eloquently stated “By failing to prepare, you are preparing to fail.”  Everyone needs to think about planning and preparing their Estate Plan.  Top ten critical times in your life when you should be sure to prepare a proper Estate Plan include:

  1. Marriage
  2. Birth of a Child or Grandchild
  3. Divorce
  4. Purchase of Life Insurance
  5. Receipt of substantial gift or inheritance
  6. Illness
  7. Purchase of Real Property
  8. Change in Domicile – recent move to the State of Florida or recent change of residency to the State of Florida
  9. Retirement, Increase or Decrease in Wealth
  10. Death of a Spouse, Child or Grandchild

This list is not all inclusive, however it highlights the importance in both creating and updating your Will, Trust, Durable Power of Attorney, Health Care Surrogate and additional estate planning documents.

Visit our new page for a Simple Glossary of Estate Planning Terms

Risks Of Planning With Only Joint Bank Accounts

Many times people believe that putting someone elses name on their bank accounts will allow them to avoid Probate.  That is not always the case and you should always consult with an Attorney to come up with a better plan.  According to Fla. Stat. §655.79(1), unless otherwise expressly provided in a contract, agreement, or signature card executed in connection with the opening or maintenance of an account (including a certificate of deposit), a deposit account in the names of two or more persons is presumed to have been intended to provide for survivorship rights upon the death of one of them.  Fla. Stat. §655.79 provides that this presumption may be overcome only by proof of fraud or undue influence or clear and convincing proof of a contrary intent.  Come into the office for a free consultation and we will explain this concept and others fully. 

We are a member of the National Academy of Elder Law Attorneys. Call for your Free Half-Hour In-Office or Telephone Consultation Our Simple Will Package, which includes a Will and Living Will, is only $60.00 when you mention our website. Download our newest brochure on Estate Planning.

  1. Wills
  2. Living Wills
  3. Health Care Surrogate
  4. Preneed Guardian
  5. Power of Attorney
  6. Trusts
  7. Planning for snowbirds/out of state residents wanting domicile in the State of Florida

Read a Wall Street Journal article about estate planning.

Federal Estate Tax Exemption Chart



Calendar
Year

 

Federal Gift Tax Exemption

 

Federal Estate & GST Tax Exemption

 

Highest Federal Estate &
GST Tax Rates


2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

 

$1,000,000
$1,000,000
$1,000,000
$1,000,000
$1,000,000
$1,000,000
$1,000,000
$1,000,000
$1,000,000
$1,000,000

 

$1,000,000 *
$1,000,000 *
$1,500,000
$1,500,000
$2,000,000
$2,000,000
$2,000,000
$3,500,000
Unlimited
$1,000,000 *

 

50%
49%
48%
47%
46%
45%
45%
45%
N/A
55%

 

Estate Planning Resorces

A Affordable Attorney - Gerling Law Group - Estate Planning Brochure
Famous Wills on the Web
National Academy of Elder Law Attorneys
Free Online Estate Planning Education
Florida Dept. of Elder Affairs


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