Orlando Estate & Elder Law

Charity Can Win When Estate Tax Goes

Many people struggle with how much money they should leave to their children in their estate plans and how much they should leave to charities. A charitable inheritance can be a middle ground that also helps passing on philanthropic ideals to future generations.

As wealthy families begin hoping and planning for the repeal of the estate tax, they have begun to cautiously turn their estate planning goals away from minimizing the estate tax burdens on their estates. Instead, they are turning toward how they should divide their estates between their children and charitable institutions.

Parents want to leave their children enough assets to support their needs without giving so much that bad habits could form. Many people would also like to continue the charitable giving they have undertaken during their lifetimes. Finding an appropriate balance between these goals can be difficult.

There is, however, a way to do both as Financial Advisor explains in "Charitable Inheritance Dilemmas."

The idea is relatively simple and something many families already do. Money can be left to children.  The gift of giving to charity can also be left to them.

Money can be set aside and a donor advised fund created for each child to maintain. The children can then decide which charities should receive the funds. This is called a “charitable inheritance” and it is a good way to teach future generations about the importance of philanthropy.

If you are interested in charitable inheritances or other ways you can meet all of your estate planning goals, contact an estate planning attorney.

For more information about charitable and estate planning in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Financial Advisor (Feb. 1, 2017) "Charitable Inheritance Dilemmas."

Then and Now: Why People Don't Get Wills

It has always been the case that far too many Americans delay getting wills longer than they reasonably should. The main reasons for that have changed over time.

There has never been a particularly good reason why an adult should not have a will. Most people would like to have some say over what happens to their property after they pass away. A will is the primary means of doing so. Nevertheless, surveys show that 64% of American adults do not have wills.

That is nothing new.

Americans have always delayed getting wills and many never get them at all. However, things are not the same as they used to be. The main reasons that people delay getting wills today, are different than the reasons that they delayed getting wills in 1927.

This story is reported by Wealth Management in "Now and Then: Why People Procrastinate Making Wills."

In 1927, the main reason people did not get wills was a superstition that planning for their own death would hasten it. Other reasons included not wanting to sort out who would get their possessions, a feeling that they were not capable of making a will and the cost of getting legal advice and procrastination.

Some of reasons are still similar, except for the superstition.

People now delay getting wills because they think they are too young to do so, that they do not have enough wealth for a will or because they procrastinate.

Whatever the reasons for not getting a will,  people in 1927 should have gotten one. People today should do so as well.

For more information about estate planning in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Wealth Management (Feb. 2, 2017) "Now and Then: Why People Procrastinate Making Wills."

Hollywood's Take on Naming a Guardian

An Oscar nominated movie has brought to many parents' attention, the uncomfortable question of what will happen to their children after they pass away.

Imagine that your brother has recently passed away and you are notified that you have been named as the guardian of your brother's teenage son. Acting as the guardian of the teenager will not cost you anything as the estate will supply all of the funds.  However, you will need to relocate to care for the child.

None of this was communicated to you by your brother beforehand.

This is the actual beginning of the plot in an Oscar nominated movie that is currently in theaters, Manchester By the Sea. While this might make for great Hollywood drama, it does not make for the best estate planning, as The Spectator points out in "'Who gets the kids if we die?' Planning for the unthinkable."

Planning to nominate the guardians for your minor child should something to happen to you must be undertaken carefully. For obvious reasons, it is very important that you consider your options.

The guardian you choose should be emotionally and financially secure, so he or she can handle the difficulties of suddenly rearing an orphan.

It is also extremely important that the guardian not be surprised by your decision after you pass away. You need to choose someone who is willing to take on the responsibility.

Talk to your first choice for a guardian and make sure that he or she is ready to act in the role.

In the movies things might work out well when that is not done, but that is not always the case in real life.

For more information about estate planning in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: The Spectator (Jan. 31, 2017) "'Who gets the kids if we die?' Planning for the unthinkable."

Are Cheap Legal Documents Good Enough?

Everyone knows that attorneys can be expensive. To take advantage of this fact, services have sprung up that offer cheap legal documents. Some states have created professional positions for people to help fill out cheap legal documents. Using these services, may not be the best idea.

Very few good estate planning attorneys will tell you that their services are cheap. Attorneys know what they do can seem expensive to some people. There is often little that attorneys can do to work around that,  since they need to make enough money to maintain their law offices, which is not inexpensive.

For many estate planning documents, people have cheaper alternatives than going to an attorney.

Online services have sprung up that allow people to fill out estate planning documents for a relatively small fee. Estate planning form books are also printed.

The State of Arizona has created a professional class called the Arizona Certified Legal Document Preparer that lets trained people help others to fill out legal documents for less than an attorney charges, according to the Green Valley News in "Legal Documents for Less?"

In the case of Arizona, people are referred to attorneys if they require legal advice. That may or may not be the case for online legal document services. However, the question to ask is whether that is good enough?

These services might be appropriate for some people who know exactly what they need and who have very simple estate planning needs. The problem is that most people may not actually know what they need, even if they think they do.

One of the most important functions of estate planning attorneys is to listen to what clients want to do and then guide their clients to the best means to achieve their estate planning goals.

You can get a cheaper estate plan, but do not assume that you are really getting what you need.

For more information about estate planning in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Green Valley News (Jan. 30, 2017) "Legal Documents for Less?"

Elder Abuse with International Twist

In a bizarre case of elder abuse, an elderly man from Los Angeles was flown to the U.K. and abandoned in a parking lot.

In November of 2015, an elderly man was found in a parking lot in the U.K. He had dementia and authorities were not able to immediately identify him. Despite numerous calls to nursing homes and hospitals, no one seemed to know who the man was.

Authorities in the U.K. even contacted international embassies to help identify the man.

For eight months, the unidentified man was taken care of in a U.K. nursing home. It was only after the story was broadcast on the BBC, that a viewer recognized the man from an old high school yearbook. It turns out that the man is Roger Curry, 76, of California.

Law enforcement is now accusing his wife and son of flying Curry to the U.K. and intentionally abandoning him there, according to FOX News in "Relatives accused of abandoning Calif. man with dementia in UK parking lot."

This is not the worst case of elder abuse that has ever been seen, but it is one of the most unusual.

In this incident, at least the victim was found by law enforcement and well taken care of. The same cannot be said for many other victims.

Of course, that does not excuse what was done to Curry. It cannot have been easy for a man with dementia, to suddenly find himself alone in a foreign country.

Hopefully, his abusers will receive justice and no one will be inspired to copy their actions.

For more information about estate planning in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: FOX News (Jan. 30, 2017) "Relatives accused of abandoning Calif. man with dementia in UK parking lot."

Anna Nicole Smith Judge Finally Had Enough

The Houston probate judge who oversaw what became known as the Anna Nicole Smith case was still dealing with it 20 years later. He finally got fed up and recused himself.

Family disputes over wealthy estates can go on for a long time. If there is enough money involved and enough willingness to fight over it, then cases can be dragged on for years.

The dispute over the estate of J. Howard Marshall is an extreme example of this.

Most people know the dispute as the Anna Nicole Smith case, since she was Marshall's much younger widow. The court room proceedings were broadcast live on TV and highlights of the day's testimony often made the nightly news. There was enough interest in the case, that the judge at the center of it, Texas probate Judge Mike Wood, became known as the "Anna Nicole Smith judge."

What most people do not know is that the dispute over Marshall's estate is still going on.

The family is still fighting over it.

Judge Wood was still presiding over the matter as well. He grew so frustrated, that he begged the parties to file a motion to recuse him from the case. He got his wish eventually.

Judge Wood recently recused himself from the case, according to Law.com in "'I Beg You to Recuse Me': Anna Nicole Smith Judge Finally Gets His Wish."

It is very rare for an estate fight to be so contentious and go on for so long, that a judge gets this frustrated. This shows, however, just how bad family feuds over large estates can get.

It is important to have a good estate plan in place, so that these incidents can be minimized.

For more information about estate planning in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Law.com (Jan. 26, 2017) "'I Beg You to Recuse Me': Anna Nicole Smith Judge Finally Gets His Wish."

Could Nursing Home Regulations Be Victims of Politics?

In the last months of the Obama administration, the Centers for Medicare and Medicaid Services enacted sweeping new regulations on nursing homes. Some elder law advocates fear they might be repealed by Congress or the Trump administration.

Nursing home care in the U.S. is uneven. The quality of care can vary greatly between facilities. That is unlikely to change. However, care can be improved by the federal government enacting new rules that apply to all nursing homes.

That is what the Centers for Medicare and Medicaid Services attempted to do in the fall of 2016. New regulations were enacted that addressed many frequent patient complaints about their nursing homes.

As The New York Times reports in "Nursing Home Residents Gain New Restrictions," some elder law advocates are concerned that the Republican-controlled Congress will repeal the new regulations or that the Trump administration will work to undo them.

Many of the new regulations are uncontroversial. They address basic quality of life provisions. For instance, regulations requiring that patients be allowed to have any visitors they want at any hour as long as the visitors do not disturb other residents and that residents be allowed to choose their own roommates as long as both of them agree.

Some regulations are more controversial, such as not allowing nursing homes to require that residents agree to binding arbitration to settle disputes and changing the rules about readmission to facilities after an extended hospital stay.

It is too early to say which, if any, of these new regulations will remain in place. Elder law advocates will be watching closely.

For more information about elder law and estate planning in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: New York Times (Jan. 27, 2017) "Nursing Home Residents Gain New Restrictions."

WWI Vet Still Frozen After All These Years

The science of cryogenics is uncertain, but that has not stopped some people from having their bodies frozen after death in the hopes of being brought back to life later. It has been happening for decades.

In 1966, a World War I veteran named James Bedford passed away. Rather than having a normal burial, Bedford paid to have his body frozen by using liquid nitrogen. His hope was that eventually doctors would be able to unfreeze him and cure his ailments.

His body was checked on in the 1990s and was reported to be in good condition. Now, 50 years later, he remains frozen. His is believed to be the oldest body frozen for this purpose that is still maintained. It will remain frozen indefinitely, as long as funding for it continues.

FOX News reported this story in "After 50 years, frozen WWI veteran's body awaits reanimation."

The science behind freezing and reanimating a human body is considered dubious by most experts. Although researchers were able to freeze and reanimate a rabbit brain recently, most do not think it will ever be possible to do something similar for a human body.

People who are interested in the procedure, are still able to have it done for themselves after they pass away.  However, they should do so with the understanding that it might never work. The process is expensive, too.

Consequently, elderly people who might be vulnerable should be cautioned against it by caregivers. They might be better spending money to leave their family members a meaningful legacy in an estate plan.

For more information about estate planning in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: FOX News (Jan. 18, 2017) "After 50 years, frozen WWI veteran's body awaits reanimation."

Resolutions Done - Move On to Estate Planning

Every time the calendar turns over to a new year, it is a good idea to review any estate plans that you might have made.

Periodically reviewing your estate plan is necessary if you want your plan to remain effective. Things change and your estate plan should change to reflect that.

Even if you do not think that there have been any substantial changes that would require an update to your estate plan, you should review it anyway, just in case. Many people advise that you should review your plans every January because it is easy to remember to do so then.

Recently, the Wills, Trusts & Estates Prof Blog offered some estate planning tips that can help you review in "Tips for Estate Planners in 2017," including:

• Make sure that your life insurance policies are up to date.
• Write down what your children should do in the case of an emergency.
• Save your family the hassle of providing for your burial and make those plans yourself.
• Put money in a 529 plan to provide for the educations of your children or grandchildren.
• Hold a family meeting so everyone knows what to expect from your estate plan.
• Create a list of your important assets for your estate administrator.
• Make sure someone can access your passwords to digital accounts, in case something happens to you.
• Update charitable bequests, if necessary.

For more information about estate planning in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Wills, Trusts & Estates Prof Blog (Jan. 21, 2017) "Tips for Estate Planners in 2017."

Unusual Marilyn Monroe Artifact Up For Auction

Some celebrities retain enormous popularity long after they have passed away. A strange piece of Marilyn Monroe memorabilia is about to go up for auction that proves that she still has her star power.

Images of Marilyn Monroe are still used by companies to sell their products, even though she passed away decades ago. In recent years, her likeness has been used in a commercial that premiered during the Super Bowl.

Out of all of the famous people who still have star power long after they passed away, she might be the one that has the most. An upcoming auction shows just how much star power she still has.

The plaque that used to mark her mausoleum is being sold. It was replaced many years ago because it had become so worn by visitors touching it. The bidding will start at $10,000, but it is expected to go much higher.

TMZ reported on this story in "Marilyn Monroe Mausoleum Marker Up For Grabs."

It is not clear from the reporting who will receive the proceeds from this auction. Monroe's estate is known to be very protective of her image, but it might not have ownership of this mausoleum marker.

One thing this shows is that anyone who has any ounce of fame at all would be wise to plan ahead about how things related to them will be handled after they pass away. Celebrity memorabilia can fetch enormous prices under the right circumstances. Estate planning should take that into consideration so it is clear what can be sold and who will benefit from anything that is sold.

For more information about estate planning in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: TMZ (Jan. 22, 2017) "Marilyn Monroe Mausoleum Marker Up For Grabs."