Orlando Estate & Elder Law

Personal Representative Is Tough Gig

The duties of the executor of a will can seem overwhelming.  However, if you break things down to essentials, then you can get a better grasp of what it is that an executor needs to do.

The executor (personal representative) of a will has a lot of work to do.  Much of it needs to be done quickly. It can be an overwhelming job for people who are not prepared to do it and who have never been executors before.

However, the job can also be relatively simple, if newly appointed executors keep a few basic things in mind.

Recently, the Wills, Trusts & Estates Prof Blog offered some tips for new executors in "Top 5 Things to Remember if You're the Executor," including:

• Hire a professional estate attorney who can help you. Let the attorney worry about what needs to be done and when. The attorney can make sure you are doing what you are supposed to be doing.
• As soon as you possibly can, get a copy of the death certificate. This will allow you to make your status as executor official with the probate court.
• Make sure you are casting a wide net and getting everything that possibly needs to be included in an estate. Do not just rely on what the will says, but check around for other assets and liabilities.
• Let everyone know that you are the executor. In some states, you are legally required to tell certain people and entities. That is something that an estate attorney will help you with.
• Get assistance from tax professionals to file a final tax return.

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 (July 27, 2017) "Top 5 Things to Remember if You're the Executor."

Make a Charity Part of Your Celebration

These are times of great economic disparity. While some people blame the wealthy and consider them greedy, many wealthy people are, in fact, looking for ways to stop accumulating things and to help others.

The reality of life in the U.S. and the world at large is that a great percentage of the world's wealth is in the hands of a relatively small number of people. While many people have less than they need to live comfortably, some others have far more wealth than they could ever possibly hope to spend on themselves.

This reality has received a lot of attention from all sides of the political spectrum.

However, while the political debate is raging, many wealthy people are looking for ways that they can use their wealth for good and to stop accumulating things for themselves.

The New York Times recently reported on a new trend of wealthy couples suggesting charitable donations on their wedding registries, instead of gifts they would like to receive in "For Those Who Have It All, Charitable Wedding Registries."

One of the great things about charitable donations is that they are not only optional, but they also allow people to decide for themselves what to give away and to whom.

Wealthy people do not have to wade into the political debate to give to charity. Instead, they can use their money to support causes and organizations they believe in.

If you would like to give to charity, then it is important to do so the right way.

An estate planning attorney can help make sure the charitable giving is done in the best manner for your situation and that it remains in accordance with your wishes.

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: New York Times (March 24, 2017) "For Those Who Have It All, Charitable Wedding Registries

Spending Eternity With Your Pet

Many people view their pets as members of their families, with just as much importance as their human family members. More and more of them, are even wanting to be buried with their beloved pets.

For a long time, perhaps forever, humans have often desired to be buried with their loved ones. There might not seem objectively to be a good reason for this to some people, but it has always given them the comfort to know that they will rest beside their loved ones for eternity.

In the past, these loved ones usually included spouses or children who passed away at a young age. Wealthy people might have been buried with more extended family members in family mausoleums.

It would have been extremely unusual for someone to be buried with a pet. However, today many people think of pets differently.

Pets are now viewed by many as having equal importance as human loved ones. That has led to an  increase the desire to be buried with those pets, as Legacy.com discusses in "Can You Bury Your Pet With You After You Die?"

A couple of states now allow people and their pets to be buried in the same cemetery with some conditions. A few other states are considering legislation that would also allow it.

This is not just a U.S. phenomenon,  since a few foreign countries now also allow the practice.

If you love your pet that much, you should also know there are other legal things you can do to show that love.

An estate planning attorney can help to make sure that if anything happens to you before your beloved pet passes away, you can provide legal means to have your pet taken care of appropriately, such as with a pet trust.

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: Legacy.com (Feb. 16, 2017) "Can You Bury Your Pet With You After You Die?"

Elder Law Increasingly Popular-Not for Beginners

Since the availability of attorney jobs is often far less than the number of recent law school graduates,  an increasing number of those graduates are becoming attorneys in the ever-growing elder law field. That is some good news and bad news for people who need elder law services.

For many years now, there have been more people graduating from law schools and passing bar exams than there have been available jobs for all of those new attorneys. While there might be plenty of people in need of legal services, there are not enough people willing or able to pay enough to keep all of the new attorneys employed.

This leads many of the new attorneys to either get jobs in other fields or to try their hands at the fast-growing legal fields. With the Baby Boomer generation growing older and entering retirement, one of the fastest growing legal fields is elder law.

As a result, more new attorneys are trying their hands at elder law, according to Private Wealth in "Law Students Increasingly Eye Elder Law ."

On one hand, this is extremely good news for those in need of elder law services. The more attorneys there are who are knowledgeable about elder law, the more likely it is that seniors in need of help can get it. However, there can be hidden dangers in hiring new attorneys, especially if those attorneys did not plan to practice elder law and take the appropriate courses in school.

New attorneys who are still learning a field, may not always have the experience and knowledge for every task.

One way to protect yourself if you do have a new attorney, is to make sure that attorney works with an experienced elder law and estate planning attorney who can oversee and help teach the new attorney.

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

Reference: Private Wealth (Dec. 22, 2016) "Law Students Increasingly Eye Elder Law ."

Heirs Down the Line Preserve Less

The further removed heirs are from the generation that initially earned generational, family wealth, the less likely they will be to preserve that wealth.

Some people have earned great wealth through their own efforts and know how hard that is. Their children are often, but not always, also aware of how much hard work went into amassing enough wealth to be able to pass it down for generations.

They will often continue trying to preserve the wealth.

However, the situation gets murkier when it comes to the grandchildren and great-grandchildren of the initial wealth generators, as Private Wealth discusses in "Heirs May Not Guard Wealth, An Advisor Says."

The further removed heirs are from those who created the wealth, the less likely those heirs are to understand the work that went into it and the more likely it is that having wealth will seem like a natural occurrence to them.

This often leads to these later generations spending more of the wealth than they should and not leaving enough for it to continue passing down through the family.

There are ways to help protect against this.

Those who create the wealth can discuss the issue with their estate planning attorneys and devise ways to make it more difficult for later generations to waste what they inherit. Another good idea is to make sure that subsequent generations receive solid financial educations and advice.

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: Private Wealth (Dec. 19, 2016) "Heirs May Not Guard Wealth, An Advisor Says."

Easing the Way When Spouse Passes Away

Losing a spouse is never easy under any circumstances. However, if you are able to prepare for it ahead of time, doing so is beneficial.

You cannot always prepare for the death of a loved one, but older people often know ahead of time that an ill or elderly spouse is going to pass away. It is not an easy thing to go through and it does not get any easier after the spouse passes away.

However, as MarketWatch points out in "How to prepare for the death of your spouse," when you know ahead of time and can make some preparations, you should.

Some of the things that you can do to make things easier include:

• Gather up all important legal and financial documents. This includes everything from Social Security information, marriage licenses, retirement account information and anything similar. If your spouse has an estate plan, then also locate it. The important thing is to make sure that you know where everything is and can access it quickly when needed.
• If possible and if you have not previously done so, talk to your spouse about his or her wishes and instructions for what should be done after death. Knowing what your spouse's burial wishes are, for example, means that you do not have to come up with a plan for them on your own.
• If your spouse has an estate attorney, talk to the attorney. Let the attorney know the situation, so that he or she can prepare and assist you in making the appropriate legal preparations.

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: MarketWatch (Dec. 8, 2016) "How to prepare for the death of your spouse."

Ashes In Orchestra Pit Hit Sour Note

When planning for your own funeral, you can direct what should happen to your remains. In doing so, do not ask your friends and family to do something with them that might be illegal.

More and more elderly people are requesting that they not be buried in a cemetery in the traditional way. In part this is because of expenses, but it also reflects a general trend in society to want to be remembered in a unique way or to want your remains to be in a place that has a special meaning to you.

While it is a person's right to request that his or her remains be handled in a specific way, caution should be used to make sure what you want is legally allowed. A recent example of something that cannot be done happened during a performance at the Metropolitan Opera in New York City.

During an intermission a man stood up and spread his friend's ashes in the orchestra pit. The musicians were not in the pit at the time. However, the ashes caused enough alarm that the performance was cancelled as was another performance scheduled for later in the day.

FOX News reported this story in "Man scattering friend's ashes halts Metropolitan Opera performance."

This is obviously an extreme example. Scattering human ashes inside a public building is never a good idea. Other cases are not as obvious.

For example, if the ashes had been scattered on the field at Yankee Stadium, it might not have caused as much alarm. However, that does not mean it is legal to spread ashes on baseball fields. It depends on state laws and the field owner's policies.

If you would like your remains to be disposed of in a unique way, then talk to your estate planning attorney or an elder law attorney. Ask the attorney for advice about the legality of your wishes.

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 (Oct. 30, 2016) "Man scattering friend's ashes halts Metropolitan Opera performance."

Avoid Common Executor Mistakes

If you are named as the executor of an estate, you might feel honored by the appointment. That honor can turn to horror if you make a mistake that subjects you to personal liability.

Being the executor (personal representative) of an estate sounds a lot easier than it really is.

The executor has to figure out what the estate assets are, pay any outstanding debts and distribute the remaining assets according to the wishes of the deceased as dictated in the estate plan. While that sounds simple enough, the path to success is full of potential pitfalls.

This was the message of a recent Wall Street Journal article entitled "The Biggest Mistakes Executors Make."

The article lists the following common mistakes made by executors:

• Paying Bills Too Soon – Many executors pay bills as soon as they come in. This can be a mistake as some debts, such as to the government, should be paid before other debts to ensure that there is enough money to cover higher priority debts.
• Investing Estate Assets – Some executors think they can invest assets to increase the value of the estate. While that is good in theory if the investments increase in value, the executor can be held personally liable if they do not.
• Mishandling Real Estate – Real Estate must be handled carefully. Houses should not be sold too soon or too late and it makes a big difference whether or not there is someone still living on the property.
• Losing Personal Property – Executors should conduct an inventory of valuable tangible assets to make sure they are properly stored and not taken away by someone else.

One way executors can avoid these mistakes is to hire an experienced estate attorney to help settle the estate. It is so important that in Florida, a personal representative must have legal counsel.  If you have been named personal representative, or are considering accepting the role, I would be happy to assist you.

Reference: Wall Street Journal (Jan. 31, 2016) "The Biggest Mistakes Executors Make"

Challenging a Will is More Than Legally Challenging

When people are upset over an inheritance their first instinct is often to contest the will. However, will contests have high emotional and financial costs and should not be undertaken lightly.

The Rochester Business Journal recently published an interesting article about the costs and difficulty of challenging a will in an article entitled "Choosing to contest a will costs financial, emotional tolls."

As the article explains, contesting a will almost always create rifts in families. These rifts are similar to the emotional impact of getting a divorce. Hurt feelings between relatives take a long time to heal and many times they never do.

The article also explains why challenging a will is so financially costly.

To be successful with a challenge it must be proven that the testator was not mentally competent to create the will.

This is very difficult for two reasons. First, it does not take much to be competent enough to make a will. The person does not need to be generally competent to do everything else in life. When it comes to testamentary capacity he or she just needs to be lucid enough at the time to understand and approve of the will. Secondly, in almost all circumstances the person who wishes to contest a will was not present when the will was signed. Consequently, this makes it impossible for the person to have direct knowledge regarding whether the testator was lucid or mentally incompetent.

This does not mean that wills should never be challenged. It just means that anyone thinking about contesting a will should proceed with caution and seek the services of an impartial and experienced estate attorney.

If I can assist with reviewing a Will or estate plan, please contact my office to arrange a consultation.

Reference: Rochester Business Journal (Jan. 8, 2016) "Choosing to contest a will costs financial, emotional tolls."

What to Do Since Congress Nixed Social Security Planning Options

 In a surprise move Congress closed popular Social Security loopholes for married couples, but that does not mean that all Social Security strategies are gone.

The United States Congress takes a lot of heat for not doing very much. However, sometimes they do make important legislative changes. Recently while elder law and Social Security experts were not watching, Congress closed a couple of Social Security loopholes as part of a larger piece of legislation to ensure the nation does not default on its debts.

The loopholes, known as "file and suspend" and "restricted applications," are complex.

What did they do? They basically allowed married couples to accrue a little bit more money out of the system by carefully filing the appropriate paperwork in a specific order at specific times. The majority of Americans did not take advantage of the options either for practical reasons or because they did not know about them.

That these loopholes have been closed does not mean Americans can no longer plan to maximize their potential Social Security income.

This was the point of a recent article in Time entitled "There's One Simple Social Security Strategy You Can Still Take to the Bank."

The strategy suggested is to delay receiving Social Security benefits for as long as you possibly can. The longer you delay benefits, the more benefits you will receive.

On the other hand, many people cannot afford to delay benefits for the maximum amount of time.

It would be prudent to plan in advance and weigh your options.  Please contact me to discuss retirement income and social security -I can also assist you in finding  appropriate experts to assist in Social Security planning.

Reference: Time (Dec. 31, 2015) "There's One Simple Social Security Strategy You Can Still Take to the Bank."