Tuesday, September 9, 2014
Psychiatric Advance Directives (PADs) are useful tools to plan for mental incapacity, by not only naming a proxy that can speak on the person’s behalf but also by directing treatment decisions. However, all PADs are not created the same way. Some states require that a state specific PAD form to be used while others will recognize a general form. More information on PADs and access to PAD forms for a specific state can be found here.
See Linda Wasmer Andrews, A Guide to Psychiatric Advance Directives, CNN, Feb. 17, 2014.
Thursday, August 28, 2014
For guidance on the deadlines for various probate filings in Florida, see this chart by D.W. Craig Dreyer.
See Craig Dreyer, Deadlines and Timelines in Florida Probate, Clark Skatoff, Aug. 27, 2014.
Monday, August 25, 2014
The Federal Deposit Insurance Corporation (FDIC) and Consumer Financial Protection Bureau (CFPB) have made available a resource guide entitled Money Smart for Older Adults. The guide provides information for financial planning and, avoiding and addressing elder financial exploitation. Provided below is the introduction to the guide:
With over 50 million Americans aged 62 and older1, Older Adults are prime targets for financial exploitation both by persons they know and trust and by strangers. Financial exploitation has been called “the crime of the 21st century” with one study suggesting that older Americans lost at least $2.9 billion to financial exploitation by a broad spectrum of perpetrators in 2010.2
A key factor in some cases of elder financial exploitation is mild cognitive impairment which can diminish an older adult’s ability to make sound financial decisions.
This epidemic is under the radar. The cases tend to be very complex and can be difficult to investigate and prosecute. Elders who lose their life savings usually have little or no opportunity to regain what they have lost. Elder financial abuse can result in the loss of the ability to live independently; decline in health; broken trust, and fractured families.
Awareness and prevention is the first step. Planning ahead for financial wellbeing and the possibility of diminished financial capacity is critical. Reporting and early intervention that results in loss prevention is imperative.
Money Smart for Older Adults is designed to provide you with information and tips to help prevent common frauds, scams and other types of elder financial exploitation in your community. Please share this information as appropriate.
Friday, August 22, 2014
The Consumer Financial Protection Bureau has released a series of informative guides entitled, Managing Someone Else’s Money. Here is a description of the series from the CFPB website:
Millions of Americans are managing money or property for a loved one who is unable to pay bills or make financial decisions. This can be very overwhelming. But, it’s also a great opportunity to help someone you care about, and protect them from scams and fraud.
We are releasing four easy-to-understand booklets to help financial caregivers. The Managing Someone Else’s Money guides are for agents under powers of attorney, court-appointed guardians, trustees, and government fiduciaries (Social Security representative payees and VA fiduciaries.)
The guides help you to be a financial caregiver in three ways:
- They walk you through your duties.
- They tell you how to watch out for scams and financial exploitation, and what to do if your loved one is a victim.
- They tell you where you can go for help.
August 22, 2014 in Books, Disability Planning - Property Management, Estate Planning - Generally, Guardianship, Non-Probate Assets, Professional Responsibility, Resource Links, Trusts | Permalink | Comments (0) | TrackBack (0)
Thursday, August 21, 2014
A comprehensive on-line estate planning toolkit service called Final Roadmap can assist with various estate planning needs, including storing and sharing estate planning documents. Membership to the site is available with a one-time purchase. Here is a description of the toolkit from the website:
Misunderstanding and confusion result from neglecting to plan ahead, leaving a painful and costly legacy to those you care about most. Final Roadmap was created to make end of life planning manageable and affordable. The Toolkit allows you to create, compile and safely store documents and directives – with the option to share the documents you select, with the individuals you choose, in the equivalent of an electronic vault.
August 21, 2014 in Death Event Planning, Disability Planning - Health Care, Disability Planning - Property Management, Estate Planning - Generally, Resource Links | Permalink | Comments (0) | TrackBack (0)
Saturday, June 14, 2014
The Taxpayer Bill of Rights was recently released by the IRS. It organizes the rights of taxpayers, which are spread throughout the Tax Code, into 10 easy to find and read categories. The IRS reference sheet to taxpayer rights was created by the IRS as the result of focus groups and an effort to make the information more accessible. Within the 10 groupings, rights include finality, privacy, confidentiality, and more.
See Michael Cohn, IRS Adopts Taxpayer Bill of Rights, Accounting Today, June 10, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
Tuesday, May 6, 2014
- Claim the child as a dependent. Even if the child is over 18-years-old and not a student, if the child is permanently and totally disabled, living at home, and reliant on parental financial support the parent may be able to still claim the child as a dependent.
- Keep track of and itemize all qualified expenses. Deductions that can be claimed for a child with special needs that may not apply otherwise include, costs for special schooling, home modifications made to accommodate the child’s special needs, and conference seminar costs.
- Create a special needs trust. Special needs trust can be very beneficial to the child, but comes with unique tax considerations, which should be researched and understood thoroughly prior to creation of the trust.
- Get more information. The IRS’ Publication 907, Tax Highlights for Persons with Disabilities contains helpful information for parents of children with special needs.
See SNA, Tax Tips for Parents of a Child with Special Needs, The Voice: The Official Newsletter of SNA, April 21, 2014.
Monday, April 28, 2014
The ABA Section of Real Property, Trust & Estate Law is presenting a CLE on Real Property Trust and Estate Spring Symposia, on May 1-2, 2014. Provided below is a description of this event:
This year's RPTE Spring Symposia offers CLE programs addressing the latest developments in estate planning, covering a wide range of topics.
A three-part Estate Planning Basics program might be of interest to newer lawyers, while more seasoned professionals will find a variety of specialized programs from which to choose. In honor of the 25th Anniversary of the Symposia, there will be two special panels of distinguished Section Chairs to share their reflections on the challenges and lessons from the quarter century just ended and the opportunities for our changing practice in the years ahead.
Take a look at some of our notable trust and estate programs and speakers:
Estate Planning Basics
Benetta P. Jenson, JP Morgan Private Bank
Paul Lee, Alliance Bernstein LP
Karin C. Prangley, Krasnow Saunders Kaplan & Beninati LLP
Donna Otis, Otis Law Group Ltd.
Lee-Ford Tritt, University of Florida Levin College of Law
Ryan Walsh, Hamilton Thies & Lorch LLP
The First Quarter Century: Former Section Chairs Reflect on Lessons from the Past and How We Have Grown
Christine L. Albright, Holland & Knight LLP
Louis A. Mezzullo, Withers Bergman LLP
Edward F. Koren, Holland & Knight LLP
Golden Words from Silver Tongues — A Panel Discussion with Recent Section Chairs on Maintaining a Successful Estate Planning Practice over the Next 25 Years
Steve R. Akers, Bessemer Trust
Tina Portuondo, University of Miami School of Law
Alan F. Rothschild Jr., Hatcher Stubbs Land Hollis & Rothschild
Gideon Rothschild, Moses & Singer LLP
How to Solder Broken Plans: Ten Estate Planning Blunders to Fix Now
Keri Brown, Baker Botts LLP
Katy Crafton Fluet, McDermott Will & Emery LLP
Mark R. Parthemer, Bessemer Trust
One is Silver and the Other Gold: Making Friends with the Enemy - How to Identify and Manage Difficult Opposing Counsel
Juli Adelman, Vantage Trial Consulting
Paul Fisher, Fisher Mediation
Jessica A. Uzcategui, Sacks Glazier Franklin & Lodise LLP
Seeking and Finding New Silver Patterns in a Changed Estate Planning Environment: Creative Inter Vivos QTIP Planning
Richard S. Franklin, McArthur Franklin PLLC
Lester B. Law, Abbot Downing
Barry A. Nelson, Nelson & Nelson, PA
If you've never been to the RPTE Spring Symposia, this is a great year to check it out! First-time attendees receive a discounted registration rate — 40% off the general rate!
Wednesday, October 23, 2013
Many Americans are unsure when the best time to take advantage of their Social Security is. Dan Caplinger, The Motley Fool's director, made a video that goes through a particular method to determine your Social Security breakeven date. Deciding to receive benefits early will mean that the distribution will be reduced, but waiting to be paid out will provide you with a larger pay out. For people who are single breakeven dates are usually upwards of age eighty. Watch the video to learn when your breakeven date is.
See Dan Caplinger, What's Your Social Security Breakeven Date?, The Motley Fool, Oct. 18, 2013.
Tuesday, August 20, 2013
Recently, the Texas Secretary of State drafted a chart that lists professions and the types of entities each profession is permitted to create. The document is called "Guide for Determining Permissable Entity Types" and will save users alot of time and reading.
Special thanks to Gary E. Kersey (Attorney, Texas) for bringing this chart to my attention.