FLORIDA ESTATE PLANNING AND PROBATE LAW BLOG

The Florida Estate Planning and Probate Law Blog is focused on recent federal and state case law and planning ideas.

ROTH IRA ADDITIONAL PLANNING OPTIONS

♠ Posted by Marc J. Soss in ,,,,,
Most individuals view a Roth IRA as a great way to save more for the future using after tax dollars. While the funds deposited into a Roth IRA are subject to income tax, they grow tax-free and are not subject to tax, even the growth, when withdrawn (assuming certain requirements are met).  However, a Roth IRA has other advantages that most individuals do not know about or utilize: Saving for College: A Roth IRA can be utilized to pay college expenses without the contributed funds being subject to any income tax or early withdrawal penalty. Unfortunately, while account earnings on contributions...
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2016 CHANGES TO AID AND ATTENDANCE BENEFITS ELIGIBILITY

♠ Posted by Marc J. Soss in ,,,,
Unknown to many veterans, the Veteran's Administration (VA) offers a pension benefit, known as “Aid and Attendance,” to low-income veterans (or their spouses) who are in nursing homes or who need help at home with everyday tasks (dressing, bathing, etc.).  In 2015, it could provide a wartime veteran with up to $21,466 a year ($1,788 per month) to cover care at home or in assisted living. A veterans surviving spouse was also eligible for Aid & Attendance benefits up to $14,353 per year ($1,196 per month). While the benefit is currently underused, new regulations have made it available...
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POTENTIAL PITFALLS OF PAY-ON-DEATH ACCOUNTS

♠ Posted by Marc J. Soss in ,,,,,,
It is not uncommon to hear an individual refer to a “Pay-On-Death” (“POD”) account as a poor individual’s version of a Will. The reason being is that upon the death of the account owner the account assets pass directly to the payee without going through probate. However, a 401k, IRA's, annuities and life insurance policies also falls into this category. Upon your death, the beneficiary designation on these accounts will determine to whom the account assets pass.   In a recent case, an attorney prepared a Last Will and Testament (“Will”) for a client who wanted their substantial assets...
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PREPARING FOR YOUR ESTATE PLANNING MEETING

♠ Posted by Marc J. Soss in ,,,,,,,
Many individuals become overwhelmed with the decisions that they need to make when preparing or updating their estate planning documents. The purpose of this list is to help you analytically consider all the questions and issues that must be addressed, provide you with time to reflect on them and work your way through what will be discussed at your meeting with your estate planning attorney. The goal is to achieve your planned result. 1. Create A List Of Your Assets And Liabilities. Knowing what you own can make the estate planning process a lot simpler. Your asset list should include your...
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FLORIDA CLOSER TO GUARDIANSHIP REFORM

♠ Posted by Marc J. Soss in ,,,,,,,
  Guardianship reform has been an issue growing in prominence due to the many abuses found in systems across the nation. Florida is in the process the guardianship reform movement and a step in the right direction as the state Senate is set to have a final vote on a bill that would create a team to oversee the state guardianship system. Scandals have rocked Florida in recent years including one case where a judge was appointing his wife who would then initiate lawsuits on behalf of the ward which family members saw as unnecessary and intended as a vehicle to increase the fees paid to...
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