The content of your will and other estate planning documents is very important. If you choose to write your will yourself, your family could face a number of obstacles after you are gone. As your will passes through probate court, its content could be challenged by anyone who feels they were wronged. An estate planning attorney can help you avoid such dilemmas by ensuring that all wording is clear and that your intentions are understood.

Your will can also be challenged if it was not signed according the requirements of your state’s statutes.  Having a wrongly signed will is the same having no will at all.

An experienced attorney can also help avoid having to probate your will, resulting in cost and time savings for your family.

An estate planning attorney also has knowledge of financial issues that may affect your estate. Drafting a will is not just about who will end up with your money and your house. An attorney will look at all aspects of your finances, such as any retirement accounts you may have and will also consider your debts. There might be other details to consider such as who will care for your pet when you pass.

A properly drafted estate plan can give you peace of mind. It is important to remember that having a will is important no matter the size of your estate. Each estate is different, and an attorney can help you find an estate plan that best meets your needs. 

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.

 Here at the Law Offices of Debra G. Simms, we provide complete Estate Planning services.  Our revocable trust is not the “one size fits all” document that comes in an expensive leather binder.  We consult with you, assess your situation and prepare your trust to meet your needs and goals.

We will also make sure that your trust is properly funded.  It is not enough to have a piece of paper titled “Trust”;   you must properly title your assets in order to avoid probate.    We will prepare deeds and work with your financial advisors and banks to make sure all assets are titled in the trust.

The initial consultation for Estate Planning services is free.  There is no pressure, no selling and no obligation.  Just education.  Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.

 

 

 

Do You Know When it is Time to See A Lawyer? 

Often we turn to lawyers as a last resort after the contract has been signed, the spouse has walked out, or the parent has died.

The adage, “an ounce of prevention is worth a pound of cure” is as true with legal matters as it is with regular medical checkups.

Getting good legal advice is one of the greatest preventative measures you can take BEFORE you become ill or incapacitated.  Not only can you save money in the long run, but preventative legal advice can save you and your family from difficulties later on.

Make a Will and plan your estate before you become too ill to do so.

And if there are changes in your family status – marriage, divorce, the birth of children, now is the time to seek legal advice to update your existing plans.

Make a careful search for your lawyer and focus on who may be the best qualified to handle the issues in your case.  Board certification is one way to decide if a lawyer is right for you.  A Florida Bar Board Certified lawyer must have extensive experience, must pass a written examination in the specialty area, and be favorably evaluated as to ability and experience in that specialty by other lawyers.  And the certification must be renewed every 5 years to show that the attorney can meet the same requirements as for the initial certification.

Debra G. Simms has been practicing law since 1988 and is a Florida Bar Board Certified Attorney.

Questions? The Law Office of Debra Simms is here to help. Call us today 386.256.4882

This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.

Consider this recent headline:

“Americans in 26 states are struggling with heat warnings and advisories as near triple-digit temperatures smother states from New York to California”.

So, Snowbirds, if it’s getting hot EVERYWHERE in the summer, maybe you ought to just stay put in Florida.  From a legal point of view, consider these advantages of making Florida your home:

  • Florida Homestead. You will receive a reduced property tax rate for your primary residence in Florida.  Additionally, your homestead is pretty much bullet proof from creditor’s claims.  And if you leave your home to a spouse, descendants or certain relatives, they will also receive the benefit of creditor protection on the home.  Also, if you need long-term care and cannot afford it, the state of Florida does not require you to sell your home to pay for your care before you can be eligible for Medicaid.
  • You had a taxable estate in your old home state: Florida does not have state Estate tax.  If your assets are lower than $5.49 million you may not need a lot of tax planning. A Florida attorney can help you create a much simpler plan for after death.

If you do make the move, don’t forget to consult with a Florida Estate Planning attorney or Elder Law attorney. Your Power of Attorney and Will may not be valid in Florida.

Questions? The Law Office of Debra Simms is here to help. Call us today 386.256.4882

This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.

 

 

As an Elder Law Attorney, families often come to see me when a loved one is sick and time is limited.  Handling a death in the family is always difficult, but handling the legal details is the last thing you will want to do in a time of mourning.  The death of a loved one is not only terribly painful, but the aftermath can be complicated, expensive, and a lot of work.

Here are some tips to help you minimize the stress:

Discuss and arrange funeral arrangements ahead of time.  Discuss burial and cremation.  Cemetery plots are sometimes already purchased, especially when the other spouse has died; if not, try to discuss your loved ones’ preferences and do as much as possible in advance.

Funerals are expensive.  Hopefully, your loved one has made pre-paid funeral arrangements, but if not, discuss the details.  Since life insurance proceeds and inheritances may take a while to receive, discuss how the funeral will be paid.  Did your loved one put some money aside that is easily accessible?  Remember, you won’t be able to use their credit card after they are gone.

The sooner you discuss the details, the better.  Talking about death is easier when it feels farther away.

Legal documents should be located.  If anything is needed to pass on property and assets after death, do it now.  As long as your loved one has mental capacity, Wills, Trusts, and Medical Directives can be prepared or updated.  Try to take steps to avoid probate.  Probate is the last thing you want to deal with after your loved one dies.  Probate is not only stressful but time-consuming and expensive.  Seek out legal counsel before it’s too late.

Questions? The Law Office of Debra Simms is here to help. Call us today 386.256.4882

Charitable Remainder Trust Law

understanding-charitable-remainder-trustA charitable remainder trust has all the characteristics of any normal trust fund or deed. A trust is an agreement or contract wherein one party or a number of parties called the trustees agrees to take care of or protect a certain property or sum of money known as trust fund or property for the benefit and on behalf of a certain person or group of people called the beneficiaries. A trust deed is a written contract or agreement entered into by and between the trustees and the beneficiaries that outline all the rights, duties and obligations of the trust.

What is a charitable remainder trust?

A charitable remainder trust is similar to a trust for charitable purposes however it is an irrevocable trust that is exempt from tax. The money from the trust is first used to pay off any beneficiaries and the remaining money or ‘remainder’ is donated to a charitable organization. This trust has been designed to reduce the taxable income of an individual while filing his tax return and reduce his tax liability that he will be required to pay to the government every year. The individual’s income is first reduced by distributing the money from the trust to the beneficiaries of the trust over a particular period of time which is exempt from income tax and the remaining money is donated to a charity which is also automatically exempt from income tax liability.

How does a charitable remainder trust work?

The whole idea behind the concept of charitable remainder trust is to reduce the tax liability of the individual and prevent him from paying high taxes on his income. In most countries, a whopping 30-40% of a person’s earnings goes towards income tax payment to the government and the individual is not able to reap the benefits of his own earnings. Hence the charitable remainder trust helps to lower the taxable income of the individual. Once the assets are donated to a trust the primary beneficiaries are paid for a certain period of time and on the expiry of this time frame, the remainder of the trust money or property is donated to a charity who become the secondary beneficiaries. This is also a great way to save up your money for retirement.

Benefits of a charitable remainder trust

Once you transfer an asset into this irrevocable trust it is automatically reduced from the asset side of your balance sheet or is reduced from your total estate value. No estate taxes will have to be paid and deductions from income tax can be availed for the charities made.

A charitable remainder trust helps reduce your income tax liability and estate taxes too. It helps you convert high-value assets like real estate or stocks into a lifelong income that is tax-free. When the asset is sold you do not have to pay any capital gains tax on the sale of the property or asset.

Not only does a charitable remainder trust help you reduce your income tax liability and taxable income but also allows you to give back something to the less fortunate and help the poor. Doing charity invokes a positive feeling and gives someone else a chance at a better life.

Approach lawyer Debra G. Simms, a board certified law attorney who runs her practice at Simms Law Firm located at Prestige Executive Center, 823 Dunlawton Ave. Unit C, Port Orange, FL 32129 for all your law related queries.

To contact Florida attorney Debra G. Simms, P.A. in Port Orange or New Smyrna Beach, FL please call 877.447.4667. Serving areas in and around Volusia County, Daytona, Port Orange, New Smyrna Beach and more.

Probate & Trusts, Estate Planning, Wills, Trust, Power of Attorney

probate-trusts-estate-planning-wills-trust-power-of-attorneyIf we spare even a fraction of the time we spent on earning all that money and building those assets, we would be able to ensure that it stays in the right hands even when we are not around to look after them. The federal law provides multiple legal options for you to choose form in order to facilitate a judicious planning of your property and assets. We are here to help you understand the various legal rights of a valid US citizen in managing his property and estate while he/she is alive and also post his/her demise.

Will

A will is one the most commonly referenced legal document which allows an individual to manage the division and consecutive distribution of his or her property and estate post death. Creating a final testament or a will gives you the discretion of deciding as to how your hard-earned money and assets should be distributed among those chosen solely by you.

Probate

A probate is a legal proceeding that involves proving the validity of the will of a deceased, and then carrying out the process of appraisal and distribution of his assets as per the instructions stipulated within the will. A probate is of great significance in property distribution cases wherein the deceased failed to plan out a valid will while he/she was alive.

Trust

A trust can be cited as a written agreement between two or more parties wherein a trustee is attributed with a legal title to a property or an asset on the behalf of a trust beneficiary. The creator of the trust, called the settler provides the instruction for distribution of his assets among the beneficiaries to be carried out by the trustees. A trust can be especially useful in situations where a settler does not wish to provide outright control over his assets to the beneficiary, as the latter may not be mature enough or legally able to deal with them.

Power of attorney

A POA is a legal document which allows you to authorize an individual of significant trust to take control over your financial or healthcare responsibilities in your absence or inability to administer your property and assets.

Why should I hire an attorney?

Before coming to a final conclusion as to whether you should hire an attorney for your property distribution planning or not, you must understand the significance of the proper composition of a legal document. One single missing signature or a misplaced word might entirely alter the actual intent of your trust, will or POA. An attorney can help you in designing a legally correct document which reflects your intent in its entirety. In addition to this, the state laws for all estate planning related instruments vary from state to state. It is utmost essential to consult a professional attorney before creating a will or executing a trust, in order to stick to the laws of your specific state. Furthermore, hiring a lawyer also helps deal with any complex financial or family situations such as a second marriage, minor children, physically disabled family member or a recent divorce.

If you are looking for professional legal advice for creation of a will, trust, POA or estate planning and more in the Volusia County region, just visit https://www.simmslawfirm.com for assistance form some of the best legal minds in the country.

To contact Florida attorney Debra G. Simms, P.A. in Port Orange or New Smyrna Beach, FL please call 877.447.4667

Trust law

trust-lawyerIf you are residing in Volusia County or New Smyrna Beach or Port Orange or Daytona area or anywhere in the surrounding areas, chances are you are in need of a trust lawyer. There are a number of registered law firms in these areas. You will come across a law firm or an attorney who will be of help to you. Many people require trust lawyers while making an estate plan.

Trusts are actually tools required for estate planning that can act as a substitute for your will after your death. It also has the capacity to help manage your property while you are living. The trust will manage the distribution of your property. It will also ensure that all benefits are transferred and the various obligations are fulfilled. A trust is very popular in property distributions.

Creating a trust

The first step of creating a trust involves the property owner or ‘grantor’ or ‘trustor’ transferring the legal ownership of the property to the ‘trustee’ (an individual or an institution). The trustee will be given the responsibility of managing the property on behalf of the ‘beneficiary’. The trustee will be compensated for his or her or its managerial role. A fiduciary relationship is created between the trustee and the beneficiary.

Kinds of trusts

Generally speaking, there are two major kinds of trusts – testamentary and living.

Testamentary trust – In this kind of a trust the property is transferred to the trust only after the death of the owner or grantor. A testamentary trust is part of a will. It is not created after the death of the owner. So the trust property has to go through a probate process. Through this trust, the owner has the power to enforce certain conditions and can control the payment and receipt of benefits even after their death.

Living trustAs the name suggests, this trust comes into effect while the grantor or owner is still living. It is also known as ‘inter vivos’ trust. A probate process may not be required for the living trust if the assets that would have been otherwise put through probate are transferred to the trust before the death of the owner. A living trust may be revocable or irrevocable in nature, i.e. the owner may or may not make changes to the trust after its commencement.

There are a number of different types of trusts under these two broad categories of trusts. Asset Protection Trust, Charitable Trust, and Special Needs Trust are some such trusts. There are also some trusts called the Spendthrift Trust, Totten Trust and Tax By-Pass Trust.

Understanding the different kinds of trusts and their functions can become a bit complex. You will need the help of an experienced and thoroughly qualified attorney. If you are a resident of Volusia County and require help with the setting up of trusts or want to understand the laws related to it, get in touch with Debra G. Simms’ law firm. Take a look at the website https://www.simmslawfirm.com/.

To contact Florida attorney Debra G. Simms, P.A. in Port Orange or New Smyrna Beach, FL please call 877.447.4667.

What is a power of attorneyThere are several circumstances, wherein an individual is unable to manage his property or finance related matters for a specific length of time, owing to a prolonged overseas trip or a major health condition that renders him physical incapable of doing so. A power of attorney is just the type of legal provision that helps you to delegate the responsibility of your property and finance management in the event of your prolonged absence.

What is a power of attorney?

A power of attorney, also known as letter of attorney is a legal document that authorizes an individual to take up the responsibility of representing or acting on the behalf of another individual regarding the latter’s business, legal or other private affairs. The person who creates the power of attorney is referred to as the grantor, principal or donor. On the other hand, the individual who is appointed as the representative is referred to as the agent or the attorney. Depending upon the power of acting upon the power of attorney, whether the grantor is capable of making decisions for himself or not, a typical power of attorney can be broadly classified into two basic categories namely an ordinary power of attorney or an enduring power of attorney, respectively. In addition to managing finances and business related affairs, the power of attorney also offers provisions to the agent to make decisions regarding health care facilities and also for recommending a guardian.

What are the prerequisites for appointing an agent?

One of the major key factors in deciding upon an agent for your power of attorney is, trust. The agent can be chosen from among a variety of your associates such as a relative, friend, a legal attorney or even an organization. It is utmost essential to appoint an individual who is keen on ensuring your best interests and respects your wishes without having the evil mindset of abusing the powers bestowed upon him. The agent is obligated to keep a detailed record of all transactions that he makes on the grantor’s behalf and also to provide frequent updates of the same to him. In case the grantor is incapable of reviewing the updated records himself, he may direct the agent to pass on such information to an appointed third party. As far as an agent’s legal liability is concerned, he cannot be penalized for doing something wrong unless it is something done intentionally. Such statue is stipulated in order to encourage individuals in shouldering the responsibility of becoming an agent to someone who is dire need of creating a power of attorney.

Why you need a POA lawyer?

The creation of a power of attorney requires an enormous amount of intricate paperwork, which might be a daunting task for a layman to accomplish. In addition to this, a POA provides complete authority over your business, finance and healthcare to another individual, which implies that there are several considerations to be made before you appoint an agent. A legal POA lawyer can help you zero in the right candidate for your power of attorney, by making you understand the repercussions of appointing someone who might end up using it against you.

In case you are looking for legal assistance for creation of your power of attorney in the greater Daytona area, you may check out the website https://www.simmslawfirm.com.

To contact Florida attorney Debra G. Simms, P.A. in Port Orange or New Smyrna Beach, FL please call 877.447.4667.

Volusia County Will Preparation Lawyer | Daytona Attorney | New Smyrna  | Port OrangeWe spend a chunk of our lives slaving away to make a living for our family, and saving most of what we can. With this hard earned money we make investments in real estate, shares and in buying our personal assets. All of these aforementioned assets may be collectible referred to as your estate. For ensuring that your estate is passed on to the rightful beneficiary after your demise, you need to create a will.

What is a will and why do you need one?

As per its textbook definition, a will is a testament or a legal document, wherein an individual may stipulate his wishes regarding the distribution of his property and estate post his death and appoint an executor who is supposed to manage the estate for as long as the final distribution is carried out. To put it more simply, a will states the names of one or more beneficiaries to which an individual wishes to pass on his property and assets after he dies. In addition to this, an individual can also specify the name of one or more persons who are to take care of his property after the formers demise, and see to it that the distribution is made as per the instructions stipulated in the will.

The primary reason why you should consider making a will of your own is the fact that it allows you to ensure that your hard-earned money and assets are in safe hands even after your death. It helps you to fairly distribute your personal belongings such as family heirlooms, investments, property and other assets among their rightful heirs, when you are no longer alive to take care of them. In case you have minor children, a will allows you to make appropriate arrangements for them, so that they would want for nothing even when you are not around to fend for them. A will also minimizes the chances of any financial conflicts and disputes regarding your property distribution, among your surviving family members. In addition to this, if you are a person with a charitable bent of mind you can also appoint a part of your estate to be given away as donation for charity to such trusts and organizations.

Why do you need a lawyer to create a will?

Although, the basic concept of a will is pretty simple, it is the structure that needs you to seek legal advice for its proper documentation and execution. The fact that separate state laws specify different stipulates for what can or cannot be included in a will, makes it utmost essential to seek legal advice of a will attorney who can assist you in creating your will as per your state laws. Furthermore, there are other individual circumstance specific laws regarding who can be appointed as your wills executor, witness and your representative for managing your will. In some complex cases, you might need sound legal advice to handle the creation of your will, wherein you have minor children, or children from a divorced spouse or even in cases wherein you need to decide how to proceed with your will’s instruction if your named beneficiaries die before you.

In case you are looking for professional legal advice for creation of your will in the Volusia County region, you may visit the website https://www.simmslawfirm.com for setting up an appointment with few of the most proficient will attorneys in the state.

To contact Florida attorney Debra G. Simms, P.A. in Port Orange or New Smyrna Beach, FL please call 877.447.4667.

Contact Us

Port Orange Office:
Prestige Executive Center
823 Dunlawton Ave. Unit C
Port Orange, FL 32129
Local: 386.256.4882
Toll Free: 877.447.4667
New Smyrna Beach Office:
629 N. Dixie HWY
New Smyrna Beach, FL 32168
Local: 386.256.4882
Toll Free: 877.447.4667

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