Estate plans should evolve over time, it is important to keep your living documents current by reviewing your estate plan every 5 years, or whenever you or your family or beneficiaries have a major life event.

The following points should be reviewed with your attorney.

DISTRIBUTION OF YOUR ESTATE

Does your plan effectively distribute your assets according to your wishes?

Do you have distribution provisions for your spouse?

What are the distribution provisions for your children? Should assets pass outright to your children or stay in trust for a longer period of time? If you decide on a continuing trust for a child, consider whether distributions should be staggered over time or whether the trust should be drafted to protect family assets from your children’s future creditors, including a divorcing spouse.

Do you want to include a trust for your grandchildren in your estate plan?

Do you hav a disabled beneficiary to consider? Do you need to incorporate special needs trust provisions for them to preserve the beneficiary’s eligibility for public benefits.

FIDUCIARY NOMINATIONS

Are you happy with your current choices for Personal Representative and Successor Trustee.

PLANNING FOR INCAPACITY

Is it time to update your Durable Power of Attorney and Health Care Proxy. Discuss the individuals you want to serve as your agents in these documents, as well as alternate agents.

TITLING AND BENEFICIARY DESIGNATIONS

What is the appropriate titling and/or beneficiary designations on your assets and accounts?

What assets should be owned by your Revocable Trust and how to effectively transfer ownership of assets into the name of the Trust (or how to designate the Trust as the transfer-on-death beneficiary).

Review the beneficiary designation for all your retirement accounts. Consider whether it is appropriate to leave retirement accounts directly to your spouse and/or children, or to your Revocable Trust so that the Trustees can administer the assets.  Discuss whether your Revocable Trust qualifies for the maximum payout period for a beneficiary under the SECURE Act, which became effective January 1, 2020.

It is important to keep your estate plan up to date to ensure that your wishes are carried out.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more. We are currently offering free consultations via video conference to assist you with your needs.

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 have more than one child or grandchild that you need to consider in your estate planning? In order to avoid conflict, many parents and/or grandparents decide to leave their children the same inheritance. While this makes it easy it may not be equitable.

The pandemic has increased the number of wills being drafted and executed, this issue is coming up more frequently.

There are many examples of this situation we can refer to, in particular one in which a family with multiple children felt that their primary caregiver should inherit more than the children who did not live near them and did not participate in their care.

This often causes disagreement and contention between family members, while it is a difficult conversation to have it is one that should take place to avoid costly drama after the fact.

According to a survey by Merrill Lynch Wealth Management and the consultant Age Wave, “two-thirds of Americans 55 and older said a child who provided them care should get a bigger inheritance than children who did not.”

Different families approach these situations based on what their personal definition is of fair. Some families decide to divide things equally between their family members to avoid conflict, others based on “merit” or who they feel earned more in the long run.

Equal is not always fair and fair is not always equitable.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more. We are currently offering free consultations via video conference to assist you with your needs.

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.

 

Will I Get To Spend Time With My Child If We Get Divorced?

Your relationship with your child is very important, not only for you and the child, but that relationship is important to the Judge, representing the interests of the state of Florida.

Florida courts strive to make sure your child spends as much time as possible with each parent.  The Court has wide discretion to consider the work schedule of each parent, the schooling of the child, and even the travel time required for time-sharing, among other factors.

 In many cases, Florida courts are now awarding a 50/50 time share split with equal sharing of most parental responsibilities.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more. We are currently offering free consultations via video conference to assist you with your needs.

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.

I’ve Lost My Job:  Am I Going To  Have To Pay Child Support?

We are now living in a pandemic with all its terrible economic consequences. Significantly, many businesses are having to cut back their workforce, and worse, some businesses are closing their doors.

If you have lost your job, it does not necessarily relieve you from child support payments.  Your obligation doesn’t automatically stop even though you may have reduced or no income. You need to petition the Court to modify your support obligation.  This will likely be easier in the aftermath of this unprecedented time.

The child support statutes do allow for modification due to economic hardship.  But, remember, you have to ask.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more. We are currently offering free consultations via video conference to assist you with your needs.

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.

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:
646 N Dixie Fwy
New Smyrna Beach, FL 32168
Local: 386.256.4882
Toll Free: 877.447.4667