Small Business Owners at High Risk for Employment Violations
The article, entitled "3 Legal Landmines You Must Avoid", discusses Wage and Hour Violations, Termination Retaliation Claims, and Employee Misclassification Violations. The article also provides some useful legal advice on how to avoid these types of claims.
The article provides a clear illustration of why small business owners need asset protection planning. Labor violations typically result in fines, penalities, or damage awards against the company only. Professionals, such as doctors, lawyers, architects, engineers, etc., statistically have greater exposure to employment law violations than to ... << MORE >>
"Exceptional" Estate and Gift Tax Planning Opportunity for 2011 and 2012
As usual, Friedman was outstanding in his presentation and gave what can only be considered as an objective analysis of what Congress, and the White House, is likely to do with tax policy over the next few years. While most of Friedman's comments were directed to the budget deficit, the impact on the markets and investments from the actions - or inactions - of Congress, and other macro economic issues, he also spoke briefly of what he termed an "exceptional" opportunity ... << MORE >>
Sometimes, Guardianship or Conservatorship Is The Only Way To Get The Keys From Parents
The successful result of taking the keys from both Mom and Dad in this case was accomplished thorugh the team work of the children and obtaining a conservatorship over both parents. In Florida, the appropriate action would be a guardianship - which is similar to or the same as a conservatorship in many other states.
... << MORE >>
New Survey Show 57% of All Adults Don't Have Wills or Trusts
Other interesting findings from the Rockey Lawyer survey include the following:
º More men than women (61% to 53% do not have a will or trust - despite often being the primary breadwinner in the household.
º More than 22% of people over 65 do not have a will, despite their advanced age.
º Thirty-two percent (32%) of those surveyed responded that they would rather give up sex for a month, or sit through a root canal, rather than create or update their will, or other estate planning documents.
º More Republicans have ... << MORE >>
Many Military Veterans Entitled to Pension Benefits, But Are Not Aware of the Existence of the Entitlement
As we celebrate Armed Forces Day today in Jacksonville, and as Memorial Day approaches, and we prepare to honor those who have sacrificed their lives for our country, we need also to honor those who served and are now elderly or disabled, and on a fixed income. Neither should we forget the surviving widows, widowers, and dependents of deceased veterans.
According to the VA Pension Program Final Report, from ORC MacroEconomic Systems, Inc., in 2010 there were more than 700,000 military veterans in the US who are entitled to various pensions and other benefits, who have no awareness of those entitlements, and therefore are not receiving what the U.S. Veterans Administration is prepared to pay them. Among the potential beneficiaries are surviving spouses of veterans, dependent children of deceased or disabled veterans, as well as the veterans themselves. While the Veterans Administration (“VA”) doesn't try to hide the existence of the benefits, the VA doesn’t sufficiently promote awareness of the benefits – ...
<< MORE >>Steps to Avoid Power of Attorney Abuse
An article in Saturday's Wall Street Journal, "Power Grab," reminds us that one of the most useful estate
planning tools is the durable power of attorney. However, without some guidance - and some controls - a
durable power of attorney can be abused and cause potentially devastating results. Fortunately, a durable power of attorney can be tailor-made to your specifications to help protect you from
such abuse.
As reported by the Wall Street Journal's article, a power of attorney is a legal document that is designed someone, typically elderly, to turn over control of the management of finances, or other
business matters, to family members or friends. Increasingly, we are seeing those friends and family members misuse and abuse those powers of attorney, causing the loss of assets and control, in
unanticipated ways.
The article also correctly identifies one of the most difficult impediments to ...
Excellent Information for Seniors - New Times, New Challenges
A recent book release is one that should be of interest to all seniors and their advisors. It discusses the challenges we face as we grow older. The authors employ an engaging and often humorous tone, in New Times, New Challenges. The book offers practical advice that is helpful to navigate these challenges.
Written by a law professor and an experienced elder law attorney, New Times, New Challenges is chock full of down-to-earth advice on everything from retirement planning to wills and estates to aging and disability issues. The authors cover all the bases and suggest solutions in a way that everyone can understand. While many books cover the same topics, this one stands out for its authors' entertaining and engaging writing style that uses famous quotes, excerpts from poems and books, and jokes to illustrate points.
Practical tips on issues such as how to stay healthy, where to live when you retire, and sex as you get older are interspersed with guidance on legal issues ...
<< MORE >>Personal Service Contracts Not Directly Impacted By New Medicaid Legislation
While there are many, quite significant, changes in the overall Medicaid programs offered by the State of Florida, and no doubt the impact of many of the changes will not be known for some time, one important technique for long term care planning was not directly impacted. The provisions in earlier drafts of the legislation that could have potentially severely restricted the use of personal care contracts were removed. Neither House bill 7107 nor 7109 contains any specific language regarding personal care contracts (or spousal refusal).
... << MORE >>
The Everchanging Tax Laws
As everyone is generally aware, Congress and state legislatures are in session and passing new laws. Unfortunately, many of them are laws
dealing with increasing taxes, directly or indirectly. In other words, the statutes governing taxes at the federal, state and local levels are always in flux.
Tax laws are also changing, practically every day, through court decisions, and actions taken by the IRS through its interpretations of the existing statutes.
Just as an example, on this past Friday, April 29, 2011, the IRS issued 49 private letter rulings. Private letter rulings (PLRs) are the IRS' response to formal requests for interpretations of
various sections of the Internal Revenue Code that involve some specific question a taxpayer may have with regard to the taxpayer's own factual circumstances. In theory, a PLR cannot be used as
support for any taxpayer other than the one who has submitted the request for the PLR, and only for the specific set of facts that are presented in the request for the PLR.
...
May 1 Deadline Approaches for Florida Business Owners
All legal entities organized under Florida law must file the Annual Report, and pay the annual fee, to remain an active legal entity. If the Annual Report and filing fee are not submitted on time, there is a meaningful penalty that must be paid with a late ... << MORE >>
One Reason Good Lawyers Seek to Avoid Litigation for Clients
I visited a small county courthouse earlier this week to review the "volumes" of files from a 1989 probate matter that is still an open file in this small county. Over 20 years of litigation! The case involved three separate appeals to the appellate court. The lawyers obviously became the most significant heirs of this estate, as is usually the end result of such litigation.
What's really scary is my conversation with the probate clerk of the court in this small town. They have a probate case that was initiated in the 1950s that is still open!! Can you imagine almost 60 years of dealing with your probate!?
Now, we have some real evidence that supports one ... << MORE >>
When Should You Start Social Security?
Among the most difficult issues involving the decisions surrounding Social Security are the options available to a spouse trying to decide whether to claim Social Security based on their own employment record, or whether to use the other spouse's employment record.
A mistake, either in the decision made as to which spouse's work record to use, or in the decision regarding the best beginning date to maximize benefits, can cost you thousands of dollars during your retirment.
When to Begin Receiving Benefits
If you elect to begin your benefits before your Full Retirement Age ("FRA"), based on your own work history, your monthly benefit will be as much as 25% less than the amount ... << MORE >>
Another Reason to Avoid Probate
A recent appellate court decision from Florida’s Fifth District Court of Appeal provides yet another reason for one to plan for the disposition of their estate in such a manner that probate can be avoided.
The case is Bernadette Lauritsen, as Personal Representative of the Estate of William C. Wallace vs. Brian A. Wallace, Case No. 5D-10-1020, Opinion filed April 1, 2011. The case arose out of Orange County, the Orlando area.
Lauritsen was William Wallace’s daughter. Brian Wallace was his son. As is often the case when a parent dies, the children fight over the estate. In this case the attorney’s fees incurred by the squabbling children essentially bankrupted the estate.
What makes that an especially bitter ending to this probate story is the circumstances surrounding the death of William Wallace. He committed suicide after killing his incapacitated wife, Barbara, and his step-daughter, Sandra Leone.
<< MORE >>
Blog Named One of Top 25 Estate Planning Blogs
Thank all of my readers who took the time to vote on the best
estate planning blogs. Lexis-Nexis just released the results and we are included in the Top 25 Estate Planning Blogs. You will note the new logo that is now included in our site naming us as one
of the top 25 estate planning blogs.
You can read the press release from Lexis-Nexis here, and have the opportunity to vote for our blog as the best, if you are so inclined. Your vote will be appreciated.
Again, thank you for participating in our efforts to expand the understanding of estate planning and asset protection to more people. Thanks!
Florida Legislature Proposes Action Against Families Seeking Medicaid Benefits
Both chambers of the Florida Legislature are considering legislation that would make it more difficult for Florida families to secure Medicaid benefits for long-term nursing care for their elder members.
Florida Senate Bill 1356, and its companion House Bill 1289, if passed, would eliminate two key Florida Medicaid planning techniques that have saved many families from being impoverished by long-term nursing home costs. These techniques would be eliminated effective July 1, 2011.
The details of the proposed modification to the Florida Medicaid statutes:
PERSONAL SERVICE CONTRACTS WOULD BE CONSIDERED GIFTS
Historically and currently, in Florida’s Institutional Care Program (ICP), an elder person’s funds that are used to prepay a loved one for providing caregiving services, pursuant to a properly drafted personal services contract, are considered to be ...
<< MORE >>More Ridiculous Lawsuits
This month's first reidiculous lawsuit involves a local TV station being sued by a New Jersey housewife for "pain and suffering" for broadcasting incorrect lottery numbers. The woman who claims she was led to believe that she won $250,000 is now suing for $75,000 in damages. She claims that the stations re-broadcasting of the wrong numbers a second time was done "negligently, carelessly, recklessly and/or intentionally," and she was "severely damaged" by the station's "false and incorrect" numbers. Read More Here.
The next one is even more ridiculous. Another New Jersey housewife is suing retailer Century 21 for $5 million. She claims she was "ripped off" by Century 21 when it gave her a refund for a returned item. While shopping at Century 21, she purchased some items and used a $5 off coupon. ... << MORE >>
Disposition of Bodily Remains Can Be Controlled Through Proper Estate Planning
The Priorities According to the Applicable Law
In Florida, a "legally authorized person" for the disposition of remains, in the priority listed, includes:
1. The decedent, when a written intervivos authorization and directions are provided by
the decedent.
2. The person designated by the decedent as authorized to direct disposition pursuant to federal
... << MORE >>
The Importance of Advance Directives
First, laws change with every legislative session. It's been about five years since she last executed her advance directives. The legislature has met five times since then, and is currently in session. If there has been a change in the law, the five year old documents may not incorporate all of the provisions that are allowable by law, or may contain provisions that are no longer recognized. A review to determine the documents are ... << MORE >>
AARP Sues Federal Government over Reverse Mortgages
The policy changed the procedures so that surviving spuses who are not named on the mortgage must pay the full loan balance to keep the home, even if the property has declined in value. Thousands of homeowners are potentially affected by the rule change.
Some lenders encourage only the elder member of a couple to put their name on the mortgage, because then the payout is greater. Upon the death of the spouse in whose name the mortgage is maintained, the reverse mortgage payments cease, and the survivor must repay the entire mortgage balance immediately.
... << MORE >>
Importance of Choosing the Right Executor (Personal Representative)
One of the considerations in selection a fiduciary is the new responsibility that fiduciaries, whether executors or successor trustees, have with regard to making certain tax elections under the tax bill passed in December.
The ... << MORE >>
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C. Randolph Coleman
C. Randolph Coleman, is a Florida attorney since 1978. His practice is limited to estate planning, tax and asset protection planning, small business planning, probate and trust administration. Mr. Coleman is a frequent author and speaker regarding estate planning and asset protection planning matters. He is a graduate of the University of Florida (BSBA ‘72, JD, with honors ‘78). Mr. Coleman and The Coleman Law Firm are listed in the Martindale-Hubbell® Bar Register of Pre-Eminent Lawyers, which lists only those select lawyers who have earned the A-V® Rating in the Martindale-Hubbell Law Directory and have therefore been designated by their colleagues as pre-eminent in their field.
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