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Port Orange law office

Estate planning is an important activity for all of us, and one that’s especially important for the elderly. If you’re in Port Orange, Florida or in nearby areas like Volusia County or New Smyrna Beach and are on the lookout for a reliable and experienced lawyer, read on.

Finding the right lawyer

Working with a reputed attorney makes the process of estate planning significantly easier. An experienced lawyer like Debra G. Simms with the Simms Law Firm, who is a specialist in Elder law, can mean the difference between peace of mind for you and your loved ones, or reams of paperwork and legal tussles at a difficult time. You will need to do a bit of groundwork in shortlisting lawyers, but it will be well worth the effort.

Check for a Certified Lawyer

Not all lawyers or law firms are created alike. There are dozens of options for you in the Port Orange, Florida area, but some firms are better for you than others. Here’s how. Besides their basic law degree, attorneys who are specialists in the area of estate planning will typically have an additional certification or qualification in estate planning or related areas. For instance, lawyer Debra G. Simms in New Smyrna Beach is a Board Certified Elder Law Attorney and will understand the intricacies of this highly specialized area of the law.

Look at their portfolio of services

Estate planning has a range of different sub categories of services, so be sure your lawyer in Port Orange can do everything you need. Typical areas you will need help with include creating Living Wills, Guardianship related work, Probate, Medicaid Planning and Advanced Medical Directives, as well as putting together the legal documentation surrounding the creation and operation of Trusts.

Ask about additional services

There may come a time when you require some services beyond the basics. It helps to have someone you can reach out to for other help like mediation to settle any possible disputes or differences during the process of estate planning. The Simms Law Firm’s lawyer Debra G Simms is herself a Florida Bar Board Certified mediator as well as arbitrator.

Check credentials and reputation

With something as delicate and critical as Estate Planning, don’t just go by the qualifications of your attorney. Ask around and check to see if they have a good reputation in the area. One easy way to do this is to see if they are on any Bar Association committees as office bearers – this will tell you if they have the respect of their peers and are considered an expert in their area. Membership to various law associations, specifically Elder Law Attorney academies is a plus. Another way to check for their reputation is to see if they are on the panel for any big brand corporations and insurers.

Meet your lawyer

The ultimate test for which lawyer or law firm in Port Orange, New Smyrna Beach or Daytona or wherever you are, is right for you, is to actually met with them. Understand how they plan to handle your case, go over the basics and see if this is somebody you trust. No matter how good a lawyer is, unless you feel you can rely on them to make the best decisions for you and advise you properly, all the credentials in the world won’t mean much.

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

Estate Planning

Is your estate planning up to date?

shutterstock_138342704 The unfortunate truth of life is that the unexpected can strike without warning. In that case, have you ever thought what will happen to your business that had taken you years to establish? If a proprietor has a sudden demise, the government can levy a death tax or an estate tax on his business. This can bring down the worth of that business by as much as 50 percent.
With good estate planning in place, your business can be protected from losing a significant amount of its equity in the event of unforeseen circumstances. Systematic estate planning can insulate your life from your business and lower the hassles that may be faced by others soon after your death. Here are some of the ways to do proper estate planning that can lead to improvement of your business.

It offers an assurance that your business will have a long life

It takes several years to build up a good brand. It is the dream of every brand to be visible for years to come. No matter, what the size of the business is, they would dream to pass on their strategies and innovative ideas to their subsequent generations so that their legacies can survive for years to come. Renowned brands such as Coca-Cola, Wal-Mart and McDonald have successfully to be profitable even after cut-throat competition as there had been a proper estate planning done by them. If businesses fail to take this factor into consideration, they would often end up struggling in the event of a sudden death of owners or an owner. Organizations with a strong management leadership will be able to continue with the functioning of a business though the owners have passed away.

Good estate planning will offer greater range of options for a business

When your business has a good estate planning in place, there is an option called buy-sell agreement. If there is one or multiple co-owners in your business, the aim of a buy-sell agreement is to make sure that in the event of the death of any of the owners, the deceased’s interest is automatically bought by the remaining co-owners. The deceased owner’s beneficiaries cannot become owners unintentionally in such cases.
Such an agreement would be immensely helpful in reducing the damage that may otherwise happen after the deceased owner or co-owner’s death,

Proper estate planning can be helpful in minimizing taxes

Since you are an owner of a successful business, you would be capable of transferring the assets of your business to your children. It is also possible to establish a GRAT or grantor retained annuity trust so that an option of income is available for you.

The function of this trust is to make sure that as the business assets of your company appreciate over a period of time, the increase in value and equity of a business could be saved from overwhelming taxes.

Estate planning can help in creating a proper succession plan for the organization

Proper estate planning will ensure the preservation of your business and keep it running according to your specific directives. Thus, when good estate planning is in place, it also means that you are planning for who will be at the helming your firm and leading the business in your absence. A reputed law firm can actually help you to prepare and implement your estate planning in a proper and systematic manner. Any attorney or lawyer who represents such a firm is a specialist and will know how to cater to your specific planning requirements.

The offices of Debra G Simms are located in Volusia County, Port Orange, New Smyrna Beach, Daytona and the surrounding areas.

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

New Smyrna Beach Lawyer

simmsPhoto Debra G. Simms is an experienced and board certified attorney who specializes in the concept and theory of elder law in Florida, U.S. she is registered as a practicing attorney with the Florida Bar Board and apart from elder law, specializes in other legal and paralegal areas such as trusts and wills, powers of attorney, guardianship, probate of wills, Medicaid planning and advanced medical directives.

Debra is also certified with the Florida Bar Council as an arbitrator and mediator to settle disputes outside the court of law using the alternate dispute resolution system or mechanism otherwise known as ADR. ADR is a useful technique if the parties to the dispute want to settle legal proceedings outside the expensive judicial courts of law and who want a speedy trial and disposal of the case with minimal court interference. ADR is less costly and much faster and easier than taking the normal route of court proceedings. This is also what makes Debra Simms’s law firm quite well-known and appealing in the state of Florida.

She operates from three offices located at three different locations – Prestige Executive Center, 823 Dunlawton Ave. Unit C, Port Orange, FL 32129, 629 N. Dixie FW

New Smyrna Beach, FL 32168 and The Villages. Her operating hours are 9 am to 6 pm on Monday to Friday and she is always available at her fax, local and toll-free numbers. The easy to use website allows customers from all over the States to post in their queries by filling out a simple registration and request form which is available on the website. The office staff is prompt in replying to any incoming queries within a maximum of two working days.

Some of Debra Simm’s law firm services include:

Elder Law:

Her main field of specialization, Debra uses an effective and preventive approach towards protecting and preserving the financial assets of the elderly and their families in Florida. This law is primarily to protect the financial and economic interests of old and elderly people who are disabled, incapacitated and financially dependent and whose families either don’t care for them or cannot provide them as much as they require in their old age.

Guardianship:

The law attorney at New Smyrna Beach also specializes in the appointment, duties, liabilities and termination of guardians appointed by the court of law to protect a minor or any incapacitated person. The said person is called a ward. The guardian controls the property and assets of the ward and will oversee his social, medical and personal care. Every guardian must have an attorney to protect his legal rights and interests as well as he may be required to secure a bond or surety based on the size of the ward’s assets. He is also responsible for filing an annual plan before the court of law regarding the ward’s activities and performance of his assets invested, etc. all this requires the legal expertise and protection of an experienced and qualified attorney.

Planning for your future often consists of more than just a will. Attorney Debra G. Simms makes use of several estate planning tools including:

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

Elder Law encompasses the unique legal aspects of aging. An Elder Law Attorney is familiar with the Federal and Florida laws that impact seniors’ well-being and personal wishes.

Elder Law: Guardianship, Estate planning

Elder Law covers many areas including guardianship, estate planning (wills and trusts, powers of attorney and advanced directives), Medicaid planning and long term care issues, probate and estate administration. Many elder law attorneys also assist families who have children – minors or adults–with special needs. Some Elder Law attorneys may practice a few of these complex areas of law, while others may be more comprehensive in their coverage. Elder law attorneys consider a client’s wishes, his or her health issues and the potential for nursing home care. Some issues may simply be a matter of filling out the correct paperwork, while others are more complex and time-consuming.

It is important to find an Elder Law attorney who is skilled, knowledgeable and up-to-date about policy and legal issues in his or her respective geographical areas. The Academy of Florida Elder Law Attorneys is an excellent place to start a search for the right fit. As members of the Academy, we aspire to high standards of ethics and professionalism and we strive to provide legal advocacy, guidance and services to enhance the lives of seniors and those with special needs.

Debra G. Simms

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

The U.S. Supreme Court has ruled that same-sex partners have a constitutional right to marry, nationwide. The Court’s ruling takes away any previous ambiguity about the recognition of same-sex marriages in Florida. What does this mean for same-sex spouses who are purchasing real estate together?

Same Sex Tenancy by the Entireties

Same-sex married couples can now take title together as tenancy by the entireties. Formerly, same-sex couples were limited to tenancy with rights of survivorship and tenancy in common.

Tenancy by the entireties is a type of survivorship deed – when one of the parties dies the property passes automatically to the other without the need of probate. But holding the property as tenancy by the entireties, (formerly only available to “husband and wife”) has the advantage of providing creditor protection to the parties – judgments against one same-sex partner will not attach to property they hold as a married couple.

Furthermore, the Old Republic Title Co., formerly, Attorney’s Title Fund, has notified its member agents that it will treat any indication of marriage (i. e, a married couple, married to each other, husband and husband, wife and wife, etc.) as entireties property. This is big. The Fund is usually the last word on title issues in Florida and it is notoriously conservative.

If you have any questions, please contact the Law Firm of Debra G. Simms.

Debra G. Simms

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

Probate is the court process for passing ownership of a deceased person’s assets to the beneficiaries. It is also necessary to wind up the decedent’s financial affairs and make sure all the decedent’s creditors are paid.

Probate Assets

Probate assets are property (real and personal) that the decedent owned in his or her sole name on the date of death. They do not include bank or investment accounts that are held jointly with right of survivorship with another individual or accounts that are payable or transferable on death to another. They also do not include a life insurance policy or retirement account that is payable to a specific beneficiary.

There are two types of probate administration under Florida law: formal administration and summary administration. There is also a non-court supervised administration proceeding called “Disposition of Personal Property Without Administration.” This type of administration applies only in limited circumstances when the amount of the assets is very small.

Florida probate law: formal administration and summary administration

In a formal probate administration, the required documents are filed with the Clerk of the circuit court in the county where the decedent lived at the time of his or her death. The Circuit Court judge assigned to the case signs all Probate Orders and presides over hearings in the matter. If there is a Will, the judge approves the Will and appoints the Personal Representative named in the Will. If there is no Will (this is called “intestacy”), the judge appoints the surviving spouse or another family member to be the Personal Representative.

The Personal Representative is in charge of the administration of the decedent’s probate estate and has a legal duty to administer the probate estate pursuant to Florida law. In most cases the Personal Representative will be required to be represented by an Attorney who will provide legal advice throughout the process. Many legal issues arise, even in the simplest probate estate administration, and most of these issues will be unfamiliar to non-attorneys. The attorney for the personal representative is not the attorney for any of the beneficiaries of the decedent’s probate estate.

“Summary Administration” is generally available only if the value of the estate subject to probate in Florida is not more than $75,000, and if the decedent’s debts are paid. Summary administration is also available if the decedent has been dead for more than two years and there has been no prior administration.

Debra G. Simms

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

In the last 2 blogs, I talked about transfer on death types of deeds for real estate, known in Florida as “Enhanced Life Estate Deeds” or “Ladybird Deeds”. I also explained the advantages of a Living Trust.

This article will discuss methods you can use that do not involve specific legal documents. Disclosure: The discussion below does not apply to all your assets. As always, I recommend speaking with a Florida Bar Certified Elder Law Attorney who can advise you regarding all the long-term ramifications and consequences of each type of planning in your particular case.

Joint ownership

If you own property with another individual this ownership could include the “right of survivorship.” In this case, the surviving owner automatically owns the property when the other owner dies and no probate will be necessary to transfer the property. Usually, a death certificate is required to show that the property is held solely by the surviving owner. You can own real estate, bank accounts, and certain other types of property in this manner. Caution: just having both names on the instrument of ownership may not be sufficient; other words, such as “rights of survivorship” are required or you might end up owning only half the property when the other owner dies.

Payable-on-death or Transfer-on-death designations for bank and brokerage accounts

In Florida, you can add a “payable–on-death” (POD) designation to bank accounts. For brokerage and securities accounts this is called “transfer-on-death” (TOD). You still control the assets in the account and the POD beneficiary has no rights to the assets while you are alive. At your death the account passes directly to the beneficiary without probate proceedings.

Transfer-on-death registration for vehicles

Florida does not allow transfer-on-death registration of vehicles. You can create a right of survivorship by owning the vehicle with someone else and using the work “or” between your names. If you have a living trust, you can assign the vehicle to your trust. These methods would avoid probate.

Even if you do no planning to avoid probate, your estate may qualify for Florida’s simplified “summary probate” procedure. I will discuss this probate shortcut in following articles.

Debra G. Simms

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

Most people are not aware of the value of a certified estate planning attorney. Most people generally believe they have planned well if they have a will in place. A will may not be the best plan because a will does not avoid probate when you die. Interesting fact: a will must be examined by the probate court judge before it can be admitted to probate. A defective will not be accepted and your estate will be administered as though you don’t even a have a will!

Basic estate planning definitions:

Will – Only goes into effect when you die. It is a legal document that names the beneficiaries who inherit a person’s assets and names a representative to administer and distribute the estate.
Probate – Legal process used by the court to ensure debts are paid and assets distributed in accordance to your will. If you don’t have a valid will your assets are distributed according to state law.
Living Trust – Legal document, similar to a Will in that it contains your instructions for what you want to happen to your assets when you die; however, it avoids probate at death because your assets pass to a trustee and then to your beneficiaries; an additional advantage is that it can provide for control of your trust assets while you are alive which prevents the court from controlling your assets if you become incapacitated. In other words, a living trust which provides for incapacity can avoid a Guardianship proceeding whereby you would become a Ward of the State!

The Simms Law Firm recommends a simple and proven alternative to a will which is the revocable living trust. It avoids probate and lets you keep control of your assets while you are alive- even if you become incapacitated – and after you die.

So what is the downside of probate?

Four simple points really.

● Expensive – Legal/executor fees and other costs have to be paid before assets can be fully distributed to your heirs.
● Time – Probate can take six months to two years to process an estate. Nothing can be distributed or sold without court and/or executor approval. Tough break if your family needs the funds for living expenses.
● No privacy – Probate is a public process. That means “interested parties” cull these notices and can slow down the process to contest the will.
● No control – The process is tied up internally in the court process – this takes the whole process out of your hands. Courts move slowly because of the court calendar; public information and claims on the estate.

Debra G. Simms

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

Ladybird Deed Benefits

In recent years a new form of transferring real estate has been gaining popularity in Florida. The “enhanced life estate deed,” or “Ladybird Deed” (according to legend, former President Johnson once used this type of deed to transfer some property to his wife, Ladybird Johnson) is an attractive way to avoid the probate process when transferring real estate to your children or other beneficiaries after you die.Here is why this type of transaction works so well in Estate Planning in Florida. In the hope of making things simple and avoiding probate, many senior citizens quitclaim their property to their children or add their children’s name to their deeds. There are potential problems with this way of avoiding probate. For example, if your child’s name is on your deed, then his or her creditors could obtain an enforceable lien against the property because the child cannot claim the home as homestead. (In Florida, the homestead, or primary residence, is exempt from creditors’ claims). Further, if your child is married, his or her spouse can claim an interest in the property in the event of divorce. And what if you want to sell the property? Your child would have a say in this decision!

The benefits of the Ladybird Deed are numerous. You remain the owner of the property and can change the deed or sell your property without the permission of your child. The property is not subject to the claims of your child’s creditors or the claims of a divorcing spouse. At your death, the property passes to your child automatically, without probate expenses or delays. Further, in my Elder Law practice, an added bonus for those who are concerned with long-term nursing home costs, is that this type of transfer does not affect Medicaid eligibility.

The time is right for this type of transfer on death deed. Folks are familiar with payable on death arrangements for bank accounts, life insurance, and retirement accounts. For real estate, transfer on death deeds have the same benefits.

If you are interested in including a Ladybird Deed in your estate planning, contact the Law Office of Debra G. Simms for a consultation. A deed can be prepared inexpensively and avoids the costs and delays of probate.

Debra G. Simms

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

Florida Probate Law

There are a number of reasons to be wary of Probate. Here are some of those reasons.

1. Probate can be expensive The legal fees can eat up a chunk of your estate, and the costs can go up significantly for larger estates.

2. Probate can tie up an estate. The length of time depends on how complicated the case is and whether anyone is objecting. Even short delays can hurt beneficiaries. Assets may be completely unavailable until the probate is opened and and personal representative (called an executor in some states) is appointed. This can really hurt a spouse and young kids, or those who are called upon to advance funds for funerals and attorneys.
3. Probate also raises privacy concerns because it puts the will into public record. Some people may not want others to know to whom they left their assets.

Responding to these concerns, many states have enacted streamline procedures, at least for small estates. In Florida, for instance, estates under $75,000 (not including the primary residence, the family car, and household belongings) may be eligible for a Summary Administration.

Way to Avoid Florida Probate

Other ways to avoid Probate is to keep assets out of Probate’s reach.

Here are some of the most common and least expensive ways to do so.

1. Create and fund a revocable living trust. Living trusts have become more and more common and really coming to the fore in estate planning. The average cost for a living trust for a married couple is $1,500.00. This can save thousands of dollars of probate costs.

2. Payable on Death Accounts or Transfer on Death Accounts. There is no cost to doing this, it’s just a matter of setting up your bank and brokerage (non-retirement) accounts in this way.

3. Beneficiary Designations. For Life Insurance, Retirement Accounts, and Annuity type financial products, you can simply fill out a form which designates your primary and secondary beneficiaries. Doing this will avoid these assets from passing to your estate and requiring a Probate before they can be distributed.

4. Transfer on Death Deeds. This is the latest trend in estate planning, and allows real property to pass directly to the named transferee(s) upon the property owner’s death. Like a Transfer on Death Bank Account, the property transfers outside of a Will and is not subject to Probate.

The upcoming blog posts will explore these ways to avoid probate. But, don’t do it yourself. DYI is never a good idea in estate planning. Contact a lawyer to make sure your documents are bullet proof.

Debra G. Simms

To contact 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:
817 E. 7th Ave
New Smyrna Beach FL, 32169
Local: 386.256.4882
Toll Free: 877.447.4667