Debra Simms - Simms Law Firm

Key elements of an estate plan:

An experienced estate attorney can develop personalized strategies and documents that meet your needs. This could include a:

Will. A legal document that defines the distribution of your property and the care of any minor children.
Revocable trust. A legal entity created for ownership of your assets. You can change or end your revocable trust at any time.
Power of attorney. A legal document giving a person you choose the ability to make decisions for property, finances, and/or medical care when you are unable to do so.
Healthcare directive. Written documentation of your health care wishes for when you cannot communicate them yourself.
Beneficiary designations. A will does not supersede beneficiary designations in determining who receives your assets after you die. For that reason, all financial accounts (regardless of size) should have beneficiaries named — and updated over time, as needed.

HIPAA authorization. Allows health care providers to discuss your medical condition/health information with family members or others you choose.

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 Blog topics may or may not be updated and entries may be out-of-date at the time you view them.

How does a Family Limited Partnership work?

A Family Limited Partnership (FLP) is a legal entity that may hold property, including cash, real property, a business interest, or other assets. Like any limited partnership, there are general partners and limited partners. In an FLP, senior family members act as general partners and have a greater role in the management and control of partnership assets. As limited partners, younger family members have less authority over the partnership but retain a greater share of FLP property. The FLP, then, is a tool to pass wealth to younger generations while reducing the taxable estate and tax liability of the transferring generation. Family Limited Partnerships are frequently used to move wealth from one generation to another. Partners are either General Partners or Limited Partners. One or more General Partners are responsible for managing the FLP and its assets. Disadvantages include the massive amount of paperwork required. Consult a board-certified attorney to ensure your family limited partnership is set up correctly.

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.

What constitutes a “gift” for the purpose of the estate and gift tax?

The IRS interprets a gift very broadly, so that a gift may include any transfer of property or assets, or the use of income-producing property, without expecting something of equivalent value in return. Even selling something to another may be considered a gift, when it is sold at less than full value. An interest-free or below-market loan may also create a gift for gift tax purposes.

Fortunately, taxpayers may make annual gifts to individuals without the gift incurring any gift tax liability, up to the annual gift tax exclusion amount. This amount can be doubled when the gift is split between spouses. Gifts made within the annual exclusion do not reduce the available lifetime credit under the estate and gift tax, and they can be made every year. Moreover, certain gifts, such as direct payments to qualified education institutions or health care providers, are not counted at all toward the gift tax, regardless of the amount. Preparing and filing a gift tax return will be required under certain circumstances.

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.

If you or a family member is disabled it is advisable to put away some of their stimulus aid in special accounts in order to keep their funds safe.

These special accounts are called Achieving a Better Life Experience (ABLE) accounts. These types of special savings accounts were introduced in 2016 as a vehicle for people with disabilities to achieve “greater financial security and more independence.”

By using ABLE accounts, those with disabilities “can save money in the tax-favored accounts without risking the loss of need-based government benefits, like health insurance or supplemental income.”

As of now, 43 states and Washington D.C. including Florida, offer ABLE. Although these special accounts have been around for a few years, interest in the accounts has grown due to federal pandemic relief putting more cash in people’s hands. ABLE advocates are spreading the word about the importance of saving some or all of stimulus check funds in these special accounts.

The benefits of taking advantage of ABLE accounts by placing stimulus aid funds in them include:

People with disabilities often struggle financially and rely on federal aid, and cannot qualify for Medicaid or Supplemental Security Income if they have more than $2,000 in savings or other assets. These accounts help low-income disable people avoid this detriment.
Stimulus payments are not considered income, meaning you can spend the money how you please. However, if the money isn’t spent within 12 months, it will be counted against asset limits and could disqualify disabled people from benefits. If this money is deposited in an ABLE account, it will not be considered when counting toward the $2,000 cap.

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.

Reposted From FEMA:

The COVID-19 pandemic has brought overwhelming grief to many families. At FEMA, our mission is to help people before, during, and after disasters. We are dedicated to helping ease some of the financial stress and burden caused by the virus.

Under the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 and the American Rescue Plan Act of 2021, FEMA is providing financial assistance for COVID-19 related funeral expenses incurred after January 20, 2020.

How Can You Apply?

COVID-19 Funeral Assistance Line Number

Applications begin on April 12, 2021
844-684-6333 | TTY: 800-462-7585

Hours of Operation:
Monday – Friday
9 a.m. to 9 p.m. Eastern Time

Call this dedicated toll-free phone number to get a COVID-19 Funeral Assistance application completed with help from FEMA’s representatives. Multilingual services will be available.

Get answers to frequently asked questions about the application process on our Funeral Assistance FAQ page.

If you use a relay service, such as your videophone, Innocaption or CapTel, please provide your specific number assigned to that service. It is important that FEMA is able to contact you, and you should be aware phone calls from FEMA may come from an unidentified number.

Who is Eligible?

To be eligible for funeral assistance, you must meet these conditions:

The death must have occurred in the United States, including the U.S. territories, and the District of Columbia.
The death certificate must indicate the death was attributed to COVID-19.
The applicant must be a U.S. citizen, non-citizen national, or qualified alien who incurred funeral expenses after January 20, 2020.
There is no requirement for the deceased person to have been a U.S. citizen, non-citizen national, or qualified alien.

If you had COVID-19 funeral expenses, we encourage you to keep and gather documentation. Types of information should include:

An official death certificate that attributes the death directly or indirectly to COVID-19 and shows that the death occurred in the United States, including the U.S. territories, and the District of Columbia.
Funeral expenses documents (receipts, funeral home contract, etc.) that include the applicant’s name, the deceased person’s name, the amount of funeral expenses, and the dates the funeral expenses happened.
Proof of funds received from other sources specifically for use toward funeral costs. We are not able to duplicate benefits received from burial or funeral insurance, financial assistance received from voluntary agencies, government agencies, or other sources.

How Funds are Received

If you are eligible for funeral assistance you will receive a check by mail, or funds by direct deposit, depending on which option you choose when you apply for assistance.

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.

What do you need to gather to prepare your estate plan?

Depending on your age and situation you will need different things.

If you are considering putting together an estate plan or updating an existing one, there are a few things you should prepare.

Below are items that you should consider in preparation for an estate planning consultations:

Guardians and Conservators for Minor Children
Trustees, Personal Representatives, and Agents Under Durable Power of Attorney
Patient Advocate Designation and Living Will
Personal Property
All Other Property
Charitable Bequests
Distributions to Beneficiaries
- When and How Should Beneficiaries Receive
- Equalizing Portions
- Other Considerations
Pets
Information to Gather
- Information regarding your assets
- Contact information for Beneficiaries and Fiduciaries
- Estate Planning Documents previously prepared
- Other Documentation pertinent to your estate

This list is for guidance in preparing. Please consult a board-certified estate planning attorney in your area to complete your estate plan.

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.

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.

When creating an estate plan, dividing your assets can be very difficult. You are more than likely trying to figure out how to allocate your possessions in a way that will not create tension between your family members after you are gone.

Although cash is usually easy to divide, tangible things like jewelry and heirlooms will not be as easy to divvy up. You may also have items that hold sentimental value that multiple family members are hoping to have. Many a family fight has been centered around these types of objects.

You should make it very clear who you choose and why you have chosen them.

Below are a few steps to help you along the way:

List the most important or valuable items in your will
Direct that certain items be sold
Give some items away now
Get an appraisal
Use a letter

If you make these decisions instead of leaving them in the hands of your family, the process will be much smoother.

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.

I am not rich so I don’t need an estate plan
Everybody knows what I want, so why do I need a will?
Minimizing taxes is one of the most important goals in developing an estate plan.
My spouse and I have been separated for many years, but haven’t bothered to get a divorce. I am not going to leave him/her anything.
My significant other and I have been living together for many years and I want him/her to inherit everything I have.
I have a simple will that takes care of all my concerns and that is all I need.
I have got a trust and that takes care of everything.

Here’s a checklist to help you deal with these concerns:

Review your will or trust to make sure it remains consistent with your wishes.
Check your medical directive and financial powers of attorney to ensure that they remain consistent with your wishes.
Review your beneficiary designations.
What about your pets?
Do you have specific wishes for a funeral and burial?

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.

Can You Vote for a Disabled Person with a Power of Attorney?

NO.

In Florida, you cannot use a power of attorney to vote on behalf of someone else.

The point of a power of attorney is to act in place of the maker of the power of attorney. We normally see this being done in banking and healthcare decisions.

But, voting is an act that is uniquely personal, and a power of attorney is typically not permitted to perform acts that are so personal to the principal. Any exception would have to be made by statute.

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.

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