Estate Planning

Will Preparation

Debra is a certified law attorney registered with the bar board or bar council of Florida and specializes in elder law. She also handles cases involving wills, probates, guardianship, estate planning, trusts and powers of attorney. She actively works with communities involved in up-holding elder law in the United States and also gives lectures on elder law topics throughout the state of Florida.

What is a will?

Among the many legal services provided by Debra Simms’s law firm, will preparation legal services are one of the main services offered. A will is a document that allows a person to leave behind his assets, money and any other kind of moveable and immoveable property to his family, friends or anyone he desires. It is always advisable for a person to write his will while he is still alive because if he dies and hasn’t left behind a will, the state of Florida will write a will for him and may not distribute his financial assets in the manner in which he wanted or desired. The state courts may donate his property and estate to charity, schools and hospitals.

Why is will preparation an important legal service?

Writing a will or will preparation while one is still living also avoids other problems such as probate. Probate is a document issued by the court in place of a will for the administration of the will in the court of law. A probate is given after the person dies and a legal attorney or personal representative will have to be appointed for and on behalf of the deceased person to procure the will probate. This person is also known as an executor of the will. Appointing an attorney or personal representative also helps ease and quicken the process of obtaining a probate from the court so that the legal heirs of the deceased can receive whatever they were entitled to rightfully and in a quick manner.

In the will, you can also specify how you would like your personal representative or executor to be paid for his services of administration of your estate. If you have minor children, you can also assign guardians or godparents to them after your death in your will so that they will be well cared for and looked after once you’re gone. Debra Simms will help you draft your will according to your personal wishes.

What is a living will?

The law firm also deals with drafting living wills which are a little different than a regular will. While a will leaves behind the property to heirs after a person’s death, a living will distribute assets to the desired people while the writer of the will is still alive but who is in a critical condition, last stages or a vegetative state. A living will can also state whether a person wants to be put on life support and for how long. This document is important for those who do not want to suffer much before death.

The law office of Debra G. Simms serves clients in Volusia County, New Smyrna Beach, Port Orange, Daytona and surrounding areas. Our experienced and knowledgeable law attorneys who will help you in the drafting and preparation of these very important and crucial documents while making you understand all the legal implications.

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

Trust Preparation

Debra G. Simms is a law attorney who is certified and registered with the Florida Bar Board and runs her law firm from three locations in the State of Florida. Her first office is at Prestige Executive Center, 823 Dunlawton Ave. Unit C, Port Orange, FL 32129. The second office is located at 629 N. Dixie FW, New Smyrna Beach, FL 32168. Each of the offices operates from 9 am to 5 pm from Monday to Friday.

Debra and her team of qualified and experienced law attorneys can be reached on all working days between these timings at their toll-free numbers as well as fax and local lines. Customers with law related queries can send in their questions by filling out the form on their website and will be reverted to within two working days

Even though Debra herself specializes in elder law, the law firm of Debra Simms offers a wide variety of legal services including powers of attorney, drafting of wills and probates, guardianship related disputes, estate planning, health care directives, trust preparation and much more.

What is the concept of a trust?

A trust is a kind of promise or guarantee or declaration given by one person called the author of the trust or the trustee to another person called the beneficiary to protect, look after or take care of certain movable or immovable property belonging to the beneficiary for a certain stipulated period of time for and on his behalf or benefit. The rights, duties, obligations and liabilities of both parties are put into writing in the form of a deed called a trust deed. The property which will be looked after or administered is called the trust property. The fund or corpus that both parties will contribute money to look after the property is called trust fund. The person/s who will be in charge of managing the trust property or trust money will be the trustees.

What is a revocable trust?

A revocable trust is similar to a living will. It is a document in which one party called the settlor or grantor can transfer or express how he would like his property to be managed, transferred or distributed to his legal heirs during his lifetime (in the case of incapacitation, mental illness, etc.) or after death. Any person can be the trustee except a minor. The people to whom the trust property/assets/money will be left to are called the beneficiaries who could be the legal heirs or successors of the settlor or even charities.

What is a pet trust?

Trust funds can be created even for pets that you may leave behind in the event of your premature or unexpected death. By drafting a pet trust, you as the owner of a pet can leave behind a certain sum of money or property to any trusted person called the trustee which will be used in the proper caregiving and managing of your pet and its expenses who is the beneficiary. All the legal rights, obligations, duties and liabilities of the trustee will be put in the written form in the pet trust deed.

The lawyers at Debra G. Simms’s law firm will assist you in drafting your pet trust, special needs trust, and revocable trust deeds while understanding your legal rights, liabilities and obligations. Visit their law firm today for all your trust preparation legal services.

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

Florida Power of Attorney Help

power of attorney At the law firm run by Debra G. Simms and her team of experienced and qualified lawyers, you will be sure to get the best in legal and paralegal services from drafting of important legal documents like wills, living wills, different types of trust deeds, powers of attorney, probates, estate planning, guardianship and elder law services, and much more.

Debra runs her legal services from three offices in different locations in the state of Florida. The first office is located at Prestige Executive Center, 823 Dunlawton Ave. Unit C, Port Orange, FL 32129. The second office is located at 629 N. Dixie FW, New Smyrna Beach, FL 32168. She and her team work Monday to Friday from 9 am to 6 pm and can be reached on their toll, fax and landline numbers.

What is a power of attorney?

A power of attorney is a document wherein one person called the principal who is the maker of the document grants certain general or special rights or powers to another person called the agent to do or not to do certain legal acts or deeds for and on behalf of the principal. This agent is given authorization from the principal to act in a certain way for and on behalf of the principal when the principal cannot be physically present at a certain place at a stipulated time. The extent of powers granted by the principal to the agent will depend on what is outlined in the deed of power of attorney. It will also explain in detail the rights, liabilities, duties and obligations of the agent while he is acting for and on behalf of the principal.

What are the different types of power of attorney?

There are two types of powers of attorney – general and special. A general power of attorney is one where the agent has the right to do all the legal acts with respect to a certain job or deed in a broad perspective. For example, the agent is authorized via POA to sell a property A of the principal. A general POA will grant the agent all rights to do all acts, things, and deeds for and on behalf of the principal with respect to the selling of the property A.

A special power of attorney relates to the performance of only certain acts, things or deeds and is more limited in the scope of powers than a general power of attorney. The agent’s powers are restricted only to the performance of certain acts or deeds, such as the performance or execution of a contract, or representing the principal before the regulatory authorities only on one occasion or one personal hearing.

A durable power of attorney is another type of POA wherein the agent can still act for and on behalf of the principal even after he becomes incapacitated. However, the POA must state the same clearly in words.

The principal and agent must be of sound mind and must understand the terms and conditions of the POA deed before signing. Both parties the principal and the agent must be competent to contract.

Visit Debra G. Simms law firm and her team of qualified experts to get your deed of power of attorney drafted in compliance with the laws of the state of Florida while understanding all the legal implications of a POA.

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

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.

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.

In my estate planning practice, there is one very popular rant. It goes something like this:

Caller: “Do you do wills?”

Me: “Yes, would you like to make an appointment to discuss the will?”

Caller: “How much for a simple will? I just want a simple will.”

Me: “It depends on your situation. Are you married? Do you have children? What kind of assets do you have? This is why I like to have an initial consultation.”

Caller: No, I just want a simple will. What is your price for a simple will?”

Me: “Well, it’s going to depend on a couple of factors. Do you want to set up a consultation?”

Caller: ‘I just want a simple will. I have been married for 30 years and I have one son. I just want a simple will.”

Me: “Ok, then does your son have any children?”

Caller: “Yes, and he has a terrible wife. I don’t want her to have any rights to my money. And ther kids aren’t responsile. They shouldn’t get the money until they are 25!”

So it’s not so simple. A friend of mine calls this the LegalZoom mindset. Law as a commodity.

I don’t do volume estate planning work. I am not LegalZoom. I do quality estate planning for a very reasonable fee. It’s good for you and it’s good for me.

Call me for an estate planning consultation. Don’t wait until it’s too late.

Debra G. Simms

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

A woman who used a commercial will instead of hiring an attorney apparently thwarted her intent of disposing of some of her property and sparked litigation that cost many times what she saved by using the generic form.

Does the E-Z Legal Form Work?

The woman, Ann Aldrich, had written her will on an “E-Z Legal Form” which was properly witnessed and executed in 2004. In it, she specified that her property was to be left to her sister, and if her sister died first, then her property would go to her brother.

The sister did die first, and left property and money to Ann. The legal form had not contained any language, such as a residuary clause, to cover how that inheritance should be handled. After her sister’s death, Ann attached a signed note to the form will indicating that her brother should get the property, with some funds going to a niece.

The Judge ruled that the note was not valid under the Florida Probate Code because it only had the signature of Ann and one witness, her daughter. Therefore, the original Will, without the note, governed the disposition of Ann’s property.

Under the terms of the legal form Ann used, the brother, as Personal Representative, filed an action saying he should get the entire estate, including the inheritance from the sister. Two nieces contested the will arguing that since the form Will did not mention or make allowances for the inheritance, that part of the estate should be determined by the Florida intestacy laws. (The intestacy laws deal with property when there is no valid will or no will at all)

The Court agreed with the nieces and ruled that state law governs how the property will be handled since the form will did not make mention of how to dispose of the later acquired property.

One of the Supreme Court Justices also wrote a separate opinion commenting on problems from using legal forms typically found on various internet sites. She stated that these forms, intended to save money, instead can wind up in costly litigation.

The lesson here: The decision to use a form without an attorney can ultimately result not only in an unintended results, but payment of extensive attorney’s fees -the precise results that you are seeking to avoid in the first place.

Debra G. Simms

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

You have probably decided who gets the house or the IRA when you die. But what about your email accounts, bank accounts, and all those photo’s stored on Face Book?

Grieving relatives might want access for sentimental reasons or to settle finances. But if you give out your passwords, your children could read your exchanges on an online dating profile or your spouse could read your every e-mail!

But think about this- you might have a popular cooking blog or YouTube video that is worth considerable value to your estate.

The law on this topic has lagged behind our electronic footprints. But, on July 16, 2014,a new act was approved by a national law group which provides comprehensive provisions governing access to digital assets. www.uniformlaws.org

Privacy activists are skeptical and think a judge’s approval should be needed to access the Internet sites of a deceased person, to protect both the owners of the accounts AND those who communicate with them.

In the meantime, until your state adopts its own version of the Uniform Fiduciary Access to Digital Assets, sharing your passwords may not be a good idea. Anti-hacking laws and most companies’ “terms of service” agreements prohibit anyone from accessing an account that isn’t theirs.

Several tech companies have come up with their own solutions. Facebook will “memorialize” accounts by allowing already confirmed “friends” to view old photo’s and old posts. Google, which runs Gmail, YouTube, and Picasa, offers its own version: If a user doesn’t log on after a certain period of time, their accounts can be deleted or shared with a designated person, such as the Personal Representative of your Estate. Yahoo users agree when signing up that accounts expire when they die.

Debra G. Simms

Contact Us

Port Orange Office:
Prestige Executive Center
823 Dunlawton Ave. Unit C
Port Orange, FL 32129
Local: 386.256.4882