Estate Planning - Simms Law Firm

I’m a dog lover. I have 2 little doggies and if I had more time, I would have even more. Crazy, huh? I mean I have a busy law practice, raised 4 kids, and I like to travel. So why on earth would I want more pets?

Research has shown that animal owners live longer and healthier lives. Our little companions give us comfort anduconditional love. Our furry friends are now being used to help people with a variety of health issues, including high blood pressure, depression, stress, and to stave off one of the worst demons of all- loneliness.

So that’s why I was disturbed last week to read in The Orlando Sentinel that a Leesburg veterinary clinic lost their patient, a 3 year old Labrador retriever. That’s right, LOST the dog. How does that happen? Did they just open the back door of the clinic and say, go ahead Fido, take a walk???

And here’s the kicker. What did the vet do? Told the owner to go home and wait, She filed a police report. Nothing happened.

After hiring an attorney, the angry owner has filed a complaint with the Florida Department of Business and Professional Regulation. The Board regulates professional standards for veterinarians. And, clearly, not all vets conform to the highest standards. In the last five years, the Department has not revoked a single license, although 8 were suspended, 86 were placed on probation, and 3 vets voluntarily gave up their licenses. One vet was accused of kicking a dog while suspending the pup by the collar and leash to administer a sedative.

But, veterinary malpractice cases are hard to prove. And even if you can prove negligence, in most states, including Florida, the monetary damages are based on the value of the pet. Animal companions are classifed as personal property, just like your favorite chair.

That may change some day. I recently attended a Florida Bar convention where an entire morning was devoted to Animal Rights Law. Law schools are increasingly offering classes in that area.

In the meantime, ask lots of questions about your vet’s kennel safety standards and their “lost dog” procedure. As with all things important to us in life, we must be vigilant. And don’t forget about your pets when you draw up your will or trust. My law practice includes pet trusts, an important, but often forgotten part of estate planning.

One of my favorite quotes is from The Little Prince, by Antoine De Saint-Exupery:

“People have forgotten this truth…But you must not forget it. You become responsible forever for what you have tamed”.

Call the Law Office of Debra G. Simms for your free estate planning or animal rights consultation. Toll free: 1-877-447-4667.

Debra G. Simms

I think I know what’s going on. The economy stinks and most of us are afraid to spend our money. Spending money on lawyers is the last thing we want to do right now. Especially this time of year. What are you going to spend your extra cash on – presents for the grandkids or a lawyer?

Ok, but you need to have a Will. What happens if you don’t have one? If you don’t have a Will when you die, the State of Florida will write one for you!

Well then, what about a “simple Will”? Ok, some clients equate “simple” with “cheap.” All I write is simple Wills. I mean they are as simple as they need to be to cover the needs of the family and provide the needed protection. Part of my service is advising clients how to title their assets so they do not even pass through the Will, thereby avoiding probate costs. Now that’s simple!

Here’s how to think about it. How much do you pay for car insurance each year? I will bet the cost of estate planning, including a Will, Durable Power of Attorney, Health Care Advance Directive, and Living Will, will likely be less than the cost of car insurance for half a year!

And remember, you pay for car insurance every year. Your estate planning needs to be done once, and then updated only when there are major changes to the law or changes in your family. Now, which is more valuable? Your spouse and kids, or your car? You wouldn’t go without car insurance, so why should you go without a Will or other proper planning?

For those of you who mention this article, I will extend a holdiday gift. From now until the end of the year, I am offering a 20% discount off my regular estate planning package costs. Call now to schedule your consult. Don’t wait until it’s too late!

Debra G. Simms

Attorney at Law

Orlando

Daytona Beach

407-331-4529

1-877-447-4667

Debra G. Simms

The Guinness Book of World Records lists the shortest will in the world as “All to wife”. In 1948, there was a famous case where a farmer in Saskatchewan, Canada, was trapped under his tractor. He carved a will into the fender. The fender was probated and stood as his will.

I have had many people come to my office asking for a “simple will”. I’ve never had anyone ask for a “complex will”! All I write is simple wills -they are simple enough to provide the protection desired by the family. In some cases, they are short wills, in other cases, they are longer. In all cases, they always cover the needs of my clients.

Contact our office to learn more about setting up a simple will or schedule an appointment to discuss our estate planning services. Call 1-877-447-4667

Debra G. Simms

Many of my clients come in and tell me that they want a living trust. Sometimes they say ‘revocable trust’.

I ask them, “Why?”

Their usual answer? “To avoid probate.”

“Why do you want to avoid probate”, I ask?

“Oh, my mother died without a trust and after she died, it was a mess. It cost a fortune and took forever.”

Is it true? Will a trust avoid probate?

The answer is: “It depends.”

If you have a lawyer prepare a document called a living or revocable trust AND you transfer your property to the trust, then you MIGHT be able to avoid probate. That usually means transferring real estate from your name to the trust by way of a deed AND transfering personal property such as bank accounts to the trust.

You probably also want to have a “pour-over” will so that your trust can be funded with your property after you die. After all, you could pass on to the next world having a winning lottery ticket in your pocket!

The point is: If you want to avoid probate so that your heirs can access your funds without obtaining a court order, then you must have a trust document AND you must transfer your property to that trust.

Sound complicated? A little. Your attorney, banker, or money manager should be able to help you without much added cost.

Point is, don’t just set up a trust. At the Law Office of Debra G. Simms, we make sure our clients are advised to properly fund the trust so that it works the way it is intended.

Call now for a consultation.

Debra G. Simms

Just divorced? Divorced for years? You and your ex-spouse may have Wills, Powers of Attorney, and Medical Directives that make absolutely no sense for you now.

Sometimes assets that were once nonprobate because they were jointly titled in both spouses’ names become subject to probate when they are solely owned by one spouse.

Often the most valuable asset a couple had was the retirement plan. Has the beneficiary designation been changed? Does the existing estate plan need to be reviewed to consider the consequences of this? What about your life insurance? Does your settlement agreement mandate that child support or alimony be insured? How does this impact your estate plans?

Many of my clients are traumatized after divorce. Dealing with an estate planning lawyer is the last thing on their mind. But, don’t wait until it’s too late. When it comes to estate planning, when it’s too late, it’s too late.

Consult the Law Office of Debra G. Simms today for your estate planning consultation.

Call Toll free:

1-877-447-4667

Debra G. Simms

At what stage should you start the planning process to specify what to do with your assets when you die?

After 23 years of practicing law, I can tell you- it’s never too early, but when it’s too late, it’s too late.

Parents with young children: Who will take care of your minor children if both parents die? At a minimum, you should have a will to name a guardian to take custody and care of your children. If you do not designate a guardian, the court will do it for you. You might also want to specify at what age your children should have control over their inheritance. You can do this in your will; it’s called a testamentary trust.

Single adults: Do you have nieces and nephews that you would like to care for? Do you have pets? What about a bequest to a charitable foundation? Remember, if you have no spouse and no children, your “heirs” as defined by statute will inherit your assets. These folks might not be the ones you would have designated.

Same-sex or life partners: If you are in a relationship, but not legally married, the State of Florida will determine where your assets go at death if you do not have a will or trust. Unmarried partners can not inherit any “spousal share” under the statutes. Equally important: unmarried partners should have durable powers of attorney and advance health care directives to ensure their partners are not shut out of the decision-making process in the event of illness or incapacity.

Elderly or Ill: You should take immediate steps to write a will or trust. If you already have an estate plan, this is the time to update. You should also prepare or update your power of attorney , advance health care directive, and living will. Once you lose capacity to do so, it will be too late.

Call the Law Office of Debra G. Simms. We offer consultations to help you decide what estate plan is best for you.

Toll free: 1-877-447-4667

Debra G. Simms

Florida provides for Advance Directives known as a Living Will and Designation of Health Care Surrogate. An advance directive is a witnessed document made by a competent adult which gives instructions and expresses desires concerning future health care treatment. There are plenty of forms available on the internet, but a Florida attorney can help you add specific information to the forms, making them fit individual needs not addressed in the forms.

Remember that we all have the right to understand treatment proposed by a health care provider, including risks, alternatives, and costs, before we consent to the treatment. This right is known as “informed consent.” And also remember that every patient has the right to refuse proposed treatment. If you do not have the mental capacity to do this yourselves, then your named surrogate in your Florida Advance Directive will make these decisions for you. In making these decisions, your health care surrogate is bound to follow your instructions and wishes, not those of the surrogate. Therefore, the more specific the directive, the more likely your wishes will be followed. The surrogate can be instructed to make health care decisions for you in accordance with your values and your religious and moral beliefs, at a time when you do not have the mental capacity to make the decisions for yourself.

A Living Will is a directive but you are not designating a surrogate to make decisions for you. Rather, with a Living Will, you are directing the medical providers to withhold or discontinue life support if you are in an end stage condition, terminal illness, or permanent vegetative state AND there is no hope of recovery. You are actually taking the burden of this decision away from your family and loved ones.

Do not assume that the living will and health care surrogate forms provided by the hospital, nursing home, doctor, the internet, or anyone else reflects your particular wishes. The forms in the statute are optional and have only the basic language required by the statute.

For example, in a Living Will the statutory definition of a “terminal condition” or “end-stage condition” can be expanded to include language such as “any condition which renders me unable to care for myself, such as a massive cerebrovascular accident, serve prolonged Alzheimer’s disease, Parkinson’s disease”, and so on. This language will not be found in the do it yourself forms you find on the internet nor will they be included in your hospital’s forms.

Further, you might want to ask for or specifically decline certain “life-prolonging procedures” such as CPR, artificial administration of nutrition and hydration (forced feeding and fluid through tubes), mechanical breathing assistance, chemotherapy, blood transfusion, and certain invasive diagnostic tests. Again, you cannot rely on pre-made forms if you want to be specific about your desires. You will need to consult with a Florida attorney, one who is experienced in drafting these documents to meet your specific needs.

At the Law Office of Debra G. Simms, we have over 25 years of experience helping individuals meet their estate planning and advance directive needs. It is important to act now; too many of us wait until it’s too late.

Debra G. Simms

Many of my clients are asking about the federal estate tax. This is one of the Bush tax cuts set to expire at the end of this year, contributing the fiscal cliff we are hearing so much about.

Here’s what will happen on January 1st: The current $5.12 million per person exclusion from the federal estate and gift tax will go back to $1 million and the tax on the transfer of wealth will go from 35% up to 55%.

Some believe that since the estate tax exemption has never gone down, it will only dip temporarily and then Congress will likely let it stay where it is. Others believe that since our government is in desperate need of more tax revenue, it will likely fall back to the 2011 exemption of $3.5 million. (This is favored by President Obama)

I would expect Congress to also extend the special tax break for married couples that is scheduled to go over the cliff. This is also known as portability.

Remember, the estate tax is based upon your gross estate when you die. That includes life insurance proceeds payable to someone else and your retirement funds. Most of us are worth more dead than alive, so if you have the potential to pay an estate tax, now is the time to visit our office to learn about your estate planning options. Don’t wait until it’s too late.

Debra G. Simms

Attorney at Law

Orlando

Daytona Beach

Toll Free: 877-447-4667

Debra G. Simms

I have blogged about this before, but it really bears repeating. Online document preparation services for estateplanning will never match the value of a real attorney-client relationship. Here are some of my reasons:

1. Deciding which estate plan is best for you and your family has critical tax and other legal implications. Everyone has different needs, and only by speaking with a lawyer about your goals and plans can you make an informed choice about the right estate plan.

2. The law is always changing. Lawyers versed in their state’s laws and the most recent changes can keep you up to date on these developments.

3. The basic packages are incomplete. Most online services offer the basics such as wills and deeds, but they can not advise you about probate and incapacity tools such as revocable trusts and lady bird deeds. A lawyer will advise you of your options as part of the intake consultation, often for no fee.

4. Generic documents are merely models. A lawyer can tailor documents to your needs so that you have protection that makes sense for you.

5. You are stuck with their prices. When you work with a lawyer, you can negotiate a flat fee or hourly rate depending on your needs. With online services, that is not an option.

6. The advertised prices are not what they seem. The price for a simple will may only be $79. But, what if you want a more sophisticated document because of special family circumstances? You can easily spend hundreds of dollars more for something that might be included with the attorney.

7. No on-going relationships. Your estate plan documents are prepared and all of a sudden a legal issue comes up. When you contact an online service for information, you might get a customer service hotline! There is nothing like a real life lawyer who knows you and your family and get can right to the heart of the problem.

I hope you consider this before using an online service for your legal needs. You pay hundreds of dollars every month to insure and protect your car and your house. Why not protect your assets for a fraction of this cost? Don’t cut corners on this important legal foundation.

Call the offices of Debra G. Simms for your estate planning consultation.

Debra G. Simms

Ever wonder what happens to your emails and posts on the Web when you die? As more of our lives are lived online, it’s a problem that’s becoming increasingly important.

Google has now come up with a solution for Google date such Gmail, You Tube, and Google Docs. It’s a new tool called Inactive Account Manager.

Simply go to preferences in settings and select to have your data deleted after a period of inactivity, from 3 – 12 months. Or you can ask that your date be sent to selected contacts. It’s just like leaving your belongings to a loved one or friend.

Said Google in a blog post: “We hope that this new feature will enable you to plan your digital after life- in a way that protects your privacy and security- and make life easier for your loved ones after you’re gone.

An added feature to ensure you are really gone before they send out your docs to others is that an email to a secondary address and a text to your phone will warn you if your period of inactivity point is approaching.

This makes it a lot easier to implement our own estate plans. Prior to this feature, a relative could access your Google assets by providing a death certificate and proof of an email conversation between them and the decedent. Digital belongings can be private and valuable. Now you can have control over these assets.

For more information on digital after-life planning and other estate planning advice, contact the Law Office of Debra G. Simms for your estate planning consultation.

Toll free- 1-877-447-4667

Debra G. Simms

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