Estate and Business Planning Legal Blog

Clients frequently decide that they would like to move to the State of Florida and become Florida residents.  The reason for this is usually financial, as Florida does not have an income tax, nor do they have an estate tax.  Unfortunately, the move is often made without careful thought of the consequences of such a move.  If one simply wants to spend a good deal of time in Florida, there is certainly nothing wrong with that.  Becoming a Florida resident, however, is more involved.
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There are many reasons why one might obtain life insurance and the purchase of such insurance should seriously be considered when doing estate planning. The most common situation where life insurance is necessary is in the case of a couple who has young children.  In that situation, it is common for one or both spouses to obtain term insurance, which is generally not terribly expensive but lasts only for a term of years, to provide the funds necessary to raise the children if something were to happen to one or both parents. While there is no cash value to such policies, the cost is considerably less than whole life  and variable insurance and it covers a temporary need.

Life insurance is also an important component of the estate plan of someone who may have substantial assets but whose assets are not liquid.
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The terms "elder law" and "elder care" have become popular, catchy phrases people now use, to describe an array of planning techniques that are available to people as they age.  Very basically, elder law planning involves having the proper legal documents, such as a will, health care proxy, living will and durable power of attorney. The purpose of these documents is to protect oneself in the event of disability and death.

In fact, the health care proxy, living will and power of attorney are probably more important to have than a will.  Why is that so?  Because if you become disabled and you do not have the proper documents in place, your family will likely wind up in court, commencing a guardianship proceeding to have you declared incapacitated, and to give them power to make decisions on your behalf.
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There are some very simple steps an employer can take in order to  reduce the occurrence of employment-related litigation.  Of course, the employee selection process is the first place to start.  Employers should not make promises to prospective employees (or even current employees) without first giving thought to the consequences of doing so.  Being honest and straightforward and not committing to any future promotions, salary increases and the like, even if done verbally and not in writing, is extremely important. 

Knowing what to do when a loved one becomes ill can alleviate some of the uncertainty and anxiety that normally follows. Oftentimes, people panic and start making changes to their estate plan without first consulting with an experienced attorney or tax advisor. Family, friends, and others who want to help, tend to give well-meaning advice. They may suggest putting assets into the name of the well spouse alone, transferring assets, and/or adding or changing beneficiaries to accounts.  Following such advice without considering the tax and other consequences can have unintended, adverse consequences.  One should not begin to make changes to bank accounts and other investments unless and until all of the tax implications have been examined.

It is common for businesses, especially those just starting out, to hire consultants on  a part-time basis, to provide a range of needed services.  If properly done, these consultants will be treated as independent contractors, and not employees, thus saving the employer from a host of legal obligations that would otherwise arise if one were to hire and/or treat someone as an employee.

It is important to review all of one’s estate planning documents, from time to time, to see if the contents of the documents still adequately reflect one’s wishes.  At a minimum, your will, health care proxy, living will and durable of power of attorney should be looked at by an experienced attorney, to make sure the documents have been properly prepared and that no revisions are needed due to changes in the law.

It is a well-known fact that nursing care, whether rendered at home or in a nursing facility, is extremely expensive. Even if one possesses substantial assets, those assets will be eroded quickly as a result of spiraling health care costs.  Often, the most significant asset owned by the person needing such care is the family home.  Therefore, it is important to take steps to ensure its protection.