Jul 032014
 

Clients visit our office to discuss the prospect of having a Will drafted. Often the topic of the many online services arises, and clients want to know if the cost savings is worth it. Sure, it costs less to use a document created by a website, but is it truly worth it?

In 2004, Ann Aldrich used a form from “E-Z Legal form” for her Will. In this recent Florida Supreme Court decision, the Court found that Ann’s two nieces were entitled to inherit property that Ann received after making out her Will. This was more than likely, not the intention of Ms. Aldrich as she didn’t mention her nieces in her Will.

The online form lacked a residuary clause, so her nieces were entitled to inherit a sizeable part of her estate. Justice Barbara Pariente’s said, “this case does remind me of the old adage Penny-wise and pound-foolish.” She further issued a word of caution regarding the potential dangers of doing a Will without legal advice.

If you care who will receive your assets when you die, don’t make the same mistake. Speak with an attorney at Ourednik Law Offices today. Good legal advice and peace of mind are worth it!

Jun 182014
 
The Supreme Court Proclaims Inherited IRAs Are Not Protected From Creditors

On Friday June 13, the U.S. Supreme Court in the case of Clark v. Rameker, proclaimed that an inherited IRA is not an exempt asset for bankruptcy. The broader reading of this opinion is that children who receive an inherited IRA from Mom or Dad may end up losing the IRA funds to a creditor as the IRA is not creditor protected in the hands of the children. In addition, should the children need to go through bankruptcy to get a fresh start on their financial situation, the IRA will be a reachable asset for creditors. Certainly, the easiest and More…

Sep 192011
 
New Florida Power Of Attorney Law Begins October 1

In an attempt to achieve greater consistency among the states by conforming Florida’s power of attorney law to the Uniform Power of Attorney Act, the Florida legislature voted on May 4, 2011 to pass Senate Bill 670 which significantly revises Chapter 709 of the Florida Statutes.  A power of attorney is an estate planning device that grants authority to an agent to act in the place of an individual. There are several important changes in the new law, some of which include: •    No Springing Powers – A springing (or “deployment contingent”) power of attorney is one which does not More…

Jun 012011
 
Florida Law Update: Governor Scott Approves Olmstead Legislation

On May 31, 2011 Governor Rick Scott approved House Bill 253. House Bill 253 is legislation drafted in response to the 2010 Florida Supreme Court decision of Olmstead v. FTC, in which the Court held that, with respect to single member LLCs in Florida, the charging order was not the exclusive remedy available to a creditor holding a judgment against the single member. In the Olmstead case, the Court ordered the debtor to surrender all right, title and interest in his LLC to satisfy an outstanding judgment. This case left the asset protection status of the Florida LLC, both single More…

Apr 182011
 

Most of the time, people find that the Florida Statutes serve to act as a constraint or limitation on their plans. However, the Florida Uniform Principal and Income Act (UPIA) does just the opposite. The UPIA is a set of statutes that governs how trustees and personal representatives allocate receipts of principal and income for the benefit of the beneficiaries of trusts and estates. When an allocation issue arises, the UPIA governs in the absence of specific instructions found in the trust document itself. Section 738.103 of the Florida Statutes outlines the governing order: 1. First, the trustee or personal More…