Florida Elder Law Blog - ElderLawAssociates.com

Andrew Mayoras & Danielle Mayoras. Trial and Heirs: Famous Fortune Fights. Wise Circle Books. Long Beach, CA. 2009. 277 pages.

$19.95 from Amazon (click on book to order). http://www.amazon.com/Trial-Heirs-Fortune-celebrity/dp/0615328865/ref=sr_1_1?ie=UTF8&s=books&qid=1288129474&sr=8-1-spell

Can we learn anything about estate planning from Jimi Hendrix, Princess Di, and Sonny Bono? Yes! Written by a husband-and-wife attorney team, Trial and Heirs uses fascinating celebrity cases as examples to illustrate important estate planning basics.

The story of the protracted battle over Jimi Hendrix's estate is employed to explain the importance of having a will. Heath Ledger is used as an example of the need to keep an estate plan up-to-date. Challenges to Marlon Brando's estate illustrate how disputes over assets get started. With these cases and many others as backdrop, the authors discuss the basics of wills, trusts, will contests, asset disputes, and estate administration.

The authors, who also write a blog about celebrity disputes (http://blog.trialandheirs.com/), stress how proper estate planning can help to avoid fights among family members. Each celebrity example includes an explanation of what could have been done differently. In addition, each chapter provides practical tips to "spark family discussion." Trial and Heirs is an entertaining way to learn the basics of estate planning.

Before making any decisions for your family's estate planning, make sure to consult a qualified, experienced Florida Estate Planning Attorney.

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Many veterans don't realize all the benefits available to them and their family members. This book provides older veterans and their advocates with insider tips to help them get their full benefits, some of which pay for long-term care services.

http://www.elderlawanswers.com/wsb-sliced/Article.asp?ID=8770§ion=&FirmID=80&Template=4

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A durable power of attorney and a health care proxy are two very important estate planning documents. Both allow other people to make decisions for you in the event you are incapacitated. Because the individuals chosen will have to coordinate your care, it is important to pick two people who will get along.

A power of attorney allows a person you appoint -- your agent or "attorney-in-fact" -- to act in your place for financial purposes when and if you ever become incapacitated. A health care proxy is a document that gives an agent the authority to make health care decisions for you if you are unable to communicate such decisions.

While the health care proxy is the one who makes the health care decisions, the person who holds the power of attorney is the one who needs to pay for the health care. If the two agents disagree, it can spell trouble. For example, suppose your health care agent decides that you need 24-hour care at home, but your power of attorney thinks a nursing home is the best option and refuses to pay for the at-home care. Any disagreements would have to be settled by a court, which will take time and drain your resources in the process.

The easiest way to avoid conflicts is to choose the same person to do both jobs. But this may not always be feasible -- for example, perhaps the person you would choose as health care proxy is not good with finances. If you pick different people for both roles, then you should think about picking two people who can get along and work together. You should also talk to both agents about your wishes for medical care so that they both understand what you want. Make sure to contact a qualified, experience Florida Elder Law Attorney before making any final decisions.

If you have questions about whom to name for these roles, or you haven't yet executed these all-important documents, contact us at 561-75-3850.

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A durable power of attorney is one of the most important estate planning documents there is. It allows someone you appoint -- your agent or "attorney-in-fact" -- to act in your place for financial purposes when and if you ever become incapacitated. However, many people experience difficulty in getting banks or other financial institutions to recognize the authority of an agent under a power of attorney.

Banks are often reluctant to accept powers of attorney for fear of being sued if the power of attorney isn't valid. A certain amount of caution on the part of financial institutions is understandable. Still, some institutions go overboard, for example requiring that the attorney-in-fact indemnify them against any loss.

To prevent problems later, contact your bank when you execute your power of attorney to find out what information it needs to accept the document. Many banks or other financial institutions have their own standard power of attorney forms. If this is the case, get the bank's form and sign it in addition to your own power of attorney form. While, it isn't legally necessary, signing the bank's form can save your agent a lot of trouble and time down the road. In addition, you can provide the bank with copies of your power of attorney. It is also a good idea to update your power of attorney frequently so the bank knows it is current.

If a bank is giving you a hard time about accepting a power of attorney, you can try talking your way up the chain of command. You can also have the lawyer who prepared the power of attorney call the bank. If that doesn't work, you may have to have a lawyer deal with the bank.

If you have any questions, please feel free to contact a qualified Florida Elder Law Attorney who has years of experience dealing with Durable Powers of Attorney.

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The Social Security Administration may soon eliminate a loophole that allows Social Security recipients to claim benefits early and then apply for them again years later when they are eligible for larger checks.

Although you can collect Social Security benefits starting at age 62, if you do, your benefits will be significantly lower than if you wait until your full retirement age or even later. About half of Americans file at 62, but "in most cases its a costly mistake," says retirement journalist Mark Miller.

As ElderLawAnswers explained in a 2008 article, a little-known provision of Social Security law allows beneficiaries to have their cake and eat it, too -- to apply for benefits when they first become eligible and later withdraw their application for early benefits and reapply and receive full retirement benefits. The catch is that they must be able to pay Social Security back all the money they have pocketed so far. But no interest is due on the benefits received, so the money is in effect an interest-free loan. In addition, those who repay benefits can claim either a tax credit or a tax deduction -- whichever gives them a bigger tax break -- for any income taxes they may have paid on the benefits.

Economist Larry Kotlikoff estimates that taking advantage of the "do-over" scheme could increase a retiree's living standard by as much as 15 percent. If the retiree lives a long time, the extra monthly benefits can really add up.

Once unknown, the strategy has become more widely used, which is why Social Security Administration may soon curtail it. Kiplinger reports that in 2007, only about 500 people took advantage of the payback option. By 2009, that number had nearly doubled.

The Social Security Administration is now proposing a rule that would allow retirees to withdraw their Social Security application only once and only within 12 months of first receiving benefits. The proposal, which must be approved by the Office of Management and Budget, could take effect within a matter of months.

In the meantime, Miller quotes economist Kotlikoff as suggesting that anyone now receiving benefits and interested in pursuing a do-over should get started immediately.

"Anyone age 65 to 75 who has taken benefits early at 62 should think about doing this today if they have the money [to make the repayments]," Kotlikoff says. "Social Security probably will grandfather in anyone who has already applied, even if they do change the rules. But banking the money and hoping to repay it later is no longer a good strategy."

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