The Law Office of Nancy J. OsetThe Law Office of Nancy J. Oset2025-03-31T11:53:47Zhttps://www.osetestateplanninglaw.com/feed/atom/WordPress/wp-content/uploads/sites/1103064/2023/03/cropped-nancy-site-icon-32x32.pngOn Behalf of The Law Office of Nancy J. Oset<![CDATA[What Advance Medical Directives Should I Have in Place If I’m Concerned About COVID-19?]]>https://www.osetestateplanninglaw.com/?p=468852023-03-15T14:05:15Z2020-05-04T04:07:25Zdocuments such as living wills, healthcare proxies and power of attorney documents. If you want to protect your ability to control the care you receive even if you’re unable to communicate, here are some things you should know:
Advance directives help you and your family — Every person deserves the right to determine what type of health care he or she receives. Without setting forth clear instructions, doctors and loved ones might be forced to speculate as to the decisions you’d make. In addition to the financial burden linked to end-of-life care and other grave medical circumstances, disputes among family members about what to do could be emotionally excruciating.
You have options — Many people associate advance directives with living wills, which state what types of extraordinary medical measures a person wants to be used in order to prolong their life in a dire situation. Other types of advance directives exist as well, such as healthcare proxy documents that designate someone to make medical decisions on your behalf if you cannot express your preferences. You might also consider a power of attorney or similar document that grants someone the authority to handle financial matters if you’re felled by an injury or illness.
An attorney can help — States have specific rules on advance directives and an attorney familiar with these issues can outline what works where you live. Your advance directives become active as soon as you sign them and stay active until you legally change them. Make sure you have multiple copies and store the originals in a place that anyone can access. Remember, locking a key document away will not help if no one can access it.
The COVID-19 pandemic has caused a lot of pain and confusion to for all of us. Though discussing worst-case scenarios is never easy, current events have prompted meaningful conversations. With the assistance of a dedicated lawyer, you can turn your intentions into legally binding instructions. You will see that developing a sound advance medical directive helps you take a little control back during this uncertain time.
Contact a qualified attorney to discuss the creation of an advance medical directive
The Law Office of Nancy J. Oset helps clients prepare and revise living wills and other types of advance medical directives. Please call [nap_phone id="FAX-REGULAR-NUMBER-1"] or contact the firm online to speak with a qualified attorney about your concerns.]]>On Behalf of The Law Office of Nancy J. Oset<![CDATA[Understanding How COVID-19 May Have Affected the Value of Your Estate]]>https://www.osetestateplanninglaw.com/?p=468822023-04-18T08:44:17Z2020-04-20T04:07:19Z
Reassess the worth of investments — Steady rises in the stock market and other investment sectors over the past several years could have created an expectation that the value of certain assets would not drop below a certain level. Yet in only 22 days, the S&P 500 fell 30 percent from its record high. Though there has been a partial rebound, you might choose to reassess your bequests to account for the uncertain times that lie ahead.
Examine business succession plans — It’s hard to fathom the number of businesses that will cease operations due to the coronavirus and the measures that were taken to control its spread. Beyond that, millions of companies that will survive the pandemic won’t be the same. Even a business succession plan put into place a few months ago might not be appropriate anymore.
Consider a tax-friendly gift — Though heavy stock market losses might negatively affect your present and future finances, it could be a good time to take advantage of situations where you could benefit from lower investment values. If you are looking to reduce the size of your estate for tax purposes, remember that you can use the present valuation of stocks or other assets as part of a gift-giving plan. You are permitted to make a tax-free transfer of up to $15,000 annually to each recipient. By using today’s pricing, you might be able to confer a gift that ends up being more valuable.
When a will, revocable trust or other type of estate planning document is created correctly, it should be clear, authoritative and legally enforceable. That doesn’t mean the terms are forever set in stone. Until the time you pass away, revisions can be made. After a major economic event like the COVID-19 crisis, a change in your family life or a significant shift in your personal financial fortunes, you may benefit by working with an experienced estate planning lawyer.
Contact an estate planning attorney to learn about your options
The Law Office of Nancy J. Oset advises clients on wills, trusts and other estate planning matters. Please call [nap_phone id="LOCAL-CT-NUMBER-2"] or contact the firm online to set up a consultation.]]>On Behalf of The Law Office of Nancy J. Oset<![CDATA[What Happens If You Die Without a Will in Florida?]]>https://www.osetestateplanninglaw.com/?p=468872023-04-18T08:45:47Z2019-01-01T05:07:26Zyou would have passed to your beneficiaries through a will, had you created one. This is known as a probate estate and may include assets such as real estate, motor vehicles, family . stocks and money in bank accounts.
Succession process depends on your situation
It is most common for a person without a will to pass away with at least one spouse or child. If you have a surviving spouse and all your descendants are children you had with that spouse, then your spouse would receive all of the inheritance automatically. It doesn’t matter if your children are legal adults.
However, if you had children with a different person than your spouse at some point, those children will receive half your estate. This half gets divided evenly among the children. For example, if you have a spouse and you have two children from a previous relationship, your spouse would get half of your estate and each of the children would get 25 percent.
The process becomes more complicated if you and your spouse had children, but your spouse also had kids from a previous relationship. In that scenario, your spouse would receive half your estate while your children would divide up the other half.
Finally, if you die without a will and you do not have a spouse or children, the assets in your estate would get passed to your parents. If your parents are also no longer alive, your estate would be split amongst your siblings.
As you can imagine, passing away without a will usually means that a person’s estate gets divided in a way that does not necessarily align with their wishes. To avoid this issue, it’s important to establish a last will and testament that gives you and your loved ones greater peace of mind regarding the future.
To set up a will and other estate planning documents, meet with an experienced estate planning attorney at the Law Office of Nancy J. Oset. Call me today at [nap_phone id="LOCAL-CT-NUMBER-2"] or contact me online to schedule a meeting at my Palm Harbor office.]]>On Behalf of The Law Office of Nancy J. Oset<![CDATA[What Is Exempt Property, and How Is It Relevant to Florida Probate?]]>https://www.osetestateplanninglaw.com/?p=468842023-04-18T08:39:42Z2018-12-30T05:07:25ZFlorida Statute 732.402. The most common items exempted under the law include the following:
Up to two motor vehicles with a gross weight under 15,000 pounds, were titled to the decedent and were commonly used by immediate family members as their personal vehicles
Any furniture or appliances in the household of the decedent, up to $20,000 in net value as of the date of death
Some qualified tuition program deposits, including those in the Florida Prepaid College Trust Fund
Some rare cases in which death benefits are paid out to the estates of administrators or teachers killed while on the job
The statute includes a comprehensive list of all the assets and property exempted from claims in Florida.
What does “exempt” mean?
Property and assets that are exempt are those that beneficiaries of the decedent can inherit without worrying about claims being made against them during probate.
If you are moving through the estate administration process and wish to designate certain property as exempt, you must file a petition in court no later than four months after the notice of estate administration is published. If you do not act within that time, the assets and property in question could still be subject to claims, even if they would otherwise be exempt.
In many cases, failing to get property exempted could have a significant impact on the amount of assets and property the beneficiaries of a deceased individual will receive from an estate. This is why it’s so important to consult an estate planning attorney to make sure you petition to exempt as much as possible before the clock runs out.
To learn more about exempt assets and how they could affect the probate process, work with a skilled attorney at the Law Office of Nancy J. Oset. Call the firm today at [nap_phone id="LOCAL-CT-NUMBER-2"] or contact me online to schedule an appointment at my Palm Harbor office.]]>On Behalf of The Law Office of Nancy J. Oset<![CDATA[How Do Homestead Laws in Florida Affect Estate Planning?]]>https://www.osetestateplanninglaw.com/?p=468862023-04-18T08:45:04Z2018-11-30T05:07:25Zprotection from creditors who have sued you and received a judgment against you.
These creditors cannot, for example, force the sale of your homestead property to collect on the debt owed to them. This protection even extends to any beneficiaries who assume ownership of the property after your passing. While this does not apply to judgments against the property specifically, a homestead exemption does provide you with considerable protection.
However, due to the complex rules associated with establishing a homestead in Florida, many people are unsure how to start the process.
In short, all of the following must be true if you are to designate a property as a homestead in Florida:
You have held the legal or beneficial title to the property as of January 1 of this year.
You live on the property.
You are a permanent resident of Florida.
You are a citizen or permanent legal resident of the United States.
If you meet these criteria, you must then apply for the homestead exemption at your county’s property appraisal office, doing so between January 1 and March 1 of the year in question.
Once you have designated the property as your homestead, it will remain as such until you inform the local property appraiser otherwise.
Getting a homestead exemption also affects the estate planning process. If you are married and have a child under the age of 18, your spouse would inherit the property and would receive the same protections the homestead provides.
If you are married without kids and you did not leave the property to your spouse in your last will and testament, your spouse will still inherit the property through a “life estate.” Your spouse would be able to live in the house for the long term and would assume sole responsibility for paying property taxes and homeowners’ insurance.
Many unmarried people with children want to have their kids inherit their house once they pass away. To make this happen requires some planning. Working with an attorney, you can establish an irrevocable trust that holds the property until a predetermined time, such as when the child turns 21 years old. The homestead exemption would apply throughout this period.
For more information on Florida’s homestead laws and how they affect estate planning, contact an experienced attorney with the Law Office of Nancy J. Oset. Call the firm today at [nap_phone id="LOCAL-CT-NUMBER-2"] or contact me online to schedule a consultation at my Palm Harbor office.]]>On Behalf of The Law Office of Nancy J. Oset<![CDATA[How Does Florida’s Summary Administration Process Work?]]>https://www.osetestateplanninglaw.com/?p=468832023-04-18T07:37:19Z2018-10-30T04:07:25Zqualifies for summary administration.
Summary administration may proceed if any of the following factors exist:
The decedent has been dead for at least two years.
The total value of the estate to be administered, minus exempt property under Florida law, is less than $75,000.
The decedent established a last will and testament but the will does not require the estate to undergo formal administration.
Ideally, you would use summary administration in a situation in which there are very few creditors or many exempt assets.
Starting the process
If you have determined the estate in question qualifies for summary administration, you can petition the court to begin the process. To do so, you must be a beneficiary of the deceased or identified as a personal representative in his or her last will and testament. If there is a surviving spouse, that person must sign the petition before a court can approve it.
Filing this petition can be challenging, which is why you should have an attorney assist you. A legal professional will include all relevant information, along with a complete list of all the assets and property within the estate.
The court then reviews the petition to rule on whether the estate meets the requirements for summary administration. If so, it will issue a notice of summary administration to all of the estate’s creditors and allow the estate to move through probate.
Summary administration is not an option for every estate, but when you think you are eligible, it’s important to work with a professional on your petition. To learn more, speak with a knowledgeable estate planning attorney at the Law Office of Nancy J. Oset. Call the firm today at [nap_phone id="LOCAL-CT-NUMBER-2"] or contact me online to schedule a meeting at my Palm Harbor office.]]>