Articles by  Alice Reiter Feld

ALICE'S TOP 10 ESTATE PLANNING RED FLAGS!

1. So you own out-of-state real estate?
 

If so, it will be subject to probate in both Florida and the state where the real estate is located. It must be deeded into your trust.
 
2. Are you single?
 

Those who are single are more likely to have planning needs because there is no one to oversee or monitor their affairs.
 
3. Do you have family members or in-laws with whom you don't get along or who don't get along with each other?
 

WE ALL DO! You need to set all your affairs in order and leave nothing to chance in order to reduce the likelihood of a fight between family members.
 
4. Do you have family members who cannot be trusted to receive large sums of money?
 

You have worked hard your entire life and fear that your kids will spend down in days what it took you years to build. You should set up a trust, which specifies how the money is distributed and under what circumstances.
 
5. Do you have family members who cannot be trusted?

In protecting your assets, you must have someone you can trust to avoid your assets being wasted and to protect yourself in case of incapacity. This can include more than one trustee acting together or even professional management.
 

6. Does most of your close family live out of the area?

Make things easier for them to handle for you by giving them the necessary tools and documents. Also, make sure you have a plan, which includes a support system in Florida in case quick decisions must be made.
 

7. Are you leaving money to minors such as grandchildren?

This is a serious issue. The money must be left in a trust to insure that they don't receive it until the ages you deem appropriate. Otherwise, a guardianship proceeding will be required, and the children will receive the money outright at age 18. Also you can specify how the money is used. Money in Uniform Gift to Minor's accounts goes to them outright at age 21 and there is no way to restrict its use after that.
 

8. Do you not have children?

You must make arrangements with other family members, a dear friend, or a reputable social worker or social service agency to handle matters for you in case of incapacity. Otherwise a guardian will have to be appointed for you.
 

9. Do you have family members with special needs?

You can set up a Special Needs Trust that provides a vehicle for the relative to receive money and not interfere with any government benefits to which they may be entitled.
 

10. Is this your 2nd marriage?

You should have a pre- or post-nuptial agreement. However, even a valid agreement has no bearing on Medicaid or other government availabilities. Please consult an attorney to know your rights and obligations to your second spouse.