Business and Tax Lawyer Blog

“New Rules” applicable to a Florida Power of Attorney are effective on October 1, 2011 - - so what happens to Powers of Attorney executed BEFORE October 1, 2011? Florida Statute 709.2106 states that the older Power of Attorney will be effective if its execution complied with Florida Laws at the time of execution.

If the Power of Attorney was executed in another State prior to October 1, 2011, then it may be considered to be valid within Florida if the document was executed in compliance with the requirements of the other state - - However, there could be some additional cost associated with the use of such a ”foreign” Power of Attorney. Anyone requested to act under the authority of the Power of Attorney’s designated Agent may require a formal Opinion of Counsel as to “any matter of law concerning the Power of Attorney,” and the Opinion Letter will be provided “at the principal’s expense.” There may be further developments as to the scope and complexity of the “Opinion of Counsel” which can required under Florida Statute 709.2106(3) – possibly affecting the cost of securing such opinion. Florida Statutes also state that failure to provide the requested Opinion of Counsel may result in no liability for failure to accept the Power of Attorney on the part of the party requesting the Opinion of Counsel.

Continue reading "How Do Changes to Florida’s Power of Attorney Act Affect My “OLD” Power of Attorney" »

Recent changes to the Florida’s Power of Attorney Act go into effect October 1, 2011 and to understand the scope of those changes, we should start with the basics - - the definitions.

We will now refer to the grantor of authority under the Power of Attorney as the “PRINCIPAL.” The recipient of the grant of authority (formerly an “Attorney-in -Fact”) is now referred to as an “”AGENT.”

“DURABLE” (as used in connection with Durable Power of Attorney) refers to a Power of Attorney that “is not terminated by the Principal’s incapacity.” [Florida Statute 709.2102(2)]. So, clearly a key question is - - What is “INCOMPACITY?” This is defined in the statute as “the inability of an individual to take the actions necessary to obtain, administer, and dispose of real or personal property, intangible property, business property, benefits and income.”

Interestingly enough, the term “POWER OF ATTORNEY” is defined in the Statute (as a writing by which a Principal grants authority to the Agent) but the statute implies that a Power of Attorney grant of authority may be created “whether of not the term is used in that writing.”

Continue reading "New Power of Attorney Rules – “A Rose by Any Other Name…”" »

In June 2011, Governor Scott signed into law key changes to Florida Statute 709 covering the form and use of Florida ‘s Durable Family Power of Attorney.

The Durable Power of Attorney has long been an important tool in the war chest of investment and estate planning professionals for clients seeking to protect their assets in the eventuality of the client’s own long-term incapacity. In fact, that’s where the phrase “durable” comes from. A standard Power of Attorney ceases to be enforceable upon the incapacity of the grantor of the Power. As a result, it ceases to function just when it is needed most. A properly executed “Durable” Power of Attorney, however, survives the physical or mental incapacity of the grantor – providing the grantor’s “Agent” the authority to act on their behalf. Florida’s “new rules” as to the Durable Family Power of Attorney go into effect October 1, 2011.

Continue reading "“New Rules” for the Florida Durable Family Power of Attorney" »

Hotel heiress Leona Helmsley is perhaps the most famous example of a person remembering a favorite pet in her will with a twelve million dollar trust fund, but Florida along with forty-one other states and the District of Columbia currently have laws that specifically allow pet owners to create trusts for the care of their pets after the owner passes on.

For the average Florida resident, planning for the care of your pet in your estate does not have to be complex. A trust along with simple instructions in your will can suffice, or you can be more explicit as to who the trustee will be, who the caretaker will be, and what will happen to any leftover funds after the animal passes. For those with large estates to consider, a lawyer can draw up a custom pet trust that fits within the guidelines of Florida's estate laws.

A pet trust can be funded through a will or while you are still living. Funding with a will is perhaps the easiest and cheapest, but creating a trust while you are alive would provide support for your pet should you become incapacitated. It is also important to consider who should take care of the pet in the immediate aftermath of your death and before the will is read. If you live alone, consider carrying a card in your wallet that lists your pets and some simple emergency instructions should you die or become incapacitated unexpectedly.

Another option to provide for your pet is to leave the pet and a bequest to someone else in your will. Or, you can look for a veterinarian with a continuing care program; they can house and care for your pet or find it a new, loving home after you are gone. Find out more options for estate planning that includes your best friend at Caring For Fido After You're Gone.

If you live in the Jacksonville, Florida or Orlando, Florida area and require assistance with estate planning, please contact Wood, Atter & Wolf for estate planning legal counsel.

When a parent or other elderly relative reaches the point where they need help with their finances, it can be emotionally draining. It can also be a long, drawn out and frustrating process if the relative does not have their financial affairs in order – especially if their memory is failing.

While it can be a touchy subject, the right time to talk to your parents about their finances is when they retire. In an ideal case, parents would make plans, sign powers of attorney, keep accurate lists of income and assets, and be open to discussing finances with their children long before they become an issue. Unfortunately, in most cases, children don't realize there is a problem until it is too late, and they step into a financial mess.

Some tips for easing the transition include:

Automate: have social security automatically deposited and bills automatically debited.

Simplify: consolidate retirement accounts as well as bank and brokerage accounts.

Communicate: If one child is responsible for the finances, they should keep their siblings up to date in writing at regular intervals.

Investigate: look into insurance policies, Medicare, long-term care insurance, and supplemental benefits from former employers.

Manage: look into protecting your parents' income by using a portion of their savings to purchase annuities that pay out a fixed monthly sum for life.

Diversify: if the stock portfolio hasn't been looked at in awhile, it may be time to reallocate for today's financial realities.

Get more information on how to manage your parents' finances at Taking Over Elderly Parents' Finances.

If you live in the Jacksonville, Florida area and require assistance with estate planning, please contact Wood, Atter & Wolf, P.A. for estate planning legal counsel.

Even though the estate tax is in limbo this year, that is no excuse to neglect estate planning activities. Vital information such as who will take responsibility for your children and who you would like to make medical and financial decisions on your behalf should you become incapacitated need to be decided upon and put down in writing in order to protect your interests. The following eight estate planning steps are ones you can – and should – take right away.

1. Sign a financial power of attorney. This instrument legally designates another person to take care of your financial affairs. This can include paying your bills, managing your investments and filing your taxes. If you don't have one of these documents your family will have to go to court to get permission to handle your affairs, and the time spent waiting could wreak havoc on your affairs.

2. Sign a health care power of attorney and a living will. These documents assign someone to make health care decisions for you if you are unable to do so yourself. They ensure that your doctors and other caregivers follow your wishes for end of life care.

3. Know your net worth. Retirement, investment, and estate planning all require that you know your net worth. Many people are hesitant to find out due to the economic climate, but you may be pleasantly surprised. Remember to count any life insurance policies in your calculations.

4. Double check your beneficiaries. If you named a beneficiary when you filled out your forms for life insurance or retirement accounts, those documents – not your will – will determine who gets the assets. Don't just check your own records, check the company's official records.

5. Create or update your will. If you don't have a will, it's time to get one. If you haven't looked at your will in a while, it is a good idea to refresh it after any major life changes. If you pass away without leaving a will the state will determine who gets what.

6. Consider state estate taxes. Even though the federal estate tax is on vacation for now, your state may levy an estate tax too. Florida estate tax laws changed in 2005, so you will need to familiarize yourself with Florida's laws if you haven't checked them in awhile.

7. Look at who is on the title of assets. If you want your titled assets to fall to your spouse tax free, you need to be sure both of your names are on the title. The same goes for a trust – if you set up a living trust you will need to re-title the assets in the name of the trust.

8. Whittle down your estate while you are still living. For those with estates just above the state or federal exemption amount, giving away money to relatives or charities is a good way to minimize your estate tax. Anyone can give up to $13,000 a year to another person without paying any tax on it. Charitable donations are generally completely tax free.

Read more details of each of these eight steps at Eight Steps To Protect Your Family.

If you require assistance with estate planning, please contact an estate planning attorney for estate planning legal counsel.

Los Angeles Superior Court Judge Mitchell Beckloff has agreed that the administrators of late pop star Michael Jackson will receive ten percent of his estate, with the exception of several sizeable assets. The administrators are attorney John Branca music industry executive John McClain. The pair has been administering the estate since June 25th, 2009.

The judge's ruling means that each man will receive five percent of any profits from the estate, not including profits from the "This Is It" movie, released shortly after Jackson's death, nor Jackson's interest in the Sony-ATV music catalog.

To reach his decision, Judge Beckloff discussed the arrangements with attorneys representing both administrators, and the attorneys of Jackson's children and mother, Katherine Jackson. None of the family members raised any objections to the compensation.

Branca and McClain's attorney said that he believes the men will be fairly compensated for their services. Jackson's estate is estimated to be worth $500 million. Attorneys for the family agreed, saying that the percentage compensation will serve as an incentive for the men to work hard to grow the business. Find out more details about the administration of Jackson's estate at Compensation approved for Jackson estate admins.

If you live in the Jacksonville, Florida or Orlando, Florida area and require assistance with estate planning, please contact our firm for estate planning legal counsel.

Craig J. Nevius is a Hollywood producer, who collaborated with Farrah Fawcett on a documentary featuring the late actress' battle with cancer. The Fawcett estate recently sued Nevius, claiming that he botched the documentary project and embezzled hundreds of thousands of dollars from the actresses' company, Sweetened By Risk. The suit claims further that Nevius exploited Fawcett and leaked sensitive information to the media about her medical condition.

According to the estate, before NBC was able to air the documentary, called "Farrah's Story," they had to extensively rework the footage for it to be usable. The extra work, which included help from Fawcett's longtime companion, Ryan O'Neal, caused them to almost miss the air date.

Nevius' attorney has claimed that the charges are an attempt to intimidate and injure his client, who brought suit against Fawcett, O'Neal, and another party over the same documentary last year. That case claims that O'Neal and Richard B. Francis, Fawcett's business manager, interfered with Nevius' filming of "Farrah's Story." It is still pending. Francis is also a trustee of Fawcett's estate. Read more about the multiple lawsuits involving Farrah Fawcett's estate at Fawcett estate sues producer.

If you require assistance with estate planning, please contact an estate planning attorney for estate planning legal counsel.

The estate of late pop star Michael Jackson filed suit recently against two California-based organizations that it claims have infringed on its "King of Pop" and "Thriller" trademarks while pretending to be a charitable organization endorsed by Jackson.

This is the first trademark infringement suit filed by the estate since Jackson's death in June of 2009. The Heal the World Foundation and an affiliated corporation called United Fleet were named in the suit, which states that the defendants have registered 6 trademarks and applied for 41 more that could be considered "identical or confusingly similar" to the Michael Jackson estate's trademarks. The suit seeks to both to prevent the defendants from using the trademarks and also asks for the destruction of any infringing products.

Trademarks were developed as a means of protecting the public by making it easy for them to identify the source of a given good. Trademark holders need to be vigilant to prevent their marks from being infringed upon by parties with no rights to the mark. This not only protects their financial interests but helps them maintain their good name with the public.

If you have an unresolved business legal matter, please contact a trademark attorney our firm for expert legal counsel.

Find out more about this story at Michael Jackson Estate Alleges Violations of Trademarks, Rights of Publicity.

According to Irving Picard, the bankruptcy trustee handling the infamous Bernard Madoff fraud case, Jeffry Picower "was the biggest beneficiary of Madoff's scheme, having withdrawn either directly or through the entities he controlled more than $7.2 billion of other investors' money." At the time of his death, Picower was being sued by the trust for the $7.2 billion dollars. His friend, Madoff is currently serving a 150 year term after pleading guilty to running a Ponzi scheme that bilked investors out of $65 billion.

Picower was listed recently as one of the top 400 wealthiest Americans by Forbes Magazine. He died in Palm Beach Florida of a heart attack in October of 2009. In his will he left $200 million to his wife, Barbara, $10 million to his daughter, Gabrielle, and $10 million in trust to his assistant, April Freilich. According to Mrs. Picower, her husband was committed to compensating victims of Madoff's scheme for their losses.

It is unclear how he intended to do so. According to the family lawyer, William Zabel, there will be enough money left over after the settlement to establish a philanthropic foundation, which will be headed by Barbara Picower. Find out more about the provisions of Jeffry Picower's will at Madoff friend Picower leaves $200 million to wife.

If you have a business law matter, please contact a business law attorney for legal counsel.

While congress has yet to pass any laws addressing the 2010 estate tax lapse, several states are racing to enact legislation to assist families whose estate plans have fallen apart. Experts worry that the new, temporary estate tax laws could cause people to accidentally disinherit spouses, which in turn would lead to costly and lengthy court battles over the intent of the deceased. The lapse could ultimately impoverish widows and widowers, and end up requiring families to pay more estate taxes than are necessary.

Virginia has led a handful of other states in passing emergency legislation to nip these problems in the bud. Florida currently has estate tax legislation pending. Most of the emergency estate laws require any tax terms or formulas to be read as if the 2009 estate tax were still in effect, unless specifically spelled out otherwise. In Florida, potential beneficiaries may go to court if they believe that the actual estate plan is not what the deceased intended; those with ambiguous documents can go to court right away to determine the decedent's intent, and all heirs might have to wait until the court has ruled to collect their inheritance.

Unfortunately, since no one expected the congress to allow the estate and other taxes to lapse, most wills and trusts are still written to maximize estate tax savings under the 2009 estate and generation-skipping tax rules. Read more about the confusion caused by the estate tax lapse at States Race To Clean Up Congress' Estate Tax Mess.

If you live in the Jacksonville, Florida or Orlando, Florida area and require assistance with tax planning, please contact our firm for estate planning legal counsel.

There are many reasons why the State of Florida is a great state to declare your residency in.  I meet with clients and prospective clients all the time who are residents of another state and talk to them about why they should consider becoming a Florida resident.

The first reason to become a Florida resident is that there is no Florida income, estate, inheritance, gift, intangibles or generation-skipping tax.  Most states impose at least one of the above taxes on its residents.  Real property and tangible personal property are generally subject to estate tax by the state in which the property is located.  All other property such as bank and investment accounts are generally subject to the estate tax laws in place in the state the decedent resided in prior to their death.

An example that demonstrates this is Bob.  Bob has a checking account in a Florida bank, has him home in Florida homesteaded, a car, an IRA and a vacation home in New York.  Upon Bob's death, his vacation home in New York would be subject to New York estate taxes but the rest of his property would pass estate tax free under Florida law.  I won't discuss the federal estate tax as that is a completely different animal.

Florida residents and others should consult with an estate planning and tax attorney to review the various documents and strategies to take full advantage of the tax benefits under Florida law.

A federal criminal investigation has cost Narcy Novak control of her late husband's estate, valued at over $10 million. A Broward county judge initially named Ms. Novak as the representative of Ben Novak Jr.'s estate, but later reversed the order, citing a federal grand jury investigation into a criminal conspiracy allegedly involving the Novaks. The grand jury investigation is taking place in New York State.

Novak's father built the Fontainebleau Hotel, a landmark on Miami Beach, Florida. Novak himself was found slain in a New York hotel recently. He had apparently been beaten to death. Novak's relatives have fought against Ms. Novak receiving control over the estate, saying in court that they believe Ms. Novak was behind her husband's murder. Ms. Novak has not been charged in relation to her husband's death. Her lawyer has stated that she is innocent of the family's charges.

Managing an estate can be complicated, even without a federal jury investigation and allegations of murder surrounding the decedent. If you live in the Jacksonville, Florida or Orlando, Florida area and require assistance with estate planning, please contact an estate planning attorney for estate planning legal counsel.

Read more about this wealthy Florida family's estate woes at Widow of Fla. hotel heir loses control of husband's $10M estate because of federal probe.

Even thought the federal estate tax has lapsed for 2010, nineteen states and the District of Columbia will still take a piece of your estate after you die. Eleven of those states and the District of Columbia only collect an estate tax. Six other states only charge an inheritance tax, which rate depends on the heir's relationship to the benefactor. New Jersey and Maryland collect both estate and inheritance taxes.

Of course, state estate tax laws are constantly changing. Several states have estate taxes that are tied to the federal estate tax, and therefore lapsed in 2010 as well. Some of these states, like Delaware, rushed to implement a temporary tax to make up for it. Exemption levels are always changing, too. With many states hurting financially and the federal estate tax in limbo, expect more of them to change their estate tax laws throughout 2010.

Florida does not currently tax estates. You can find out more about which states do and how much at Where Not To Die In 2010.

Estate planning is more challenging now than ever. If you live in the Jacksonville, Florida or Orlando, Florida area and require assistance with estate planning, please contact an estate planning attorney for estate planning legal counsel.

CNNMoney.com offers an interesting set of financial planning articles called Money 101. One of their recent lessons covered estate planning. They broke down the basics into ten facts about estate planning everyone should know:

1. Estate planning is not just for the wealthy. Everyone should have a basic estate plan in place so that their financial wishes are carried out after they pass on.

2. An estate plan consists of several elements. These may include a will, power of attorney, a living will, or a trust.

3. Start by taking an inventory of all of your assets. Include investments, retirement accounts, insurance policies, and property and business interests.

4. Everyone should have a will. Dying without a will in place can be very costly for your heirs and gives you no say in what happens to your assets. If you have minor children, a will should designate who will take care of them.

5. Trusts are not just for wealthy people. Trusts can help reduce estate and gift taxes.

6. Discuss your estate plans with those who are affected by them. Being clear about what you intend can dispel conflicts later on.

7. Keep an eye on the federal estate tax rate and exemption. So far in 2010, the estate tax has been suspended, but Congress may still pass a law for 2010. Even if they don't, the tax will be reinstated in 2011 at a higher rate, and with a lower exemption than in 2009.

8. Leaving all of your assets to your spouse is tax free, but not necessarily a good idea. This can increase the taxes your children pay after your spouse passes.

9. Give tax free gifts to decrease your estate while you are still living. You can give up to $13,000 ($26,000 if married) to an individual each year. You may also pay an unlimited amount of medical and educational bills, as long as they are paid directly to the provider.

10. Consider leaving money to your favorite charity.

You can read more details of each of these points at Lesson 21: Estate Planning.

If you live in the Jacksonville, Florida area or North Florida and require assistance with estate planning, please contact our firm for estate planning legal counsel.

Martin Luther King III, Bernice King and Dexter King are the children of slain civil rights leader, Martin Luther King Jr. The three continue to control their father's estate as a private corporation called King Inc. Recently, Martin III and Bernice King accused Dexter King of acting improperly as the head of their father's estate. They charge that he has shut them out of decisions about King Inc. and has not held a shareholder's meeting in over five years. The tension over the business has damaged their relationship.

Under the threat of a civil trial, which would have made certain personal and financial details about King Inc. public record, the three met recently to negotiate a settlement. After fourteen hours of discussion, they came to an agreement and will not be taking the case to a public jury trial.

Good estate planning can cut down on misunderstandings and help keep family ties strong. If you live in the Jacksonville, Florida area or North Florida and require assistance with estate planning, please contact our firm for estate planning legal counsel.

Read more about the disagreement among Martin Luther King Jr.'s heirs at King Siblings Settle Lawsuit Over Estate.

Mel Simon was the founder of Simon Property Group, Inc., which is the largest owner of shopping malls in the US. His daughter, Deborah Simon, recently filed court papers alleging that her father was coerced into changing his estate plan to dramatically increase the amount of his fortune going to Deborah Simon' stepmother, Bren Simon. Simon died in late 2009.

Deborah Simon charges that her father was so ill when the new papers were drafted that someone had to hold a pen in her father's hand and move it for him to "sign" the documents. According to court documents, Simon was suffering from dementia and neurological disorders "that impaired his language, reading, writing, cognition, memory and understanding" at the time the new will was signed.

The previous estate plan had been in effect for more than ten years before Simon's death. The old estate plan divided Simon's estate between Bren Simon, a charitable trust and Simon's three children. The new estate plan calls for half of the estate to go to Bren Simon, and the other half to go to Bren Simon as a marital trust with Bren Simon as the sole beneficiary.

There was no comment from Bren Simon or her attorneys about the matter. You can read more details of this story at Simon daughter sues shopping mall magnate's widow over will.

If you live in the Jacksonville, Florida area or North Florida and require assistance with estate planning, please contact our firm for estate planning legal counsel.

Under current US tax law, the federal estate tax was scheduled to be suspended in 2010. The US House of Representatives voted recently to permanently extend the current rare along with the $3.5 million per person exclusion; the US Senate has rejected a measure that would have extended it. It is expected that the Senate will look at the issue again early in 2010. Additionally, any law passed would most likely take effect retroactively, meaning that the IRS will take its share of any estates originated in 2010, starting with January 1st no matter when the legislation finally passes.

There is a chance that the Senate will be unable to come to an agreement, and any estates originating in 2010 will not be subject to federal estate tax. If this happens, heirs will still need to pay state estate taxes. They will also need to take into account the fact that any assets will be limited in their step-up in basis, which means that heirs may have to pay higher capital gains taxes. And if congress fails to take action in 2010, the estate tax will rise to fifty-five percent on all estates over $1 million in value in 2011.

Even if there will be no estate tax in 2010, estate planning is still important. Asset protection, disposition of retirement assets, family and charitable gifts and business secession plans are still critical aspects of good estate planning that need to take place whether there will be an estate tax in 2010 or not.

Estate planning is a complicated matter that requires the assistance of a professional estate planning attorney. If you live in the Jacksonville, Florida area or North Florida and require assistance with estate planning, please contact our firm for estate planning legal counsel.

Find out more about this story at Beating the estate tax to death.

Jack Kerouac died of chronic alcoholism over forty years ago in St. Petersburg, Florida. When he died he left his estate, worth around $30,000, to his mother, Gabrielle Kerouac. When she died, her will left everything to Jack Kerouac's third wife, Stella Kerouac, who in turn left all of his possessions to her siblings when she passed away in 1990. But Kerouac's nephew, Paul Blake Jr. contested the will, saying that his uncle promised that he would get something when Gabrielle Kerouac died.

Since Kerouac's possessions are now fetching a hefty sum – the scroll manuscript for Kerouac's "On the Road" was purchased for $2.43 million – determining the legality of Gabrielle Kerouac's will is no trivial matter. After one of the longest running probate battles in Pinellas County, Florida court history, Judge George Greer has declared that the will purportedly signed by Kerouac's mother is a forgery. He cited handwriting analysis and doctor's testimony as factors in his decision. The ownership of Kerouac's twenty million dollar estate is now in question. It is currently under the control of Stella Kerouac's brother, John Sampas.

Blake's claim to any part of the estate may be bolstered by a letter he received from his uncle many years ago, which read: "I just want to leave my estate . . . to someone directly connected with the last remaining drop of my direct blood line . . . and not to leave a ding-blasted . . . thing to my wife's one hundred Greek relatives." You can read the whole story about the will at Pinellas judge rules will for Jack Kerouac's estate is a forgery.

If Jack Kerouac himself had made clearer estate planning arrangements for the disposition of his estate, his heirs may have avoided years of litigation. If you live in the Jacksonville, Florida or Orlando, Florida area and require assistance with estate planning, please contact our firm for estate planning legal counsel.

It might seem like getting any advantage from the 2010 estate tax lapse would have to mean losing a loved one.  But those in a position to dole out some cash while still alive – and their recipients – will be able to benefit as well. When the estate tax was suspended on January 1^st, 2010, the gift tax rate also fell from 45% to 35%. Barring congressional action it will go back up to 55% come 2011.

That means that those deciding to make taxable gifts this year can potentially save their loved ones a great deal of money on taxes. The Congressional Budget Office has predicted that a rush of wealthy people bestowing taxable gifts on their heirs may cause gift tax income to the federal government to increase tenfold this year. Unfortunately, the congress still has the option to reinstate the estate and gift taxes at any rate they see fit, and they can do so retroactively. However, a carefully constructed estate plan can still help you maximize your tax savings no matter what the congress decides to do.

In order to benefit from this unprecedented opportunity, people will need to take fast action to creatively plan and draft trust provisions that minimize the tax burden on their heirs. If you live in the Jacksonville, Florida area, please contact an estate planning attorney for estate planning and gifting legal counsel. 

Read more details about how to minimize estate and gift taxes at Estate Tax Lapse Helps Healthy Rich.

Karen Davidson, the widow of Detroit Pistons owner, William Davidson, is locked in a legal battle over late husband's estate. At issue is the fact that Ms. Davidson is rapidly selling off or attempting to sell off assets from the estate, while Milestones Upgrading & Industries, Co. is claiming that Davidson's estate reneged on a $15 million investment that Davidson pledged to make in the Israeli company. Davidson's will, which he signed one week before his death, left his estate to just three beneficiaries; Karen Davidson and his two children, Ethan Davidson and Marla Davidson Karimipour.

According to court papers, Milestones & Upgrading Industries was founded by Davidson and a long-time friend, Brigadier General Oded Tyrah, with the purpose of investing venture capital in medium sized Israeli companies. The suit claims that a dispute among the beneficiaries of Davidson's estate has prevented the company from receiving the funds it was promised. A Jewish philanthropic group has also filed a $5 million claim against the estate. The group, Areivim, was also founded by Davidson and was allegedly denied promised funds after Davidson's death.

Ms. Davidson has said that she regrets that the issues surrounding her late husband's estate could not be settled amicably. Read more about the estate troubles of William Davidson at Estate of Pistons owner mired in legal battles.

If you live in the Jacksonville, Florida or Orlando, Florida area and require assistance with estate planning, please contact Wood, Atter & Wolf, P.A. for estate planning legal counsel.

When Brooke Astor passed away, she left a huge fortune behind. According to a New York jury, her son, Anthony Marshall, committed fraud and grand larceny by, among other things, giving himself a $1 million raise to manage his mother's finances. Marshall was found guilty on fourteen counts, and is appealing the jury's decision. This high profile case can serve as a warning to Florida families to make sure they get their estate planning documents in order before tragedy strikes.

In the Astor case, a financial power of attorney was used to give Anthony Marshall extraordinary powers over his mother's finances. This common estate planning document is designed to allow another, trusted person to step into your shoes and handle your financial affairs should you become unable to do so. These financial affairs may include such mundane tasks as handling your bank accounts and paying your bills, but could also include changing the beneficiary of your life insurance and retirement accounts.

Many states have been busy rewriting their financial power of attorney laws in recent years, to prevent occurences like the Astor debacle. Florida is not one of them, but an estate planning attorney can help you draft a document that would protect your interests from an unscrupulous agent. Spelling everything out in writing will reduce opportunities for abuse.

No matter where you live, don't let other families' horror stories keep you from executing proper estate planning, including signing a financial power of attorney. If you don't have one of these important documents and you become incapacitated, a judge will appoint someone to manage your affairs, and you will have no say in the decision. Get more tips about how to protect your estate at Protect Your Assets: Write A Safe Power Of Attorney.

If you require assistance with estate planning, please contact an estate planning attorney for estate planning legal counsel.