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Fort Lauderdale Florida Elder Law Blog

J.P. Morgan ordered to pay for mishandling estate administration

Many Florida residents choose to obtain outside help with complicated affairs. When it comes to estate administration, there are various professional entities that could step in to handle the necessary tasks associated with this responsibility. However, some entities may not uphold their end of the obligations, and surviving families could be left feeling frustrated and confused.

One family in another state have been experiencing such feelings over the last seven years since their loved one's death. The widow and stepchildren of a deceased man whose estate was worth approximately $19 million enlisted J.P. Morgan bank to act as administrators of the estate. Over the years, the bank failed to properly handle the responsibilities and reportedly committed fraud, broke agreements and breached fiduciary duty.

Hefner estate administration may interest Florida residents

When a high-profile individual dies, many Florida residents may become interested in what will happen to that person's property. In cases of celebrities, information about their estate administration often ends up in the news, as a substantial amount of wealth and assets are typically involved. This type of situation is currently taking place after the recent death of Playboy founder Hugh Hefner.

Hefner died at the age of 91, and it was recently estimated that his net worth was approximately $50 million. While this is a much lower amount than the $200 million he was worth at the peak of his success, it is still a substantial amount to be distributed among his heirs and beneficiaries. Recent reports stated that Hefner's estate plan leaves his fortune to his children, the University of Southern California film school and multiple charities.

Medicaid planning may benefit those with long-term care concerns

Though a number of Florida residents may value their independence a great deal, they may also know that a time could come in their lives when they need long-term care. A considerable percentage of individuals over the age of 65 need such care, and often, these parties struggle to meet the sometimes substantial expenses. Luckily, parties could utilize long-term care insurance or Medicaid planning options to prepare ahead of time.

If individuals are interested in long-term care insurance, they may wish to explore their options well before they may need it. This type of insurance could come with high premiums, and having the ability to look for the best coverage without an immediate need may be beneficial. Additionally, in many cases, if a disability has already come about, parties may not qualify for insurance coverage.

Methods for Mom to pay for nursing home care

You love your mom very much. You want to take care of her the way that she took care of you. It is important to you that your mother is comfortable and receives the care she needs. As your mother continues to age, and her needs intensify, you are considering assisted living.

While you wish that you could house your mom, you know that it isn’t ideal. You want to make sure that as you consider a nursing home, that you choose the right one. You are also concerned about cost.

Estate administration reveals Jerry Lewis excluded sons from will

After the death of a loved one, knowing that he or she created an estate plan can sometimes ease the pain of their passing. These plans can reflect that person's final wishes, and often, individuals take comfort in knowing these wishes. However, during estate administration proceedings, some parties may find out information that seems less comforting.

Florida residents may be interested in the recent reports regarding the will of Jerry Lewis. The 91-year-old entertainer died last month, and details regarding his will indicated that several of his children will not receive any of his estate. In fact, Lewis purposefully named his six sons in the will and stated that they and their descendants should not inherit any of the estate. It was noted that one of those sons had preceded him in death.

Social Security disability application rejections common

When Florida residents are faced with a serious disability, they may feel as if they could easily become a burden on their loved ones. Because many disabilities often result in individuals losing their ability to work, many people could lose out on much-needed income. However, Social Security Disability Insurance could help qualifying individuals obtain financial assistance.

In order to be considered disabled in terms of SSDI, a disability must result in a person losing the ability to carry out substantial work, and the issue must have lasted for more than a year or be projected to last more than a year. Though many people who meet these criteria may think that obtaining benefits should be easy, it can actually prove quite challenging. Many applications for SSDI face rejection on first submission.

Long-term care insurance is on the rise again

According to Consumer Reports, long-term care is more expensive than ever before. These costs put a burden on aging parents and families to come up with the money for lengthy nursing home stays that they may not have accounted for in a financial plan. As more Baby Boomers will be in need of care in coming decades, those costs could continue to increase. How can families be better prepared to handle the costs of long-term care?

Because of the high cost of elder care, long-term care insurance plans are back in the spotlight of estate planning. This insurance covers long-term care costs not associated with health insurance, Medicaid or Medicare. The benefits of this kind of insurance should be carefully discussed among loved ones and trusted advisors before purchasing. Nevertheless, its features are worth considering from a legal perspective.

Does a loved one's estate need to go through probate in Florida?

Most Florida residents consider the death of a loved one a very personal event. Though it is true that surviving family will likely have much grief to work through and life changes to consider, the passing of a family member can also present a legal situation. Because estate issues often need attending to during this time, probate proceedings are often necessary.

Some individuals may not feel certain as to whether a loved one's estate will need to go through this type of legal process. While it is true that some parties may have taken steps to avoid probate -- such as by having joint accounts or designating beneficiaries -- these proceedings are fairly common when it comes to settling an estate. Whether probate is necessary can depend on the type of planning tools the decedent used.

Florida executors may find probate information useful

When Florida residents lose a spouse, the event can be devastating at any age. A surviving spouse may have a myriad of tasks to attend to as he or she will likely take on the role of executor of the deceased individual's estate unless extenuating circumstances prevent such action. If the spouse does take on the responsibility, he or she will have many duties relating to the probate process for the estate.

When it comes to settling the estate, the process may go more quickly if the decedent created an estate plan. With this plan, he or she may have already dictated who should receive certain assets or how property should otherwise be distributed. If the deceased party did not create an estate plan, state law regarding distribution will likely come into play, and the probate process may be more complicated.

Florida estate administration conflict may arise over DIY wills

When a person chooses to create a will, he or she is working to detail end-of-life wishes. Because these desires can be quite personal, some parties may think that it would be better to simply create an estate plan on their own. However, if the document is not created correctly or conflicting documents exist, estate administration problems could arise.

Though Florida residents may feel confident in their planning skills, without the correct legal information, estate planning mistakes could easily be made. As a result, a will could face a greater chance of being challenged by surviving heirs and potential beneficiaries. As a result, estate administration could face delays and litigation that cause surviving individuals to face complex legal proceedings.