There are a lot of reasons people decide not to get married. It isn't their thing, it would cause one person to lose a pension or retirement benefit, it would interfere with existing planning and the list goes on.
Whatever the reason, if you or someone you know is in an opposite sex, unmarried relationship there are still really important reasons to do planning. These reason primarily revolve around the ability of your partner to be able to make legal, financial and health care decisions for you in the event of a mental disability or health crisis. Without legal directives appointing your partner as your agent or surrogate, you will not be protected. Most state laws look at unmarried couples as no better than friends. When you look at the state statutes, the decision making role for friends is at the end of the list after parents, siblings, cousins and more remote relatives.
If you want to control who makes your legal, financial and health care related decisions if you are unable to do so yourself, contact us today!
If you want more information on Estate Planning for Alternative Families, please attend our complimentary workshop on Thursday October 3, 2013, at 6 p.m. at our Learning Center in Oviedo, Florida.
Friday, August 30, 2013
Thursday, August 29, 2013
IRS Rules All Legal Same-Sex Marriages Count Now---Even Retroactively - Forbes
Good news for same sex married couples. The federal tax rules now apply to you - even retroactively. Read this article for more information, to read the Revenue Ruling 2013-17 or for frequently asked questions.
Stay tuned for our upcoming workshop, "Estate Planning for Alternative Families" scheduled for Thursday October 3, 2013, at our offices in Oviedo, Florida.
IRS Rules All Legal Same-Sex Marriages Count Now---Even Retroactively - Forbes
Stay tuned for our upcoming workshop, "Estate Planning for Alternative Families" scheduled for Thursday October 3, 2013, at our offices in Oviedo, Florida.
IRS Rules All Legal Same-Sex Marriages Count Now---Even Retroactively - Forbes
Wednesday, August 28, 2013
Providing protection for children
Usually when you think about protecting your children it is in the context of minor children - those that have not yet reached the age of majority and need adult guidance.
Obviously, this is important. Minor children need to have a guardian appointed in the event the biological parents are unable to care for them. Trusts should be created to administer, invest and distribute assets for a child's benefit until they are mature enough to manage their own money.
But what about adult children? Do they need protection? They may not need protection from themselves because they have reached a stage of maturity where they are capable of managing their own lives and their money. Do they still need protection from the possibility of divorce and catastrophic financial events? Absolutely.
Every day we meet with parents of adult children - children who are fully self sufficient and functioning in the responsible, adult world. Yet, the parents still express concern and appreciate the need for protecting their children from the bad things that can and do happen to good people.
Divorce is a reality in our society. There is no way to guarantee that every marriage is going to last forever. As a result, adult children may need protection in the event of a divorce. Trust planning for adult children can accomplish this goal.
Catastrophic financial events are also a reality. During these economic times, bankruptcy and foreclosure are at all time highs. What would happen if a parent were to die, leaving assets to their adult children outright, if that child is involved in a lawsuit, bankruptcy or foreclosure? The likely result is the inherited assets would become subject to the claims of their creditors. Trust planning can avoid this result.
Children of all ages that have a disability need protection. It probably goes without saying but we are continuously surprised at the number of families that have not done proper planning for children with special needs. Peggy's book, "Special People, Special Planning - Creating a Safe Legal Haven for Families with Special Needs" explains in easy to understand language how important it is to plan in a way that will protect both the individual and their entitlement to government benefits. Hoyt & Bryan is hosting their Fifth Annual Special Needs Conference on Friday September 20, 2013 at our office located at One Senior Place, 715 Douglas Avenue, Altamonte Springs, Florida. Call for more information or to make your reservation.
If you want more information about planning for adult children, please attend one of our upcoming, complimentary "Truth About Estate Planning" Workshops.
Obviously, this is important. Minor children need to have a guardian appointed in the event the biological parents are unable to care for them. Trusts should be created to administer, invest and distribute assets for a child's benefit until they are mature enough to manage their own money.
But what about adult children? Do they need protection? They may not need protection from themselves because they have reached a stage of maturity where they are capable of managing their own lives and their money. Do they still need protection from the possibility of divorce and catastrophic financial events? Absolutely.
Every day we meet with parents of adult children - children who are fully self sufficient and functioning in the responsible, adult world. Yet, the parents still express concern and appreciate the need for protecting their children from the bad things that can and do happen to good people.
Divorce is a reality in our society. There is no way to guarantee that every marriage is going to last forever. As a result, adult children may need protection in the event of a divorce. Trust planning for adult children can accomplish this goal.
Catastrophic financial events are also a reality. During these economic times, bankruptcy and foreclosure are at all time highs. What would happen if a parent were to die, leaving assets to their adult children outright, if that child is involved in a lawsuit, bankruptcy or foreclosure? The likely result is the inherited assets would become subject to the claims of their creditors. Trust planning can avoid this result.
Children of all ages that have a disability need protection. It probably goes without saying but we are continuously surprised at the number of families that have not done proper planning for children with special needs. Peggy's book, "Special People, Special Planning - Creating a Safe Legal Haven for Families with Special Needs" explains in easy to understand language how important it is to plan in a way that will protect both the individual and their entitlement to government benefits. Hoyt & Bryan is hosting their Fifth Annual Special Needs Conference on Friday September 20, 2013 at our office located at One Senior Place, 715 Douglas Avenue, Altamonte Springs, Florida. Call for more information or to make your reservation.
If you want more information about planning for adult children, please attend one of our upcoming, complimentary "Truth About Estate Planning" Workshops.
Thursday, August 22, 2013
Waiting too long
One of the most common scenarios we see are families that wait too long. They wait to do planning until they have reached a stage of crisis. We like to say, "We prefer to do planning in advance, but we are experts at crisis planning." This is a result of human nature - putting off until tomorrow the things that need to be done today.
Thinking about disability and mortality are not fun. We would like to believe that nothing bad is ever going to happen to us or to one of our family members. The reality is, bad things do happen to really good people. Your best defense is a well-conceived estate plan, co-created with a counselling oriented attorney, that is updated and maintained to capture the four L's.
The four L's are those things that can change - changes in your Life, changes in the Law, changes in your Lawyer's experience and changes in your Legacy. As the commercial says, "Life happens fast." So true and the reason to act today.
Yesterday, Peggy met with a client family where the mom and dad were in their 90's. The only planning they had done was a will purchased from an office supply store and cobbled together with pieces of paper containing notes, items that had been marked out and pages that were missing - about 15 years old. Anything amiss here?
One glaring deficit is the fact there was no disability planning. There was no one empowered to make decisions on behalf of mom and dad in the event of mental deterioration or a health crisis - all very likely for people in their 90's.
The youngest daughter was providing full time care for her parents but was starting to feel the stress and strain of 24 hour care giving. At some point it may be necessary for mom and dad to receive nursing home care. If this becomes a reality, their new estate plan will be an essential part of the action plan - providing their loved ones with the authority necessary to provide the assistance they will need.
Don't wait. The only thing certain in life is change.
Thinking about disability and mortality are not fun. We would like to believe that nothing bad is ever going to happen to us or to one of our family members. The reality is, bad things do happen to really good people. Your best defense is a well-conceived estate plan, co-created with a counselling oriented attorney, that is updated and maintained to capture the four L's.
The four L's are those things that can change - changes in your Life, changes in the Law, changes in your Lawyer's experience and changes in your Legacy. As the commercial says, "Life happens fast." So true and the reason to act today.
Yesterday, Peggy met with a client family where the mom and dad were in their 90's. The only planning they had done was a will purchased from an office supply store and cobbled together with pieces of paper containing notes, items that had been marked out and pages that were missing - about 15 years old. Anything amiss here?
One glaring deficit is the fact there was no disability planning. There was no one empowered to make decisions on behalf of mom and dad in the event of mental deterioration or a health crisis - all very likely for people in their 90's.
The youngest daughter was providing full time care for her parents but was starting to feel the stress and strain of 24 hour care giving. At some point it may be necessary for mom and dad to receive nursing home care. If this becomes a reality, their new estate plan will be an essential part of the action plan - providing their loved ones with the authority necessary to provide the assistance they will need.
Don't wait. The only thing certain in life is change.
Wednesday, August 21, 2013
Welcome to The Law Offices of Hoyt & Bryan, LLC
The Law Offices of Hoyt & Bryan was founded in Oviedo, Florida in 1998 by partners, Peggy R. Hoyt and Randy C. Bryan. By chance, they met at a meeting of the National Network of Estate Planning Attorneys held in Denver, Colorado. Soon they discovered they had similar business goals and a commitment to providing excellent service to their clients. The Law Offices of Hoyt & Bryan was born.
Today, Hoyt & Bryan employs more than eleven (11) full and part time team members including associate attorney, Sarah AuMiller.
They are still pursuing their earlier stated goal - providing excellent service and have adopted as their working motto, "Partners in Planning, Friends for Life." Both Peggy and Randy have been known to say, "We only work with people we like." Fortunately, those are the kind of people that regularly become clients. "We enjoy the time we spend with our clients and coming to work every day is fun."
Today, Hoyt & Bryan employs more than eleven (11) full and part time team members including associate attorney, Sarah AuMiller.
They are still pursuing their earlier stated goal - providing excellent service and have adopted as their working motto, "Partners in Planning, Friends for Life." Both Peggy and Randy have been known to say, "We only work with people we like." Fortunately, those are the kind of people that regularly become clients. "We enjoy the time we spend with our clients and coming to work every day is fun."
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