Modern Legal, P.A.

12/28/2022

Has someone named you as their agent in a Power of Attorney?

Do you have questions about what that means? Read on!

WHAT ARE THE RESPONSIBILITIES OF AN AGENT?

While the power of attorney gives the agent authority to act on behalf of the principal, an agent is not required to serve. An agent may have a moral or other obligation to take on the responsibilities associated with the power of attorney, but the power of attorney does not create an obligation to assume the duties. However, once an agent takes on a responsibility, there is a duty to act prudently.

IS THERE A CERTAIN CODE OF CONDUCT FOR AGENTS?
Yes. Agents must meet certain standards of care when performing their duties. An agent is looked upon as a “fiduciary” under the law. A fiduciary relationship is one of trust. If the agent violates this trust, the law may punish the agent both civilly (by ordering the payment of restitution and punishment money) and criminally (probation or jail).

WHAT IS “FIDUCIARY RESPONSIBILITY”?
An agent is a fiduciary and as such has multiple duties when acting for the principal. These include an overriding duty to do only those acts authorized by the power of attorney, and when performing those acts to act in accordance with the principal’s reasonable expectations, to act in the principal’s best interest and to attempt to preserve the principal’s estate plan. The preservation of the estate plan is dependent on a number of factors, including the agent’s knowledge of the plan and the needs and desires of the principal. This standard requires the agent to exercise reasonable care and caution in managing the assets of the principal.

Read more via link in bio ✨

12/24/2022

Merry Christmas + Happy Holidays to you and yours.

Wishing you peace, love, and joy [and slightly warmer temps].

🤍 Amanda

11/29/2022

It’s 💵

Have you chosen who you’ll give to?

The NWF Guardian Ad Litem Foundation is a non-profit organization that

• Supports the Guardian Ad Litem Program in NW Florida

• Mentors and advocates for abused, abandoned, and neglected children in 4 counties.

• And raises funds to provide for the needs of these children such as sports fees, special camps, musical lessons, band fees, etc.

We work to ensure these children are well cared for and have a bright future ahead.

Will you help?

We can accept donations through our website - nwfgal.org - or Venmo .

All contributions are tax deductible.

09/29/2022

🎉 Current GAL Volunteers and Future Volunteers! 🎉

We’re so excited about several upcoming events and want to make sure you don’t miss a thing!

Head over to our new website and signup to get these exciting events sent directly to your inbox.

We promise no spam. 😝

Nwfgal.org is where you’ll find us. Thanks for all you do!

09/21/2022

Do you love the idea of DIY, but want the guidance and expertise of a professional when it comes to something as important as estate planning?⁠
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Has estate planning been on your to-do list for ages, but seems cost prohibitive?⁠
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My online Estate Planning Simplified course may be right for you.⁠
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With a multitude of internet-based DIY tools available, creating your own will has never been easier.⁠
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However, these boilerplate documents likely fail to address your unique family dynamics and individual needs, and may create a false sense of security.⁠
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[Read more about the American Bar Association’s opinion of DIY Planning via the link here: https://www.americanbar.org/groups/real_property_trust_estate/resources/estate_planning/diy_estate_planning/ ]
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In my ongoing mission to make estate planning affordable for everyone, an estate planning course guided by an attorney just makes sense.⁠
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In my course, Estate Planning Simplified, you’ll: ⁠
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✢ Identify your individual needs;⁠
✢ Learn important details about your plan;⁠
✢ Ensure that your plan is in accordance with state law;⁠
✢ Gain valuable information so you can make educated decisions;
✢ Understand what you are signing; and⁠
✢ Complete documents tailored to your specific needs. ⁠
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At the end of the course, you’ll have a valid, legally binding estate plan at a fraction of the cost of traditional, individual planning.⁠
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If this sounds like something you or a loved one might be interested in, please message or leave a comment below. ⁠
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*THIS COURSE IS AVAILABLE FOR FLORIDA RESIDENTS ONLY*

07/11/2022

Do you know what’s much more important than “being right” all the time?

Effectively communicating with and carrying out your clients’ wishes!

If the attorney you're working with takes the "I'm always right" approach, you may want to find a different attorney.⁠
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Yes, it's my job to know the law.⁠
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But it's your job to give me direction about your unique situation.⁠
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Did you know that a lawyer should take their direction from you, the client? (Assuming it doesn't break the law, that is.)⁠
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Yep! It's in our code of ethics. It's called the duty of obedience.⁠
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Sounds wild, right?⁠
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We should certainly be well-versed in our practice area and should be able to analyze your situation in accordance with the law. ⁠
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We should also educate you so that you can make informed decisions.⁠
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But we should NEVER be the decision-maker.⁠
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Swipe right to see what attorneys should be doing instead!⁠
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07/06/2022

Do you have a child heading off to school in the fall?⁠
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While this time is so exciting, it can also be a little scary.⁠
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If your adult child still wants a little assistance from time to time, encourage them to sign a couple of documents before they go:⁠
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- Advance Directives (allows agents to assist with medical decision-making); and⁠
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- Power of Attorney (allows agents to assist with finances).⁠
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The College Bundle starts at $300 for documents only, and $450 includes signing. ⁠
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Drop your questions below, or schedule a free consultation via link in bio 👏 ⁠
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01/25/2022

Lessons I Learned From Being The Estate Executor For My Parents

This article shares real-life lessons learned while being the executor of an estate. It’s worth a read.

My personal favorite takeaway?

“Do at least an annual checkup as assets and family situations will change with time.”

I wish everyone knew this! 👌🏼👌🏼👌🏼

https://seekingalpha.com/amp/article/4481008-lessons-learned-from-being-the-estate-executor-for-my-parents

In this article, I discuss steps executors need to be aware of and important pieces to a person’s estate plan. Check out the 4 important lessons I have learned.

01/24/2022

Probate is the process of retitling assets from the name person who passed away to the name(s) of the beneficiary(ies).

Probate is a court process whereby a person’s Will is admitted to court by a judge, and the person’s assets distributed according to the terms therein.

If the person who passed (called a decedent) does not have a Will, the laws acccording to the state in which the decedent lived will control distribution.

Florida provides for a streamlined form of probate called a summary administration. It is available to estates that qualify based on the value of the estate or on the period of time that has passed since death. Probate can be relatively straightforward, but it can also be a very time-consuming and lengthy process during which the assets owned by the estate are essentially frozen.

The cost of probate combined with the inability to access estate assets during the administration are both key reasons why many choose to avoid probate.

If you would like to learn more about options for probate avoidance, let’s talk.

Schedule a free consultation via link in bio 👆🏼

01/20/2022

If you own real property outright (no liens, no mortgage), and beneficiaries meet certain criteria, yes! Avoiding probate may really be as easy as signing a deed.

A “ladybird deed”or enhanced life estate deed works much like naming payable on death beneficiaries on a bank account.

It allows you during your lifetime to name the person(s) to whom your property will pass at your death.

It changes nothing from an ownership perspective (and is not considered a gift for purposes of Medicare planning), and you can still do whatever you want with it.

Only if you own the property at death does it pass outright to beneficiaries with no probate required.

Because the property passes outright with no restrictions, it’s not appropriate where minors are involved or where potential beneficiaries (called “remaindermen” in the real property arena) would not be in a position to own real property.

Is this right for you?!

Let’s talk!

08/27/2021

When we were contemplating whether to setup a Florida Prepaid Plan or invest in a 529 Savings Plan for our daughter, we went a little overboard researching the differences.

Here are our main takeaways:

Florida Prepaid:
- Locks in the price of tuition at the time of enrollment;
- Not subject to market fluctuation;
- Traditionally only covered tuition, but now offers separate plans to cove costs above tuition;
- Applicable to Florida’s public university system only to realize the full value (a lesser amount may apply to private schools);
- Requires regular payments and must be setup during open enrollment;
- If your child does not use the funds and the funds are not transferred to another student for the intended use, no interest is earned; and
- Funds must be used within 10 years of the child’s projected college enrollment year.

529 Savings Plan:
- Investment earnings are not subject to federal taxes;
- Money is not taxed when it is withdrawn to use for college-related expenses;
- More flexible expenditures are authorized, including private or out-of-state schools (the equivalent value of attending a public Florida university is allotted);
- Can be funded at whatever frequency (regular payments or lump sum);
- Funds used for non-educational purposes will incur a 10% penalty;
- Subject to market fluctuations; and
- Funds can be kept in a 529 plan indefinitely - no time restriction for using them.

Whoa... that was a lot of information.

To put it simply, if you’re planning and saving for your child’s education, you’re already doing great, regardless of how you go about it.

Are you interested in other ways to plan for your children? Let’s talk ✨

#529

*This information is intended for educational purposes only and is not legal advice.*

08/10/2021

Do you have a probate "problem"?

What exactly is probate?

Can you avoid it?

Great questions!

Enjoy this quick read explaining the probate process compliments of Andrew Martin.

If you'd like to see if you're in the position to avoid probate, let's talk!

⁠ *ALL INFORMATION IS INTENDED FOR EDUCATIONAL PURPOSES ONLY AND IS NOT LEGAL ADVICE.*

08/04/2021

Organization is self-care.

Self-care is the act of engaging in activities to gain or maintain an optimal level of overall health. There are 8 main areas of self-care: physical, psychological, emotional, social, professional, environmental, spiritual, and financial.

Organization falls into 3 of the "self-care" categories - psychological, environmental, and financial.

Why am I telling you this?

Because many clients don't realize that estate planning is essentially organizing your affairs.

In the process of organizing, we'll update beneficiaries, retitle accounts (if needed), and make other changes so that your intended beneficiaries are in the position to easily gain access to your assets if something happens to you; however, a big part of my job is to get you organized.

We do that several ways:

1) When compiling documents and filling out the initial intake questionnaire, clients have the opportunity to put their account information in one place which is VERY helpful to loved ones if something happens.

2) During the initial consultation, we'll talk about what you have and what your intent is for that asset. If it makes sense for you, we'll talk about consolidating for simplicity.

3) Once your plan is complete, I'll organize your estate plan in a portfolio where I'll also leave room for other important documents that your family may need in the future.

Many clients breathe a HUGE sigh of relief when planning is complete not only because their families are well taken care of, but because a huge burden has been lifted and their affairs are finally organized.

Visit the link in bio for F R E E organizational spreadsheets

08/02/2021

Modern + Legal is offering a F R E E Designation of Health Care Surrogate and Living Will to any teacher who works in Florida through the month of August.

Teachers (and all school employees) have one of the most important jobs there is, and the hard work that you put in is so appreciated.

To request your free document, simply click the link in bio.

[Proof of employment is required. A Designation of Health Care Surrogate and Living Will document allows you to name health care agents to make medical decisions for you, and to specify your wishes for artificial life support; however, it is not a comprehensive estate plan. No attorney client relationship is formed by accepting this free document.]

*ALL INFORMATION IS INTENDED FOR EDUCATIONAL PURPOSES ONLY AND IS NOT LEGAL ADVICE.* ⁠

07/06/2021

Check out this quick read highlighting the importance of estate planning for blended families - compliments of the talented Andrew Martin.

Thanks for sharing, Andrew!

07/02/2021

What is a “ladybird deed”?

A ladybird deed, also called an enhanced life estate deed in Florida, is a legal way to split property ownership into an enhanced life estate and a remainder interest.

In practical terms, the lady bird deed enables a property owner to “deed” property to someone else, but retain full control during their lifetime.

Other benefits include:

🏠 Avoids Probate. The single biggest advantage to securing a Lady Bird Deed in Florida is that, after your death, your estate can avoid probate.

🏠 Does Not Affect Medicaid Eligibility.

🏠 Current Owner Remains Eligible for the Homestead Exemption.

🏠 Less Expensive &

🏠 more!

Ladybird deeds aren’t right for every situation, but can be a great option for those that own their property outright and wish to avoid probate.

You should consult an experienced estate planning attorney to discuss your particular affairs.

Visit the link in bio to learn more ☝🏼

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⁠ *ALL INFORMATION IS INTENDED FOR EDUCATIONAL PURPOSES ONLY AND IS NOT LEGAL ADVICE.*