Wills, Trusts, Power of Attorney, Healthcare Surrogate, Elder Law
All clients are encouraged to have a Last Will and Testament, Designation of Health Care Surrogate, Living Will and Durable Power of Attorney as well as a plan for future issues that will arise as they and their families grow older.
Straley | Otto believes it is a mistake to simply do a Will as the other “Lifestyles Issue” documents are equally as important, and relatively inexpensive. In addition, clients are counseled on asset protection, how to avoid probate, the effect of joint tenancy, how to choose a personal representative or trustee, and the effects of gifting and death. Straley | Otto also handles probate in an efficient cost effective manner that dispels and avoids the many probate horror stories that so many people have heard of or experienced.
Elder Law is very important in South Florida and Straley | Otto has worked in this area for over 30 years. “Do It Your Self” Estate Planning documents often result in inaccurate and legally ineffective Estate Planning, causing individuals and their family more expense and headache in the end. Legal Counseling is important in the areas of Durable Family Powers of Attorneys, Last Wills, Trusts, Living Wills, Health Care Surrogates, Enhanced Life Estates (Ladybird Deed), Guardianships, Probate Avoidance and other areas. Florida Law has changed significantly in several of the aspects related to Estate Planning, and we encourage a Legal “Check Up” at this time for all.
Enhanced Life Estate “Ladybird” Deed
Straley | Otto counsels clients with regard to a simple and effective estate planning tool known as the Enhanced Life Estate Deed. This document, also known as the “Ladybird Deed”, is a method of avoiding the necessity of administering real property in a probate proceeding by adding other persons (basically, heirs) as “remainder owners” while the grantor retains a “life interest” in the property. Most importantly, and different from previous life estate deeds that were permitted under Florida law, the Enhanced Life Estate Deed recognizes the estate-planning purposes of such deeds and allows the grantor to retain the right to sell or mortgage the property without the consent of the remainder-owners named in the Deed. In other words, a person may wish to name his or her children as remainder owners on an Enhanced Life Estate Deed to his or her home (or other property), which will allow the property to automatically pass to the children upon the grantor’s death, but will still permit the grantor/owner to maintain control of the property during his or her lifetime, including the sale or mortgaging of the property, without any participation by the children. This deed makes the property exempt from Medicaid, which is a further benefit.
Is it time for your legal checkup?
Straley | Otto
|2699 Stirling Rd, Fort Lauderdale, FL 33312, USA|
2699 Stirling Road