Author: WB Admin

Tips for Minimizing Estate Taxes Your Family May Be Responsible For

Posted on by WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Tuesday January 5, 2021.

Many people worry about what will happen to their money when they pass away. They have worked hard all of their lives, and they want their families to benefit from their saving and accumulated wealth. The last thing hard-working Americans want is for the government to take the money they have earned away from their family members through estate taxes. If you are worried about the impact of estate taxes on your property, here are some tips to make your family’s tax burden smaller. 

What Is An Estate Tax?

An estate tax is something your estate (what remains of your money or physical property after you die) must pay. Usually, your estate is your home, savings, stocks, and other assets you might have. Your estate must pay a tax after you pass on, and in some cases, it can be very steep. If you aren’t prepared, an estate tax can take up to 40% of the estate that you have left your relatives, which is shocking for many people. If you don’t want to give your money to the government, here are some ways to reduce your estate tax liability. 

How to Reduce Your Tax Liability

First, you need to know that the ceiling of taxable liability that you can claim for your estate is now one million dollars, rather than the five million ceiling pre-2012. While this may sound like a lot of money, it shrinks perceptibly when you figure in your retirement accounts and your home. 

The first thing you need to do to reduce your liability is to be sure you take all of your exemptions that you can for you and your spouse. You are allowed to claim all of the estate when your spouse dies with no liability. Next, if you have assets remaining, you can reduce your tax liability by giving the assets to family, or by putting them in a trust. Both are good ways to reduce your liability. You may also want to include in your estate tax plan purchasing life insurance to cover estate tax costs, so that your family isn’t left to pay tax debt. If you have questions about your estate, and estate taxes, you should consult an estate attorney. 

Are There Limitations to What You Can Use Child Support For?

Posted on by WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Sunday December 11, 2020.

If you are receiving child support, it’s important that you understand the rules that govern how you can and cannot use this money. Child support isn’t extra money you can use however you wish. There are rules that require you to use it to cover your child’s basic needs. There is a good amount of leeway in how these needs are defined, but if you misuse this money, the consequences can be severe.

What Can You Use Child Support For?

The category of “basic needs” is quite broad, but in general, child support can be broken down into a few different areas. Food, housing, and clothing are all obvious basic needs. This means you are allowed to use child support to pay your rent and your utility bills in addition to buying groceries and other necessities. Medical care is also allowed. Child support can be used to buy anything related to your child’s education, the cost of daycare or sitters, and the cost of transportation. This latter category includes car maintenance, gas, insurance, and even your car payments in addition to the cost of bus fair and other tickets. 

You may also use child support for extracurricular activities and even for entertainment. This includes after-school sports programs, summer camps, club, and other activities that enrich your child’s life. You can even use child support for entertainment, including television and video-on-demand services, movie tickets, internet fees, camping, trips to amusement parks, and more. These activities do need to be age-appropriate, however.

What You Cannot Use Child Support For

While the above list does cover many things, there are still a number of things that are considered misuse of funds. For example, anything you purchase for yourself or other family members that your child cannot or will not need. You can’t use your child support money to buy yourself clothing, jewelry, or electronics that you child won’t use. Paying for services that only affect you, such as haircuts or a gym membership, is also not allowed. If you take a trip without your child, you may not use child support money to pay for it. In short, anything that your child will use or that they need is fine, but anything they are not a part of is a misuse of child support money.

Make it a Holiday Tradition to Update Your Will and Testament

Posted on by WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Friday December 11. 2020.

When did you last update your will and testament? If you haven’t updated this important document within the past several years, it may be outdated. You may have additional heirs who need to be added to your will, or you may need to remove an heir. Your assets may also have changed. One good idea to ensure your will is always current is to make updating it a holiday tradition.

Why Update Your Will Yearly?

Many people may wonder why updating their will every year is necessary, especially if their assets and heirs haven’t changed. You may not actually need to make changes every year. However, you should still review your will annually. This will remind you of what your last wishes are and give you the opportunity to make changes.

Making this a Habit Ensures Changes Are Made

If you’ve had a new child, gotten divorced, or had any other major life changes, you may recognize that you need to update your will. However, life is busy. You may keep planning on making an appointment to have your will updated, but then you never seem to find the time to do so. If you make updating your will a holiday tradition, you’re more likely to do it because it’s a routine task. This helps ensure that these major life changes are reflected in your will. If they aren’t and you unexpectedly die, it can cause considerable work for your heirs.

Why Update Your Will Around the Holidays?

There’s no specific reason to updating your will around the holidays as opposed to any other time of the year. However, most people do tend to think about things in defined terms, whether that term is a week, a month, or a year. By updating your will around the holidays, you can look at the past year and determine what may have changed. It can be easier to list changes from January up to December instead of from last year’s June to this year’s June. As the year closes, most people have already made all of their major purchases or life changes. However, if you have a wedding scheduled for late December, you can always schedule your meeting to update your will a little later. Just make sure it gets done.

Things to Consider When Setting a Medical Power of Attorney

Posted on by WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Sunday November 1, 2020.

When it comes to the care and treatment of a loved one, you want to have your full focus on their best benefit. Setting a medical power of attorney can eliminate a lot of unnecessary stress. It puts your mind at ease because you have an assurance that the desired health decisions will be made according to you and your loved one’s wishes.  Establishing a medical power of attorney in Florida is a relatively simple process. However, having a legal advocate like the Law Office of Wickersham & Bowers will give you the assurance you need to make this process uncomplicated and stress-free.

What You Should Know When Setting a Medical Power of Attorney in Florida

A medical power of attorney (also known as a Florida Designation of Health Care Surrogate or an Advance Directive) is a legal document that authorizes you to appoint yourself (or an alternate individual) to make health-related decisions on behalf of a person who has specific health care preferences in the event he or she cannot make these decisions for themselves. 

For example, if you are appointed as medical power of attorney (MPA) to a loved one, you (or an additional person elected as a secondary authority) can make medical decisions regarding health treatment on behalf of your loved one according to his or her wishes set forth in the MPA documentation.  If a situation occurs when medical choices must be made and your loved one is not in a capacity to give clear instruction, as the MPA, you are the mouthpiece for your loved one when it comes to communicating with health providers. 

It is crucial to complete the medical power of attorney documentation accurately and appropriately according to your loved one’s intentions. Doing so protects the person you are serving in their stead, as well as legally protecting yourself under Florida Statues Section 765.203.

Getting the Best Care When Setting a Medical Power of Attorney

At the Law Office of Wickersham & Bowers, we realize being responsible for the medical wishes of someone you care for can be a tremendous responsibility. That is why we are here to guide you through the process of setting a medical power of attorney. We are here to make transitions in you and your loved one’s life as seamless and easy as possible. For further information about setting a medical power of attorney, please contact us by email or at 386-252-3000 today. Our caring, professional legal team in Daytona Beach Florida is here to help you during your time of need.

Is Splitting Holidays Required for Custody Agreements

Posted on by WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Sunday November 1, 2020.

Holidays are meant to be a time of celebration and spending time with our loved ones.  Parents dealing with divorce often face challenges when it comes to enjoying these special times together with their children.  Knowing your legal rights in Florida as a parent of a minor can give you peace of mind when it comes to splitting holidays for custody agreements. At the Law Office of Wickersham & Bowers in Daytona Beach, we have you and your child’s best interest at heart. 

Negotiating a Parenting Plan for Holiday Custody Agreements

Our Florida law office is devoted to helping you and your family experience the comfort and joys the holiday season can bring. That is why we are here to provide you with the best counsel when it comes to determining holiday custody agreements. 

The first step to stress-free holiday custody terms is to establish a parenting plan.  Florida law requires a parenting plan that distributes equal custody time-sharing. This means each parent receives a 50-50 share of time spent with the child (or children) in a joint custody situation. Therefore, equally splitting holidays is required for custody agreements.  

It is important to establish a clear parenting plan regarding holiday custody to avoid misunderstandings.  The Florida Supreme Court provides a checklist that includes traditional holidays as well as other special days off during the school year.  Establishing this parenting plan is crucial to identifying what is considered a holiday and which parent should receive the child or children in any particular occasion. 

Once finalized, this time-share plan will eliminate doubt and confusion regarding your custody agreement.  With our legal counsel, we can help you negotiate clear terms as to defining fair holiday custody with satisfaction and equanimity.

Getting the Answers You Need About Splitting Holiday Custody Agreements

You can have a healthy, happy holiday season with your family, even after divorce or separation.  Our team of caring legal experts can guide you through the process of splitting holiday custody agreements so you can enjoy your holidays to their fullest. Contact the Law Office of Wickersham & Bowers by email or at 386-252-3000 today so you can consult with one of our family law attorneys. We are happy to provide you the counsel you and your family deserve.

What You Need for a Florida Parenting Agreement

Posted on by WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Thursday October 01, 2020.

Sometimes called a custody agreement, a parenting agreement outlines how parents will share the rights and responsibilities of raising their children. This agreement also establishes a time-sharing schedule, a schedule of days and times for both parents to spend an equal amount of time with their children. In a trial for child support and/or custody, each parent submits a proposed plan and a judge reviews the proposal and creates the final agreement based on what is best for the child.  There are different types of agreements and choosing the right plan depends on the needs to be met for the child. 

Types of Agreements

It’s important to know what type of parenting agreement you need for your child. There are four different types of parenting agreements:

  • Basic Agreements are ideal for co-parents cooperating willingly with one another.
  • Long Distance Agreements are recommended for cooperating co-parents who live more than 50 miles from each other.
  • Highly Structured Agreements are for co-parents prone to frequent disagreements that require mediator or lawyer interventions, or mandated parenting cooperation.
  • Safety Focused Agreements allow a parent-child relationship, but are for cases where the children or parents are at risk for violence, abuse (to include substance abuse), or criminal activities; time sharing is strictly monitored or sometimes denied and this type of agreement also sets guidelines on physical discipline, firearms, parents’ substance use, and other persons allowed around the child.    

Creating Your Parenting Plan

You want a detailed parenting plan that contains all the required information. The more detailed your plan the more effective the final agreement will be. Your proposed parenting plan must address the following:

  • How parental rights, responsibilities, and child care tasks will be shared. 
  • How decisions relating to education, medical (to include dental care), and childcare will be divided.
  • How time-sharing will be divided. 
  • How transportation and child exchanges will work.
  • How parents will communicate with each other.
  • How children will communicate with the other parent during time-sharing.
  • How changes to the plan and schedules will be handled.
  • How conflicts related to the parenting plan and parenting time will be resolved.

How the schedule will develop through time and as the child ages. 

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