Modern Legal, P.A.

Modern Legal, P.A.

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#MemberMonday

Today's Spotlight is on Amanda Lynch Elliott of Modern Legal, P.A.
To learn more about her and her firm, go to http://www.themodernlegal.com
#FIRMFRIDAY

Today's spotlight is on Modern Legal, P.A.. For more about them, go to https://bit.ly/3kqtWm5.

Modern Legal is changing the way legal services are delivered. Practice areas include:
✺ Estate Planning;
✺ Wills & Trusts;
✺ Prenuptial Agreements;
✺ Contracts;
✺ Entity Formation; and
✺ Relative Adoptions.

Operating as usual

Lessons I Learned From Being The Estate Executor For My Parents 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

Lessons I 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 ✨

#modernlegal #estateplanningsimplified #lawyer #PensacolaLaw #PensacolaLawyer #PensacolaAttorney #lawyermom #PensacolaLawyerMom #EstatePlanningAttorney #EstatePlanning #gulfcoast #smallbusiness #pensacola #pensacolamom #familygoals #pensacolabeach #downtownpensacola #florida #gulfbreeze #pensacola #floridalawyer #floridamom #floridaliving #emeraldcoast #destin #education #529 #floridaprepaid #college #financialplanning

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

Photos from Modern Legal, P.A.'s post 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.*

Timeline Photos 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

Timeline Photos 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.* ⁠

Photos from Modern Legal, P.A.'s post 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 ☝🏼


#modernlegal #estateplanningsimplified #lawyer #PensacolaLaw #PensacolaLawyer #PensacolaAttorney #lawyermom #PensacolaLawyerMom #EstatePlanningAttorney #EstatePlanning #gulfcoast #smallbusiness #pensacola #pensacolamom #familygoals #pensacolabeach #downtownpensacola #florida #gulfbreeze #pensacola #floridalawyer #floridamom #floridaliving #emeraldcoast #destin #value #family #assetprotection #property #realestate⁠


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

Telephone

Address


Pensacola, FL
32503

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