by Monica Chamness
Staff Writer
The Trust and Probate Law Section of The Jacksonville Bar Association has the intention of keeping abreast of issues under the jurisdiction of trust and probate law. The practice is primarily concerned with estate planning, wills and the formations of trusts to plan for one’s untimely demise, handle the tax consequences of charity given during one’s life or to provide guardianship for dependents, including pets.
Section members meet several times a year to discuss legal topics within their area in a roundtable format. Speakers are generally brought in to shed light on the subject. For their next meeting, they’ll talk about recent developments in estate tax.
“It concerns anyone who has property,” said Section chair Michael W. Fisher, an attorney at Fisher, Tousey, Leas and Ball. “They need to have a will, especially if they have children under 18 so they can designate a guardian. The elimination of estate taxes is a biggie. The change in the definition of trust income is another issue which will affect thousands of trusts in Florida. Plus, there are always changes in homestead law so we discuss its current status.”
The type of assets protected from judgment creditors will be another matter for debate. Fisher often persuades a bank or another similar business to sponsor the facility and lunch. On average, about 25 lawyers typically attend.
Like many areas of the law, trust and probate can overlap into other specialities such as debtor rights, insurance, social security and family law, particularly in light of divorce settlements.
“It has a lot of implications,” said Fisher. “Elder law is a separate section but one we’re very close to because it deals with the treatment of the elderly and Medicaid/Medicare issues. Personally, I’ve represented several people who have won the lottery and need help deciding how their assets will be distributed and how to give gifts with the least taxation. When people win lawsuits, they need to know how to handle their assets, especially if they are disabled.”
Naturally, Fisher’s firm focuses on the areas of taxation, wills, trusts and related areas such as corporate/business transactions and compensation planning (IRAs, pensions, profit-sharing plans). Fisher’s job as chair is to set up meetings for the Section and coordinate with members to encourage participation. He has served as chair for several years. Another task as chair is to organize seminars as needed. Whether the group will hold such a conference this year is yet to be decided.
“Last year we put on a seminar on federal income and estate taxes,” recalled Fisher. “It dealt with reducing estate taxes for the individual.”