Attorney Jay Fleece Is Featured in the 22nd Edition of The Best Lawyers in America

BaskinFleece lawyer Jay FleeceBaskin Fleece partner Joseph W. “Jay” Fleece, III, was selected by his peers for inclusion in The Best Lawyers in America 2016 in the field of Trusts and Estates Litigation. Best Lawyers is based on an exhaustive peer-review evaluation. This year, 6.7 million votes were analyzed, resulting in the inclusion of more than 55,000 lawyers in the 22nd edition. Lawyers are not required nor allowed to pay a fee to be listed. Corporate Counsel magazine has called Best Lawyers “the most ©respected referral list of attorneys in practice.”


To schedule an appointment with a Baskin Fleece attorney, call (727) 572-4545. For more information about Baskin Fleece, visit www.BaskinFleece.com

How the Personal Representative and Others are Compensated

The personal representative, the attorney, and other professionals whose services may be required in administering the probate estate (such as appraisers and accountants), are entitled by law to reasonable compensation.

estate law and personal representative

Estate expenses: The personal representative’s compensation is usually determined in one of these five ways:

will1. as set forth in the will; 

2. as set forth in a contract between the personal representative and the decedent;

14-Blog3. as agreed among the personal representative and the persons who will bear the impact of the personal representative’s compensation;

4. the amount presumed to be reasonable as calculated under Florida law, if the amount is not objected to by any of the beneficiaries; or 

When a will is admitted to probate it is supervised by the probate judge

5. as determined by the judge.

 

The fee for the attorney for the personal representative is usually determined in one of three ways: 1. as agreed among the attorney, the personal representative, and the persons who bear the impact of the fee; 2. the amount presumed to be reasonable calculated under Florida law, if the amount is not objected to by any of the beneficiaries; or 3. as determined by the judge.

For help with a will, estate planning and personal representative related questions, you can contact BaskinFleece at 727.572.4545.

Some of the content of this information is courtesy of The Florida Bar and represents general legal advice. Because the law is continually changing, some provisions in this blog may be out of date. It is always best to consult an attorney about your legal rights and responsibilities in your particular case.

The Difference Between a “Last Will and Testament” and a “Living Will”

Will: The rights of a decedent's family.

Will: The rights of a decedent’s family.

Estate planning Many people confuse these two documents and sometimes believe they are the same document. They are two very different estate planning documents. A living will is a legal document, sometimes referred to as an advanced directive.  In Florida, a living will deals with whether a person wants to be kept alive by life prolonging measures when they have a terminal condition, end-stage condition, or a persistent vegetative state. A living will is only effective when a person has a terminal condition, end-stage condition, or a persistent vegetative state.

A professional guardian must pass a rigorous testing process to become a registered guardian, and all guardians are bonded for 100% of the value of the ward’s liquid assets.A last will and testament is a legal document where you name a person to manage your estate and advises to whom your estate shall be devised too. A last will and testament is only effective once a person has died.

For help or answers to will and estate planning related questions, you can contact BaskinFleece at 727.572.4545.

 

 

 

The content of this information is courtesy of The Florida Bar and represents general legal advice. Because the law is continually changing, some provisions in this blog may be out of date. It is always best to consult an attorney about your legal rights and responsibilities in your particular case.

BaskinFleece Partners All Included in 2015 Florida Super Lawyers List

Screen Shot 2015-07-22 at 4.47.39 PMBaskinFleece partners Hamden H. Baskin, III, Joseph W. “Jay” Fleece, III, and Colleen A. Carson were all included in Super Lawyers’ annual ranking of Florida attorneys. Mr. Baskin and Mr. Fleece were named in the 2015 Florida Super Lawyers list, while Ms. Carson was selected to the 2015 Florida Super Lawyers Rising Stars list, which includes attorneys who are either age 40 or younger or who are in practice for 10 years or less.

BaskinFleece partners Hamden H. Baskin, III, Joseph W. “Jay” Fleece, III, and Colleen A. Carson were all included in Super Lawyers’ annual ranking of Florida attorneys. The Super Lawyers lists feature attorneys who have attained a high degree of peer recognition and professional achievement. Before selection, candidates go through a multi-stage process that includes a statewide survey of lawyers, an independent research evaluation of candidates, and peer reviews by practice area.

No more than 5 percent of Florida lawyers are included in the state’s Super Lawyers list, and no more than 2.5 percent of Florida lawyers are included in the state’s Rising Stars list.

To set up an appointment with a Baskin Fleece attorney, call (727) 572-4545. For more information about Baskin Fleece, visit www.BaskinFleece.com.

Business Attorneys at BaskinFleece also have Expertise in Business Law

Baskin

Attorney Hamden Baskin III

BaskinFleece attorneys have the experience to help with your business law matters. Selecting the right structure for your new business is essential to help maximize your chances of financial and operational success. The most attorneys for businesscommon business structures include Corporations, Corporate Partnerships, Limited Liability Corporations, Limited Liability Partnerships, and Sole Proprietorships. Your choice of business structure will impact the amount you pay in taxes, the paperwork your business is required to do, and the personal liability you face. The attorneys at BaskinFleece can help you understand the advantages and disadvantages of all business structures, as well as assist with business acquisitions, reorganizations and business litigation.

To schedule an appointment with a BaskinFleece attorney, call (727) 572-4545. For more information about BaskinFleece, visit www.BaskinFleece.com.

The Difference between Commercial Accountings and Fiduciary Accountings: Part 1

Commercial and Fiduciary Accountings Part 1: General Overview

BaskinFleece lawyer Jay FleeceJoseph W. “Jay” Fleece, III, Esquire

Commercial or Business Accountings are used primarily to determine the profitability and solvency of a business. These types of accountings are better known as “financial statements” comprised of a “balance sheet” which shows the company’s assets, liabilities and ownership equity as of that report; an “income statement” or “profit & loss statement” which explains the company’s income, expenses and profits over time; and a “statement of cash flows” which is concerned with the flow of cash in and out of the business. These types of accountings benefit investors, shareholders and creditors. As part A Fiduciary Accounting is an accounting that must be rendered by a fiduciary; usually a personal representative of an estate; a trustee of a trust; an agent under a power of attorney; or a guardian.of preparing these types of accounting reports, a common set of accounting principles, standards and procedures are used to compile these reports. This common set of standards is referred to as “Generally Accepted Accounting Principles” or GAAP. GAAP provides comprehensive guidance on ways to record and report the financial information in a uniform manner for businesses.

A Fiduciary Accounting differs totally from a Commercial Accounting. A Fiduciary Accounting is an accounting that must be rendered by a fiduciary; usually a personal representative of an estate; a trustee of a trust; an agent under a power of attorney; or a guardian. Any situation where someone is holding or dealing with property of others usually creates a fiduciary relationship requiring a Fiduciary Accounting. The fiduciary is usually entrusted with the safekeeping, management, and disposition of assets on behalf of others.

A Fiduciary Accounting, rather than focusing on the profitability of the entity, focuses on the underlying assets and how the fiduciary has discharged his responsibilities to the beneficiaries in dealing with those assets.

The Fiduciary Accounting is the main, and perhaps only, way a beneficiary can determine whether the fiduciary has managed, protected and invested the underlying assets appropriately

The Fiduciary Accounting is the main, and perhaps only, way a beneficiary can determine whether the fiduciary has managed, protected and invested the underlying assets appropriately. If the fiduciary has failed to appropriately manage, protect and invest the underlying assets, then the beneficiary can hold the fiduciary accountable for breach of the multiple fiduciary duties owed to the beneficiaries. A fiduciary, knowing he is under a duty of full disclosure regarding the assets, may be less inclined to commit a breach of duty resulting in a loss to the beneficiary. A Fiduciary Accounting also allows a fiduciary to be discharged from liability for all disclosed actions in the accounting limiting a trustee’s liability. These two main objectives of fiduciary accounting are usually described as “Performance” accounting and “Discharge” accounting.

GAAP business accountingUnlike Commercial Accountings, there are no GAAP guidelines that govern the preparation of Fiduciary Accountings. That is not to say, however, that there are no guidelines which pertain to Fiduciary Accountings. The first place to look to see what guidance is provided to prepare a Fiduciary Accounting is the governing instrument. If that document does not provide guidance, then state laws should be consulted.

Over time, most of the states have adopted rules and statutes that provide guidance. Florida has adopted its variation of the Uniform Principal and Income Act, as embodied in Chapter 738 of the Florida Statutes. This statute gives guidance on what is classified as receipts and disbursements of income and principal, among other things. Rule 5.346 of the Florida Rules of Probate Procedure sets forth certain standards required for Fiduciary Accountings, at least for probate matters, but can and should be standards for all Fiduciary Accountings in Florida, as this rule was adopted the Uniform Fiduciary Accounting Principles and Model Formats as adopted by the Committee on National Fiduciary Standards of the American Bar Association.

Fiduciary Accounting must be to fully disclose and when necessary, explain the transactions in a clear and concise way so that a beneficiary can readily determine what assets are being administeredThe purpose of a Fiduciary Accounting must be to fully disclose and when necessary, explain the transactions in a clear and concise way so that a beneficiary can readily determine what assets are being administered, how each asset performed, either by income being generated by that asset, costs attributable to the carrying of that asset, and capital gain or loss on the disposition of that asset. The beneficiary should be able to readily determine how the income or principal of the trust, or probate estate, was used during the accounting period, and what the assets are still on hand at the end of the accounting period.

©2015 BaskinFleece –  Part 2 – The Fiduciary Accounting in more detail to follow at a later date.

To watch a video on the topic of the Fiduciary Duty of a Trustee, click here.

To schedule an appointment with a BaskinFleece attorney, call (727) 572-4545. For more information about BaskinFleece, visit www.BaskinFleece.com.

 

Baskin Fleece Partner Jay Fleece Recognized as Florida Legal Elite

BaskinFleece lawyer Jay FleeceBaskin Fleece partner Joseph W. “Jay” Fleece, III, has been named in the 2015 edition of Florida Trend magazine’s Florida Legal Elite™.

Members of the Florida Bar were asked to nominate Florida lawyers who they hold in the highest regard. An independent research firm compiled the results, and a panel of previous Legal Elite winners reviewed the attorneys who had the most votes.

 

The Florida Legal Elite list includes fewer than 2% of active Florida Bar members practicing in the state.The Florida Legal Elite list includes fewer than 2% of active Florida Bar members practicing in the state.

To schedule an appointment with a Baskin Fleece attorney, call (727) 572-4545. For more information, visit: www.BaskinFleece.com.