Welcome to the NEWSLETTER of Fisher’s Law Office, providing you with legal information you can use in your everyday life. If you have questions about what you read in this newsletter, please call us today.

NEW LAWS MAKE WRITING YOUR LAST WILL AND TESTAMENT A BIT MORE DIFFICULT

Florida Statutes, Section 733.107(2), states that a presumption of undo influence occurs if a person abuses a confidential relationship or a fiduciary duty.

Here are some suspicious situations that might give rise to a finding of a breach of a fiduciary duty or a confidential relationship:

1. The beneficiary to the Will was present when the decedent signed the will.
2. The beneficiary recommended an attorney to draft the will.
3. The beneficiary instructed the attorney on how to draft the will.
4. The beneficiary knew the contents of the will before it was written.
5. The beneficiary obtained witnesses for the will.
6. The beneficiary was present when the signed the will.
7. The beneficiary arranged for the safekeeping of the will after it is signed.

Moral to the story? Do not interfere when your loved ones are writing a will. Have them call the attorney separately and make all the arrangements especially if you are a potential heir to a will.

WHAT DO YOU DO IF YOU OWE THE IRS MONEY?

Many people are unaware of programs that the IRS offers to allow taxpayers to resolve their tax problems. Here are some of the ways of resolving your tax problems:

1. If you have filed your tax returns on time and more than three years have gone by you may be able to file bankruptcy and be forgiven for the taxes you owe the government. There are several requirements for bankrupting out taxes so see a tax professional.
2. You can file an Offer and Compromise, which allows you to make an offer to the IRS to pay less than the full balance based on a doubt as to collectability or liability for the tax debt.
3. Enter a payment plan with the government. The IRS is quick to reach payment plans with working families.

WHAT HAPPENS IF YOU HAVE A DISPUTE REGARDING YOUR CREDIT REPORT?

This is a common problem. Under United States federal law, you are allowed to file an explanation of any incorrect items that appear in your credit report. You should write a short, concise statement that explains the situation and send it to each of the major credit reporting bureaus (Experien, Transunion, and TRW).

Once you notify the credit reporting bureaus of your dispute, they must process your complaint within 30 days and verify whether the information in your credit report is correct or not.

HERE ARE SOME TIPS FOR RAISING YOUR CREDIT SCORE

1. Pay your debts on time.
2. Don’t apply for credit at too many places.
3. Always obtain a copy of your credit report free on over the Internet at www.annualcreditreport.com.
4. Read the report carefully and look for any errors. If you find an error, notify the credit reporting company and the creditor that generated the erroneous information demanding that they correct it.

Overall advice: do not worry too much about your credit.

ARE YOU OWED CHILD SUPPORT?

It may be a good idea to garnish your former spouse’s 401k plan through the use of a Qualified Domestic Relations Order (QDRO). QDRO’s are allowed to be used to secure child support payments and are an effective method to use when wage garnishments and other attempts fall short.

DO YOU HAVE AN OUT OF STATE JUDGMENT THAT YOU WANT TO COLLECT AGAINST A FLORIDA DEFENDANT?

Florida has adopted the Foreign Judgment Recording Act. This is a law that allows for a foreign judgement to be recorded in the courts in Florida where the debtor lives.

Once the foreign judgment is recorded, the Clerk of the Court sends the debtor a notice giving him an opportunity to sue to object to the due process or other provision of basic fairness required in Florida.

If 30 days elapses and no lawsuit is filed, the foreign judgment becomes a Florida judgment and can be executed on (collected) just as any Florida judgment.

WATCH OUT FOR ADJUSTABLE RATE MORTGAGES (ARM’s)

Adjustable rate mortgages often have clauses that allow the interest rate to be adjusted upward after the passage of time or if a payment is missed. Such mortgages can also have an increase in interest rates if overall interest rates in the economy increase.

In general, you should avoid adjustable rate mortgages in a rising interest rate environment. These exotic mortgages can cause monthly mortgage payments to increase dramatically! Moral? Be very cautious about agreeing to an adjustable rate mortgage.

TICKETS, TICKETS, TICKETS… HAVE YOU RECEIVED A TRAFFIC TICKET IN HILLS-BOROUGH COUNTY, FLORIDA LATELY?

Police Departments and the Hillsborough County Sheriff’s Office issued 350,000 traffic citations in 2005-2006. In addition, 7,500 drivers were arrested for driving under the influence in Hillsborough County in the same time period. You have a one in four chance of receiving a traffic citation in any given year.

FISHER’S LAW OFFICE HAS SEEN AN EXPLOSION IN TRAFFIC COURT CASES. WE RECOMMEND THAT CLIENT HEED THESE TRAFFIC TICKET DO’S AND DON’TS:

1. Don’t ignore a traffic citation. Your license can be suspended for not paying or not dealing with a traffic citation within 30 days.
2. Do consider asking for a court date immediately after receiving a ticket. Many times the court will withhold adjudication or find you innocent.
3. If you have a lawyer, do ask your lawyer to attend court with you on the day of your traffic ticket.
4. Do hire a lawyer who is experienced and knows the traffic court system.
5. Do consider taking defensive driving school. You are allowed to take defensive driving class up to five times in your lifetime. No points will be assessed on your license if you complete the school and pay court costs.
6. Do consider paying the fine if you have over 5 lifetime defensive driving classes or if you feel that going to court is not in your best interest. Whatever you do, do not ignore a traffic citation. You can be arrested for driving on a suspended license.
7. Do meet with an attorney and decide which is the best option for you: Pleading not guilty, pleading no contest, having a court trial, attending a defensive driving school, paying the fine or taking some other action.
8. Do watch out for “points”. Points are given each time you are convicted of a traffic offense. For example, if you receive 12 points within twelve months your driving privileges will be suspended for a month.

SAVING FOR YOUR CHILDREN’S COLLEGE EDUCATION? HERE ARE SOME HELPFUL HINTS TO HELP YOU GET STARTED.

1. Even the smallest amount of money saved on a monthly basis can add up to a significant amount in the future. If your children are under ten years old you can amass a large amount of money by simply saving on a regular basis.
2. There are many college savings plans available such as 529 plans, prepaid college tuition plans and simple savings accounts.
3. Consider saving money in the child’s name so that any interest income up to a certain amount is taxed at the child’s tax rate. Be aware that once your child’s interest income reaches a certain point the child’s income is taxed at your income tax rate.
4. Be aware that for most students, the most expensive costs of attending college are not tuition and books, but rent and car insurance.
5. Start saving today if you have a school aged child.

REITS vs RENTAL PROPERTY

Many people believe that rental property is a good investment. In the recent past this was true.

Unfortunately with rental property, the owner of the property carries significant risk of loss to the property due to fire, vandalism, hurricanes, or other calamities. Many clients who want to have exposure to real estate investments without taking the risk of individual ownership of real estate have found that they can invest in a REIT (Real Estate Investment Trust).

What is a REIT? A REIT is an entity that owns hundreds or even thousands of properties so that the risk owning real estate is spread over many properties.

With a REIT, a loss of one piece of property will not cause a loss of the entire investment. Of course you should speak with a professional investment advisor such as a certified financial planner before making any investment.

IF YOU SEE A BICYCLIST STAY 3 FEET AWAY.

A new Florida law went into effect on Sunday, October 1st, 2006. This state statute requires that all motorists stay three feet away from a bicycle when passing.

The cost of a violation? Three points on your license and a $60 fine.

WAYS TO SAVE ENERGY IN YOUR HOME.

1. Consider installing “power strips” on appliances such as microwave ovens, stereos, computers, and TVs as these items use energy even when not running. Up to 15% of energy used in appliances in U.S. households is consumed by “standby” power in such appliances.
2. Buy a solar hot water heater system. Up to 25% of a typical electric bill is for heating hot water in U.S. homes! Moreover, up to 5 tons of coal a year is burned to create a typical family’s hot water. Go solar and start saving today.
3. Use fans and open your windows on cool fall evenings. A fan can make the temperature seem 7 ° F cooler.
4. Turn off lights and appliances when not in use.
5. Look at your electric meter. Is it spinning fast? Chances are a large appliance is running in your house.
6. Be aware of energy use in your home.