In the state of Florida, if "Person # 1" has POD checking accounts leaving these accounts to "Person # 2" upon his death, what happens to these accounts if "Person # 2 " passes away before "Person # 1"? Do the accounts go to the surviving spouse of "Person # 2" or to the children of "Person # 2'?

Under Florida law such designations of beneficiaries as in a POD depend on the specific language of the POD. Generally, given the facts in your inquiry, if the designated beneficiary (#2) dies prior to person #1, then person #2 loses all rights as a beneficiary. A spouse or lineal descendants of person #2 do not receive any property unless the POD expresses such rights, and person #1 dies. A POD may designate an alternative beneficiary, joint beneficiary, or other arrangement. It is necessary to examine the POD and related applicable terms.

Without looking into alternative beneficiaries that may be named, the gift over to the POD recipient would lapse and would then be probated through the will of person #1. These POD, & TOD arrangements at banks, or perhaps through investment houses leave much to be desired, and while a bank associate or investment counselor may want to be helpful there could be serious consequences to the estate and monies of #1. The arrangements are extremely limited at best and generally are set up to: a. avoid probate proceedings; b. convenience for the customer; c. or attempt at avoidance of #1's creditors on death. Note while many of these type of accounts may already be treated as subject to #1's creditors on his/her death, they are not vigorously looked for at the present time, however the Florida Legislature should soon be codifying (creating statutory law) to treat many of these ITF and POD type accounts to be treated under law as "revocable trust funds" subjecting the Probate Courts, financial institutions to verify the same before paying them directly to #2. This could cause a problem for #2 who may receive the same only to be ordered to turn it back over to the creditor or the probate court at a later date - but we will have to wait and see how the law "shakes out" in this area.

Some of the things unplanned for with these type of accounts are: a. Cutting off #1's grandchildren should #2 die early and be a blood relative; b. Creditors or #1 accessing the monies during #1's life; c. Spouses of #2; d. Lack of liquidity in #1's estate to fund planned giving or property to others; e. POA's or attorneys in Fact getting unauthorized access to the accounts; f. Incapacity of #2 prior to #1's death. Perhaps the greatest frustration to #1 is the balancing of many of these type of accounts just to equalize her/his estate to the heirs when another Estate planning document should be used which would provide much better protection and equalization such as to: a. Not pass the money to the heir if there is drug abuse or addictions or criminal activity involved; b. not be subject to creditors of #2; c. provide for liquidity and usage of property for the benefit of many; d. income tax results. The list is too long for me to go on. It is best for #1 & #2 to have legal counsel on this before it is too late.

Is there a statute of limitations on a promisary note ?

Yes, in Massachusetts all claims based on contracts (including promissory notes) must be brought within six (6) years of the accrual of the cause of action. In plain English, you have six years from the time the harm occurred (breach) to bring your lawsuit, otherwise you are barred. For the purposes of a promissory note or debt, the harm occurs at the moment the debtor is obligated to pay and does not.

If you would like to collect on a promissory note or debt of some kind, please feel free to contact my office.

Statute of Limitations on a Promissory Note is 6 years unless executed under seal, it is then 20 years.

The 6% rule for uninsured health care costs for a minor child that is determined that the custodial parent is to save back out of child support. My daughter just turned 8 and we divorced when she was 3 weeks old and this will be the first year I am gonig over the 6% rule. I need advice as to what I can calculate and for what dates so I can get my ducks in a row before approaching my ex. My daughter fractured her elbow at a school skating party Dec. 3, 2009, had to have xrays every two weeks, 2 casts, emergency room bill, dr. visits, occupational therapy for 5 weeks 3 times a week ending Feb. 19, 2010. She was also released from all dr. visits that day regarding her injury. I am remarried and my the whole family is under my husbands insurance plan, which has awesome coverage at a low cost. The insurance covers 100% after copay. We modified child support Oct. 07 and I didn't include any health care premiums on the worksheet. The words in the modification state "The Petitioner (which is me) shall pay the firs $565.00 annually for uninsured health care costs for the minor child. Thereafter, the Petitional shall pay 51% and the Respondent shall pay 49% of uninsured health care costs for their minor child." The worksheet sates "Mother should pay the first $564.72 annual uninsured medical."

Questions:

1 - is dental and vision included the 6% rule?

2 - do we need to go by date of service for her injuries or when I paid the bills?

So far we owe $150 emergency copay 12/09, $100 for casts 12/09, $600 occupational therapy Jan. - Feb. 2010. We have an eye appt March 5th and she will need glasses and dentist appt in June.

Generally the 6% is considered on an annual basis so that it coincides with annual insurance enrollments. Unless otherwise stated in an order, the date of that the bill is incurred although a reasonable argument can be made for the date of the actual billing, but not the date that you choose to pay the bills.

It sounds like your order should have been drafted better than it was. Usually, they read the first 6% of uncovered, medical, dental and eyecare or something a long those lines. You should read the child support guidelines available at the Indiana Judiciary Website.