Recent Blog Posts
Where Is a Trust Located?
There are many decisions you need to make when creating a trust. One of the more critical ones is deciding the trust’s location or “situs” for legal purposes. In other words, what state will have jurisdiction over your trust and its property? For many Florida residents, that should not be a difficult question. If… Read More »
How Does a Charitable Lead Trust Work?
Charitable gifts are commonly used in estate planning to help reduce the size of a person’s taxable estate while still providing for their families. For example, many Florida residents create charitable remainder trusts. This is a special type of irrevocable trust where the person making the trust–known as the grantor–transfers assets to a trustee…. Read More »
What Are Totten Trusts?
Trusts are often confusing to people who are thinking about making an estate plan. One reason is that there are many different types of trusts. And something may even be called a “trust” even though it does not involve a great deal of formal paperwork to establish. Using Payable-on-Death Accounts to Bypass Probate For… Read More »
Stories of Florida Guardianship Abuses Continue to Mount
An important consideration when making an estate plan is avoiding the potential need for a guardianship if you become incapable of managing your own affairs. Setting up a trust and other estate planning documents, such as a trust and a power of attorney, can go a long way towards protecting your rights. Unfortunately, even… Read More »
What Is a “Stepped Up Basis,” and How Does It Affect My Estate Planning?
One aspect of estate and probate administration that many Florida residents do not fully appreciate (or even understand) is the “stepped up in basis” applicable to many types of inherited property. This is a legal concept tied to capital gains taxes, which itself is a subject that confuses many people. With that in mind,… Read More »
How a Defective Deed Can Lead to Probate Problems Later
One goal of estate planning can be to reduce the size of your probate estate. For example, you might decide to transfer your house or other valuable property to a trust before your death. This way the house is not considered part of your probate estate, although it may still be treated as your… Read More »
Will My Probate Estate Still Have to Pay Back My Student Loans?
Student loan debt is a major problem in Florida. According to a January report from the South Florida Sun-Sentinel, the total amount of outstanding student loan debt in the state “ballooned 35 percent to $89.4 billion between the third quarter of 2015 and the same period in 2018,” citing figures from Experian. Unlike most… Read More »
How Florida Powers of Attorney Can Be Used to Financially Exploit the Elderly
A power of attorney is a critical estate planning document that names an agent to act on your behalf if you become incapacitated. Indeed, once your agent has a power of attorney, he or she can legally do just about anything on your behalf, subject only to the limitations contained in the power itself…. Read More »
Do I Have to Leave My House to My Spouse or Children After I Die?
As a general principle, you are free to distribute your property as you see fit via a will or trust. But in Florida law, there is a critical exception for “homestead” property, i.e., your primary residence. Article X of the Florida Constitution provides special protections and restrictions on homestead property. The protections include an… Read More »
Is a Florida Will Public Record?
Many people are uncomfortable talking about their finances or estate planning with others, especially members of their own family. Indeed, one question we often get is, “If I make a will, does everyone else have to know about it?” Or put another way, is your will a matter of public record? As long as… Read More »
