Category Archives: Estate And Probate Administration
Should I Form a Limited Liability Company as Part of My Florida Estate Plan?
When you die, any real property you own is subject to probate in the state of its location. This can make estate administration more complex, especially if you own residences or buildings in more than one state. For example, let’s say you spend most of the year living in your home in New Jersey… Read More »
What Is the Time Limit for a Creditor Claim Against a Florida Estate?
One of the main functions of estate and probate administration in Florida is to provide an orderly process for paying off a deceased person’s debts. The personal representative of an estate is required to notify any creditors they are aware that an estate has been opened. The estate must also publish a public notice… Read More »
Can You Challenge the Administration of a Florida Trust Even If You Are Not a Beneficiary?
When property is placed into a trust, the trustee is responsible for administering that property as directed by the original trust document. If the trustee does not live up to their responsibilities, the beneficiaries of the trust may file a civil lawsuit against the trustee. But what about individuals who might stand to benefit… Read More »
Why Does a Florida Estate Need Its Own Bank Account?
Something that often confuses people about Florida probate administration is the need to open a separate bank account for a deceased individual’s estate. For example, let’s say your grandmother recently passed away and you were named personal representative for her estate. She had several outstanding bills at the time of her death that still… Read More »
What Does a Personal Representative Do?
You have no doubt heard the term “personal representative” used in connection with a person’s probate estate. But what does this person actually do? And can anyone do it? Or do you need any sort of special license or training? Here are some basic answers to these questions: The Job of the Personal Representative… Read More »
Why Do You Need to Notify Social Security of a Person’s Death?
One of the first tasks of probate and estate administration is notifying Social Security of the decedent’s passing. This is critical because it may be necessary to return a Social Security payment made after the date of death. Typically, if the decedent had a funeral, then the funeral home will make this notification. But… Read More »
Why Does an Estate or Trust Need Its Own Tax ID Number?
One of the more complicated ideas that non-legal persons struggle with in the estate and probate administration process is the need for separate tax identification numbers. As you probably know, when you file your individual federal income tax return (Form 1040) each year, you need to include your Social Security number. This also functions… 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 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 »
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 »
