Someone owes you money. You’d like to collect that money. Unfortunately for you, that someone passed away. Now what? You don’t want to write it off, but how on earth do you collect money from someone who died? The answer: make a claim in the estate. Where to start? To make a claim in an […]
Never mix business and pleasure. Despite that adage, more often people transact business from home. But be careful! There is a delicate balance between income generation and residence with regard to homestead protections. After all, the homestead exemption applies only to the residence of the owner and the owner’s family. In the past, the general […]
Several years ago, a community of single-family homes was established in Southwest Florida. The community was small, arranged in a T-shaped pattern. A three-bedroom, two-bath home was one of the first houses built. Its back yard faced a pond, and the driveway opened onto the circle at the end of the street. A young couple purchased the home […]
A woman, diagnosed with end-stage cancer, sought to get her affairs in order. She owned her home, and she had children she wanted to provide for after her death. She decided to sell her home to provide some liquidity for her care while she was still living and to provide cash for her children after she passed. Toward […]
Providing for your children, your two-legged children, is important. It is so important, that even if you never seem to get around to creating formal estate planning documents, the State of Florida has your back. The law assumes that parents who die intestate—without a valid will or trust—still want to provide for their children. Toward […]
When Sophronia Washington died, her Will was nowhere to be found.[1] She owned a tract of land in Alachua County with several children and grandchildren as heirs. One of her sons, Albert, was the sole beneficiary of the missing Will. What happens when a Will is missing? If a Will cannot be found when the […]
Our firm routinely (daily!) handles questions related to Florida probate administration, such as the following: What Is Florida Probate Administration? Probate Administration is the Court-supervised process of resolving a decedent’s financial affairs. Is Florida Probate Administration Always Required? Not always. For many decedents, there is no requirement to open a probate estate. A common reason […]
Clients sometimes request irrevocable trusts for estate tax avoidance, creditor protection, or other purposes. Because of the loss of control associated with irrevocable trusts, clients often ask whether anything can be done to address future uncertainties. One answer to this question is the use of a ‘Trust Protector’. Properly structured, a trust with a Trust […]
‘Domicile’ generally refers to where you live – your residence that you intend to keep for the foreseeable future. Your domicile has legal consequences for tax, probate, asset protection, and numerous other purposes. Domicile issues frequently arise with clients who split their time between Florida and another state. They are also regular issues when clients […]
Most estate planning clients have questions about Trusts. What are they? What are they for? Do I need one? This blog entry will answer some of those questions. By definition, a Trust is a relationship between three persons: The person who creates the Trust, often called the Settlor, Grantor, or Trustor The person who manages […]