Tag Archives: estate planning lawyer
Intestate Succession in Florida: Spouse’s vs. Children’s Shares
In Florida, a married person who dies without a will could see property pass on to their spouse or other living descendants. But how do the state’s intestacy laws determine who gets what and how much? Determining child vs. spousal share If you pass away and have biological children from you and your surviving spouse, […]
The Personal Representative’s Financial Responsibilities
While the personal representative of an estate does not bear any financial liability themselves in their duties managing an estate, they do have financial responsibilities to ensure the estate is properly administered. Debts The personal representative is charged with paying off debts owed by the deceased’s estate using estate assets. To do this, the representative […]
The Personal Representative’s Role in Gathering Assets
The personal representative of your estate will have a variety of responsibilities after your death. Among these responsibilities is the collection, organization and distribution of assets to your beneficiaries. The process of gathering assets can be complicated. Here is an overview of what you should know to help your personal representative with this task: Identification: […]
Could the Inheritance Tax Make a Comeback?
The federal estate tax exemption has increased for decades, but in the midst of a deadly pandemic, there is a possibility the exemption will be significantly reduced. The inheritance tax dropped off significantly in the 1970s. Today, it only accounts for about .5% of tax revenue in countries where it is still used, according to […]
Strategies to Avoid Costs Associated With Probates
Sometimes, it’s in the best interest of people planning their estate to do what they can to avoid probate. Here are a few examples of some of the strategies you can use to avoid probate. Use a trust: Revocable living trusts can be used to bypass the probate process. Trust property is not probated, meaning […]
Will Capital Gains Taxes Apply to Inheritances?
Upon your death, there may be some federal estate taxes that apply to your assets. Estate taxes only affect a fraction of estates, as the threshold for federal estate taxes is quite high. But you might be wondering whether your loved one’s inheritance could be subject to a capital gains tax as well. Here’s a […]
The Role Your Personal Representative Plays
When you create a will, you need to nominate a personal representative of your estate, who will be tasked with carrying out your wishes. Some of the tasks that personal representative will take on include: Locating assets: Your personal representative will need to locate all of your assets. This includes accessing various digital accounts and […]
Why it’s Important to Make a Will if You Have Children
While it is always important to have a will in place, it is especially important if you have minor children. Here are just a few reasons why: Guardianship: With a will, you can name who would assume guardianship of your children if you die while they are still minors. Otherwise, if you die with minor […]
Digital Assets You Should Handle in Your Will
Today’s wills must account for digital assets as well as physical and financial ones. You can leave behind instructions for any or all of your digital assets in your estate plan, but only some can actually pass through your will. These are assets that you own and have real, value to them. Examples of these […]
Governor DeSantis Signs New Florida Guardianship Bill Into Law
Florida Governor Ron DeSantis recently signed 21 new bills into law, which included House Bill 709/Senate Bill 994, which amended some of the state’s guardianship laws. Under the new legislation, seniors have additional protections while in the care of a guardian. The bill also contains changes to guardian oversight and reporting requirements. Changes to Florida […]