A Brief Breakdown of Trust Taxation
Have you heard that trusts provide major tax benefits, but you’re not sure what those tax benefits are? This blog post will shed some light on the difference between revocable and irrevocable trusts for tax purposes to provide a better picture of what tax benefits to expect when drawing up an estate...
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Passing Your Wealth to Your Heirs
You may be thinking, the distribution of my estate is simple: I am leaving my car to my son, my diamond ring to my daughter, and my China set to my granddaughter. Although these are accurate representations of specific distributions in a Last Will and Testament,...
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Understanding Ancillary Probate in Florida
Benjamin Franklin is famously credited in saying that two things in life are certain: death and taxes. So, what happens to all of your stuff (assets, bank accounts, etc.) when you die? We’ve covered the importance of a Last Will and Testament in a few blog posts, but how does a Will...
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The Probate Administration Process
The Florida probate process is governed by the Florida Probate Code found in Chapters 731 through 735 of the Florida Statutes. These chapters lay out the framework for...
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What do Prince, Aretha Franklin, and Picasso have in Common?
“The Queen of Soul,” “The Artist Formerly Known as Prince,” and “The Master of Contemporary Art” all have one thing in common. Each artist died without a Last Will and Testament. Why does that matter? In order to adequately protect your assets and provide for your family, an
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Reasonably Ascertainable Creditors – What Does It Mean?
Are you a creditor of an Estate (i.e. do you have a claim against an individual who has passed away)? You may wonder: is there a time limit for you to file a claim against the Estate?
Alternatively, if you have been appointed as a Personal Representative of an...
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Financial vs. Medical Power of Attorney – Which One Do You Need?
If a person becomes physically or mentally incapacitated [1], that person needs a legal document (i.e. a power of attorney) stating who can act on his or her behalf as it relates to...
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DEVELOPING AN ESTATE PLAN TO COVER YOUR “DIGITAL ASSETS”
So much of everyday life involves the use of “digital devices”. Laptops, desktops, tablets and smartphones have become the tools through which we socialize and share our lives with others, and the means through which we conduct numerous personal and business activities. On a daily basis, we use our digital device of...
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TRUST AND PROBATE LITIGATION – DUTIES OF THE TRUSTEE AND PERSONAL REPRESENTATIVE
The administration of a family trust or the probate of a family member’s estate can create conflict among even the most tight-knit families. Because trust administration and the probate process often strain family relationships and communication, it is important to know your rights as...
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BEING A TRUSTEE – AN OVERVIEW OF DUTIES AND RESPONSIBILITIES
A Matter of Trust
The appointment of a trustee to administer a trust is a significant decision. A trustee is selected because of their integrity, responsibility and impartiality. While it is often considered...
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