Florida law appears to recognize an LLC Member’s right to control the disposition of his or her membership interest in an LLC upon death, without judicial intervention via a probate administration. One of the goals of many clients seeking estate planning advice from a lawyer is how to avoid probate. The attorney may suggest different…
Providing clients advice as an estate planning attorney is challenging. One of the primary challenges is trying to simplify a complex process. Oftentimes, clients will come into the office with a specific request, such as “I need a will” or “I need a trust”. Under these circumstances, it may be tempting for the estate planning…
Florida law affords the surviving spouse of a decedent a variety of property rights. A brief description of these rights follows: Right to exempt property. The surviving spouse is entitled to exempt property comprised of household furnishings, furniture and appliances up to a value of $20,000.00. What this means is that the spouse not only…
If you pass away in Florida without having prepared a will (dying “intestate”), the following occurs: Florida law provides a mechanism which will determine both the manner your property is distributed and to whom it is distributed. Specifically, Chapter 732, Florida Statutes contains the relevant laws which govern how property devolves in the absence of…
Many people unfamiliar with trusts are under the impression that all trusts protect an individual’s assets from the reach of his or her creditors. This is not so. For example, a revocable trust provides absolutely no protection from a settlor’s creditors. Creditors can reach the full value of the property held within the trust to…
The answer to this question may have changed over the last few years. The monumental changes to RMD’s(required minimum distributions) brought about by the 2019 Secure Act, have had considerable impact on the estate planning choices attorneys and their clients make, as the opportunity for those who inherit IRA’s to stretch out the required minimum…
Yes you need a will. The simple answer is yes. Even if you have a revocable trust and/or all of your assets are either held as joint tenants, or tenants by the entirety, or you have properly designated beneficiaries on your bank accounts, retirement plans, life insurance policies, etc., a will is used to serve…
Taxation Strategy Tax considerations in the estate planning process are confusing, even to tax professionals and attorneys in the field of estate planning. Taxation strategies in the realm of estate planning must take into consideration income tax consequences (including but not limited to issues related to gift tax), income tax imposed on beneficiaries, estate tax…
Fund the Revocable Trust I have seen a number of clients come through the office over the past few months who, usually in the process of trying to sell an inherited home, that either through oversight, or lack of information given to them by the attorneys who assisted them with their estate planning documents, failed…
Florida Power of Attorney Powers of attorney in Florida are governed by the Florida Power of Attorney Act (“the FPAA). The following is a brief outline of the provisions of the statutes regulating the validity and enforceability of powers of attorney in Florida. Definition A power of attorney is defined in Florida Statute 709.2402, as…
