Special needs trusts are trusts that can be set up by the parents of children in Florida who are mentally or physically disabled. These trusts can ensure financial security without putting the child's eligibility for government benefits in jeopardy. The trust supplements Social Security benefits and Medicaid, but parents should understand just how these trusts work and, even more importantly, how to fund them. When Read More
ANSWERING QUESTIONS ABOUT PROBATE IN FLORIDA
When an individual passes on in Florida, his or her estate may go through the probate process. Probate is essentially a court-supervised discovery process that takes into account the assets and liabilities of an estate. Although there are two forms of probate in Florida, most probate cases are of the formal administration variety. Costs related to probate are paid for using funds from the estate and are given top Read More
WHAT IS THE PROCESS OF EXECUTING A WILL?
To create a valid will in Florida, it must be signed by the testator or signed by someone authorized to do so by the testator. Additionally, the testator must be in the presence of that person when his or her name is signed at the end of the will. There must also be two witnesses who can confirm that the testator has signed the will or someone has legally subscribed the testator's name. These witnesses must also Read More
COURT RULING FAVORS ART COLLECTORS AND THEIR BENEFICIARIES
Art collectors in Florida could find a recent appellate court ruling regarding a deceased collector in Texas interesting. He and his wife had collected 64 works by Picasso, Jackson Pollack, Cezanne, David Hockney, and more world renowned artists with a stipulated fair market value of$24.6 million. The family of the collectors recently received a $14.4 million refund of estate taxes as a result of the decision by the Read More
PLANNING IN ADVANCE TO MANAGE AND PROTECT AN ESTATE
Neglecting one's estate plans could result in challenges for survivors in the event of an unexpected death. However, a Florida resident may live a long life with the expectation of passing on remaining assets to children or other heirs upon death. In spite of responsible financial activities, estate value could be minimal by that point due to a lack of preventive efforts to protect assets. Good planning includes Read More
OPTIONS WITH FLORIDA WILLS
A Florida resident may want to reconsider an existing will if life circumstances change. Regular review of a will may be helpful for adjusting one's wishes if assets have increased or decreased. This can also be helpful if the potential beneficiaries have changed as in the case of a new spouse or a new baby. For example, an existing will in Florida is not cancelled due to marriage, but it is important to note that a Read More
WHAT IS A LIVING WILL?
Florida residents who are looking into estate planning may be interested in the the reasons for having a living will. This particular document can be very helpful should the person become permanently incapacitated through illness. A living will is an important part of every comprehensive estate plan. This document, which is not actually a will in the traditional sense, contains instructions regarding a person's Read More
WHO INHERITS ASSETS WHEN A PERSON DIES IN FLORIDA WITH NO WILL?
In Florida, when people die without leaving a will, probate courts decide who gets the deceased's assets and who acts as the estate's personal representative. This could also happen if a will is found to be invalid. The deceased is said to be intestate, and his or her assets will be distributed to heirs, but this only applies to assets that were owned singly by the deceased or that were jointly owned but did not have Read More
ROBIN WILLIAMS’ DEATH RAISES TRUST ADMINISTRATION QUESTIONS
Famed comedian Robin Williams passed away in August from an apparent suicide. Although his tragic death is raising a variety of social questions, some legal issues have also surfaced. Many in Florida and other states are asking about the future for Williams' family members, who will have to sort through his estate documents, which include at least two different trusts. It appears that trust administration will play a Read More
WHEN SHOULD YOU CONSIDER CONTESTING A WILL?
Challenging a Florida will is generally fairly challenging. Most estate litigation takes time and significant amount of evidence or documentation. Since the person in question is not available to clarify his or her wishes, the courts generally defer to the estate documents to govern the disposition of assets. However, some changes to estate plans may come about because of nefarious intentions on the part of third Read More
