Estate

Disposition without Administration

A disposition without administration is available to an interested party if the probate estate assets consist solely of property exempt from a decedent's creditors and non-exempt personal property, the value of which does not exceed the sum of 1 preferred funeral expenses ; and 2 reasonable and necessary medical and hospital expenses incurred in the last 60 days of the decedent's final illness, if any. An interested party may make an informal application by affidavit, letter or some other form t...

Read More
Staff 4/26/2012 5:59:00 PM Comments(0)

The Invalidation of a Last Will and Testament

A last will and testament may be declared invalid for a number of reasons. There are certain formal requirements a will must meet to be considered valid. A will must be properly signed, witnessed and executed. A will must also meet a number of substantive requirements. A will may be void if a court determines it was procured by fraud, duress, coercion or undue influence. For example, a court may consider coercion on part of an advisor or interested party to be undue influence. The testator of a ...

Read More
Staff 4/13/2012 6:02:00 PM Comments(0)

Formal Notice of the Petition of Administration

Have you been served with a Petition of Administration by formal notice for the estate of a loved one? You have limited time to contest the validity of the will, the testacy of the decedent and the qualifications of their personal representative. Estate administrators that suspect there may be a challenge to a will may serve the potential challengers with a Petition of Administration by formal notice. Unlike a regular Notice of Administration which allows individuals a three month period to con...

Read More
Staff 10/24/2011 3:48:00 PM Comments(0)

Handwritten Changes to a Will

After creating a will, a number of situations may arise that significantly change your circumstances. As a result, you may wish to change or revise your will. A will can be changed any time up until a testator's death. It may be tempting to simply scratch out a name or amount on a will to achieve your desired changes. However, any hand written additions or deletions to a will, no matter how minor, may invalidate the entire will. For minor changes, a testator may have a codicil drafted. A codici...

Read More
Staff 10/3/2011 11:42:00 AM Comments(0)

Probate: Elective Share

In Florida, the surviving spouse of an individual is entitled to a share of the elective estate of their deceased spouse, if the deceased spouse is domiciled in Florida. The elective estate of a decedent includes the probate estate and also certain non-probate estate assets. A surviving spouse is entitled to 30% of the decedent's elective estate. Even if a surviving spouse is expressly disinherited or written out of a decedent's will, as a surviving spouse they will still be entitled to an ...

Read More
Staff 9/1/2011 11:05:00 AM Comments(0)

Will Preparation

There are many requirements for making a valid will in Florida. The general requirements for a will in Florida are as follows: a the document must be written, b the testator be of sound body and mind and over the age of eighteen when the will is signed, and c the will is signed by two witnesses who are present during the execution of the will. Without meeting these requirements, the will may be void. To ensure that your wishes are taken care of and your loved ones are provided for, it is importa...

Read More
Staff 7/13/2011 4:34:00 PM Comments(0)

Probate: Notice of Administration

Have you been served with a Notice of Administration for the estate of a loved one or someone who owes you money? You have limited time to contest to the probate or file your claim. It is important that individuals who object to a probate proceeding act promptly when served. A person served with a Notice of Administration must file any objections within three months from the date they were served the notice. If a person does not object within this period of time they are forever barred fro...

Read More
Staff 7/8/2011 12:09:00 PM Comments(1)

Preparing Your Will

Preparing a Will may not be something you want to think about. However, think for a minute about what your family's life will be like if you are not around. Preparing a Will is easier and more affordable than you may think. Now is the best time to prepare for your future and your family's future. If you die without a Will, you have died "intestate". The laws of the State of Florida will then take over. Florida law then determines what goes to whom, and will also appoint a personal representative...

Read More
Staff 3/7/2011 10:11:00 AM Comments(0)

Guarding Your IRA

Is there a way to guard your IRA from estate taxes? Your IRA is subject to estate tax when you die and your beneficiaries will have to pay income tax as the assets are distributed from the IRA. The only way to avoid paying estate taxes on your IRA is to withdraw the funds during your lifetime, pay income tax on the funds withdrawn and distribute the funds before you die. There is, however, an offsetting deduction for the estate tax that beneficiaries may take advantage of on their personal tax r...

Read More
Staff 3/1/2011 4:05:00 PM Comments(0)

Plan For Your Future

Between juggling careers and family, many young couples overlook the importance of estate planning. However, anyone with minor children needs to have proper estate planning. Estate planning is an important issue that should not be put off regardless of age. Some things to consider if you have a young child: Who will take care of your child if you become incapacitated? What happens to the property you have accumulated? Who will take financial responsibility of your child? Because a minor child ma...

Read More
Staff 2/22/2011 9:35:00 AM Comments(0)

Estate Planning

Most estate planning may be accomplished through the use of a living trust and will. Estate planning may seem like a fairly simple concept, however, many situations are not simple and require careful planning. Determining whether you need a living trust, a will, or both depends on several factors, including the value of the estate and your current and future incomes. We are able to help guide you through the advantages and disadvantages of creating a will or a lviing trust. If you have questions...

Read More
Staff 2/17/2011 10:09:00 AM Comments(0)

Estate & Gift Tax Opportunity

December 2010 saw a historic passing of estate and gift tax legislation, enabling couples to make tax free bequests to their children of up to $10 million. That's an $8 million leap from the previous law. Also beginning this year, an individual U. S. taxpayer's lifetime gift-tax exclusion will jump to $5 million, up from $1 million. Gifts from living parents allow taxpayers to transfer assets such as cash, stocks or shares of a business to their children and grandchildren, allowing the value to ...

Read More
Staff 1/28/2011 10:18:00 AM Comments(0)