Author Archives: Jay Butchko
Irrevocable Life Insurance Trust (ILIT): What is It and What Are the Benefits?
When preparing an estate plan, many Floridians wonder whether it makes sense to create an Irrevocable Life Insurance Trust (ILIT). You need to understand what an ILIT is in order to know whether it is worth creating one. While an ILIT can be a critical trust planning tool, creating an Irrevocable Life Insurance Trust… Read More »
What Happens to Gifts if Beneficiaries Pass Away Before the Testator?
The anti-lapse statute is a Florida law designed to address the lack of contingency planning in Wills. What happens to a gift left for a beneficiary in your will if that person predeceases you? How does Florida’s anti-lapse statute handle the gifts left for beneficiaries who have passed away? What Happens to Gifts if… Read More »
Debunking 4 Common Estate Planning Myths in Florida
Are you aware of the estate planning myths prevalent in Florida? There are plenty of misconceptions surrounding estate planning and we are here to set the record straight. Avoiding these misconceptions is simple if you have the knowledge available. In the meantime, let’s address widespread myths surrounding estate planning in the Sunshine State. Myth… Read More »
5 Reasons Why You Need a Probate Lawyer in Florida
Probate is the court-supervised process by which a decedent’s estate is administered to transfer title to property. Many families are often overwhelmed by the tasks that need to be completed after someone dies. However, some take the risk of doing everything themselves, which can often lead to more issues down the road. For this… Read More »
Will Contests in Florida? Grounds, Legal Procedure, and Possible Outcomes
One cannot challenge or contest a Will simply because they do not like its contents. A Will is a legal document that specifies a deceased individual’s testamentary wishes outlining who should inherit his or her property after death. If someone would like to contest a decedent’s Will, you should speak to an experienced trusts… Read More »
How to Incorporate Your Business into Your Estate Plan if You’re a Small Business Owner
Do you have a plan in place for your business after you die? Do you know what’s going to happen to your business if you do not plan properly? Your planning now will dictate whether or not your company will continue to thrive after your gone. If you do not incorporate your business into… Read More »
How Does the SECURE Act 2020 Affect Your Estate Planning?
The federal SECURE act became effective on January 1, 2020, which affects many people who have already established their estate plans. “SECURE” stands for Setting Every Community Up for Retirement Enhancement. The 2020 law implements new rules regarding the inheritance and distribution of retirement accounts to beneficiaries named under the plan or in estate… Read More »
Is It Possible to Probate a Copy of the Lost Will in Florida?
A Last Will and Testament (“Will”) is a legal document that outlines a person’s wishes regarding the disposition of his or her property at the time of death. When clients take possession of their original Will after signing, it is not uncommon if the testator (the creator of the Will) loses the original Will,… Read More »
What to Consider When Buying a Business in Florida: Due Diligence and Risk-Free Examination
Starting a new business can be a risky and financially overwhelming endeavor. Statistically speaking, more than 50% of new businesses fail during the first five years. Nearly 70% of new business startups in the U.S. ultimately fail during the first 10 years. There are various reasons why new businesses fail. Lack of monetary resources,… Read More »
How and Why to Disinherit a Family Member in your Estate Plans
For many reasons, an individual may need to disinherit a family member in their estate plans. This could be for tax purposes, creditor protection, or you want to specifically exclude someone form inheriting your wealth. If you are considering disinheriting a family member, then there are several things you should know. If you die… Read More »