Category Archives: Estate Planning
What’s the Difference Between a Will and Trust?
Many people use the terms “will” and “trust” interchangeably when talking about estate plans. However, these two terms are very different. It is important to understand the difference between a trust and a last will and testament when creating an estate plan. What is a Last Will and Testament? A will – or more… Read More »
Lady Bird Deed: What is It and What Are the Benefits?
If you are exploring your options for estate planning, you may have come across the term “lady bird deed.” A lady bird deed, which is also referred to as an “enhanced life estate deed,” is a crucial tool for estate planning that offers several benefits. Below, you will find a list of benefits of… Read More »
Taxes in Florida: Does the State Impose an Inheritance Tax?
As of 2020, only six states impose an inheritance tax on its residents, but Florida is not one of them. An inheritance tax is a tax on assets that an individual has inherited from someone who has died. An inheritance is not necessarily considered “income” to the recipient. Moreover, Florida does not have a… Read More »
Estate Planning Considerations for Your Primary Residence vs. Rental Property in Florida
There are many assets that must be taken into account when planning your estate. These assets include bank accounts, investments, life insurance, jewelry, collectibles, and many others. No matter how many assets you have, real estate is likely one of the more valuable assets in your estate. That’s why there are many things to… Read More »
What is Medical Power of Attorney and How Does it Work?
A medical power of attorney is a type of advance directive that allows a person to name someone they trust to make healthcare-related decisions on their behalf in the event they become incapacitated or are otherwise unable to make decisions on their own. Chapter 765 of the Florida Statutes governs the legal rules regarding… Read More »
What is ‘Dead Hand Control’ in Florida Estate Planning?
The term “dead hand control” is a term describing where a testator controls their assets “beyond the grave.” Essentially, you can have “dead hand control” in a Will or other estate planning documents in order to require a beneficiary to meet certain conditions before they are allowed to inherit assets from your estate. For… Read More »
What Are the Pros and Cons of Holding Property in a Trust for Children?
Upon your death, you have many options on how to leave assets to your loved ones. Most people understand that you can leave your assets “outright” to your children (or other loved ones), or you can leave them “in trust.” Leaving assets “in trust” can be complicated so it is important to understand the… Read More »
How Can a Spouse Be Disinherited in Florida?
In Florida, you may attempt to disinherit your spouse through a Will or other estate planning vehicles. If parties are separated but choose to remain legally married for some reason or are in divorce proceedings, one spouse may try to disinherit their partner. However, the law provides great protection for spouses so it may… Read More »
What Are the Duties and Responsibilities of a Personal Representative in Florida?
When creating a Will, many testators name their spouse or child to serve as the Personal Representative (called an “Executor” in many other states) of their estate. However, choosing someone to be the Personal Representative of your estate is not necessarily an “honor”; it is a job! You must ensure that the selected person… Read More »
Special Needs Trust: What Is It and What Are the Benefits?
If you have a child or another family member with special needs, it is vital to have an estate plan to address your specific circumstances. An individual with special needs may require lifelong care and financial support, which is why you should consider drafting a special needs trust to protect your child’s financial well-being… Read More »