You’ve worked hard to build your business. The last thing you want is to see it torn down piece by piece by creditors or a downturn in the market. What protections can you put in place to protect yourself and your business? You may wish to consider the benefits of an
How to Devise Homestead Property in Florida
If one owns property in Florida as homestead property, the property automatically passes to one's heirs at death. That sounds great and easy, but the reality is that as an owner of the property, you may not want your property to pass to all of your next of kin, in equal...
How to Gift Assets to Qualify for Medicaid
Are you thinking about your future and concerned about meeting the means requirements to qualify for Medicaid benefits? If so, you might be able to gift certain assets to get beneath the threshold. Here’s what you need to know about gifting assets to qualify for Medicaid.
Understanding...Intestacy: What Happens When One Dies Without a Will
When someone dies without a will, the assets owned by that person do not pass to the State. Rather, the laws of the State where one resides determine who the assets are distributed to. Generally speaking, the people who inherit are...
Is Probate Still Required if There is a Surviving Spouse?
The determination of certain property rights is an important issue following the death of a spouse. Fortunately, in Florida, surviving spouses have many property rights. For example, pursuant to the Florida probate code, a surviving spouse may be entitled to some or all of a deceased spouse’s estate, including:
Addressing Substance Abuse in an Estate Plan
Estate planning is a great way to ensure that your beneficiaries are cared for after you are gone. However, some loved ones may not be in a position to responsibly handle a large inheritance—particularly those loved ones who struggle with substance abuse problems. Fortunately, there are estate planning options available for families...
What to do Upon the Death of a Loved One
Knowing what to do when a loved one dies can alleviate some uncertainty and anxiety. Death certificates will be needed for each asset owned, as well as for filing(s) with governmental agencies. If the decedent was collecting a pension or social security, the appropriate...
Can an Estate’s Personal Representative Be a Beneficiary?
When a person dies, his or her assets and property are typically passed along to beneficiaries through the probate process. In Florida, a personal representative is the person responsible for managing a deceased individual’s probate estate, paying creditors, and distributing assets to beneficiaries of the estate. A question that often comes up...
SOME TIPS ON GETTING YOUR AFFAIRS IN ORDER
The Importance of a Durable Power of Attorney in Florida
A comprehensive estate plan consists of several estate planning documents. One key estate planning instrument is called a durable power of attorney. A durable power of attorney gives a person the power to manage another’s financial affairs. Typically, the person who creates a durable power of attorney is called a principal, and...