Posted in Asset Protection,Business & Corporate Law,Probate & Trust Administration,Wills, Trusts & Estate Planning
People need an estate plan if they want to ensure that their intentions will be honored after death with respect to the distribution of their assets. If you have an estate plan in place, does it also include a trust (sometimes called a living trust or a revocable trust)? If your current estate plan only consists of a last will and testament, you may want to consider also creating a trust.
Posted in Asset Protection,Probate & Trust Administration,Tax Law & IRS Defense,Wills, Trusts & Estate Planning
Under Florida law, the personal representative of an estate (sometimes also called an executor) and the trustee of a trust are entitled to compensation, as are the attorneys who represent the personal representative and trustee.
Compensation of Personal Representative The personal representative is entitled to a commission from the estate assets, which can be calculated using a percentage of the inventory value of the probate estate assets and the income earned during administration. For a formal probate administration, the following table sets forth what amount is deemed to be reasonable compensation:
If you have assets in Florida, you need to know the best way to avoid exposure and keep them protected from potential creditors. Tenants by Entireties (or Tenancy by the Entireties or “TBE”) is a great option for creditor protection for married couples because it is relatively simple to setup or form. In other words, there is little legal work or expense. By a married couple holding property as Tenants by Entireties, a creditor of one spouse alone cannot levy or invade a jointly owned Tenants by Entireties asset.
Florida law requires the establishment of a guardianship for the person or property of a minor under certain circumstances.
Person: A guardian of the person of the minor may be required when the minor’s natural guardians are unavailable or unable to serve as the custodian of the child (i.e., due to death, disability, or incarceration, etc.) and no appropriate alternative exists.
Posted in Asset Protection,Tax Law & IRS Defense
If you do not pay in full when you file your taxes, you will receive a bill notice from the IRS. This bill begins the collection process, which continues until your account is satisfied or until the IRS may no longer legally collect the tax, for example if the collection period has expired. The first notice you receive will be a bill that explains the balance due and demands payment in full. It will include the amount of the tax, plus any accrued penalties and interest, which will continue to accrue.
What is a Will?
A Last Will and Testament (often just called a “will”) is a written direction controlling the disposition of property at death. The laws of each state set the formal requirements for a legal will. In Florida:
Posted in Asset Protection,Probate & Trust Administration,Tax Law & IRS Defense,Wills, Trusts & Estate Planning
The SECURE Act, or the “Setting Every Community Up for Retirement Enhancement Act”, was recently signed into law on December 20, 2019 without much notice. It took effect on January 1, 2020 and significantly changed the landscape of retirement planning. Here are some of the major changes created by the new law:
Florida is leading the way in estate planning as a new bill is revolutionizing the way Floridians execute their last will and testaments. The Florida Legislature passed House Bill 409, which allows for electronic wills and electronic signatures starting January 1, 2020. Like a traditional will, an electronic will must be signed by the testator in the presence of two witnesses. An electronic signature is defined as “an electronic mark visibly manifested in a record as a signature and executed or adopted by a person with the intent to sign the record.”
(904) 823-3333
1301 Plantation Island Drive, Suite 304
St. Augustine, Florida 32080
Jackson Law Group © 2007-2024 – All Rights Reserved
Legal Notice • Sitemap
