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:
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.
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.”
Baby Boomers who have worked hard to manage their finances have children who are of the age to either carry on their financial success and hard work or lose it all. The best gift a parent can give to themselves and their child is to help their children organize and manage their affairs.
Let’s start off with what happens if you do not have a Will. If you die without a will (this is called dying “intestate”), your property will be distributed to your heirs according to a formula fixed by law.