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.
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.”
Posted in Wills, Trusts & Estate Planning
Transferring the title of a decedent’s vehicle is relatively easy in Florida, courtesy of Florida Statute 319.28. The initial step in transferring a vehicle title is assessing the ownership. If the vehicle is owned jointly, then it automatically passes to the co-owner by operation of law at death.
For example, a vehicle titled John Smith and Mary Smith automatically passes to Mary Smith upon John Smith’s passing and vice versa. Contact the DMV to update the title along with a death certificate. Form 82152 can be used by surviving spouses. The DMV’s website is here: FL DMV
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.