A Los Angeles judge has decided that the young daughter of former Playboy bunny and television personality Anna Nicole Smith will inherit her estate. Although Smith’s will, drafted before her now 18-month-old daughter was born, gave everything to her son, Daniel, it also said she intended that the assets in…
Only five weeks before his death Leonard R. Brener made a change to his will. He decided to change his beneficiaries form four local charities to his niece and her husband who took care of him while he was dying. The non-profits were stunned and file a suit to battle…
Are there other ways of transferring my property for estate planning that will not disturb my Homestead Exemption or SOH Cap? Two methods of transferring your property will, in most cases, keep your Homestead Exemption and SOH intact: reserve a Life Estate for yourself or transfer your property to your…
When one dies the value of their estate is subject to an Federal Estate Tax. This rate is currently 45%. In 2008 the Federal government has an exemption of the estate tax on the first 2 million dollars in value. In addition, many states have additional state taxes that are…
A Florida Life Insurance Trust is an irrevocable trust that allows an individual to make the proceeds of a life insurance poliicy free from income taxes and estate taxes. Typical life insurance policies are income tax free, but many increase the value of one’s estate to the point that the…
In Florida, the powers granted by a Florida Guardianship expire when the ward dies. Often people try to use their powers granted by a Florida Guardianship to control aspects of the after death process. The guardian is without any powers granted by the guardianship once the ward dies. If you…
A common technique with large Florida Estate Planning is the use of FLP’s or Family Limited Partnerships. Neil Hendershot of the PA Elder, Estate & Fiduciary Law Blog summarized the recent highlights of the Heckerling Institute where they discussed those issues in detail. The most important issues dealt with making…
The most common problem with Florida Estate Planning or estate planning in general is that those how are in the most need of the benefits a Florida Revocable Trust can offer are the ones who usually fail to fund their trust. Creating a Florida Revocable Trust is only the beginning.…
As the Estate tax exemption continues to increase, fewer and fewer American families are subjected to the death Taxes. On the other hand this is creating a real problem with probate fees. Since fewer families are concerned with estate taxes, the overlook the fees associated with probate. There are many…
When someone dies without a Florida Will Their property is distributed under the Florida Statutes. Chapter 732 defines the order of succession to a decedent’s property. 732.103 Share of other heirs.–The part of the intestate estate not passing to the surviving spouse under s. 732.102, or the entire intestate estate…