The BAFTE will no longer accept a certificate of trust with a Form 1 or Form 4 application for the purchase of Class III items. According to the person in charge of reviewing all trusts, all applications without the declaration of trust will be rejected. There are many unique issues…
A person is qualified under Florida Law to serve as a guardian if he or she: 1. Is over the age of 18 years of age; 2. Is a Florida resident; or a non resident who is: 1. Related by lineal consanguinity to the ward; 2. A legally adopted child…
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…
Theresa Harrington of the Contra Costa Times has written about groups that encourage estate plans for pets. These are often referred to as Pet Trusts or may be included in a will with language that creates a testamentary Pet Trust. She has found that it is suggested that $10,000 –…
Adding names to the ownership of your home normally does not change your $25,000 Homestead Exemption, BUT you may lose all or part of the protection your property receives from the Save Our Homes (SOH) assessment limitation or “cap”. The SOH cap keeps the assessed value of your home from…
Maybe, depending on how you own the property (the “tenancy”), and if the new owner files for Homestead Exemption on your property. “Tenancy” is the term used to describe the way property is owned, the relationship between the owners, and what happens to the property when an owner dies. The…
In Florida, if the wording of your current deed has consequences that you did not intend, you may want to consider a corrective deed. Please consult an Florida Estate Planning Lawyer , title company or other real estate professional to help you prepare your corrective deed. The Property Appraiser’s office…
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…