The Florida Bar has released consumer information on Florida Probate. One of the most common questions is how creditors are dealt with in a Florida probate case. Prior to commencement of probate proceedings, a creditor can file a caveat with the court. Upon publication of notice to creditors a creditor…
The Florida Bar has released consumer information on Florida Probate. One of the most common questions is how fees are determined in a Florida probate case. The personal representative, the attorney and other professionals whose services may be required in administering the estate (such as appraisers and accountants) are entitled…
The Florida Bar has released consumer information on Florida Probate where they describe many of the issues related to Probate in Florida. They discuss the following: 1. WHAT IS PROBATE? 2. WHAT ARE PROBATE ASSETS? 3. WHY IS PROBATE NECESSARY? 4. WHAT IS A WILL? 5. WHAT HAPPENS TO PROBATE…
Florida Continues to have no State Death Tax. Only 24 states have some form of death tax as the state death tax credit has been phased out. The Top Estate Tax rate for 2008 is 45% and is scheduled to remain at $45 percent through 2009. This estate tax rate…
Accidental disinheritance is a growing problem. It’s a problem, in part, because there are too many death-disposition instruments now that dispositions are slipping through the cracks to the wrong people. Paul Rabalais wrote about this on Your Louisiana Estate Planning Blog where he describes some of the more common ways…
Often the first thing that comes to mind with Florida Estate Planning is a Florida will or Florida living trust. Although these are valuable documents they do not have any effect on the distribution of many assets. We recommend that our Jacksonville residents make sure their beneficiary designations are updated…
Starting January 1, 2008 every non-spouse designated beneficiary will have the option to rollover an inherited IRA and stretch distributions. To take advantage of this opportunity your Florida estate plan must be setup correctly to qualify for this rollover opportunity. You are not entitled to a rollover, you must prove…
In Jacksonville Florida there are many Nursing homes. Some of them have very long agreements and some are very complex. You should review them carefully and make sure you look out for liberal guidelines regarding when a resident can be evicted, very restrictive visiting hours for family members, and requiring…
What is “fiduciary responsibility?” An attorney-in-fact is a fiduciary and as such has a duty to invest and manage the assets of the principal as a prudent investor. This standard requires the attorney-in-fact to exercise reasonable care and caution in managing the assets of the principal. The attorney-in-fact must apply…
When does the attorney-in-fact’s authority under a Durable Power of Attorney terminate? The authority of the attorney-in-fact of a Durable Power of Attorney automatically ends when one of three things happens: (1) the principal dies; (2) the principal revokes the Power of Attorney, or (3) when a court determines that…