Florida Estate Planning Lawyer BlogArticles Posted in Probate
Florida Estate Planning: Financial Details
When you die, someone has to know hot to determine or what the details of your financial life are
It is important to make a comprehensive list of assets, liabilities, life insurance policies, power of attorney, Florida will, credit cards, details of bank accounts and all other important financial information.
The problem is that once you pass away, an executor or personal representative has to go through all of your document to figure out where assets may be located.
Guns after Death
With Florida Estate Planning it is important to consider the effects of a gun on the probate process.
Neil E. Hendershot a Professor at Widener University School of Law in Harrisburg and author or PA Elder, Estate & Fiduciary Law Blog, had a Student submit an article regarding the possession and use by elderly persons of firearms. The article has a great title “I Bequeath my machine gun to . . .”
After reading this article, it is even more apparent that one who owns Title II Firearms (sold by Class 3 SOT dealers), needs to be conscious of the effect of their demise on their Personal Representative and/or heirs.
Uncertainty in proper disposition of such a firearm could lead to one’s client being convicted of possession of an unregistered firearm, punishable by up to 10 years, $250,000 in fines and the forfeiture of the weapon and any “vessel, vehicle, or aircraft” used to conceal or convey the firearm.
Are Pets Subject to Estate Taxes
Since Leona Helmsley’s dog inherited $12 Million dollars, when her dog dies will it have to pay estate taxes. If so will the trustee opt to take advantage of the 2010 unlimited exemption and euthanize the dog in 2010?
It appears that New York’s Pet Trust Statute makes allows the Pet trust to direct the use of the proceeds after the death of the dog or revert it back to the decedents estate.
In addition, a court can reduce the amount of the property transferred if it determines that the amount substantially exceeds the amount required for the intended use.
Florida Enhanced Life Estate Deed
A Florida Enhanced Life Estate Deed (sometimes called “The Lady-Bird Deed”) is a tool used by Florida Estate Planning Attorneys, Florida Elder Law Attorneys, and other by Florida Lawyers to preserve the homestead for the benefit of the family. Upon the death of the homeowner’s the property will pass to the people designated without the need for a costly probate process.
Why Use an Enhanced Life Estate Deed?
The Enhanced Life Estate Deed provides a mechanism to bypass the probate process and thus the creditors. Under this document, the husband and/or wife retain a Life Estate Interest under which he or she retains the right to live on the property for their life. Unlike a Life estate, the husband and/or wife retain the right to sell, mortgage, convey, gift, or cancel the remainder interest at any time during their life. If there is any property interest upon the last to die of the husband and/or wife, the remainder will pass in fee simple to the designated individuals named in the deed.
Continue reading
Florida Probate and Wrongful Death: Proceeds may not be claimed for unpaid child support
In Florida probate, proceeds from a wrongful death action are not subject to the claims on creditors including unpaid child support. In Re: The estate of Johnny Glenn Barton (631 So.2d 315) the Second District court of appeals reasoned that since the recovery for wrongful death has nothing to do with the injuries sustained by the decedent, but is due to the benefit that the beneficiaries would have received if the decedent had not been killed.
A wrongful death action does not include an award for medical expenses and thus the proceeds of such settlement do not include money for that. A Florida Wrongful death action is to compensate the survivor for their own losses, separate from their departed loved-one.
The appeals court held that it was wrong for back child support to be paid from the proceeds from the wrongful death action. If you have a wrongful death action it is important to use a Florida Probate Attorney who is familiar with Florida Probate.
Florida Trusts & Real Estate
In Jacksonville or other cities in Florida, there are many advantages to using a Revocable Living Trust or Florida Land Trust to hold title to real estate. Dyches Broddiford has an interesting article dealing with many of these issues.
In summary a real estate trust provides:
– Privacy for the owners;
Estate Planning and Discounts: Can a Fractional Interest In Artwork Be Discounted For Estate Planning Purposes
To discuss how this case may affect you, talk to your Florida Estate Planning Lawyer
In the recent case of Stone v. United States, No. 3:06-cv-00259, United States District Court for the Northern District of California (May 25, 2007), the declined to give a discount to the value of artwork.
The Court reasoned that artwork in not fungible. From that, and the testimony of the experts (and commenting that unlike this case, sales of fractional interests in real estate sales had comparable sales evidence of discounts) the Court concluded, in general, that a hypothetical willing seller of an undivided interest in art would rather sell the whole piece and split the proceeds, then sell a fractional interest at a discount. Such a sale might be by agreement or might be by partition. But, because a partition could be sought, no hypothetical willing seller would accept anything less than full value.