Probate

June 12, 2007

Florida Estate Planning: Wills and Trusts

Clients often ask Estate Planning Attorney’sfor a Florida will or a Florida Living Trust. The seldom ask for a will and a trust even though in most cases this is what they need. Clients who want to skip probate and avoid the fees and delays associated with establishing and administrating a probate in Florida often request a Florida Living or Revocable trust. One of the big problems with creating a revocable living trust is that most people never fund them. In Florida, a living trust must be funded prior to the death of the grantor or it is not in existence.

The primary purpose of having a valid Florida Will along with the Florida Living Trust is that if the Trust is not in existence, the decedents Will will determine how the assets are distributed. The will often directs that any remaining assets be placed in the trust and the trust will determine how the assets are distributed. Often the will does not exist, so the will must specify how the assets should be distributed in case the trust doesn’t exist.

When you create a trust or trust/will combination please discuss what will happen if the trust is not funded, or you revoke the trust during your life.

June 11, 2007

Why use a Living Trust in Florida

by David M. Goldman

Everyone in Florida seems to be going crazy to setup a Florida living trust. Often we find ourselves asking why does this client need a living trust. In most cases they don’t, but if clients are looking for privacy, to save time or money on probate or have assets in excess of 1,000,000 a Florida living trust might be a good vehicle for their estate planning.

Much like a will, a living trust will describe what happens to your property in the event of your death. While you are alive, you can remain in control and have the power to change the trust at any time. Setting up a living trust allows you to avoid the expense and long delays of probate, and may even save you money on taxes.
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June 7, 2007

Florida Business law & Estate Planning: Ways to avoid costly litigation

by David M. Goldman

It is important to have a Florida Business Attorney review important and complex contracts. In my experience as an entrepreneur, I have found that the number one reason why problems occur with employees and clients is a failure to set proper expectations and communicate effectively. Often when one looks hard enough at any problem, the cause and cure deal exclusively with expectations and communication. Often Florida estate planning involves litigation, although this article is focused on business, the same issues tent to apply to probate, guardianship, will constests and other types of Estate Planning.

I ran across this article which describes 5 things that one can do to help avoid litigation.

1 Think carefully about the type of people that you do business with 2 Be the kind of organisation which does not create disputes 3 Seek to communicate effectively and consistently.

June 4, 2007

Clay County Courthouse, Orange Park, Middleburg, Keystone Heights, Florida

by David M. Goldman

Orange Park Estate Planning Lawyer, Middleburg Estate Planning Lawyer, and Keystone Heights Estate Planning Lawyer David Goldman works with clients in Northeast Florida including Orange Park, Clay County Florida. Orange Park is located in Clay County. Orange park. The Clay county courts have additional branch offices located in Keystone Heights, and Middleburg Florida Clay County borders Duval County which is where Jacksonville Fl is located. Jacksonville is the largest city in the state of Florida and the largest contiguous city in the United States. Jacksonville is located about 25 miles south of Georgia. Jacksonville is in the First Coast region of north east Florida and the St. johns River runs through the center of the city. The current courthouse is located in three locations which are listed below.

Clay County Court House

Orange Park Location

May 22, 2007

Estate Planning for your parents

by David M. Goldman

Orange Park, Duval, St. Johns, Jacksonville Florida
Most Jacksonville estate planning attorneys or those in other locations, focus on your heirs (children and grandchildren). As your parents are aging it is also important to consider and evaluate your parent’s estate planning. One you understand the value in creating your own estate plan, you need to understand what effects your parents estate planning will have on you. You may find that your parents should leave the maximum exempt amount to their grandchildren (GST Trust)instead of to you. This can help avoid an extra layer of Death taxes. Its also important to classify their assets and allow the Personal representative or trustee the flexibility and duty to find which assets have the most appreciation (lowest cost value) and allocate those as to be most beneficial to the estate. If you can discuss your parent’s estate planning with them, you may want to. You should speak with an estate planning attorney who can help structure a multi generational estate plan to help you and your parents establish a plan that will pass their values and protect inheritance.

May 4, 2007

Duval County, Florida Court, Courthouse Duval, FL

by David M. Goldman

Florida Estate Planning Lawyers in Jacksonville Florida. Jacksonville is located in Duval County. Jacksonville is the largest city in the state of Florida and the largest contiguous city in the United States. Jacksonville is located about 25 miles south of Georgia. Jacksonville is in the First Coast region of north east Florida and the St. johns River runs through the center of the city. In 1822 Jacksonville was renamed after Andrew Jackson, who was the first military governor of the Florida Territory and the 7th President of the United states. Duval county is surrounded by St. Johns County, Nassau, and Clay County. The current courthouse is located on the banks of the St. Johns River and its address is.

Duval County Court House 330 East Bay Street, Room 103 Jacksonville, FL 32202 904-391-6700

The 1901 burned down the original court house pictured below.

April 19, 2007

Florida Personal Representative

by David M. Goldman

A Florida Personal Representative – The individual or individuals (or institution) named in a will or appointed by the Probate Court who is responsible for gathering a decedent’s assets, paying debts, taxes, and expenses, selling assets of the estate, if necessary, and distributing the remaining property and money according to the terms of the will (or the intestate laws of the state of residence). The personal representative must preserve and protect the estate assets and unless an accounting is waived account to the estate beneficiaries for estate income and expenses. The personal representative must file a federal and state estate tax return, if required, and must also file final state and federal income tax returns for the decedent, and, if necessary, federal and state income tax returns for the estate.

April 15, 2007

Florida Pet Trust Changes

by David M. Goldman

In Florida estate planning a person can leave money in trust for the care of an animal. As of July 1, 2007 Florida Statute 736.0408 replaced the previous statute 737.116 which was effective from April 23, 2002 until June 30 2007.

The new Florida Statute states:

(1) A trust may be created to provide for the care of an animal alive during the settlor’s lifetime. The trust terminates on the death of the animal or, if the trust was created to provide for the care of more than one animal alive during the settlor’s lifetime, on the death of the last surviving animal.

April 10, 2007

Florida Probate Tax Checklist

by David M. Goldman

In a Florida Probate case there are many tax issues that need to be considered. Below is a list of the things that should be done immediately.

1) Shortly after the decedent’s death, someone should contact the decedent’s CPA to get general information regarding the status of the decedent’s income and gift tax returns.

a) Obtain copies of income tax returns for the last 3 years.

April 7, 2007

PR can be Liable for Taxes

by David M. Goldman

Before accepting the duties and responsibilities of being a PR in a Florida Probate Case or any probate case, the PR should be aware that they can be personally liable for the taxes, penalties and interest that are from the decedent.

According to 31 U.S. C. 3713b:

A representative of a person or an estate paying any part of a “debt” of the person or estate before paying a claim of the U.S. government is personally liable to the extent of the payment for unpaid claims of the U.S. Government.