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In an increasingly interconnected world, individuals often find themselves navigating complex financial landscapes that extend beyond domestic borders. For U.S. taxpayers with assets abroad, understanding the intricacies of reporting these holdings is not only crucial for compliance but also for safeguarding against potential legal and financial ramifications. In the realm of estate planning, the importance…
Introduction: Estate planning is a crucial process that allows individuals to safeguard their assets and provide for the distribution of their property after they pass away. Two common tools used in estate planning are wills and trusts. While both serve similar purposes, they have distinct features and are suitable for different circumstances. In this article,…
Introduction Estate and gift taxes are crucial aspects of wealth and asset planning, and they often vary from state to state. In Florida, these taxes have seen changes over time. This article provides an up-to-date overview of the current status of estate and gift taxes in Florida, including information about the exemption amounts for 2023…
Introduction Probate is a legal process that can be emotionally and financially challenging, especially during a time of grief and loss. If you find yourself in a situation where you need to navigate the complexities of probate in Sarasota, it’s crucial to seek the guidance of a skilled probate attorney. This article will discuss the…
Ancillary probate is a legal process often necessary when a deceased person owns property in multiple states. If you have recently lost a loved one and they owned real property in Florida, you may be facing the need to go through ancillary probate in this state. The process can be confusing, but with the right…
The Florida probate process can be a confusing and overwhelming experience for those who are going through it for the first time. If you are an executor or a beneficiary, understanding the steps involved in the Florida probate process is essential to ensure that everything runs smoothly. In this comprehensive guide, we will demystify the…
A No Contest Clause, or In Terrorem Clause, is a provision often used in Wills & Trusts stating that if a beneficiary disputes any part of the Will or Trust during probate or other administration, their share shall be reduced or removed. While in theory it sound like a perfectly reasonable way of preventing disputes;…
As of 2022, the following Estate and Gift tax exemptions are in effect: Estate Tax Exemption – $12,060,000 (U.S. Citizens and Residents) Annual Gift Tax Exemption – $16,000 (U.S. Citizens and Residents) Gifts Between Spouses – Unlimited (U.S. Citizens only) Nonresident Alien Estate Tax Exemption – $60,000 (may be subject to foreign treaty) Gifts to…
By Susan Teel Are you storing your will under the sofa cushions? Have you considered the best storage location for your will – your most important financial document? Would you store all of your cash or valuables there? Aretha Franklin, who died in August of 2018 with a large and complex estate, and a complicated…
Wrongful death claims in Florida always require a probate administration. This is true whether it’s because of accident or medical malpractice. Florida’s Wrongful Death Act requires a wrongful death action be brought by the personal representative, or executor, of the decedent. When probating a wrongful death claim, it’s important to use a firm familiar with…
Many Americans are against the so-called death tax (estate tax) as an unfair tax. But the reality is more than 99% of Americans benefit from the estate tax. If you are married and own less than $11 million worth of assets, or are single and own less than $5 1/2 million in assets*, you or…
Serving as a Personal Representative (also known as an executor) in Florida can be a significant responsibility. A probate lawyer can provide essential guidance to help you carry out your duties and comply with Florida law. Typical assistance includes: The Florida probate process can be complex and overwhelming without experienced guidance. If you’ve been appointed…
The simple answer is no. Trusts by themselves do not avoid probate, but they make probate avoidance possible. Think of the trust agreement as a box. Anything put in the box does not require court administration (probate) to pass to the beneficiaries. This is known as funding the trust and is one of the most…
If someone dies owning assets in his or her name alone (“probatable assets”), there must be a probate court proceeding to determine who is to receive the assets. In other words, the Will is given effect through the probate court proceedings. Probate means “prove.” One must prove to the probate court that the Will is…
If someone dies owning assets in his or her name alone (“probatable assets”), there must be a probate court proceeding to determine who is to receive the assets. In other words, the Will is given effect through the probate court proceedings. Probate means “prove”. One must prove to the probate court that the Will is…
When an individual dies in Florida or while owning real property in Florida, probate is the procedure used to transfer his or her assets to the proper heirs. Some assets pass automatically or outside of probate based on their character or how they were titled. There are different types of probate administration, including a full…
One of the primary purposes of Probate is to ensure creditors of the deceased individual (“decedent”) have an opportunity to make a claim against the estate. The Personal Representative (“PR”) and creditors need to pay close attention to the claims procedure as there are strict time limits and procedures involved. CLAIMS PERIOD Creditors of an…
For most property, the state in which you reside has jurisdiction over that property, and it will be administered according to the laws of that state. However, real property falls under the laws of the state in which it is located. This means that real property must be administered in the state in which it…