When people die, their wills may fail to account for the needs of all their remaining relatives. Those who remarry or start new families, for instance, might not include their old families in new will documents. In such cases, Florida state law mandates that if these survivors were the spouses or children of the deceased, they should receive some assets during the administration of a probate estate. According to Read More
CONTESTING A WILL IN FLORIDA
According to Florida statutes, a will is a legal document that designates the recipients, or beneficiaries, of an individual's assets. The individual who makes the will is known as the testator. All or part of a will may be declared invalid in the event that the will was created by way of undue influence, mistake, duress or fraud. If an individual were to suspect that a will is not valid for any of these reasons, Read More
IRS BELIEVES MICHAEL JACKSON’S ESTATE OWES MILLIONS IN TAXES
Florida fans of Michael Jackson may be interested to hear about a recent change in the valuation of his estate. The Internal Revenue Service now says that is owed an additional $29 million in estate taxes. According to the IRS, it believed that he only had a 50 percent interest in his master recordings. However, he actually owned 100 percent of the interest in the recordings when he died in 2009. All told, the estate Read More
ENSURING A CHILD’S FUTURE BY SETTING UP A SPECIAL NEEDS TRUST
Special needs trusts are trusts that can be set up by the parents of children in Florida who are mentally or physically disabled. These trusts can ensure financial security without putting the child's eligibility for government benefits in jeopardy. The trust supplements Social Security benefits and Medicaid, but parents should understand just how these trusts work and, even more importantly, how to fund Read More
ANSWERING QUESTIONS ABOUT PROBATE IN FLORIDA
When an individual passes on in Florida, his or her estate may go through the probate process. Probate is essentially a court-supervised discovery process that takes into account the assets and liabilities of an estate. Although there are two forms of probate in Florida, most probate cases are of the formal administration variety. Costs related to probate are paid for using funds from the estate and are given top Read More
WHAT IS THE PROCESS OF EXECUTING A WILL?
To create a valid will in Florida, it must be signed by the testator or signed by someone authorized to do so by the testator. Additionally, the testator must be in the presence of that person when his or her name is signed at the end of the will. There must also be two witnesses who can confirm that the testator has signed the will or someone has legally subscribed the testator's name. These witnesses must also Read More
COURT RULING FAVORS ART COLLECTORS AND THEIR BENEFICIARIES
Art collectors in Florida could find a recent appellate court ruling regarding a deceased collector in Texas interesting. He and his wife had collected 64 works by Picasso, Jackson Pollack, Cezanne, David Hockney, and more world renowned artists with a stipulated fair market value of$24.6 million. The family of the collectors recently received a $14.4 million refund of estate taxes as a result of the decision by Read More
PLANNING IN ADVANCE TO MANAGE AND PROTECT AN ESTATE
Neglecting one's estate plans could result in challenges for survivors in the event of an unexpected death. However, a Florida resident may live a long life with the expectation of passing on remaining assets to children or other heirs upon death. In spite of responsible financial activities, estate value could be minimal by that point due to a lack of preventive efforts to protect assets. Good planning includes Read More
OPTIONS WITH FLORIDA WILLS
A Florida resident may want to reconsider an existing will if life circumstances change. Regular review of a will may be helpful for adjusting one's wishes if assets have increased or decreased. This can also be helpful if the potential beneficiaries have changed as in the case of a new spouse or a new baby. For example, an existing will in Florida is not cancelled due to marriage, but it is important to note that a Read More
WHAT IS A LIVING WILL?
Florida residents who are looking into estate planning may be interested in the the reasons for having a living will. This particular document can be very helpful should the person become permanently incapacitated through illness. A living will is an important part of every comprehensive estate plan. This document, which is not actually a will in the traditional sense, contains instructions regarding a person's Read More
