Posted in Probate & Trust Administration,Wills, Trusts & Estate Planning

The role of a personal representative in a probate case is a crucial and often complex one. A personal representative may be nominated in a Last Will & Testament but is ultimately appointed by the probate court. If there is not a Last Will & Testament, there are statutes that give preference to certain individuals to serve as personal representative or the personal representative may be selected by the beneficiaries. This individual is responsible for managing the estate of a deceased person, ensuring that all assets are properly distributed, and any debts are paid. Here, we’ll explore the key duties and responsibilities of a personal representative, providing a comprehensive guide to help those undertaking this important task.

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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Wills, Trusts & Estate Planning

What is a Lady Bird Deed?

A Lady Bird Deed, also known as an Enhanced Life Estate Deed, is a unique type of deed recognized in Florida. It allows property owners to retain control over their real property during their lifetime while designating a beneficiary to inherit the property upon their death, without the need for probate.

Posted in Asset Protection,Probate & Trust Administration,Wills, Trusts & Estate Planning

The Will: Your Map

Think of your Last Will & Testament as a trusty old map you leave behind. It’s like a set of instructions for your family, telling them how to handle your beloved car (a/k/a your estate) once you’ve parked it in the great garage in the sky. Here’s how it works:

Posted in Asset Protection,Wills, Trusts & Estate Planning

When it comes to estate planning, one of the most significant assets that Florida residents must consider is their homestead (i.e. primary residence). The homestead exemption in Florida offers valuable property tax benefits and protections against creditors, making it a crucial element of a homeowner’s financial planning.

Posted in Asset Protection,Business & Corporate Law,Wills, Trusts & Estate Planning

The Corporate Transparency Act (CTA), effective from January 1, 2024, brings significant changes to the regulatory landscape of small businesses. The law aims to combat financial crimes like money laundering and tax fraud. Here’s a brief synopsis of what small business owners need to know:
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Posted in Asset Protection,Probate & Trust Administration,Wills, Trusts & Estate Planning

A revocable living trust generally does not provide asset protection from creditors for the person who creates the trust (the grantor/settlor/trustor). Because the grantor retains control over the assets and can revoke the trust at any time, creditors can often reach into the trust to satisfy the grantor’s debts. Here’s why a revocable living trust typically does not offer creditor protection:

Posted in Wills, Trusts & Estate Planning

A revocable living trust can offer various benefits, but saving on taxes is generally not one of them — at least not during the grantor’s lifetime. Here’s how it breaks down:

Posted in Asset Protection,Wills, Trusts & Estate Planning

When it comes to our loved ones, we all seek to ensure they’re cared for, even after we’re gone. Contrary to popular belief, estate planning is not just about dividing assets for the wealthy or tax avoidance. It’s about creating a comprehensive strategy to safeguard your family’s financial future and preserve your legacy regardless of your financial status.