What Tax Differences Should I Expect Between an Irrevocable vs. Revocable Trust in Florida?
This blog post discusses the tax implications of irrevocable versus revocable trusts under Florida law, focusing on their treatment for income and estate tax purposes. It explains that revocable trusts are typically tax-neutral during the settlor's lifetime, while irrevocable trusts can alter tax ownership, potentially offering estate-tax planning benefits but also introducing new income-tax consequences and inflexibility. The post references Florida Statute § 736.04114, which allows courts to interpret tax-driven provisions of irrevocable trusts to align with the settlor's intent, especially concerning federal transfer tax concepts. It emphasizes the complexity of choosing between trust types, particularly for multi-state real estate, highlighting the importance of strict deadlines, the burden of proof regarding retained rights, and the potential for adverse tax results from trustee or beneficiary powers. The author advises consulting an attorney to navigate these complexities and avoid costly mistakes related to funding trusts with properties across different states.
Read article →How Do I Add My Parent’s Spouse to a Property Deed in Florida?
In Florida, adding a spouse to a property deed involves complex considerations, particularly if the property is designated as homestead. Florida's homestead laws can impact property transfers during the owner's lifetime and dictate inheritance outcomes upon death. Before making any changes to a deed, it is crucial to consult a Florida estate planning attorney to avoid unintended consequences such as inheritance rights or creditor exposure. The relevant statute, Fla. Stat. § 732.401, outlines that if a homestead property is not effectively devised, the surviving spouse may receive a life estate, with descendants inheriting the remainder. Additionally, the spouse has a limited timeframe of six months to elect a one-half interest as a tenant in common, which is irrevocable once made. Legal complexities arise from strict deadlines, the burden of proof regarding property status, and exceptions for properties held with survivorship features. Given the potential for invalid transfers or unintended gifts, particularly in blended families, professional legal guidance is recommended to navigate these issues effectively.
Read article →How Do I Properly Sign and Notarize a Power of Attorney in Florida?
In Florida, executing a financial power of attorney (POA) requires the principal to sign the document in the presence of two witnesses and have their signature acknowledged by a notary public, as stipulated by Fla. Stat. § 709.2105. Failure to meet these requirements may result in banks and other third parties refusing to honor the document. The statute outlines that the principal's signature must be witnessed and notarized, with specific accommodations for those unable to sign. Additionally, complexities can arise from strict deadlines, the burden of proof regarding the POA's validity, and exceptions for certain powers that require additional authorization. These factors can complicate the execution and acceptance of a POA, making it advisable for individuals to consult with an attorney to ensure compliance with legal standards and to avoid potential issues when the POA is needed.
Read article →How Do I Create a Revocable Living Trust in Florida?
In Florida, creating a revocable living trust requires adherence to specific legal formalities, similar to those for a will, particularly for provisions that govern property distribution upon death. Florida law, as outlined in Fla. Stat. § 736.0403, allows for the establishment of trusts through property transfer to a trustee or by declaring oneself as trustee of identifiable property. However, the testamentary aspects of a revocable trust are generally invalid unless executed with the same formalities required for a Florida will. Individuals considering a revocable living trust should be aware of potential execution defects, capacity challenges, and asset titling issues that could undermine their intentions. Legal complexities often arise, particularly regarding strict deadlines for challenges, burden of proof regarding the settlor's capacity, and specific asset treatment under Florida law. Therefore, consulting with an attorney experienced in estate planning is advisable to ensure the trust is valid and enforceable, thereby avoiding unintended probate, family disputes, or costly trust contests.
Read article →Florida — Steps to Take When an Insurer Says It Never Received Your Letter of Representation
What to do when an insurer says it never received your letter of representation This FAQ-style guide explains practical steps to protect a client’s rights when an insurance company claims it never received a letter of representation. It is written for readers with no legal background and focuses on actions that work in Florida. This […]
Read article →Can You Sue for Assault in Florida If You Didn’t Go to the Hospital?
Detailed Answer: Filing a Civil Lawsuit for Assault in Florida Without a Hospital Visit Yes — in Florida you can file a civil lawsuit for an assault (or battery) even if you did not go to the hospital. Criminal charges and civil lawsuits are separate: criminal prosecutors decide whether to charge someone under Florida criminal […]
Read article →Reopening a Closed Auto Damage Claim in Florida: Step-by-Step FAQ
Disclaimer: I am not a lawyer and this is not legal advice. This article explains general steps under Florida law that people commonly use to try to reopen an auto damage claim. For advice about your situation, consult a licensed Florida attorney. Detailed Answer If your auto damage claim was closed by the insurer without […]
Read article →Florida: What to Do When Someone Is Squatting in Property Before a Sale
Detailed Answer Short version: You should act quickly. If someone is unlawfully occupying your property, you may have both criminal (trespass) and civil (forcible entry/unlawful detainer) options under Florida law. Call law enforcement if the squatter is currently breaking in or creating a dangerous situation. If they refuse to leave and are not removed by […]
Read article →Florida: Can a Will Transfer Your LLC Interest Instead of the Operating Agreement?
How a Will Interacts with an LLC Operating Agreement in Florida Clear, practical answers about leaving a business interest to an heir under Florida law. Detailed Answer — Who controls what when an owner dies? When an owner of a Florida limited liability company (LLC) dies, two documents commonly affect who ends up with the […]
Read article →Florida — What Happens to My LLC Share When I Die?
What happens to my LLC share if I die? (Florida FAQ) Short answer: If your Florida LLC operating agreement is silent about death, your economic interest (the right to future distributions) will generally pass to your estate or heirs, but management and voting rights usually do not automatically transfer to those heirs. Florida’s default business-law […]
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