How Do I Calculate and Report Capital Gains on Stocks Sold by an Estate in Florida?
This blog post addresses the process for calculating and reporting capital gains from stocks sold by an estate in Florida. It outlines that capital gains are typically reported on the estate’s fiduciary income tax return (IRS Form 1041), using the estate’s tax basis in the shares, often determined by the date-of-death value. The personal representative has the authority to manage and sell estate assets under Florida probate law, specifically Fla. Stat. § 733.612. The post emphasizes the importance of accurate record-keeping for tax filings and probate accountings, including the requirement for an inventory with date-of-death values as per Fla. Stat. § 733.604. It also highlights potential complexities, such as strict deadlines, the burden of proof regarding basis documentation, and the implications of how gains are reported based on the timing of sales and distributions. The post advises consulting with an attorney to navigate these issues effectively and ensure compliance with legal requirements.
Read article →Can I Contest a Will in Florida, and What Are the Legal Grounds?
In Florida, individuals can contest a will after the testator's death by filing a legal challenge in probate court, asserting grounds such as undue influence, fraud, duress, or mistake. The primary statute governing will contests is Fla. Stat. § 732.5165, which states that a will is void if its execution was procured through improper conduct. Contestants must prove their claims after the proponent demonstrates proper execution of the will. Additionally, Fla. Stat. § 732.518 prohibits contests before the testator's death, and Fla. Stat. § 732.517 renders no-contest clauses unenforceable. Legal outcomes depend on strict deadlines, the burden of proof, and fact-intensive issues, making it advisable to consult with an attorney to navigate the complexities of the probate process. Failure to adhere to procedural requirements can result in dismissal or loss of settlement leverage.
Read article →What Happens If Someone Contests a Will After It’s Filed for Probate in Florida?
In Florida, a will can be contested even after it has been filed for probate. An interested person may file a petition to revoke probate in the same court managing the estate. This initiates a contested probate matter, during which the personal representative continues estate administration but cannot make distributions that would undermine the rights of potential heirs if the will is later deemed invalid. The governing statute is Fla. Stat. § 733.109, which outlines the process and restrictions during a revocation petition. Key considerations include strict deadlines for contesting the will, the burden of proof on the challenger to establish valid grounds such as lack of capacity or undue influence, and the need for the personal representative to manage estate expenses and creditor payments carefully to avoid personal liability. Engaging an attorney is advisable to navigate the complexities of contested probate, as improper handling can lead to delays and increased litigation costs.
Read article →How Do I Handle a Missing Original Vehicle Title After a Death in Florida If I Only Have Dealership Copies?
In Florida, if the original vehicle title is missing after the owner's death and only dealership copies are available, the appropriate course of action is to obtain a duplicate title. The right person to request this duplicate depends on whether a probate case is necessary, if there is a surviving co-owner, and the DMV records. Florida law, specifically Fla. Stat. § 319.29, allows the owner or lienholder to apply for a replacement title when the original is lost. In estate situations, determining who is authorized to act for the deceased is crucial, as the DMV requires legal authority beyond mere copies of paperwork. Additionally, Fla. Stat. § 735.301 may permit transfer of personal property without full probate if the estate qualifies as small. Legal complexities can arise, including strict deadlines and the burden of proof for authority, which may necessitate court authorization or probate documents. Consulting an attorney can help navigate these issues effectively, ensuring compliance with legal requirements and preventing potential delays or challenges in the title transfer process.
Read article →Does My Child Have Rights to a Vehicle Titled to the Surviving Spouse in Florida Probate (Especially With a Deficiency Judgment)?
In Florida, a child does not automatically have rights to a vehicle titled in the name of a surviving spouse, particularly if the vehicle was not owned by the decedent at the time of death. Florida probate law prioritizes the surviving spouse's claim to certain exempt properties, including vehicles, which must be held in the decedent's name and regularly used by the decedent or immediate family. The relevant statute, Fla. Stat. § 732.402, outlines these provisions and indicates that exempt property is generally protected from creditor claims, except for perfected security interests. The presence of a deficiency judgment complicates matters, as it may or may not be enforceable against the vehicle depending on the ownership and lien status. It is crucial for individuals to consult a Florida probate attorney to navigate the complexities of title ownership, deadlines for asserting claims, and the burden of proof regarding asset ownership. Legal advice is recommended to ensure that inheritance rights are protected or clarified before any deadlines pass.
Read article →Can I Correct a Deed in Florida If It Doesn’t Reflect How I Acquired the Property?
In Florida, correcting a deed that does not accurately reflect property acquisition depends on the nature of the error. For minor scrivener's errors in the legal description, Florida law allows for a curative process under Fla. Stat. § 689.041, enabling a recorded notice to correct the deed and relate back to the original recording date. However, if the issue involves significant omissions or unclear title, a different legal remedy may be necessary, potentially involving probate or court actions to clear the title. The statute specifies strict conditions for what constitutes a qualifying scrivener's error and requires substantial documentation to support the intended property description. If the error does not meet these criteria, alternative remedies such as probate administration or quiet title actions may be needed. Due to the complexities involved and the potential impact on ownership rights and marketability, consulting a Florida probate or real estate attorney is advisable before proceeding with any corrective measures.
Read article →When Do I Need an Estate Bank Account in Florida Probate (and How Do I Avoid Commingling Funds)?
In Florida probate, it is advisable for a personal representative to establish an estate bank account immediately after being appointed and receiving Letters of Administration, particularly when estate funds are expected to be received or disbursed. This separation of estate funds from personal finances is crucial to avoid commingling, which can lead to fiduciary liability and disputes among heirs. Florida law mandates that personal representatives act as fiduciaries, responsible for managing estate assets and maintaining clear financial records, as outlined in Fla. Stat. § 733.602. The statute emphasizes the need for personal representatives to take control of estate property and manage it prudently. To ensure compliance with legal requirements, representatives should maintain a dedicated estate account to track receipts and payments related to the estate, such as mortgage payments and creditor claims. Legal complexities may arise, particularly with real estate transactions and creditor issues, making it advisable to consult an attorney for guidance on proper procedures and documentation to protect against potential disputes or liabilities.
Read article →How Does Florida Intestate Succession Affect a Jointly Owned House When a Co-Owner Dies Without a Will?
In Florida, the intestate succession laws govern the distribution of a deceased co-owner's share of a jointly owned house only if that share is part of the probate estate. If the property is titled with a right of survivorship, such as tenancy by the entirety or joint tenancy with right of survivorship, the surviving co-owner automatically inherits the property, bypassing intestate succession. Conversely, if the deed does not specify survivorship rights, the co-owners are treated as tenants in common, and the deceased's interest may pass to heirs under Florida's intestacy laws. The relevant statutes include Fla. Stat. § 689.15, which outlines survivorship requirements, and Fla. Stat. § 732.102 and § 732.103, which detail the distribution of the deceased's estate. Legal complexities arise from the specific language of the deed, the family structure, and whether assets require probate. Consulting with an attorney is advisable to navigate these issues and ensure proper title transfer, as misinterpretations can lead to disputes and litigation.
Read article →Do I Need an Oath/Affidavit From Subscribing Witnesses to Probate a Will in Florida?
In Florida probate law, the necessity of an oath or affidavit from subscribing witnesses to probate a will depends on whether the will is self-proved. A self-proved will can be admitted to probate without further proof, while a non-self-proved will typically requires an attesting witness's oath or testimony. Florida Statutes § 733.201 outlines these requirements, indicating that if witnesses are unavailable, the court may permit alternative proof under specific conditions. Legal complexities, such as strict deadlines and the burden of proof, can complicate the probate process. Therefore, it is advisable to consult a Florida probate attorney to ensure compliance with statutory requirements and to navigate potential challenges, especially if the will is contested or if terminology differs from other jurisdictions. This guidance can help avoid delays or rejections in the probate filing process.
Read article →How Do Hourly Retainers and Ongoing Probate Attorney Fees Work in Florida If the Estate Runs Out of Money?
In Florida probate cases, attorneys often work on an hourly retainer basis, requiring an upfront deposit that is billed against at an hourly rate. If the estate lacks sufficient assets to cover ongoing legal fees, attorneys may need court approval for payment, and fees can be disputed or reduced. The personal representative may also face pressure to personally fund these fees depending on the engagement terms and the benefit to the estate. Florida law, specifically Fla. Stat. § 733.6171, allows for reasonable attorney compensation from estate assets, provided the work is related to estate administration. Alternative fee arrangements are permissible with proper disclosures. If objections arise from interested parties or if disclosures are inadequate, court involvement may be necessary, potentially affecting fee approval and allocation. In cases of insufficient assets, disputes can arise regarding payment priorities, especially in the presence of non-probate assets or creditor issues. It is advisable for personal representatives to seek legal counsel early to navigate these complexities and avoid potential claims from beneficiaries or creditors.
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