PTM Legal

Using Joint Accounts and Beneficiary Designations in Florida to Avoid Probate

Closeup image of judge gavel and word PROBATE.

An easy way to avoid probate on bank accounts in Florida is to use Transfer on Death (TOD) and Payable on Death (POD) designations. Alternatively, joint account ownership is often used for this same purpose. All of these designations create automatic transfers upon death for bank accounts. Using these strategies not only simplifies the transfer […]

Trustee Defense Q&A

Law and justice concept.

Serving as a Trustee of a trust comes with significant responsibilities, including managing and administering assets that can range from a few thousand dollars to several million. In addition to overseeing these assets, Trustees must navigate a complex body of law that governs their powers and duties. Despite the weight of these obligations, many Trustees […]

11 Pitfalls of Prenups in Florida

11 Pitfalls of Prenups in Florida

Prior to getting married, all couples should consider a premarital agreement (commonly known as a “prenup”) regardless of who they are, how long the couple has known each other, or their financial status. This process can strengthen a couple by tackling a taboo topic centered around one of the leading causes for divorce: money. Premarital […]

How to Access a Deceased Person’s Safe Deposit Box (Florida Attorney Explains)

How to Access a Deceased Person’s Safe Deposit Box (Florida Attorney Explains)

Many people rent safe deposit boxes to store important and/or valuable items or documents. But what happens to that safe deposit box (and its contents) once the lessee (i.e., the person who rented the box) has passed away? After the initial grief associated with losing a loved one, it is expected that those close to […]

Everything You Need to Know About Florida’s Community Property Trust Act

community-property-trust

Florida recently passed the Community Property Trust Act. According to the new law, you can now create a trust in Florida for which all property in the trust will be treated as community property. This is big news because Florida was not previously a community property state (with some exceptions if you moved to Florida […]

Can Medicaid take money from a special needs trust?

Medicaid-special-needs-trust

No, as long as the trust beneficiary is alive, Medicaid cannot take money from a special needs trust that is properly drafted and managed. However, after the beneficiary dies, the assets in any first-party special needs trust are used to repay Medicaid. Do assets in special needs trusts disqualify you from Medicaid? The assets in […]

How to Revoke a Lady Bird deed in Florida

Signing contract

The most effective way to revoke a Florida lady bird deed is to transfer your property to a third party. It is unclear whether you are allowed to transfer the property back to yourself. The Safest Way to Revoke a Lady Bird Deed The whole point of a lady bird deed is that you can […]

Other than death, when is an estate plan useful?

estate+plan

Other than death, an estate plan is useful for incapacity. An estate plan can put people in place to make both financial and medical decisions on your behalf if you are incapacitated. Estate plans are often thought of as death plans. What good is the plan when you are still alive? Well, it certainly can […]

Is an inter vivos trust the same thing as a revocable trust?

inter-vivos-trust

No, an inter vivos trust is not necessarily the same thing as a revocable trust. However, some inter vivos trusts are also revocable trusts. What is an inter vivos trust? An inter vivos trust is a trust that is created by someone who is alive. Inter vivos trusts are also sometimes referred to as “living […]