Should you use a lady bird deed to move property into a community property trust?
No, you should not use a lady bird deed to move property into a community property trust in most circumstances. Property deeded into a community property trust via lady bird deed will probably not receive a full step up in basis, defeating the main purpose of the community property trust. Lady Bird Deeds and Trusts […]
Can you remove someone from a lady bird deed without their knowledge?
Yes, you can remove the remaindermen from a lady bird deed without ever informing them of your actions. Removing the remaindermen from a lady bird deed does not require the consent of the remaindermen. What is a lady bird deed? A lady bird deed is way to devise real estate to someone after you die. […]
Disadvantages of the Florida Community Property Trust
Although community property trusts are a powerful way to potentially pay less in taxes, they also come with some disadvantages. The trusts are still a great estate planning tool, but like all things in life, you have to weigh the pros and cons before making the decision right for you. Four Disadvantages of Using a […]
How do you legally make someone a godparent?
In Florida, there is no legal title called “godparent.” However, you can designate someone to be the guardian of your children if both parents pass away. This is called a “preneed guardian.” To designate a preneed guardian for your minor children, you need to submit the appropriate paperwork to the Clerk of Court. The term […]
Everything You Need to Know About Florida’s Community Property Trust Act
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 […]
Estate Planning for Dog Owners
Owning a dog is a big responsibility. This is not news to any good pet owner, but it does bring up an interesting question for estate planners: how can we best help dog parents plan for their dog as part of an estate plan? Pet Trust The starting place is often a pet trust. A […]
Can a trust qualify for the Florida homestead tax exemption?
Yes, you can still get the Florida homestead tax exemption if your property is in trust, as long as you (1) have a present possessory interest in the homestead for life and (2) you would otherwise qualify if you owned the property outright. What is the Homestead Tax Exemption in Florida? The homestead tax exemption […]
Types of Wills in Florida
5 Types of Wills for Florida Estate Planning There are five types of valid wills in Florida. 1. Simple Wills A simple will is performs all the basic functions of a last will and testament without getting into anything too complicated. A simple will appoints a personal representative (sometimes called an “executor” in other states), […]
The Importance of Homestead Planning When You Have a Minor Child and a Child With Special Needs
If you have a child with special needs receiving government benefits, you are likely already aware of the income and asset requirements involved in Medical and Supplemental Security Income (SSI). These requirements are why supplemental needs trusts are so helpful for parents with special needs children. When properly drafted, the trusts can help your child […]
What are the disadvantages of naming a trust as your life insurance beneficiary?
Why do people name a trust as their life insurance beneficiary? If you have created a living trust as part of your estate plan, you are hopefully aware of the crucial need to fund that trust. I was recently speaking with another estate planning attorney about the problem of unfunded trusts, and he referred to […]