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 […]
Can the IRS attach a lien to an interest created by a lady bird deed?
The IRS probably cannot attach a lien to the remainder interest created by a lady bird deed, but it can attach a lien to the life estate interest. However, for title insurance purposes, you should act as though the IRS can put a lien on any interest created by a lady bird deed. Lady Birds […]
Does a trust have to file a tax return if there is no income?
No, a trust is not generally required to file a tax return if there is no income. However, even a small amount of taxable income may result in the need to file a tax return. Not all trusts file tax returns. For example, a revocable trust does not file a tax return, regardless of the […]
Can a trustee also be a trust beneficiary?
Yes, a trustee can also be a beneficiary of that trust. In fact, this is done commonly, especially with spouses. You might think that making the trustee a trust beneficiary would eliminate any asset protection benefits of the trust. However, according to section 736.0504 of the Florida Statutes, this is not entirely the case. As […]