Inter Vivos Trusts vs Testamentary Trusts
Trusts are frequently used in estate planning. A trust can help you avoid probate, provide asset protection for your beneficiaries, and let you retain control over assets after you pass away. Simply put, trusts can do a lot. Because trusts are so versatile, not all trusts are the same. Different types of trusts have different […]
7 Ways an Irrevocable Trust be Dissolved in Florida
All trusts can be broadly broken down into two big categories: revocable and irrevocable. A revocable trust is a trust that can be taken back. The settlor (the person who makes the trust) of a revocable trust can decide at any point to either amend or undo the entire trust. A revocable trust can also […]
Tax Implications of the Florida Lady Bird Deed
I love the Florida Lady Bird Deed (otherwise known as an “Enhanced Life Estate Deed” or a “Lady Bird Trust”). It is an incredible estate planning tool, and when used properly it can provide a number of benefits to my clients. But what are the tax implications of using the deed? Will using the lady bird […]
Can you put a house with a mortgage in an LLC?
Yes, you can put a house with a mortgage in an LLC, but you should take steps to ensure that this action will not trigger the “due on sale” clause in your mortgage. Why would I want to move a house into an LLC? LLCs provide an asset protection, often making them the ideal owners […]
What is the Florida Documentary Stamp Tax?
The Florida documentary stamp tax is an excise tax on certain documents, including real estate deeds, easement transfers, lease assignments, certificates of title, and any other written transfer of a Florida real estate interest. An “excise tax” can be understood as a tax that only applies to certain transactions. For example, a tax on cigarettes […]
Can you put a house with a mortgage in a trust?
In Florida, you can put a house with a mortgage into a revocable living trust. However, if you do so, you may need to pay documentary stamp taxes based on the amount of the mortgage. You also may need to consider whether your lender will enforce a “due on sale” clause against you. Why move […]
What is the difference between a will and an estate?
A will is an estate planning document that generally determines who gets your probate assets after you pass away. An estate is all of your property subject to a probate after you pass away. Thus, a will is a document that determines what happens to your estate. What is a will? A last will and […]
Does a Florida Certificate of Trust Need to be Notarized?
No, a Florida certificate of trust does not need to be notarized. However, it should be signed by a trustee. What is a Florida certificate of trust? A Florida certificate of trust in an abbreviated version of the trust document. The certificate of trust can be used by a trustee when attempting to prove to […]
Can a trust be a joint tenant or tenant in common?
What is joint tenancy and tenancy in common? Joint tenancy and tenancy in common are two different ways of being co-owners of property. Each form of ownership comes with different rights. Joint tenancy is technically called “joint tenancy with right of survivorship.” As it turns out, the phrase “right of survivorship” is helpful for understanding […]
Is homestead property a probate asset?
No, homestead property is not a probate asset in Florida. However, the Florida probate court is still often involved in the transfer of the homestead property. What is a homestead in Florida? Homestead property receives a number of special protections in Florida. Because of this, the state has a narrow definition of what constitutes a […]