How to Revoke a Lady Bird deed in Florida
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 […]
How do I put money in a special needs trust?
A special needs trust is useless until it has been funded. After all, the trust cannot pay for anything until it has some money! So how does someone move money into a special needs trust? The answer depends on whether you are the trustee of the special needs trust or a non-trustee who wants to […]
What happens to a special needs trust when the beneficiary dies?
What happens to a special needs trust after the beneficiary dies depends on the type of special needs trust. For a third-party special needs trust, the trust itself determines what happens to the assets. For a first-party special needs trust, the trust assets will be used to repay Medicaid. What happens to a third party […]
What distribution standard should be used for a special needs trust?
The ultimate goal of both disability trusts and supplemental needs trusts is to make the trust resources unavailable to the disabled individual while still assuring that the resources will ultimately be used for her benefit.[1] This is a difficult balance to achieve. If the trust assets are too easy to access, then the trust may […]
What is probate and how do I avoid it?
What is probate? Probate is a court-supervised process that takes place after you die. Probate involves naming a personal representative, paying your debts, and transferring assets to your beneficiaries in accordance with your last will and testament. After you die, every asset that you own solely in your name is now a part of your […]
Can a trust be a trustee of another trust?
No, a trust cannot be a trustee of another trust. However, the trustee of one trust may also act as the trustee of other trusts. The Florida Trust Code does not put limits on who can be a trustee. This is unlike the role of personal representative, which cannot be done by just anyone. However, […]
Other than death, when is an estate plan useful?
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 […]
Does a spouse automatically inherit everything in Florida?
No, a spouse does not automatically inherit everything in Florida. A spouse is entitled to some portion of the estate, but not all and not automatically. However, any property that is held jointly between the spouses or as tenants by the entirety will transfer automatically upon death. A common misconception in Florida is that if […]
Is an inter vivos trust the same thing as a revocable 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 […]
Does a Lady Bird Deed Have to Be Recorded?
Yes, a lady bird deed should be recorded with your county’s clerk of court. The recording is not a legal requirement, but it is a standard practice and comes with a number of benefits. A lady bird deed—also called an enhanced life estate deed—is a special kind of deed that lets you transfer your property […]