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 […]
Can a corporation or LLC avoid probate in Florida?
Yes, a corporation or LLC can avoid probate in Florida. However, this is not done automatically. To avoid probate, you must either move your business interest into a trust or edit the operating agreement/bylaws of the business. How can an LLC avoid probate in Florida? You can avoid probate for an LLC by either making […]
Can Medicaid take life insurance from the beneficiary?
Medicaid cannot take your life insurance policy while you are still alive. However, if your estate is the beneficiary of your life insurance policy and you receive long-term care Medicaid benefits, then Medicaid may take your death benefit proceeds to recover those costs. If you receive any sort of long-term care Medicaid benefits, then after […]
What is the difference between a trust and an estate plan?
A trust is a single document that might plan for your death or incapacity, whereas an estate plan is a collection of documents regarding your death or incapacity. A trust is often included in an estate plan. An estate plan is a plan for your own death or incapacity. That means that your estate plan […]
What is a discretionary trust?
In a discretionary trust, the trustee has complete discretion over how, when, and whether to make distributions to beneficiaries. In other words, the beneficiaries of a discretionary trust have no power to force the trustee to make a distribution, no matter how much that beneficiary might need the money. And because the beneficiaries have no […]
Is a trust legally binding?
Yes, a trust is legally binding if it is executed correctly and the trust is irrevocable. However, if the trust is revocable, then the trust does not legally bind the grantor. Trust Requirements in Florida In order for a trust to be executed correctly in Florida, it must meet the legal requirements of a trust. […]
Does a will need to be recorded in Florida?
No, a Florida will does not need to be recorded to be validly executed. However, your will is typically submitted to a probate court after you die, and at that point it will be part of the public record. Some legal documents need to be recorded. Recording means making a public record of your transaction. […]