How to Establish Your Domicile in Florida
The location of your domicile is incredibly important for estate planning. The state in which you reside determines the laws under which your last will and testament will be interpreted and whether your will was validly executed in the first place. It also determines whether your estate will be subject to a state estate taxes. […]
Can a revocable trust continue after death?
Yes, a revocable trust can continue after the death of the of the settlor (the person who created the trust). However, if all settlors are deceased, the trust changes from being revocable to being irrevocable. What is a revocable trust? A revocable trust is a trust that the settlor (the person who makes the trust) […]
Can a personal representative change a will?
No, generally the personal representative is not allowed to alter or ignore a validly executed last will and testament. However, if all beneficiaries of an estate make an agreement to change the distribution, then the personal representative may distribute the assets accordingly. Sometimes, what is in a will surprises beneficiaries. Perhaps everyone expected an even […]
Can a trust be revoked by will in Florida?
Yes, unless the terms of the trust say otherwise, a revocable trust can be revoked by will in Florida. Revoke a Trust by Following the Trust Terms The primary way to revoke a trust is to follow the terms of that trust. A well-drafted trust document will specify how the trust may be revoked. Thus, […]
Does Florida Allow Common Law Marriages?
No, Florida does not recognize common law marriages entered into after January 1, 1968. But if you entered into a common law marriage prior to January 2, 1968, then the marriage might be valid. Additionally, Florida recognizes valid common law marriages from other states that recognize common law marriage. However, common law marriage never applies […]
Do railroad survivor benefits avoid probate?
Yes. Because railroad survivor benefits come from the federal law and not from the estate of the deceased, the benefits are not probated. This means the benefits can be accessed without having to go through a probate court. Railroad survivor benefits stem from the Railroad Retirement Act. That Act is a Federal law meant to […]
Disadvantages of a Lady Bird Deed in Florida
A Florida lady bird deed, also called an enhanced life estate deed, can be a useful estate planning tool. In fact, the lady bird deed is my favorite way to transfer a homestead. It avoids probate without giving up Florida’s homestead protections. But there are also disadvantages to using a lady bird deed, and you […]
The Medicaid Lookback Penalty
Can you give away your assets to qualify for Medicaid? If a disabled individual’s assets are worth too much to qualify for Medicaid long-term care benefits, that disabled individual could simply give away her assets until her asset count is under the Medicaid limit. The disabled individual could, for example, give away assets to close […]
Spending Down Your Assets to Qualify for Medicaid Benefits
A common planning technique for those seeking to avoid triggering the lookback penalty is to spend down assets until the applicant’s assets are under the Medicaid limit.[1] Spend down plans exploit the fact that the lookback penalty is not triggered if fair market value is received in return.[2] Thus, if the applicant spends her assets […]
First-Party Special Needs Trusts
A first-party special needs trust is a special needs trusts created with the assets of the person applying for government benefits.[1] When properly drafted and funded in accordance with the statutory rules, these trusts reduce the countable resources or income available to the applicant. Anything properly transferred to these trusts will not trigger the lookback […]