How do you move income into a Qualified Income Trust?
Income is moved into a qualified income trust by transferring the income into the trust bank account before the last day of the month. If you wait until after the last day of the month, the income becomes countable for Medicaid purposes. A qualified income trust (QIT) is used to help disabled individuals qualify for […]
Does a personal representative need to be a family member?
No, in Florida, a personal representative does not need to be a family member or spouse, as long as the personal representative is a legal resident of the state of Florida. Who can be named as personal representative? A personal representative, also commonly known as an executor, is in charge of your estate after you […]
Should you include funeral wishes in your will in Florida?
Yes, you should include your funeral wishes in your Florida will. But you should also communicate your burial wishes to loved ones in other ways. Wills often are not read until after the funeral, so they should not be solely relied on to communicate your funeral wishes. There is no prohibition on including your funeral […]
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 […]