Gifting Considerations
Gifting to your adult children a portion of their inheritances while you are still alive is a topic of discussion that is not always as simple or clear-cut as it may seem on the surface. Some reasons you might consider doing this may be if you have more in your savings than you thought you […]
All Shook Up: Lisa Marie Presley’s Trust
In January 2023, Elvis Presley’s only daughter, Lisa Marie, died. Multiple online news sources subsequently reported that Lisa Marie’s mother, Priscilla Presley, filed documents in a California court alleging that Lisa Marie’s 2016 Trust Amendment is invalid. More specifically, online news sources reported that the trust amendment contains a misspelling of Priscilla’s name, there was […]
Ancillary Probate
Ancillary probate administration matters are secondary to domiciliary probate. Ancillary probate comes into play when a non-Florida resident dies owning real estate or other tangible property in another state, but owned property also in Florida. Chapter 734 of the Florida Statutes is the ancillary probate section of Florida’s Probate Code. The ancillary probate process would […]
Florida Probate – Public Record
A question often asked by potential clients is whether a probate case or probate court records can be somehow shielded from being publicly found in court records. The short answer to this question is no. A probate court record consists of the court-filed documents, which includes, among other things, a copy of the will, the […]
No Contest Clauses are Unenforceable in Florida
Sometimes testators include no contest clauses in their estate planning documents, thinking that these will help ensure their wishes will be honored after their death. No contest clauses, or “in terrorem clauses”, basically serve as a deterrent to a beneficiary of a will or trust, who might otherwise seek to challenge the terms of the […]
Modifying or Reforming an Irrevocable Trust?
The question of whether an irrevocable trust can be changed, amended, reformed or modified is one with an almost-surprising answer. Can this happen? Yes, it can. Pursuant to Florida’s Trust Code, Chapter 736 of the Florida Statutes, an irrevocable trust can be modified if the modification or change is consistent with the intent of the […]
Estate tax and related planning
The estate tax affects only certain estates: in 2023 it applies to estates exceeding a taxable value of $12.92 million, which is taxed at a rate of 40%. While this does not give cause for concern to many, these figures can and do change. Estate tax is often debated in politics and it frequently changes. […]
Does a person’s debt go away when they die?
The short answer: No, the debt does not simply go away when someone dies owing a debt. Generally speaking, a decedent’s estate is responsible for paying any unpaid debts, and no one else is required to pay those debts. When a decedent dies, their assets pass to their estate, and if there is no money […]
Morrow v. Morrow, 354 So. 2d 642 (Fla. 3d DCA Feb. 8, 2023)
The recent Third District Court of Appeal reviewed the requirements for a valid will under Fla. Stat. 732.502 and found the handwritten will which was at issue, in this case, to be valid. In this case, both on a confession of error and based on the court’s independent review, the appellate court found that the […]
Real Estate Investment Trusts Can Help Avoid Corporate Taxes
A trust is a contract that specifies the terms in which a party is to control property or assets for the benefit of others, known as beneficiaries. The party or person in charge of the trust is known as the trustee. There are a variety of reasons and benefits to create trusts in Florida and […]