Florida offers a favorable tax climate for estate planning. Unlike many states, Florida no longer has estate taxes. However, the federal government still imposes an estate tax on estates exceeding a specific threshold. Understanding the Federal Estate tax The federal...
Crystal River Florida Legal Blog
3 reasons to consider avoiding probate
Probate is often a pivotal step of estate administration, demanding full transparency over all actions taken toward executing a will. This legal process ensures all assets are accounted for, the estate’s taxes and debts are paid and assets are handed to the rightful...
Can I skip probate without a trust?
When someone passes away, a court oversees the administration of their estate through a legal process called probate. This legal procedure can be lengthy, costly and public, which is why you would usually hear legal professionals advising you to avoid this by creating...
When can I use temporary intestacy during estate planning?
Intestacy happens when someone dies without a last will and testament. Since they did not mention how to distribute their property in a will, the courts will determine the beneficiaries based on Florida’s inheritance statute. Temporary intestacy, on the other hand, is...
What assets must go through probate?
After someone’s death, there is no automatic method to distribute their assets to their heirs. In most cases, the estate could go through probate, which helps manage and administer the estate under the court’s direction. This process can involve numerous procedures,...
3 trust options for high-asset married couples in Florida
When estate planning, married couples with high-value assets put a premium on their privacy. That’s why they tend to create trusts over wills to do away with the probate process. This gives added protection for their assets and confidentiality. However, creating a...
How important is it to plan for incapacity and death?
Have you ever thought about what would happen to your assets and loved ones if you were to become incapacitated or pass away suddenly? The reality is that life is unpredictable. Incapacity or death can strike unexpectedly. When you plan for incapacity and death, you...
What is a pour-over will?
Creating an estate plan is an effective way to make decisions and give directions on what will happen to your estate after your death. No matter which estate planning tool you use, such as a trust or will, its enforceability may hinge on its features and functions....
What happens if a deceased loved one did not leave a will?
A will is a part of an estate plan, and when a person passes away, there is a distribution of assets to their heirs through the legal process of probate. Typically, parties look to a decedent’s estate plan for guidance on what they want to happen with their...
How to manage your duties as executor of an estate
Following the passing of a loved one, it is now up to you as executor to ensure that their final wishes are respected and fulfilled. However, nobody informed you of the level of commitment the role would require. Suddenly, you find yourself burdened by seemingly...