Estate planning includes the creation of wills and trusts, management of cases through probate court, elder law, and Medicaid planning including the avoidance of the Medicaid Estate Recovery Program.
Quick Read Summary (TLDR) Estate planning in Florida is complex for married couples where one spouse is not a U.S. citizen because the unlimited marital deduction is unavailable, potentially leading to immediate federal estate tax liabilities on U.S. assets exceeding the small non-resident exemption. The Qualified Domestic Trust (QDOT) is a critical planning tool authorized…
Quick Read Summary (TLDR) A Florida Community Property Trust (CPT), enacted in 2021, allows married couples to designate jointly held assets as community property, which offers a major federal tax benefit. This benefit is the “double step-up” in basis, which resets the cost basis of the entire asset (both spouses’ halves) to its fair market…
Quick Read Summary (TLDR) The Florida probate process, while necessary to settle an estate, can be confusing, so families should be aware of five key principles before starting. Crucially, the original will must be filed promptly, and families must prepare for a lengthy process, as even straightforward estates take six to twelve months. Before heirs…
Quick Read Summary (TLDR) Florida’s constitutional homestead creditor protection shields a primary residence from most creditors, a valuable exemption that can continue after the homeowner’s death. Maintaining this creditor shield depends on the property passing to a “qualifying heir,” who is defined by reference to Florida’s intestacy statutes (F.S. 732.103). The landmark Snyder v. Davis…
Quick Read Summary (TLDR) Credit card debt in Florida is the responsibility of the deceased person’s estate, not the surviving family members, unless they were a co-signer. Creditors must follow strict statutory deadlines and procedures to file a claim against the estate during the Florida probate process. Importantly, certain assets like homestead property and life…
Quick Read Summary (TLDR) When an elderly person passes away and leaves an estate to a caregiver or other trusted individual, family members sometimes question whether the decision was truly voluntary. Florida probate law provides a framework for challenging wills and trusts that may have been the result of undue influence, including manipulation or coercion….
Quick Read Summary TLDR When a person dies owning property in Florida but their primary probate is in another state, the non-Florida court has no legal authority to allow heirs to inherit Florida property. This often forces heirs into a separate legal process called “ancillary administration” in a Florida court to properly transfer the title….
Quick-Read Summary TLDR Naming a trust as a beneficiary on financial accounts can help Florida residents avoiding probate. This strategy allows funds to transfer directly to the trust upon death, bypassing the court-supervised probate process. Advantages include greater control over distributions, protection for minors or special needs beneficiaries, and potential creditor protection. However, this method…
Quick-Read Summary (TLDR) Florida estate planning offers extensive asset protection strategies for individuals seeking to shield their wealth from creditors. The cornerstone is Florida’s homestead exemption, providing unlimited protection for a primary residence. Beyond homestead, Florida Statute 222 extends robust protection to retirement accounts, life insurance, annuities, and limits wage garnishment. Strategic use of limited…
Quick-Read Summary (TLDR)Florida provides substantial protections against creditor claims during probate through time limitations, exemptions, and procedural requirements. Understanding these protections helps families preserve assets while ensuring legitimate debts are handled appropriately.The key to successful creditor protection lies in understanding available exemptions, following proper procedures, and acting within required deadlines. While creditors have legitimate rights…
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