This is the second of three (actually four) posts on the different types of homestead in Florida. In my previous post, I discussed descent and distribution — the rules governing how your homestead may and may not be disposed of upon your death. Today I’m writing about an incredibly important and complicated aspect of homestead:...
One of the things that’s becoming more and more frustrating for trusts and estates lawyers in Florida is the refusal of banks and other financial institutions to accept properly drafted powers of attorney. A power of attorney is a document in which a person (the principal) grants another person (the agent) the authority to act...
In my previous post, I wrote that contrary to media reports, it was highly likely that the Michael Jackson Family Trust did not distribute his assets to his mother and children outright. Various sites reported that the mother “gets” 40%, the three children receive 40% between them, and charities receive 20%. But his estate had...
Sometimes posts on law blogs can get a little esoteric. Every now and then it’s useful to go back to the beginning and set forth the documents that comprise a basic estate plan. Every single adult should have these in place, regardless of age, marital status, wealth, or whether they have children. Last Will and...
One thing that makes our country both great and frustrating is that for certain types of law, there are often different, incompatible, conflicting laws that vary by state. On occasion, various committees are formed to draft “Uniform” Codes, but it is still up to the individual state legislatures as to whether or not they should...
On February 3, 2010, the Tax Court released its decision in Estate of Shurtz v. Commissioner. This case is interesting for a number of reasons. First, even though it involves a family limited partnership, the case is not about the estate taking substantial discounts. In fact, the word “discount” is not even mentioned in the...
One of the most common questions I get from people, especially the elderly, is whether they should transfer their home to their children or grandchildren now. Their thinking is that by transferring it now, it will avoid probate when they die, and also, they can avoid paying for more complicated estate planning. Of course, that’s not...
The biggest enemy of proper estate planning is procrastination. As the world knows, Prince died last week. Today we find out that he died intestate, which is a fancy word that lawyers use for dying without a will. When you die intestate, the state determines how your property is distributed. Prince was not married and...