Video Summary

How creditors handled in a probate estate? Whenever probate, whenever an estate is being probated, the personal representative files a notice in the newspaper called a Notice to creditors, who starts a creditor’s period of running for a period of three months. Personal representative also responsible for sending out the notice to creditors to any reasonably ascertainable creditor, and that is an obligation of the personal representative and needs to do somewhat of a search to determine who the creditors are. The creditors then have to file their claim within three months of the date of the notice to creditors. If a creditor files a claim after the three month period and has not received the notice to creditors, you give them notice and then they have 30 days in which to expand the time in order to be able to file their claims. All claims are barred after a two year period, so if the decedent died more than two years ago, then there are no claims that can be filed or all the claims are barred. Also, there’s special provisions as far as sending a notice to the state of Florida in the event the person was receiving Medicaid received death certificate. Call me at (727) 847-2288.

 

Video Summary

Does a Living Trust avoid Estate Taxes? The answer to the question is no, it does not, and that right now the Estate Tax limitation for the federal government is up over $12 million. And if you’re a resident estate of Florida, when you pass away, there is no Estate Taxes. The time that you would be subject to Estate Taxes if you’re a resident of Florida is if you own any real estate or the Trust owns any real estate outside the state of Florida then wherever the real estate situated may be subject to taxation. Many people set up a Living Trust to avoid probate, and if all the assets are titled in the name of the Trust, then it’s properly set up, then you can avoid probate. A simpler way of avoiding probate is how to retitle your assets so that they automatically pass to whoever your beneficiaries are. You have any questions about how to set your state up to avoid probate, give me a call at (727) 847-2288.

Video Summary

What can I do if I feel my loved one’s Will was written under duress? Well, you can file a Will contest provided that you are a heir or a child or an heir to the decedent or a beneficiary under a prior Will.  You can file a Will contest asserting that the decedent who signed the Will was under duress and not it was in a weakened condition and taken advantage of, so it would be undue influence. As far as signing the Will, it’s difficult to do and to prove that Will contests are very expensive and so you need to really have medical records as far as that’s concerned, and probably a substantial amount of money involved in order to invest into a Will contest and to verify that you have standing. If you have any questions, please call me at (727) 847-2288.

Video Summary

Do I need a Trust for my child who has special needs? The answer to the question is, yes, you do. If you plan on leaving any money, or the child is to receive any money for their benefit. The purpose of the Special Needs Trust is to have a independent party called the Trustee to hold any money for the benefit of the special needs child and not require them to using the money that would disqualify them, disqualify the special needs from any entitlement from the state or federal agency. So, if you want to provide for a child with special needs, you need to have a Special Needs Trust and have that money be held by trustee and specifically provide that the money is not used in any way that would disqualify the special needs child from any entitlements from state or federal programs. If you have any questions about a special needs trust, you may call me at (727) 847-2288.

Video Summary

What property can be transferred into a Living Trust? Any real estate can be conveyed to the trustee of your Living Trust as long as the people who own it sign a deed, conveying it to the trustee. The conveyance needs to be to the trustee, not to the trusts. Since the Trust is simply a written document, it’s not advisable to transfer your homestead property into the Trust because it has any number of protections, and so it’s best to treat that separately and can be addressed so that it doesn’t have to go through probate, but any property can be transferred into a Living Trust. If you have any questions, well give me a call. My phone number is (727) 847-2288.