What Estate Planning Steps Should I Take If I Own Multiple Properties or Out of State Property?
Video Summary
What estate planning steps should I take if I own multiple properties or out of state property? Well, assuming the purpose of your estate planning is to try and avoid probate, you can set up a Trust and convey the property to your trustee, and then it will be controlled by the provisions of your Trust. Another way that we’ve done it, if you just have Florida property and you want the property go to certain beneficiaries outright, you can execute what they call a lady bird deed, which is an enhanced life estate deed, or you convey the property to the beneficiary, but reserve all the rights of ownership during your lifetime so that you can sell it and don’t need the joiner of the person who you conveyed it to. So those are some of the ways or the way you can do that if you convey the property to the trustee of your Trust for out-of-state property. Well, your trust should control the sale of that, so there is certain provisions you’d like. I suggest you put in deeds, particularly if you transfer it into a Trust, particularly as far as your homestead is concerned, so that you can continue to get homestead exemption and also certain powers that you put in there so that you don’t have to disclose or publish portions of your Trust which authorize you as trustee to sell the property. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos
Can I Include Instructions for Personal Items Like Jewelry and Heirlooms Separately from the Will?
Video Summary
Can I include instructions for personal property like Jewelry, Heirloom separately from the Will? The answer is yes. Not only do you have it separately, but you also incorporate that list in your Will by referencing a tangible personal property list and saying that you’re dispersing or distributing these personal items that need to be signed and dated. And so, you reference that in the Will, which has the binding effect on the personal representative and designates the beneficiaries of these individuals. Now that list must be tangible, personal property. It cannot be money, stocks, bonds, intangibles, so it can be automobiles, heirlooms, jewelry, or whatever you designate the person you want to receive it. And the items, you don’t need to say, I leave my ring. You need to specifically identify which ring you want on this list, and whatever lawyer prepares your Will should be able to provide you with a form for you to complete and sign. And you can also change it without having to change your Will. Just sign a new list or sheet and sign and date it and suggest you go ahead and give a copy of it to your attorney so that he has the latest version of your tangible personal property list. If you have any questions, give me a call at (727) 847-2288.
If I Plan to Renovate or Build on the Property, What Permits or Legal Approvals Do I Need?
Video Summary
If I plan to renovate or build on the property, what permits, or legal approvals do I need? You need to start with a building permit as far as your contractor and be sure that you need to have a licensed contractor to do the work and file a commencement notice to comply with construction lien law. And so, some municipalities may require you to file a site plan, even though it’s the existing building. Just make sure that it complies with all the zoning requirements and your intended use of the property. So, the big thing is, is to get a building permit and have work done by a license built in contractor. You have any questions, give me a call at (727) 847-2288.
- Published in LLC's and Corporations, Real Estate, Videos
How Do I Choose a Reliable Executor, and What Responsibilities Will They Have?
Video Summary
How do I choose a reliable executor and what responsibilities will they have? Well, you need to pick someone who is trustworthy, that you trust, and that you believe will treat all the beneficiaries fairly and knows enough to contact an attorney to get some guidance as far as handling the probate of your estate and handling your affairs as far as what their responsibilities are, as they need to petition the court to be appointed. And once they’re appointed, then a lawyer acts on their behalf, but they have a responsibility for filing a notice of administration to the various beneficiaries of the estate and also sends a notice to creditors giving the notice, giving them notice to file their claims in the estate. Moreover, they have the responsibility to send that notice to any reasonably ascertainable creditor so that the creditors can file their claims and the claim period runs about three months after.
They also have to file an inventory in 60 days, and they need to marshal the assets, meaning they need to collect the assets. I usually have them set up an estate account so that all the money goes into one account, so that whenever we have all the assets in and we file the inventory, we can then have an accounting to show what the expenses are and how much money is available to pay creditors and how much is available for the beneficiaries, which we then, if there’s enough money to pay the creditors, we pay the creditors. And then the balance, the money is distributed to the beneficiaries, but they’re entitled to accounting and to object to it or not. So that’s in a nutshell what the responsibilities are of an executor in Florida. The executor needs to be one of the following, either related by blood or in the alternative, a resident in the state of Florida, one of the two. So, if you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos, Wills
When Should I Update My Will, Trust, Or Other Estate Planning Documents?
Video Summary
When should I update my Will, Trust or other estate planning documents? You should update those when there’s a change in circumstances. Some of the circumstances would be in the event that you have more grandchildren or you have a problem with the death of one of the beneficiaries, a death of a child, the circumstance of one of the beneficiary changes, such as if they have a dependency problem or you need to set up a special needs trust for them or the circumstances of the beneficiary. Also, if you relocate to another state, well, you will want to have the Trust reviewed to see if it complies with the Florida law and have it controlled by the state where you are now residing. One of the big things that you need to look at your Trust is when it was set up, what the tax laws were. Many of the older Trusts have a provision to try and take advantage of the unified tax credit so that they split it up into two Trusts, a marital Trust and a credit shelter Trust. Well, now they’ve raised the estate tax limitations of approximately $14 million, which eliminates the problem of having to have two Trusts to take advantage of the credit shelter, and it can have some ramifications as far as how the credit shelter is dispersed to the spouse. So, these are some of the reasons why you want to look at your will or trust because of the change in circumstances if you lose a spouse, would be another one. Death of beneficiaries. If you have any questions, give me a call at (727) 847-2288.