How Much Can You Leave Beneficiaries Without Facing Estate Tax?
Video Summary
How much can you leave a beneficiary without them having to pay any estate taxes, or rather the estate having to pay any estate taxes? The federal limitation is now up to over $12 million, so you can leave them up to $12 million and not have any federal estate taxes. As far as your estate’s concerned, in Florida, they’ve done away with estate taxes, so the total that you can leave without any federal estate taxes to all the beneficiaries of your estate is anything up to about $12 million. In fact, that goes up every year, and right now it’s a little bit over that amount. So, if you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Taxes, Videos
How Are Creditors Handled in Probate?
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.
- Published in Estate Planning, Probate, Videos
Do I Need a Trust For My Child With Special Needs?
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.
- Published in Estate Planning, Videos
What Property Can Go Into a Living Trust?
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.
- Published in Estate Planning, Videos
What Information Do You Share About Me With Other Beneficiaries?
Video Summary
What information do you share about me with other beneficiaries? What details can I receive about the other beneficiaries from you? Well, whenever you’re administering an estate, you’d address would show in the pleading. So that is shared with not only the other beneficiaries, but it is pretty much public record as far as the probate proceedings concerned. Other than that, well, no other information is really shared. The Executor or a Trustee would require that you give them your social security number if you were to receive any money or particularly any income from the Estate or the Trust. So pretty much the only thing that is shared with the beneficiaries is their addresses, which shows up whenever you’re administering the Estate or Trust as far as your address is concerned. But other than that, none of your information is about you, is shared. In fact, the Executor Trustee may not have any of that information, and if so, it’s certainly not up to them to share it with anyone else. If you have any questions about this, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos