What Assets Are Protected from Creditors When I Pass Away?
Video Summary
Hi. I’m Chip Waller. Many people are concerned about what assets are protected from the creditors when they pass away. The primary asset that the creditors cannot reach is your home. Many times your home is your most valuable asset. Given this present economic recession and real estate bust, the value of your home has gone down substantially, and if there’s a mortgage on it, there may not be any equity, but that is an asset that is protected, and the creditors cannot reach the home if you leave it to your children or your grandchildren or relatives.
If you leave your house to your relatives, it doesn’t matter how much credit card debt or judgments or any other debt that you may have; they will not attach to the home, and it will be passed to your heirs. If you leave it to a non-heir, then it can be reached by your creditors, and it’s called your homestead, and it’s protected under the Florida constitution.
If you’re interested in seeing about having your estate plan prepared either through a trust or a will, we can further discuss what assets are protected from creditors. Please give me a call at (727) 847-2288. Thank you.
Can I Transfer My Homestead Exemption?
Video Summary
Can a homestead exemption be transferred to another piece of property? The simple answer is no, you cannot. However, when you purchase a different property you can apply for a homestead exemption on that property. If you sell your property after January 1 of a year in which you have homesteaded your property, the purchaser of the property will benefit from your homestead exemption for that calendar year.
You can, however, transfer your “Save Our Homes” assessed value to another home in the state of Florida. This process can be complicated but we would be happy to help. Please call us at (727) 847-2288.
- Published in Real Estate, Videos
What is a Living Trust?
Video Summary
A Living Trust is a document signed during someone’s life that generally makes legal provision for the way his or her assets are to be used during the individual’s life time as well as for who is to receive those assets upon his or her death. A will, on the other hand, does not take effect until a person passes away. Either document can be modified at any time during the person’s lifetime. Many choose to set up a trust because it is not subject to the probate process after the individual’s death. It is also important to note there there are revocable and irrevocable trusts.
What is a Health Care Surrogate?
Video Summary
A common estate planning document our clients inquire about is a Health Care Surrogate. In this statutory document, you name an individual who you give authority to make medical decisions in your behalf in the event that you are unable to do so. Also, according to HIPA laws, medical providers are not allowed to disclose your medical information. In a Health Care Surrogate document, you authorize health care providers to release your medical information to the designated party.
- Published in Estate Planning, Videos