Can I Be Sued for My Inheritance?
Video Summary
Can I be sued for my inheritance? Once the Estate or Trust is distributed to you, well then in that event you can credit it’s your property and yes, they can sue you as far as that’s concerned. Of course, until such time as your inheritance is distributed to you, it’s going to be controlled by the provisions of a Trust that may have a provision that protects your assets or your inheritance. If you’re receiving it through a Will, they can possibly garnish that if any creditors are involved and you have debts involved, so depending on when you receive your inheritance is whether or not someone can sue you for the money that you inherit. If you have any questions, give me a call at (727) 847-2288.
What is the Difference Between a Supplemental Trust vs Special Needs Trust?
Video Summary
What is the difference between a Supplemental Trust and a Special Needs Trust? Well, I’m not real sure just what you mean by Supplemental Trust, but I’m assuming it’s a Trust whereby the trustees directed to supplement the income or for the benefit of the beneficiary and they have discretion to give the money to the beneficiary and then the money is later dispersed to that person. Usually at a particular age, there may be some definition as far as giving them the income from the Trust or a specific amount, or it can be simply discretionary on the part of the trustee until the beneficiary reaches a certain age. Many times, you do this for your children so that they don’t receive it at age 18 whenever they become adults. You say you want the trustee to hold it until such time as they’re 25 and use the money up until that time for their health, education, and maintenance so that they can pay for their college education, and then you can direct that a portion of it be dispersed at 25 or whatever age you would like. You can send it out on an incremental basis. Whereas a special needs trust is whenever you have someone who has special needs, and the money is not ever dispersed to the beneficiary since it would disqualify them from any state programs or federal programs where they’re receiving benefits. And so that money must be used independently and so it’s not used for the benefit of the special needs person. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos
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
What Is a General Warranty Deed?
Video Summary
What is a General Warranty Deed? General Warranty Deed is defined in the Florida statutes and incorporates the seven warranties under the English Common law. I’m afraid, I don’t remember what all those are, all warranties, but primarily you’re concerned about whenever you buy property is that there are no liens on the property. That you have the right of possession, that you have access to the property among other things. And so in the days times when you’re transacting your real estate, the buyer usually receives Title insurance. So, if there is a problem with the Title, they look to the Title Insurance company who insured the title as far as being paid rather than suing the seller. Then that would be up to the Title company to look to the seller if they knew anything about these titles or the problems with it. So anymore you don’t have to really understand that as far as all the warranties that go with it. It’s like any other warranty that’s warranted against defects. And in this case, whoever signs the deed is doing the warranty. So the General Warranty deed is the best deed that you can receive in a real estate transaction. If you have any questions, give me a call at (727) 847-2288.
- Published in Real Estate, 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