Can I Homestead Property in Two Different States?
Video Summary
Can I homestead property and two different States? The answer is no for Florida. And that whenever you sign for homestead exempt you’re signing that you are a permanent resident of the state of Florida. And furthermore, that you’re not receiving any benefits as a result of being a resident of any other state. It also, applies to if you’re married, that neither you nor your spouse are receiving those benefits. They consider a husband and wife as one family unit so that one spouse can’t get homestead in one state and the other spouse get homestead in Florida. Sometimes people query as to, well, how do they find out? Well, I don’t know, but I know the property appraiser as hard at it. They’ve found where this one fellow was getting free parking in his town, as a result of being a resident of that town in Massachusetts. How they found out, I don’t know, but they have people working on that to avoid homestead fraud. The penalties for getting homestead and having benefits elsewhere are very severe. I think the interest rates like 15%. The penalties besides the tax that you should have paid is like 50%, it’s sort of like speeding. You don’t want to get caught. So, I suggest don’t do it. When you make application, you state that you’re not getting any benefits from another state. If you have any questions, give me a call (727) 847-2288.
- Published in Real Estate, Videos
How Do I Access Someone’s Bank Account After They Die?
Video Summary
How do I access someone’s bank account after they die? You can access someone’s bank account after they die if you’re on the account with them as a co-owner. Also if you if the account is payable on death to you, otherwise you are not entitled to access the account. It presents a practical problem for you whenever you know what bank it’s in and you go and ask them, if what you can do or how much money’s in the account and they say, well, unfortunately you’re not on the account or they won’t give you the information because you’re not a co-owner or a beneficiary of the account. So it’s difficult then to go see the attorney to talk about any sort of probate proceeding. You wouldn’t want to open up an account, a probate proceeding for an account that had, you know, just two or $3,000 in it or less. And so it is a real problem. And so hopefully everyone, addresses that in their estate planning by making it payable on death to someone. I usually recommend that they do that and execute a power of attorney to someone to sign in their behalf if they’re unable to do so, rather than putting them on as a co-owner of the account, since that makes them, whoever they put on there, a co-owner and subject to their debts and, or domestic problems. If you have any questions, give me a call at (727) 847-2288
- Published in Estate Planning, Videos
Can I Use My Parents Power of Attorney to Transfer Their Trust Assets?
Video Summary
Can I use my parent’s power of attorney to transfer their trust assets? The short answer to that is no. The reason is, is the power of attorney is given to the now called agent that used to be called a attorney. In fact, in their individual capacity, if they’ve titled particularly real estate and their name is trustee, then you must have the trustee sign the deed or transfer it in the trustee’s name. And if they’re not able to sign, you then need to have, the trust amended so that the successor trustee is then able to sign the documents or deed to transfer the title. But you cannot use a power of attorney, which has been executed by your parents and their individual capacity to transfer their trust desk sets. If you have a problem as far as transferring trust assets and they have a power of attorney, will give me a call at (727) 847-2288. Thank you.
When Do My Responsibilities Start as a Trustee?
Video Summary
When do my responsibility start as a trustee? Well, the first time it starts is if someone sets up a trust or either you or someone else and you’re named as the trustee, well then, your responsibilities start away. However, you do need to accept the responsibility as a trustee. The usual scenario is, is that your parents or a loved one has set up a revocable trust for estate planning purposes. And they say who they want to receive their assets and then they name who they wish to serve as the successor trustee. And that instance, we would need a death certificate, for the person who set the trust up, which has served as a trustee. And then I would have you sign an acceptance of trustee and obtain a federal identification number for the trust so that you could then act in their capacity and distribute the assets or sell the assets of the trust, uh, for the beneficiaries and then distribute those. So your responsibilities start whenever you’re named, either as the trustee or successor trustee. And the circumstances have changed as whereby the original trustee can no longer serve, whether due to incapacity or death, and then you have the option of signing an acceptance. If you don’t wish to serve as trustee, you don’t have to undertake those responsibilities. If you have any questions about your serving as a trustee a under a trust will give me a call at (727) 847-2288.
How Much Time Is Involved In Setting Up A Will?
Video Summary
How much time is involved in setting up a will? Well, usually the time period consists of a conference wherein you meet with myself or an attorney and give him the information as to whom you would like to leave your assets upon your death, and further who you would like to be your executor. You need to have some idea of what assets you have and how they’re titled, and that drafting a will is incorporated in estate planning. Knowing how your assets are titled is important as far as knowing what the will will control since your will will not control jointly-owned assets, assets that are titled with a payable on death, life insurance or IRAs that have beneficiaries. After you have the estate planning conference, then you’ll later have to come back and sign your well.
We also discuss in our well conference a living will which says that you don’t want your life prolonged artificially. Also, a healthcare surrogate form where you authorize someone to receive health information too, as far as HIPAA is concerned, and to make medical decisions for you, as well as a durable power of attorney.
Give me a call if you’d like to do some estate planning and have a well-prepared my phone number’s (727) 847-2288.