Video Summary

Hi!  I’m Chip Waller. The question is, do I have to pay inheritance tax on any money that I receive from an estate?

The answer is no. Estate taxes are paid by the estate, so you may be paying them indirectly because it may reduce the amount of the monies that you received as a result of paying an estate tax.

I am not aware, although cannot say conclusively, as to having no inheritance tax in any state. But in Florida there is no inheritance tax and, also, there are no estate taxes. So as far as I know that, well, in fact, there are no inheritance taxes if you live here in Florida that you have to pay.

So if you have any more questions about taxes and estates, well, give me a call at 727-847-2288.

Thank you!

Video Summary

Hi!  I’m Chip Waller.  How much are estate taxes in Florida?

Well, you’re looking at Santa here, there are no estate taxes in the State of Florida so you can leave an unlimited amount to whoever you like and there are no estate taxes.

How about the Federal government? Well, the recent tax law provides that you can leave up to over $5,000,000.00 and there are no estate taxes that are due to the Federal government.

If you are married you can leave an unlimited amount to your spouse.  And between the two of you, you can leave upwards to $10,000,000.00 jointly. That takes some – a little bit of planning.  But, unfortunately, for me, I haven’t happened to have too many clients that have over $5,000,000.00 or even have the $5,000,000.00 to worry about the estate taxes.

Now, if you own real estate outside the State of Florida there may be estate taxes that are owed to another state where the decedent owned real estate, such as North Carolina, New York or whatever other state other than Florida.

But the good news is, Florida does not have an estate tax.

So, if you have some questions about an estate or want to do some estate planning, or have an estate to be administered, give me a call at 727-847-2288.

Thank you!

Video Summary

What are the rights of the spouse in a home when their spouse dies?  We first have to look at how title is held to the property.  If it is held in their joint names as husband and wife, then the property automatically goes to the spouse, and all that is needed is to record a death certificate.

If the title is just held in the spouse’s name alone who passes away, then it is considered homestead property, and is controlled by the Florida Constitution and the laws of the State of Florida.  And if you’re survived by a spouse and minor child, then the spouse receives a life estate and a remainder interest vest in the children.  You cannot devise it or leave it in your will to anyone else.  The spouse does have an election to make, and they can elect to take a half interest in the property, but they must file that election within, I believe, six months of the date of death of the spouse.  So if you do lose your spouse, you need to contact an attorney right away to discuss your rights in the property.

Now if your spouse leaves a will, and the deceased spouse is not survived by minor children, then the decedent can leave in his will the property to his spouse.  That is the only person he can leave it to.  He cannot provide for life estate or anyone, anything else, and so it is an improper devise to leave it to anyone other than your spouse, and then it would be controlled by law, which would mean that the spouse would have a life estate or elect to take a 50 percent interest in it, and the other remainder interest would pass to the adult children of the decedent.

So it’s a little bit complicated as far as homestead is concerned; misunderstood by a lot of attorneys.  So if you lose your spouse and he owns the property in his name alone, I urge you to give me a call; set up an appointment, and let’s review the situation right away.

My phone number is 727-847-2288.

Video Summary

If I am married, do all of my deceased spouse’s assets pass to me?  Well, if he left a will leaving everything to you, the answer is yes, but the myth is that this happens automatically, and that is not true. You may have to go through a probate proceeding in order to obtain the assets. Depending on who his heirs are, as to whether or not the spouse will receive all of the assets or not. So if he has a will, the will, will control who will receive what assets.

We also have to consider homestead, and that if you’re survived, and the homestead property is just in the decedent’s name, well, then, he can only leave it to the spouse if he wants to do that as far as his will is concerned.  If he doesn’t leave it to the spouse, it is controlled by the Florida Constitution, the laws of the State of Florida, which gives the spouse a life estate or can elect to take a half interest in the property.

As far as the other assets are concerned, the state of Florida sets forth a will for you, or says who receives all the assets.  If the decedent is only survived by a spouse and there are no minor children, any children of the decedent, well, then, all the assets will pass to the surviving spouse. However, a probate proceeding will be necessary.

I don’t have time to go through all the various scenarios as far as if there are children of a prior marriage or children of that marriage as to how much the spouse receives and how much the children will receive, but the myth that it happens automatically is merely that – a myth – and if you lose your spouse, and they have assets in their name other than motor vehicles, please give me a call at 727-847-2288 so we can discuss what would be necessary and who will receive the assets.

Thank you.

Video Summary

How does a lady bird deed help my heirs avoid probate?

Well first let’s define what a lady bird deed is.  That is a name that an author of a treatise gave to a life estate deed.  A life estate deed means that you convey your property to your children or to anyone. However, you reserve to yourself a life estate, meaning that you own the property, or you get to use the property during your lifetime.

Now what is known as a lady bird deed has additional powers besides being able to use the property during your lifetime. Those powers include, which are reserved to you with your life estate is the ability to sell the property without the joinder of these remaindermen.  So that is the definition of a lady bird deed when we’re talking about it.

So how does it avoid any kind of probate when a person passes away?  Well, you signed the deed and you conveyed it to whomever, your children or your heirs and reserved a life estate.  And you have certain rights to convey or transfer the property during your lifetime.  But if you do not sell or convey it during your lifetime upon your death all they need is a death certificate and they will own the property, “they” being whomever you have conveyed the property to.  And the deed, they will own it, and all they need to do is record the death certificate and they will automatically own the property.

So that’s how your heirs will avoid any probate proceeding if you sign a lady bird deed conveying the property to them during your lifetime.

If you would like to discuss this further well give me a call at 727-847-2288.  Thank you.