A class gift is a sum of assets that is given to and divided among a group of beneficiaries. The beneficiaries of a class gift are a group that can be expected to expand or contract between the time of will execution and the testator’s death. A class gift allows a testator to identify a […] The post Class Gifts: Leaving Assets to a Dynamic Group of People appeared first on Florida Probate Litigation Lawyer Blog ..read more

Florida law defines “Disclaimer” as “the refusal to accept an interest in or power over property.” Fla. Stat. § 739.102(5). Further, Florida law states “A person may disclaim, in whole or in part, conditionally or unconditionally, any interest in or power over property, including a power of appointment. A person may disclaim the interest or […] The post Power to Disclaim: What happens when someone inherits something they do not want? appeared first on Florida Probate Litigation Lawyer Blog ..read more

As with any other physical object, wills may be subject to being inadvertently destroyed or lost. Either scenario may cause a variety of issues for the nominated personal representative and beneficiaries of the decedent. Even when taking steps to safeguard the original of a last will and testament, such as by keeping the document in a safe or in a safe deposit box, unexpected situations can and do arise, such as natural disasters, fires, or even third parties who intentionally destroy or steal the document.  When this occurs (i.e., when you are no longer in possession of the original docu ..read more

In estate planning, the preparation of a will is a crucial step toward ensuring that your assets are distributed according to your wishes upon your death. However, circumstances, relationships, and intent may change over time, which may lead to the need to update, revise, or completely revoke previously drafted testamentary documents. There are different ways to achieve the revocation of an existing will. In Florida, this process is filled with specific requirements that must be met for the revocation to be valid. A testator may revoke a will in three ways: (1) by writing, (2) by physical act ..read more

The process of preparing and executing a will and proceeding to probate can be complicated, emotional and stressful. Regardless of whether a decedent has executed a will, trust or any other estate planning documents, probate proceedings can be unpredictable and can give rise to major anxiety for all parties involved. This feeling is often magnified when loved ones must also deal with a decedent’s creditors. Very often, beneficiaries and loved ones are not aware of each and every creditor who may file a claim for repayment against the decedent’s probate estate. While there are rules limiting th ..read more

Large estates may be subject to the federal estate tax, which in 2023 applies a 40% tax on all wealth exceeding $12.92 million for individuals, or $28.94 million for married couples. High-net worth individuals often seek ways of reducing their estate tax liability on their already-amassed wealth, which is frequently done by applying “discounts” to their assets through a complicated web of valuation laws. There are other ways, however, to shift future appreciation of a valuable asset out of an estate, thus avoiding further taxation on a substantial increase in the value of an existing asset, su ..read more

The estate tax, commonly referred to as the “death tax,” affects only certain estates with a taxable value beyond a set figure. For 2023, any estate exceeding a taxable value of $12.92 million is taxed at a rate of 40.00%. While this does not give cause for concern to the vast majority of individuals, these figures can and do change. The estate tax is often a topic of discussion in political debate and frequently changes. As recently as 2017, the amount to trigger estate tax was just under $5.5 millon. In 2008, the amount was $2 million. Future years could see a reduction in the presently-set ..read more

When Packing for Back to College, Don’t Forget Your Estate Plan!  With Back to College season in full swing, students are getting their last-minute packing in—shower shoes, mattress toppers, textbooks. . . the list goes on. But is there something missing from this packing list? According to estate planning attorneys and professionals, yes! Estate planning might seem like only a necessary precaution for older individuals, but this is far from the truth. Everyone can benefit from a well-crafted estate plan. This is especially true during major life events, such as graduating high school and ..read more

Estate planning 101 from the late Tony Hsieh, CEO of Zappos             Tony Hsieh was the CEO of Zappos for over twenty years before retiring and taking up a series of different business ventures. Zappos is an online retailer that deals specifically with shoes and clothing on an international sale. Hsieh was an early investor, and then CEO, for this online clothing empire. On November 27, 2020, Tony Hsieh succumbed to his injuries resulting from a house fire at his residence, leaving behind assets worth over $700,000,000. Quite a large su ..read more

How can a single parent avoid homestead to protect a minor child?             Florida homestead laws are complex, confusing, and enormously important for homeowners with or without an estate plan. Florida homestead law applies to three categories: (1) creditor protection against reaching a primary residence, (2) property tax exemptions and limitations on annual property value increases, and (3) restrictions on how a homeowner may devise property if there is a surviving spouse or a minor child. Under this third category, Article X, Section ..read more