If you own waterfront property in Florida, you know the immense value in the beauty and enjoyment it brings. This is the type of asset you want your family to have and cherish for generations to come. However, these properties can come with certain considerations, especially when it comes to estate administration. From riparian rights to environmental regulations, waterfront properties… The post Estate planning considerations for your waterfront property first appeared on VanNess & VanNess, P.A ..read more

Making contributions to your favorite charities is possible even after death. Some people anticipate disputes to arise out of potential complications this could bring to asset division. However, you can employ strategies to ensure your charitable intentions won’t jeopardize the financial security you want to provide for your heirs. One estate planning tool you can use is a charitable lead… The post How can charitable lead trusts grow benefits for your heirs? first appeared on VanNess & VanNess, P.A ..read more

An estate plan is a series of legal documents outlining your desires for the distribution of your possessions and the care of any minor children after you die. It often consists of wills, trusts, powers of attorney, and healthcare directives. An estate plan is vital for everyone because it ensures proper asset distribution that follows your intentions. It can also… The post How often should you update your estate plan? first appeared on VanNess & VanNess, P.A ..read more

Probate is the legal process of administering a deceased person’s estate, which includes validating the will, paying debts, and distributing assets to beneficiaries. Understanding the duration of probate can help you plan better and set realistic expectations for your family. Duration of probate In Florida, the probate process generally takes six to nine months to complete. This timeline includes filing… The post How long does probate really take? first appeared on VanNess & VanNess, P.A ..read more

Serving as the personal representative during probate is often a significant task. This position involves fulfilling duties on behalf of the deceased, which usually includes financial and administrative responsibilities. Additionally, the person for this job should have organization and communication skills, considering they need to sort out the deceased’s assets and coordinate effectively with multiple parties, including the court and… The post What are valid reasons to remove a personal representative? first appeared on VanNess & VanNess, P.A ..read more

Losing a lifetime partner is one of the hardest experiences you will ever face. The grief and sadness can be overwhelming. But what can make this situation even more heartbreaking is discovering that your spouse’s will leaves you with little to no inheritance, despite years of marriage and shared memories. This can be a devastating blow, especially if you were… The post What does Florida’s elective share law mean for surviving spouses? first appeared on VanNess & VanNess, P.A ..read more

Probate can be lengthy and costly, usually varying depending on the estate, its details, and its value. However, in some scenarios, the estate can skip probate and qualify for less formal alternatives that may become applicable according to the circumstances. One of these options is summary administration, which can be a typical approach in Florida. How to qualify The state provides multiple alternatives to probate. But for summary administration, there are specific conditions that should apply before determining an estate’s eligibility: The estate’s value does not exceed $75,000 The deceased ..read more

Taking on the role of an estate’s executor could be a significant undertaking, especially if the deceased left high-value assets that can be challenging to administer. If someone chose you for this position, it could be reasonable to feel overwhelmed with the responsibilities. You may need to perform elaborate tasks, such as organizing the deceased’s finances, making an inventory of their properties and adhering to probate rules enforced by law. Considering all these duties, you may feel hesitant to be the executor. Fortunately, it is possible to refuse the appointment, depending on your circu ..read more

Florida offers a favorable tax climate for estate planning. Unlike many states, Florida no longer has estate taxes. However, the federal government still imposes an estate tax on estates exceeding a specific threshold. Understanding the Federal Estate tax The federal government applies the estate tax to the total value of your taxable assets at death. The government exempts a certain amount and subjects any value exceeding this exclusion to taxation at a graduated rate, reaching a maximum of 40%. The estate pays this tax before distributing assets to beneficiaries, potentially reducing their i ..read more

Probate is often a pivotal step of estate administration, demanding full transparency over all actions taken toward executing a will. This legal process ensures all assets are accounted for, the estate’s taxes and debts are paid and assets are handed to the rightful beneficiaries. However, despite its structured approach, probate can have significant drawbacks. Why people avoid probate As you map out your estate plan, you may encounter compelling arguments for avoiding probate. Among the most common include: Privacy concerns: Probate proceedings in Florida are public. This means the details of ..read more