Death does not stop a corporation or LLC
Besides taxes and liabilities, there is another good reason to incorporate a sole proprietorship: what happens when you die. There are often several good reasons to incorporate a business that is a “sole proprietorship” (one man or woman doing business or offering professional services). In addition to shielding against some liabilities and saving taxes in… read more
Grandchildren inherit in probate unless otherwise stated
A common myth in Florida: in order to inherit from a parent, a child must survive the parent. In Florida that is not true. A pre-deceased child does inherit when the parent dies, but does so through their own children (in other words, through the grandchildren of the person who just died). Let’s say John,… read more
Probate and Taxes (Oversimplified)
Taxes are confusing to most folks. We are often asked by executors and heirs, “Do I need to worry about taxes?” No offense to IRS, but that’s like asking if you need to worry about snakes. The answer is: depends on the snake. For taxes, it depends on whether you are talking about income tax… read more
New Year’s Resolutions: What happens if you don’t get around to making a Will in 2017?
2016 saw the loss of some of our favorite entertainment icons- Debbie Reynolds, Carrie Fisher, Prince, to name just a few. These losses cause many people to think about estate planning. Most years, we get calls early in the year from clients who have put off doing their estate planning, and they once again commit… read more
There’s always a plan, just not always a good plan.
If you do not plan your estate, the State will plan it for you. Whether they know it or not, everyone in this country has an estate plan. It’s either one they did themselves, or one done for them by the state where they live. For some folks, the state’s plan for those who don’t… read more
The Function of the Florida Personal Representative in Florida Wrongful Death Cases
For many years, Florida personal representatives have had an important role in the prosecution of a wrongful death case, because he or she is charged by Florida statute with the duty of pursuing claims on behalf of both the estate and the survivors. Allocation of any settlement between such survivors and the estate can be… read more
Wills Do Not Avoid Probate. They Steer the Probate
A very common misconception is that if Mom or Dad has a Will, no probate will be needed when they pass away. That is wrong. There are some steps people can take to avoid a probate administration when they die, but signing a Will is not one. That is because the Will is a “roadmap”… read more
Hazard Insurance: Can’t live with it, can’t live without it
It’s already peak season for storms this year. We’ve been lucky so far, but it’s time to think about hazard insurance on any Florida real you are now responsible for due to a recent inheritance. Where real property is being managed by the Personal Representative of a Florida estate, that person is often faced with… read more
Is summary administration always the better way when available?
Sometimes it is not practical to use a summary administration even if it is an option. Examples: The Will leaves the property to a large number of beneficiaries, each of whom would have to sign the contract to sell as well as the deed and other closing papers. If some of the beneficiaries are minors,… read more
Death of a Seller versus Death of a Buyer
In most cases there is some lapse of time between the signing of a real estate transaction contract and the actual sale (the “closing”). What happens if, during this period, one of the parties to the contract dies? Surprisingly, the results depend on who dies. If a seller dies, usually the buyer has the right… read more