Inherited Money Generally Not Taxable

“Do I have to pay Federal Income Tax on my inheritance?” Clients are constantly asking us if their inheritances are subject to federal income tax, and with certain exceptions such as IRAs with deferred tax portions, the answer is usually no. Neither Florida nor the federal government will impose a tax on you for inheriting… read more

Life Tenant Expenses in Florida

Despite a surviving spouse’s right to elect 50% of an inherited homestead when the homestead was not in joint names, instead of the traditional “life estate,” there are still a lot of life estates in Florida. A life estate is a type of real property ownership for a period of time, measured by the life… read more

Only One Father Per Child

Anyone who has adopted a child, or been adopted, probably knows this, but for everyone else, remember this: When it comes to inheritance, you only have one father or one mother. While sometimes we distinguish between a “biological mother” and an “adoptive mother,” when it comes to being an “heir,” there can be only one… read more

What Does “Per Stirpes” Mean?

In a Last Will, what does “per stirpes” mean? We get that question a lot, as “per stirpes” (pronounced “purr STIR pees”) is a very useful Latin expression for Last Wills. Someone somewhere a long, long time ago started using it as a shortcut expression, and it stuck. We’ll skip the Latin lesson. Over-simplified, it… read more

An Important Change to Florida Law

Who inherits, and how much, when there is no Last Will? Starting October 1, 2011, step-parents in Florida have even more incentive to have a Last Will. Without a will, the surviving spouse inherits much less of the estate if either of the parents has children by any other relationship. Thankfully, the results below can… read more

Children Inherit Assets Not Debts

Why do some people worry about having to pay their parent’s debts? It always surprises us when our clients ask us if they are responsible for the debts of their deceased parents. We scratch our heads and ask, “Where would you get such a thought?” We are sure that in some societies at some times… read more

The Quick and the Deed

There is a type of deed called a “quit claim deed,” the name of which comes from an archaic verb that actually says the person signing the deed “quitclaims” the title to the other person. Literally, it means “I will not make any claim to the title after I record this deed.” Because the word… read more

Finally, a Book to Recommend

People often ask us if we can recommend estate administration or estate planning services, software or books, and we’ve been looking, honestly. Sadly, the answer is usually “no.” Florida law has just enough oddities that anything written for a national audience almost always fails to spot all the places where Florida law differs. But we’re… read more

Florida’s Two Kinds of Probate

Probate is a court process, which varies from state to state. People use it to transfer ownership of assets (land, houses, stocks, money) from people who died (decedents) to the people who under the law inherited those assets (heirs or beneficiaries). Sounds simple? Sadly, it often is not. In Florida, there are two very different… read more

Firearms in the Estate

Inheriting a gun may be OK — shipping it, maybe not. What does a personal representative do when firearms are among the estate assets? Obviously, he or she must take steps to make sure that guns are not loaded, accessible to minors or to others who should not be trusted with firearms, or otherwise creating… read more