Blog
When It Comes to Stocks, Stop the Loss
An executor or personal representative of an estate with significant stocks or other marketable securities should always consider entering a stop-loss order. That is a standing order with your broker to sell a security if the price drops to a certain level. A trailing stop-loss order is one that raises that sale price as the… read more
“You Get What You Pay For”
We are often asked, “Would I be OK with a Will from Legal Zoom or drafting one on my own from a software program?” The answer is complicated because (1) not everyone needs a Will, although most do; and (2) so much depends on what the person already knows about the laws of property and… read more
Why Is Florida Probate So Complicated?
We hear that question a lot. Some of the complexity is due to legal protections. Some of it is just unnecessary. Compared to the probate systems in other states, according to some of our clients, Florida’s rules are complicated, complex and apparently designed so that a “consumer” (non-lawyer) cannot possibly work through it herself, no… read more
Top Five Mistakes in Florida Wills
#5 Unqualified Executor This is a common mistake because most states have no residency requirement for executors. A Personal Representative (“PR”) in Florida must be either a Florida resident or related to the decedent, within the prescribed range, by blood or marriage. Many retirees and snowbirds get caught on this problem when they name their… read more
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