Probate

February 20, 2009

Do I need a Florida Probate?

If a person dies and owns anything that does not transfer upon death like a bank account, car, home, retirement account, or accounts receivable a Florida Probate is necessary to transfer these assets to the rightful owner. It does not matter if they have a will, a trust, or any other estate planning documents. Often we get clients who say they are the executor or personal representative and attempt to manage the decedents assets. This cannot take place until the probate process has begun and the court has appointed someone to be the PR or executor.

The type of administration that is required depends on several factors.

1. The date of death;

2. The amount of assets;

January 23, 2009

16 States You Don’t Want To Die In.

by David M. Goldman

Forbes.com has an article on where not to die.

Sixteen states and the District of Columbia (shaded in red) impose their own estate taxes. The dollar amount exempted from tax (in black) and the top tax rate (in yellow) vary by state. Eight states (shaded in orange) levy an inheritance tax, meaning the tax rate (in black) depends on who gets the money. New Jersey and Maryland levy both types of tax.

January 12, 2009

22 States have inhertance tax in 2009

by David M. Goldman

The following states will have an inheritance tax in 2009 Estates in excess of

$3,500,000: NC, VT

$3,000,000: OK (tax expires after 2009)

January 12, 2009

Rollovers and Plan-to-Plan Transfers by the Participant

by David M. Goldman

A retirement plan distribution is not taxed in the year received if it is “rolled over”

to the same or a different retirement plan or IRA, if various requirements are met.

§ 402(c)(1). A rollover means either:

A. 60-day rollover. A distribution from one plan or IRA to the participant (or his surviving spouse), followed by the participant’s (or spouse’s) redepositing the distribution in the same or another plan or IRA; or

January 11, 2009

Admitting a Lost Will

by David M. Goldman

Professor Gerry Beyer, author of the WIlls, Trust & Estates Professor Blog wrote an article where a Texas court admitted a copy of a will which gave most of the assets to the decedents sister instead of the children. The will had been seen shortly before the decedents death and many people had access to it. Normally, if a will was last seen in the decedents possession and cannot be found the Florida Will is presumed to have been revoked by the decedent. But his presumption can be overcome as it was in this Texas case.

January 5, 2009

Florida Probate Fees

by David M. Goldman

Under Florida Law, the fees for a probate must be reasonable. Many lawyers charge the statutory rates of approximately 3% of the estate. This fee schedule is only a guideline and is not necessarily reasonable. In addition, we have seen probate fees that include the percentage on non probate assets like a homestead. This is clearly not permitted under the statutes and case law. If you would like a quote on a Florida Probate Contact a Florida Probate Lawyer.

Update:
Jacksonville Probate Lawyer, David Goldman has put together a Florida Probate Handbook that is being offered free to readers and visitors of his websites. If you would like a copy, visit the Free Florida Probate Handbook web page, fill out the form, and one will be sent to you within 24 hours by email.

December 20, 2008

Electronic Service through Socail Networking site

by David M. Goldman

Recently an Australia Judge allowed a defendant in a law suit to be served copies of court papers by their Facebook account. The Legal Blog Watch has an article posted by Carolyn Elefant – Court Papers Served By Facebook

After the judge was satisfied that the defendant was the same person who owned the Facebook account and the defendant was unable to be located, the judge allowed the defendant to be served through their Facebook account.

December 18, 2008

Mediations can save time and costs

by David M. Goldman

When is a Jacksonville Mediator helpful in resolving a Florida lawsuit?

After your Jacksonville attorney has filed suit, or you have been served with one you may quickly find that thousands of dollars are spend in attorney’s fees and costs. There are fees for pleadings and counter-pleadings, requests and responses to interrogatories and requests for admissions, depositions and motion hearings. Typically after all of these fees your attorney sets the case for trial only to then inform you that the court has ordered mediation by a Florida Mediator.

Florida Clients often ask, Why are they are now having to meet with the other party to discuss settlement after paying all this money and waiting all this time for a trial? They wonder if they could have met much earlier in process and saved thousands of dollars. If you are in a lawsuit you should ask your Florida Lawyer early if the court will be ordering a mediation and when the proper time to have the mediation would be. Often an early mediation can save both sides substantial fees and lead to a good resolution of the issues involved in the case.

December 15, 2008

Florida Probate: Am I entitled to an inventory and accounting.

by David M. Goldman

In Florida if you are a beneficiary a potential heir, you are entitled to an inventory and accounting. As An Atlanta Georgia Estate Planning Lawyer wrote in their article AS A BENEFICIARY OR HEIR OF A GEORGIA PROBATE ESTATE, YOU ARE ENTITLED TO AN INVENTORY AND ACCOUNTING IN GEORGIA PROBATE COURT – REMEMBER, “POSSESSION IS NINE-TENTHS OF THE LAW”, SO ACT QUICKLY AND WITH KNOWLEDGE, it is important to act fast.

It is often frustrating for beneficiaries that this doesn’t happen quickly or automatically. Often beneficiaries only receive these documents after a Florida Probate Attorney makes a formal request for them.

If you have not received an inventory or accounting relating to a Florida Probate Contact a Florida Probate Lawyer

December 3, 2008

Myth: A Revocable Trust Avoids Probate

by David M. Goldman

While a Florida Revocable Trust can avoid the necessity for a Florida Probate to be filed, there are often circumstances that require a Probate. A Florida Revocable Trust only eliminates the need for a probate when it is funded and to the extent that your assets are inside the trust prior to death.

One of the most common problems is that people create trusts but never fund them or do not fund them completely. One of the most common assets, the Florida Homestead, must be dealt with or a probate will be required to transfer marketable title to the beneficiaries. Even though, the home, in most cases, will transfer automatically upon death under the Florida Constitution, it is necessary to open a Florida Probate to transfer the home with Marketable title. The title companies require the probate court to establish the home as a homestead, notify potential creditors, and have the title transferred in the probate to insure the home against future claims from creditors who claim they were not notified. For more information on this and other issues with avoiding probate, Julie Garger wrote an article why a Florida Revocable Trust may not avoid probate.

To discuss how you can reduce your risk of a probate in Florida Contact a Florida Estate Planning Lawyer