Modifying or Reforming an Irrevocable Trust?
The question of whether an irrevocable trust can be changed, amended, reformed or modified is one with an almost-surprising answer. Can this happen? Yes, it can. Pursuant to Florida’s Trust Code, Chapter 736 of the Florida Statutes, an irrevocable trust can be modified if the modification or change is consistent with the intent of the […]
Unclaimed Property and Florida Probate
Unclaimed or abandoned property refers to financial assets which have not had contact with its owner, are unknown or lost, or have been left inactive or not generated any activity by its owner, or are otherwise somehow unclaimed or abandoned by its owner. Some common types of unclaimed property include bank accounts (both checking and […]
Subsequent Estate Administration
One may wonder what happens when additional property is discovered after an estate is closed and distributions are made to the beneficiaries. For example, a life insurance policy, an unknown bank account, or perhaps some stocks may be discovered after the estate is closed. In Florida, the method for dealing with this later-discovered additional property […]
Morrow v. Morrow, 354 So. 2d 642 (Fla. 3d DCA Feb. 8, 2023)
The recent Third District Court of Appeal reviewed the requirements for a valid will under Fla. Stat. 732.502 and found the handwritten will which was at issue, in this case, to be valid. In this case, both on a confession of error and based on the court’s independent review, the appellate court found that the […]
Will Planning In Palm Beach County Requires Careful Attention
On May 16, in a post titled “Will planning in Palm Beach County: some things to remember,” we told you about some important things to recall alongside the will drafting process. In addition to those things, new reports indicate that closer attention to the will planning process may be beneficial to estate plans. Palm Beach […]
Exploitative Niece Forces Court-Run Conservatorship For Uncle
The elderly are an important part of society. With their experience and knowledge, they play an integral part in preparing the next generation for what lies ahead. That can make it seem particularly unfortunate when the elderly in Florida are abused and taken advantage of. This may have been the case with one 76-year-old man […]
Florida Pet Trusts Not Just For Eccentric Millionaires
For some Florida residents, pets are considered a part of the family. As such, it is important for them to be included in long-term and estate plans. After one woman’s divorce, she began to think about what would happen to her beloved pets once she was gone and decided to look into pet trusts. She […]
Irrevocable Life Insurance Trusts Can Help With Taxes In Florida
When planning an estate it is best to have an overall financial plan that takes into account the consequences of tax law, especially estate taxation rules and regulations. There are many ways for Florida individuals to help their heirs maximize family inheritances, an important consideration in light of estate tax laws. One popular method is […]
Proper Estate Planning Can Save Heirs Money In Florida
Nobody lives forever. This is why it is important that people in Florida have a proper estate plan in place just in case something unexpected occurs. When a person dies without carefully crafting an estate plan, his or her heirs may be subject to a variety of unnecessary costs. Hence, it is a good idea […]
Disclaimer Trust May Be Answer To Estate Tax Changes In Florida
There are various aspects to consider when estate planning. One of these factors may require considering the tax implications of planning an estate. This is especially pertinent to some people, since previous cuts to the estate tax are set to expire at the end of this year if Congress does not act to extend them. […]