Can a Guardian of a Ward Change a Ward’s Trust?
The short answer to this question is yes but with court approval. Florida Statute 736.0602(6) provides that a guardian of the property of a settlor may only exercise a settlor’s powers with respect to revocation, amendment, or distribution of trust property only as provided in section 744.441. Florida Statute 744.441(19) provides that, a guardian, after […]
Convicted Felons Cannot Serve as Personal Representative
It is statutory Florida law that a person is not qualified to act as a personal representative of a decedent’s estate if the person has been convicted of a felony. This is codified in Fla. Stat. 733.303 which states: 733.303 Persons not qualified. — (1) A person is not qualified to act as a personal representative if […]
Lady Bird Deeds
A lady bird deed, or enhanced life estate deed, is an estate planning tool that allows a property owner (the Grantor) to transfer his or her real property to one or more beneficiaries (the Grantee) upon death without having to go through the probate process. When the Grantor dies, the Grantee files the death certificate […]
What Happens When a Party to Litigation Dies?
If a party to litigation dies and the claims are not thereby extinguished, the court may order substitution of the proper party. After a suggestion of death is filed, any party, or the deceased party’s successors or representatives, may file a motion for substitution. Unless the motion for substitution is made within 90 days after […]
Same-Sex Marriage in Florida
Since 2015 Florida has recognized same-sex marriage. Please consult your tax and estate planning attorney to discuss your rights and questions as a spouse in a same sex marriage.
What is a Charitable Remainder Trust?
A charitable remainder trust is an irrevocable trust that allows the settlor/taxpayer to donate property, cash, securities, or other assets to charity and still receive an income stream for life.
Connelly v. United States – Effect on Your Estate Planning
In its recent Opinion in Connelly v. United States, 144 S.Ct. 1406 (June 6, 2024) the U.S. Supreme Court held that a corporation’s contractual obligation to use life insurance proceeds to redeem a deceased shareholder’s shares was not a liability
Generation Skipping Transfer Tax
The IRS assesses gift and estate taxes on transfers of assets from the taxpayer to heirs either during life or at death.
Is the Property Owned By a Decedent’s Business Entity an Asset of the Estate?
In a recent case, the Decedent was the sole member of a limited liability company at the time of her death. Creditor Carmel Investments filed a claim against Decedent’s estate for the balance of a note and mortgage on property owned by the LLC.
Are There Limits to a Trustee’s Absolute Discretion?
Even though the settlor of a trust may provide that the trustee has “absolute discretion,” or “sole and unfettered discretion,” the trustee must still act reasonably and may be liable to the beneficiaries if he abuses his discretion.