How much does a personal representative get paid in FloridaIn Florida, a personal representative’s compensation is based on the estate’s value, which includes the value of the probate assets and any income earned during administration. The state considers the following commission rates to be reasonable compensation:3% for the first $1 million2.5% for all above $1 …
Succession Planning in Family Businesses: Ensuring a Legacy of SuccessSuccession planning is a critical process for the longevity and prosperity of family businesses. It requires strategies to avoid pitfalls and ensure smooth leadership transitions and the preservation of the business’s values and legacy across generations. This process is not merely about choosing a successor; it …
If asked to imagine a trust, what may come to mind first is a written document identifying the grantors, trustees, and beneficiaries, and detailing who gets what assets and how. However, that trust (an express trust) is only one type of trust. An implied trust, unlike an express trust, is not created by a written …
Florida is known for its favorable tax status, especially when it comes to estate tax. As of 2005, Florida has no state-level estate tax. This means that for decedents who passed away on or after January 1, 2005, no Florida estate tax is due. However, this does not mean that estate planning should be overlooked.The …
Losing a spouse is an emotional and overwhelming experience. Beyond the grief, it significantly impacts your estate plan, creating a necessity to review and adjust your financial and legal arrangements. Here’s a look into a few things you should consider:Immediate ActionsLocate any important papers belonging to the decedent, including any deeds, life insurance policies, documentation …
Most clients want to treat their children fairly and equally. But equal is not always fair. Equal treatment of two children would mean each child receives the same share (e.g. 50% for Child A, and 50% for Child B). But this equal treatment fails to consider key factors. When dividing assets, it is important to …
In Florida, a personal representative (executor) is responsible for managing a deceased person’s estate through probate, ensuring debts are paid and assets are distributed correctly. The role is both a privilege and a legal obligation, requiring strict adherence to Florida’s probate laws.Qualifications and AppointmentTo serve as a personal representative in Florida, the individual must be:At …
At a person’s death, assets held in that person’s name may require a court proceeding to transfer those assets from the decedent’s name to the beneficiaries under their Last Will and Testament or to their heirs-at-law. This is the main purpose of the probate process. However, not all assets will require probate. Several types of …
A Vital Step for Future SecurityFamilies of individuals with disabilities often face a unique set of challenges, especially when it comes to ensuring long-term financial security. In Florida, creating a Special Needs Trust (SNT) is one of the most effective ways to protect a loved one’s financial future without jeopardizing their eligibility for essential government …
Deciding whether you need a trust or just a will depends on your personal, financial, and family circumstances. Here’s a breakdown to help you understand when each might be appropriate:When You Should Have a TrustA trust is a legal arrangement that lets a third party (trustee) hold and manage assets for the benefit of the …
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