Is Equal Fair?
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | February 21, 2025 | Estate Planning
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.
Deceased Spouse's impact on Estate Plan
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | December 17, 2024 | Estate Planning
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:
Estate Tax
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | November 27, 2024 | Estate Tax
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.
Understanding Implied Trusts in Florida
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | October 17, 2024 | Trusts
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.
Succession Planning in a Family Business
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | September 20, 2024 | Asset Protection
Succession 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.
Florida Personal Representative: Compensation, Responsibilities, and Expectations
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | August 13, 2024 | Estate Administration & Probate
In 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.
Understanding Holographic Wills in Florida
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | July 15, 2024 | Wills
The term “holographic will” refers to a testamentary document that is handwritten and signed by the testator — the person whose will it is — without the presence of witnesses. While such wills may be recognized as valid in some jurisdictions. Florida does not recognize holographic wills as valid.
Avoiding Estate Tax in Florida
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | June 11, 2024 | Asset Protection
Florida is known for its favorable tax laws, especially when it comes to estate planning. As of 2024, Florida does not impose a state-level estate tax, which can be a significant advantage for residents of the Sunshine State.
What is asset protection in Florida and how does it work?
Florida offers a robust set of protections, thanks to its constitution, statutes, and judicial decisions that have evolved over time to provide a framework for individuals to protect their assets effectively.
Are Gen Zers ready for estate planning
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | April 19, 2024 | Estate Planning
Even though Gen Z is the most tech savvy generation, it is critical for effective estate planning to get an attorney involved to ensure the plan achieves one’s goals and delivers the intended wealth and asset protections.
