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.
Life Insurance Pitfalls – The Importance of Hiring Experienced Counsel
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | March 14, 2024 | Estate Planning
Life insurance can be an excellent tool in estate planning. For instance, life insurance can be used to ensure one’s estate has cash on hand to pay creditors, tax obligations, and other post-death expenses. One can also use life insurance proceeds to provide for specific beneficiaries either directly or in trust, with various tax benefits.
Tax Related Duties of a Personal Representative
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | February 20, 2024 | Estate Administration & Probate
When planning your estate, it is important to carefully choose your personal representative (in some states called an executor). This person is responsible for settling your affairs after your death. This role has an extensive list of duties, including organizing your assets, coordinating with your creditors, and fulfilling responsibilities to your heirs or beneficiaries.
A Revocable Living Trust and the Probate Process
Planning one’s estate can be a complicated and confusing process without the assistance and guidance of an estate planning professional. First, a person must decide who will be will be the beneficiaries of their estate. hen decisions need to be made regarding what each beneficiary will receive.
