LAW BLOG
What are the Florida Estate Tax Laws, and Do I Need to Worry About Them?
Two certainties in life are death and taxes. Estate taxes are levied by the government on a deceased person’s estate. Estate taxes may also be known as death taxes. Some states do not have estate taxes, so that makes things a lot easier and less expensive. If you die as...
Formalizing Your Will in Florida is So Easy, You Have No Excuse Not to Do it
Formalizing Your Will in Florida is So Easy, You Have No Excuse Not to Do it In your will, you can leave your property to anyone you choose; the probate court will respect your wishes, even if you made the unconventional choice to leave most or all your money to...
Does a Spouse Automatically Inherit Everything in Florida?
Does a Spouse Automatically Inherit Everything in Florida? When a married person dies, their surviving spouse becomes the sole owner of the property that the couple owned jointly; if the decedent did not have a will, then the portion of the estate that the spouse inherits depends on which other...
Does a Revocable Trust Have to Pay Federal Income Tax?
Revocable trusts do not have to pay federal income tax because the grantor pays taxes on the assets in the trust during their lifetime, and the beneficiaries pay income taxes on the income they receive from the trust’s income. Revocable trusts are a popular way to keep your property out...
Can a Living Trust Be Amended?
After you establish a living trust, you can amend its terms as many times as you choose, or even dissolve the trust entirely, if you are alive and have mental capacity. The most common type of trust is the revocable trust, also called a living trust. The person that creates...
What Should I Consider When Writing a Will?
Writing a will is a critical step in estate planning that allows you to articulate your wishes regarding the distribution of your assets after your passing. It ensures that your loved ones are provided for and that your estate is managed according to your preferences. However, creating a comprehensive and...
Should You Leave Your Children Your Estate if They are Under 18?
Planning for the future is a responsible and essential step for every parent. When it comes to estate planning, one of the significant decisions parents face is whether they should leave their children their estate if they are under 18 years of age. At Kruse Law, Denyse D. Kruse will...
What are the Key Strategies for Estate Planning?
Everyone should plan for the future to protect their loved ones, their property, and themselves. At Kruse Law, Denyse Kruse helps identify unique solutions for each client’s individual situation and tailor estate plans to your objectives and concerns. What is an Estate Plan? Estate planning entails preparing for what will...
Are Widows Guaranteed Rights Over an Estate in Florida?
Widows/Widowers should know their rights and limitations under Florida probate law. The last thing that a grieving partner wants to do in the wake of the death of their spouse is worry about fighting for rights in their deceased spouse’s estate. Depending on the prior preparation or utilization of various...
How Lawyers Help Solve Inheritance Disputes
Any type of will contest is costly and time-consuming. Hiring an experienced estate planner to create your will can greatly reduce the likelihood that such claim will be advanced. Will Contests Clients are often concerned about family members contesting their will. The most common will contests involve either (1) an...
What Happens When a Business Owner Dies?
The business entity type determines what happens to the business ownership interests when the owner dies; depending on the business structure, it could cease to exist, pass to the estate, or pass to a successor beneficiary according to the company’s organizing documents. How simple or complex your estate plan will...
Do I Need to Revise My Estate Plan After a Divorce?
Estate planning entails preparing for what will happen to your property after you pass away, planning for your own care, preserving assets, and much more. Naturally, divorce can have a significant impact on your estate plan. Failing to update your plan can result in unintended consequences and the distribution of...
How Do I Choose a Trustee?
The best trustee for your revocable trust is someone in whose honesty and reliability you have complete confidence; you can choose a family member, an attorney, a corporate trustee, or even yourself. A trustee is tasked with managing the trust assets for the beneficiaries. Oftentimes, the person creating a revocable...
How Much Does Probate in Florida Cost?
Probate is not free. In addition to the small fees for filing and publishing documents, you will need to pay your probate lawyer. In Florida, a Personal Representative of a formal estate must be represented by an attorney licensed to practice law in the state of Florida, unless the Personal...
What Conditions Can You Legally Place on a Trust?
The grantor of a trust generally has the right to place conditions on what beneficiaries must do to begin receiving bequests or to continue receiving them, but the court will not enforce these conditions if they are illegal, unconscionable, or unfairly restrictive. It is your choice how you distribute the...
What Documents Do I Need When Estate Planning?
An effective estate plan should include your will, a durable power of attorney to designate authority over your finances, designation of Health care Surrogate and living will declaration. Estate planning is not only for older people, and it is not only for wealthy people. Everyone needs certain documents that express...
Who Gets a Copy of My Will After I Pass Away?
The personal representative usually sends a copy of the will to each of the people or entities mentioned in it, but Florida law allows anyone who wants a copy of a will to request one from the court. While you are alive, you should let your nominated fiduciaries know where...
Do I Need an Estate Plan if I Still Live at Home With My Family?
Every adult needs an estate plan, even those living in multigenerational households; even if you do not own any assets in your own name, you still need to specify your wishes about who will care for your minor children and about the final disposition of your remains. Say what you...
What is a POA and Why Do I Need One?
A power of attorney is a document that allows someone else to make financial or medical decisions on your behalf; a POA is an important part of your estate plan because it enables you to provide for your care if you become seriously ill. A power of attorney is a...
Advantages and Disadvantages of a Revocable Trust
The best thing about a revocable trust is that the assets that you transfer to the trust do not need to go through probate. After you die, the trust simply continues to operate the way it did while you were alive, except that, if you were its trustee, the person...
Why is a Revocable Trust Important?
You have probably heard of wealthy people getting allowances from trust funds set up by their parents or grandparents, and if that is the only context in which you have heard of them, you might easily get the impression that you will never be able to afford one. In fact,...
What are Common Uses for Trusts?
People establish trusts to save money on taxes, pay for younger family members’ education, and avoid disputes in probate court. You might associate trusts with trust fund babies, but many beneficiaries of trusts had already reached retirement age by the time the trust was established. Some people even establish trusts...
Have You Properly Funded Your Revocable Trust in Florida?
Establishing a revocable trust, also known as a living trust, is one of the simplest and most reliable ways to pass assets to your heirs after your death without the assets having to go through probate. A revocable trust can be ideal to avoid a guardianship to manage assets for...