Probate

FAST TRACK FLORIDA PROBATE

Published on: June 25, 2011 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Probate Attorney

Introduction

Most states have streamlined probate procedures for smaller estates. Florida’s procedure is called Summary Administration and can be used to expedite administration of estates not exceeding $75,000 or when the decedent has been dead for more than two years. F.S. 735.201(2). It avoids the appointment of a Personal Representative (or “Executor” in other states). Summary Administration should always be considered for small estates; however, as discussed below, it may not always be the most practical option.

FLORIDA PROBATE QUICK REFERENCE GUIDE

Published on: April 5, 2011 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq., Miami Probate Attorney

Executive Summary

Probate is the legal process for transferring assets owned by decedent according to the decedent’s will or Florida intestate law to his or her beneficiaries after all legitimate creditors of the estate have been paid. The Personal Representative (in other states this role is called the “Executor”) is the person appointed by a will to follow the instructions of the will and administer the estate in strict compliance with Florida law. If there is no will, the Personal Representative is the person authorized to administer the estate under Florida law.

Estate or “Death Tax”: What’s the Latest News?

Published on: December 12, 2010 | by Rarick & Bowden Gold

It “appears” the President will agree to a future estate tax with a $5 million exemption and a 35% tax rate, although he is getting tremendous resistance from his own party. We need to wait and see how this shakes out. Regardless of your political affiliation, note that this agreed exemption and rate are only for two years.

As usual, Congress and the President are waiting until the last minute to compromise.

It they don’t, most people are in for a big tax hike. For example, without an agreement, the estate tax exemption is scheduled to reset with a $1 million exemption and a 55% maximum tax rate on January 1, 2011.

A Life Estate the Spouse Can’t Afford: Florida Homestead Trap Cured by New Law

Published on: October 18, 2010 | by Rarick & Bowden Gold

By Phillip B. Rarick, Miami Trust Attorney

Who is Impacted by This Legislation, F.S. § 732.401?

The surviving spouse of a decedent when the decedent owned homestead property which was not properly devised or cannot be devised is impacted by this legislation. However, all Florida probate attorneys need to know the implications of the legislation as the new law requires an analysis of whether the surviving spouse should file an “Election of Surviving Spouse to Take a One-Half Interest of Decedent’s Interest in Homestead Property.” F.S. §732.401(2)(e). Such an election must be filed within 6 months of the decedent’s death. All Florida estate planning attorneys are impacted as such homestead election powers should be standard language in most durable powers of attorney and inter vivos trusts.