Articles Tagged with miami probate lawyer

By Phillip B. Rarick, Miami Trust Attorney

Executive Summary

In addition to our sunshine, Florida has one of the best tax and asset protection climates of any state in the country.  Florida has no state income tax, no fiduciary tax, no intangible tax, no estate tax, and arguably the most generous homestead laws anywhere in the U.S.A: you can have a multi-million dollar home and this residence will be virtually untouchable by creditors. However, moving to Florida without proper planning does have risks. This Report discusses the risks and explains how to clearly establish Florida domicile.

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.

Contact Information