Should You Use a Lady Bird Deed or a Trust in Florida?
By Jacqueline R. Bowden Gold, Broward Estate Planning Attorney
When planning your estate in Florida, you may have heard about Lady Bird Deeds (Enhanced Life Estate Deeds) and Revocable Living Trusts as tools to transfer property while avoiding probate. But which is the better option for your situation? This guide will compare both, explaining their benefits, drawbacks, and key considerations.
As previously reported, Florida’s new Remote Online Notarization law became effective January 1st of this year for all documents except for wills, trusts and other testamentary instruments, that becomes effective July 1. See Florida’s Remote Online Notarization Begins January 1.
When preparing an estate plan everyone plans for distribution or preservation of their assets to make sure their minor child, adult child or families are taken care of. People often overlook planning for the event of being mentally incapacitated and asking this important question: What if you are just not available? Covid-19 has given people a new perspective with the overwhelming amount of hospitalizations. Front line workers are often forced to make the difficult decision of being separated from their minor children to avoid them contracting the virus.
Now more important than ever every parent should plan for guardianship of their minor children.
by: Phillip B. Rarick, Esq.
We have been helping small business owners survive and thrive – in good times and bad – for over 25 years. Here is how we may be able to help you in this current challenging business environment.
1. Contract Review and Force Majeure. A Force Majeure clause is a standard clause in many contracts. If you have a contract you are trying to get out of – or the reverse – if you have a person trying to nullify performance under your existing contract the interpretation of the “Force Majeure” clause will be a determining factor.
by: attorney Phillip B. Rarick
You can always count on the Americans to do the right thing – after they’ve tried everything else. – Winston Churchill.
Millions of small business owners and self-employed have filed for loans under the Paycheck Protection Program because part or all of the loan can be forgiven if you retain your employees and maintain their salary levels.
One Thing Every Parent Should Have For Their Children – Instructions!
You and your spouse are finally going out for the evening. The babysitter, a high school student, has arrived and you are loading the young woman with last-minute instructions: time for bed, make sure the kids brush their teeth, books to read little Tommy, etc, etc. What is ironic is many such fretful parents leave more instructions for their babysitter when they are out for a brief night out than they would if they suddenly died.
A Short Story With a Big Lesson
Everyone admired the Anderson family. Walter and Joan had 5 children and had worked hard all their lives to give their children the best of American life: each child received a car when they were a junior in high school – provided they had a 3.2 GPA. Two children went to FSU, two went to University of Miami, and one to Cornell. They all enjoyed the benefits from Walter and Joan’s small business – a flower import business next to the Miami airport. Walter and Joan had started the business 45 years ago, the year they were married, and it had grown into a business with 19 employees and many good customers including Publix.
By: Phil Rarick
Here is a scenario we see more and more with persons who try to do estate planning themselves, specifically Florida Wills, without consulting with an experienced estate planning attorney. Louise has three adult daughters, Erma, Madeline, and Roseanne. The daughters are all close and speak to each other at least once a week. Louise wants to treat them all equally. Louise has four major assets: her home, a traditional IRA, a checking account, and a savings account.
Louise downloads a Florida Will form on the internet and says each child is to get one-third of everything she might own at death. She is careful to sign the will before a notary and two witnesses with a “Self-Proving Affidavit”. Louise dies, and the daughters schedule a meeting with a Probate Attorney. At the meeting the probate attorney informs the daughters that the Will is good under Florida law. However, despite the Will, 100% of the assets go to Erma. Madeline and Roseanne are not happy. How can this happen?
Florida Trust & Probate Attorneys Blog
