How Will the New Federal Tax Bill Affect My Estate Planning?
President Donald Trump signed the new federal tax bill, also known as the “One Big Beautiful Bill Act,” into law on July 4, 2025. The new bill contains various changes that could directly affect your estate planning strategies. The bill includes changes to various tax exemptions, including federal estate taxes, gift taxes, and generation-skipping transfer […]
What is the Difference Between Summary and Formal Administration in Probate Court?
Probate court proceedings are necessary when a person passes away owning property that does not have a “payable upon death” provision, joint owner, or beneficiary designation. The only way to transfer property in this situation is to open an estate in probate court. However, Florida law provides for either summary or formal administration of an […]
What Assets Are Exempt from Probate?
Probate is the process by which a court finds a will to be legally valid, directs the payment of debts, and oversees the distribution of assets following an individual’s death. However, not all property is subject to probate. By understanding the differences between probate and non-probate property, you can save your heirs time and money […]
How Does the Florida Homestead Exemption Work if My Property is in a Trust?
Florida has one of the most expansive homestead exemptions in the country. The homestead exemption is designed to protect your primary home from creditors. However, placing your home in a trust, which some individuals might do as part of their estate plan, can affect the legal protections for your home under some circumstances. Understanding the […]
Who Serves as the Personal Representative During Probate in Florida?
The personal representative of a person’s estate has significant responsibilities once appointed. Although many people choose their personal representatives by including that choice as a provision in their will, not everyone who passes away has a will or names a personal representative, even if they do have a will. In other cases, the personal representative […]
Do I Have to Get a Lawyer to Draft a Will?
Drafting a will is often the first step in estate planning. A will can benefit everyone, no matter your life stage or wealth level. However, one wrong move in the estate planning process could lead to lengthy and expensive proceedings in probate court. Getting a lawyer to assist you with drafting a will is your […]
How Do I Create a Trust in Florida?
When people talk about including a trust as part of their estate plan, they usually mean a revocable or “living” trust. Under the right circumstances, creating a trust can help your loved ones avoid the probate process and save taxes. However, many factors affect whether creating a trust is in your best interest. Therefore, getting […]
Qualified Plans and IRA Required Minimum Distributions for Beneficiaries Upon Death of the Participant
The Internal Revenue Service (IRS) has established rules for required minimum distributions (RMDs), which are the minimum amounts individuals must withdraw from IRAs and other retirement accounts based on age. However, different rules apply to RMDs when the plan participant passes away, and an heir has inherited a qualified plan or IRA. Understanding the required […]
4 Steps to Take to Prepare for the Change in the Estate and Gift Tax Exemption
The Internal Revenue Service (IRS) recently announced an increase in the estate and gift tax exemption for 2025. The basic exclusion amount will increase to $13.99 million per person for transfers during life and after death. The Tax Cuts and Jobs Act (“the Act”) is the federal legislation that doubled the exclusion to $11.18 million […]
3 Challenges People May Face When Going Through Probate
When your loved one passes away and has a will in place, you might think that handling their estate should be a straightforward process. Even if probate proceedings are necessary, you may not expect any complications. However, while many probate proceedings do go smoothly, some do not. Various challenges may arise during probate proceedings, including […]