Author Archives: Jay Butchko
Third Party Vs. Self-Settled Special Needs Trusts
Special Needs Trusts (SNTs) are a special type of trust used to protect a person’s ability to continue receiving needs-based government benefits, primarily Medicaid and Supplemental Security Income (SSI). Because a beneficiary of such programs cannot legally more than a specified amount of assets, it is often necessary to create a SNT to ensure… Read More »
How Can Someone “Disclaim” Their Inheritance From An Estate?
Although you typically hear stories in the news about people fighting over an inheritance from a deceased relative, what about the reverse? That is, what if someone is entitled to an inheritance but does not want it? Can they legally refuse? The simple answer is “yes.” Nobody can be forced to accept a bequest… Read More »
Does A Buy-Sell Agreement Trump A Will?
A common legal technique used in business succession planning is the buy-sell agreement (BSA). This term essentially describes any contractual agreement providing for the sale of a person’s interest in a business entity upon their death. For example, if you have a multi-member limited liability company (LLC), the operating agreement may contain BSA language… Read More »
Common Questions About Florida’s Elective Share Rule
An often misunderstood aspect of Florida probate administration is the “elective share” rule. The elective share is essentially a legal protection against one person completely disinheriting their spouse. The elective share basically represents the share that the surviving spouse may legally claim in the deceased spouse’s property, notwithstanding any will or revocable trust to… Read More »
What Are The Different Types Of Beneficiaries Under A Florida Will?
One of the main purposes in making a will is to name one or more beneficiaries who will receive your property after your death. Broadly speaking, there are three types of beneficiaries under a will: primary, alternate, and residuary. Here is a brief explanation of each category. Primary Beneficiaries A primary beneficiary is basically… Read More »
Should I Keep My Original Will In A Safe Deposit Box?
When it comes to probate, original is always best. That is to say, in order to open a probate estate when the decedent left a last will a testament, it is usually necessary to file the signed original document with the court. In most cases, the executor or personal representative named in the will… Read More »
How Does Bankruptcy Affect A Florida Probate Estate?
During the administration of a Florida probate estate, the personal representative (executor) is responsible for gathering the estate’s assets and paying any creditors to whom the decedent owed money. These debts and other estate administration expenses must be satisfied before any distribution is made to the estate’s beneficiaries. If there are insufficient assets to… Read More »
What Is “Disposition Without Administration” In Florida?
Probate is the formal legal process for administering the assets of a deceased individual. In Florida, there are several different methods for accomplishing probate. The first is formal administration, which is where the court appoints a personal representative to open an estate. The formal administration process typically lasts several months and is what most… Read More »
How Florida’s “Slayer Statute” Prevents Killers From Inheriting From Their Victim’s Estates
There’s a popular trope in crime fiction about a person killing their spouse “to collect the insurance money.” In reality, a person cannot inherit anything from a person that they murdered or otherwise killed in an unlawful manner. Most states, including Florida, have what is commonly called a “Slayer Statute” to prevent this sort… Read More »
What Property Is Exempt From Creditor Claims In A Probate Estate?
Debts do not necessarily die with the debtor. A decedent’s creditors may file a claim for payment against their probate estate. The estate is then normally required to pay such creditors to the extent possible from the estate’s assets after other, higher-priority expenses are paid. But not all probate assets are subject to creditor… Read More »