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What Tax Returns Must Be Filed By A Florida Probate Estate?

By Legacy Protection, LLP |

In 1789, Benjamin Franklin told a colleague that the newly adopted United States Constitution “has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” Indeed, death and taxes are inextricably linked together in our legal system, so much so that even after a… Read More »

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How Differences In State Law Can Affect A “No Contest” Clause In A Will Or Trust

By Legacy Protection, LLP |

In an effort to minimize any potential litigation after they die, many people place what is known as an in terrorem or “no contest” clause in their will or trust. A no-contest clause typically disinherits a beneficiary if they take any legal action to dispute the validity of the underlying will or trust. In… Read More »

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Third Party Vs. Self-Settled Special Needs Trusts

By Legacy Protection, LLP |

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 »

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How Can Someone “Disclaim” Their Inheritance From An Estate?

By Legacy Protection, LLP |

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 »

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BuySell

Does A Buy-Sell Agreement Trump A Will?

By Legacy Protection, LLP |

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 »

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Common Questions About Florida’s Elective Share Rule

By Legacy Protection, LLP |

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 »

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What Are The Different Types Of Beneficiaries Under A Florida Will?

By Legacy Protection, LLP |

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 »

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Should I Keep My Original Will In A Safe Deposit Box?

By Legacy Protection, LLP |

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 »

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How Does Bankruptcy Affect A Florida Probate Estate?

By Legacy Protection, LLP |

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 »

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What Is “Disposition Without Administration” In Florida?

By Legacy Protection, LLP |

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 »

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