Apr 292011
Estate Planning and Asset Protection

Do you need asset protection? You probably have insurance and believe that you are adequately protected against loss. Many clients visit our office after an event has occurred fearing a law suite against them for damages in the near future. Unfortunately, insurance is a business and as clients have informed me, insurance companies often look for a way to avoid paying a claim for damages. Not all insurance companies are alike and some of them fulfill their responsibility when obligated. So yes, you should have adequate insurance coverage with a good insurance company. One note here, read your policy carefully. More…

Apr 272011
Estate Planning Needs and the Divorced Parent

Divorce is often a painful event for couples, especially when young children are involved.  After going through a divorce and dealing with attorneys, the last thing that a parent wants to do is work with another attorney to update their estate plan. If the parents were responsible, they visited an attorney and did wills to provide for the care of their children while they were married.  In a typical simple will, each spouse usually leaves everything to their spouse should they die first.  Fortunately, after divorce, Florida law prevents the divorced spouse from inheriting should the other parent die first. More…

Apr 182011

Most of the time, people find that the Florida Statutes serve to act as a constraint or limitation on their plans. However, the Florida Uniform Principal and Income Act (UPIA) does just the opposite. The UPIA is a set of statutes that governs how trustees and personal representatives allocate receipts of principal and income for the benefit of the beneficiaries of trusts and estates. When an allocation issue arises, the UPIA governs in the absence of specific instructions found in the trust document itself. Section 738.103 of the Florida Statutes outlines the governing order: 1. First, the trustee or personal More…

Apr 082011
Homestead in Florida

Oftentimes we find that people are unclear as to the various homestead protections enjoyed by residents of Florida. There are three kinds of homestead protection in Florida: 1. Homestead protection in the form of an exemption from taxes found in Article VII Section 6 of the Florida Constitution. 2. Homestead protection from forced sale by creditors found in Article X, Sections 4(a) and (b) of the Florida Constitution. 3. Restrictions on the transfer of the homestead found in Article X section 4(c) of the Florida Constitution. Each of these provisions play a separate and distinct role in protecting and preserving More…

Apr 082011

Welcome to the Ourednik Law Offices Estate Planning Blog. This site enables Ourednik Law Offices attorneys to connect with our clients and web visitors to exchange news, legal developments, and general information related to estate planning.  Check back frequently for the latest updates!