Oct 112012
 
If I Die Without A Will, Will The State Get My Assets?

The answer is, possibly.  One of the most persistent estate planning “myths” around is the belief that if someone dies without a will, the State of Florida is entitled to their possessions.  While it is possible that Florida could collect a windfall upon a person’s passing, it is by no means a certainty. When a Florida resident dies without a will, they are considered legally “intestate.”  Given the relative frequency of this occurrence, it is not surprising that the Florida Statutes have a procedure in place for controlling the disposition of the decedent’s property. If there is a surviving spouse, More…

Oct 032012
 
Obtaining The Florida Homestead Tax Exemption Following Transfer To A Trust

Article VII, Section 6 of the Florida Constitution currently allows for homestead protection from ad valorem real property taxes.  The effect of this provision is to exempt the first $25,000 of property value for all purposes and also to exempt another $25,000 of value for homes worth up to $75,000 for all purposes but the property taxes calculated for schools.  This exemption may be further expanded following the 2012 election. Many people wonder how they can preserve their homestead protection from taxes if the property is transferred to a revocable or irrevocable trust.  Florida Statute § 196.031(1)(a) says that every More…