Inherited Vacant Lot in Florida?

  • Posted by Bruce McDonald
  • July 11, 2016
  • (0) Comments

Have you inherited a vacant lot in Florida, only to find out that Florida probate is necessary? Here's our first question...

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Inherited Money Generally Not Taxable

Clients are constantly asking us if their inheritances are subject to federal income tax, and with certain exceptions such as IRAs with deferred tax portions, the answer is usually no. Neither Florida nor the federal government will impose a tax on you for inheriting money or property.

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Florida :  “Entirety” = Fewer Probates

Rarely is Probate Needed for Florida Property when one spouse dies.

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Don’t blindly trust Trusts

  • Posted by Bruce McDonald
  • January 21, 2016
  • Trusts

The best thing a nominated Trustee can do is decline to serve (I’m only kidding…or perhaps not). The second best thing is to hire an attorney. It's no secret among those who regularly practice in trusts and estates that living trusts have been oversold for the past 15 years.

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Death of a Seller versus Death of a Buyer

  • Posted by Bruce McDonald
  • January 04, 2016
  • Real estate

When it comes to death and real estate transactions, not all are created equal. Probate law creates a separate set of rules depending on which party dies. Learn more here.

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Has Electronic Filing Made Probate Faster?

In some counties the probate process has become even slower with electronic filing.

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Don’t Wait to Sell that House

In ancient days, 25 years ago, many title insurance underwriters believed that an executor (personal representative) needed to get past the creditor period (3 months) before he or she could validly sell real property owned by a decedent. Those days are gone, and for non-homestead property, all an executor needs is either an order approving the sale or the express power to sell stated in the Last Will.

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Wills Do Not Avoid Probate. They Steer the Probate

A very common misconception is that if Mom or Dad has a Will, no probate will be needed when they pass away. That is wrong. There are some steps people can take to avoid a probate administration when they die, but signing a Will is not one.

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Death does not stop a corporation or LLC

  • Posted by Bruce McDonald
  • January 16, 2015
  • (0) Comments

There are lots of good reasons to incorporate a sole proprietorship when one considers the possible death of that person.

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Children inherit assets not debts

  • Posted by Bruce McDonald
  • January 07, 2015
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It always surprises us when our clients ask us if they are responsible for the debts of their deceased parents. We scratch our heads and ask, "Where would you get such a thought?" We are sure that in some societies at some times in history, children were liable for the unpaid debts of their deceased ancestors. But that's never been the law in the English colonies or United States.

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