ESTATE PLANNING AND ELDER LAW ATTORNEYS

Nov 04
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Lady Bird Deeds: How Florida Homeowners Pass Real Estate Without Probate

By | Probate

A Florida homeowner can have a valid Will leaving the house to an only child, and that house still goes to probate. Tom Moss sees families discover this after a parent dies, usually at the worst possible moment. Florida law sends assets titled in a decedent’s name through court unless a beneficiary designation, remainder interest, or trust says otherwise. A Will doesn’t count. What a Lady Bird Deed Does The legal name is an enhanced life estate deed. The owner transfers the property back to themselves for life and names a remainderman, much like a beneficiary on a life insurance policy. During their lifetime, the owner can sell, rent, mortgage, or give away the property without anyone’s signature. A traditional life estate requires the remaindermen’s consent for all of that. At death, the family records a short form death certificate in the county records, and the beneficiaries own the property….

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Nov 02
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florida neighborhood

Revocable vs. Irrevocable Trusts in Florida: What’s the Difference?

By | Estate Planning

Key Takeaways The single biggest trade-off between revocable and irrevocable trusts is control. A revocable trust keeps you in the driver’s seat. An irrevocable trust requires you to give up meaningful control over the assets you transfer into it. A revocable trust provides zero creditor protection during your lifetime — and in Florida, transferring jointly held assets into a joint revocable trust can actually reduce the creditor protection married couples already have. Florida law does not protect self-settled irrevocable trusts from creditors. True asset protection through an irrevocable trust requires transferring assets for someone else’s benefit — not your own. There are four primary types of irrevocable trusts used in Florida estate planning: third-party asset protection trusts, irrevocable life insurance trusts (ILITs), Medicaid asset protection trusts (MAPTs), and supplemental needs trusts (SNTs). Each solves a different problem. “Irrevocable” doesn’t necessarily mean permanent. Florida law provides mechanisms — including trust protectors,…

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Oct 14
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Why Most Florida Seniors Have Gaps in Their Estate Plans

By | Elder Care

Cary Moss estimates that about 75% of the seniors she meets with leave their first meeting surprised. Some need a full overhaul. Others need two or three documents updated. Nearly all of them had a gap they never saw coming. A Will Keeps Assets in Probate The belief Cary hears most often is that a will keeps assets out of probate. A last will and testament controls assets titled in a person’s individual name with no joint owner or beneficiary, and those assets must pass through probate. Handwritten edits cause trouble too. A retiree who crosses out $10,000 on an old New York will and writes in $12,000 has made a change Florida will not enforce. When a Revocable Trust Makes Sense Cary listens for specific signals. Out-of-state real estate is a big one. A Georgia lake house left under a will requires a second, ancillary probate in Georgia, while…

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Oct 01
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seniors with their lawyer

Essential Estate Planning Documents Every Orlando Senior Needs

By | Elder Care

Key Takeaways About 75% of seniors who meet with Cary Moss for the first time discover they are either not covered, have the wrong documents, or have a significant gap in their plan — even when they thought everything was handled. A will does not avoid probate. It provides instructions for probate. This is the single most common and costly misconception in estate planning for seniors. Having documents is not the same as having a plan. How accounts are titled and how beneficiary designations are coordinated can completely override what any document says. Florida’s durable power of attorney has unique “special powers” that must be individually initialed — and out-of-state documents almost never include them. For seniors, this is the one document that almost always needs to be updated when moving to Florida. Every adult age 18 and older needs basic estate planning documents. On the day a child turns…

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Sep 30
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Irrevocable Doesn’t Mean Unchangeable

By | Estate Planning

Most people hear “irrevocable trust” and assume the terms are frozen the day they sign. Estate planning attorney Tom Moss says that assumption costs families flexibility they don’t know they have. Florida law offers several ways to adjust an irrevocable trust after the fact. A trust protector can hold the power to amend certain terms when circumstances change, as long as the changes don’t violate tax rules. Florida statutes also allow modification through a court process, provided all beneficiaries are notified and a judge signs off. The third option, decanting, lets a fiduciary take a fresh look at a trust after someone has died and adjust it to fit a situation the original document never anticipated, like a beneficiary who’s since become disabled or fallen into addiction. When Revocable Becomes Irrevocable A revocable trust moves through three distinct phases. While the person who created it is alive and competent, they…

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