Can You Change an Irrevocable Trust? What Does the Law Say?
Is your family currently trying to determine whether you can change an irrevocable trust? Find out what your legal options are and why this question might come up in the first place. An irrevocable trust is a trust whose terms cannot be changed, modified, or terminated without the beneficiary or the beneficiary designated by the grantor. Once the grantor effectively [...]
What Has to Go Through Probate – Your Guide to the Process?
Probate is the required legal process supervised by the court to verify and manage personal assets following one’s death. The probate process differs in each state and is needed to ensure that assets are properly allocated to beneficiaries. Here, you will learn about Florida’s probate rules/procedures. Please note that while this information can act as a guide, you need an [...]
The Difference Between a Revocable and Irrevocable Trust
On the topic of estate planning, a lot of people are familiar with the term "trust". You may have even heard mention of terms like “revocable trusts” and “irrevocable trusts.” During estate planning discussions with possible clients, we find that these terms are often used because these clients know people who have trusts.
How Much Does Probate Cost?
Probate is an important part of settling everything after a loved one has passed away. The process of probate is to ensure that the deceased person has all debts paid off and then allocate the remaining assets in accordance with the beneficiaries. You do not need to have a will for probate to take place, though if you do have [...]
Can Medicaid Gifting Rules Affect Your Eligibility?
You may not think you need it now, but you might have to apply for Medicaid someday. Like most things in life, the application process is anything but straightforward, especially if you’ve given away any of your personal assets.
What Has to Go Through Probate in Florida?
Losing a loved one is never easy, and you may now have to handle their estate. You may have questions as to what has to go through probate in the state of Florida. In probate, the Florida court will be the entity that will oversee your deceased loved one’s estate and ensure the estate is handled according to the probate [...]
Does Common Law Marriage Exist in Florida?
It’s not uncommon for couples to live together and decide not to get married. In Florida, until 2016, couples who lived with each other without being married could be considered to have been breaking the law. However, in 2016, Governor Rick Scott repealed the 140-year law that once made it illegal for a couple to live together without being married.
What Are Medicaid Gifting Rules?
In Florida, being eligible for Medicaid benefits to pay for long-term nursing home care has become stricter, and the lookback period has increased from three years to five years. This means that if you go into a nursing home and then apply for Medicaid, any gifts you made will be added up by Medicaid and a formula will be used [...]
How to Minimize Estate Disputes Between Siblings?
It’s not unusual for disputes to come up when it comes time for your children to divide up your estate. The disputes between your children over the assets of your estate could lead to a long and expensive court battle. To avoid many of the family estate disputes that may arise after your death, there are steps you can take [...]
Is it Difficult to Change an Irrevocable Trust?
You may have your estate plan already in place, including an irrevocable trust, but sometimes circumstances change. It could be you want to modify your irrevocable trust due to a change in financial situation, the death of a loved one, or an unforeseen change in circumstances.