Spouses generally benefit from owning their home as tenants by the entirety. However, joint ownership of property (OR insurance policies, bank and retirement accounts) with children, heirs or unrelated persons may result in disadvantages such as: 1. the loss of “stepped-up” basis on capital gains taxes, 2. the loss or diminution of the homestead exemption, …
Designating someone as a “joint owner” of your bank account gives them the right to withdraw 100% of your balance at any time before or after your death, makes the account available to their creditors, and causes other problems.
Spouses generally benefit from owning their home as tenants by the entirety. However, joint ownership of property (OR insurance policies, bank and retirement accounts) with children, heirs or unrelated persons may result in disadvantages such as: 1. the loss of “stepped-up” basis on capital gains taxes, 2. the loss or diminution of the homestead exemption, …
A so-called “simple will” is NOT always the best estate planning option. The overall value of one’s personal assets is just one factor to be considered. Other considerations include, but are not limited to: 1 . avoiding probate costs; 2. minimizing estate, gift and generation skipping taxes; 3. appointing someone to care for minor children …
Florida has unique constitutional and statutory provisions governing who may inherit homestead property. Before finalizing a last will or other estate planning documents, homeowners should consult counsel on the following, among other, considerations: 1. Does a home qualify as a constitutionally protected homestead?; 2. Will a spouse or minor children have rights to inherit all …
