Jump to Navigation

Ocala Probate and Estate Administration Law Blog

Whitney Houston's Death a Reminder of Need for Trusts

On behalf of Dean & Dean, LLP posted in Trust Administration

  • 21
  • February
    2012

The untimely death of pop star Whitney Houston is serving as a stark reminder of the need for high net worth individuals to use trusts as part of their estate planning strategy.

Houston's will reportedly left the bulk of her estate to her 18 year-old daughter, Bobbi Kristina Brown. Although the size of the singer's estate has not yet been disclosed, it is expected to be quite substantial.

Experts are hoping that Houston had the foresight to put her daughter's share of the estate into a trust.

Continue reading Whitney Houston's Death a Reminder of Need for Trusts

Tags: high asset estates, probate, trust

Comments: Leave a comment

Estate Planning Got You Stressed? Try Starting With These Basics

On behalf of Dean & Dean, LLP posted in Estate Planning

  • 13
  • February
    2012

Estate planning isn't just a tool for the wealthy. To the contrary, nearly everyone can benefit from having an estate plan in place, even if they have modest assets.

Estate plans are important because they let you control what happens to your assets after you die. Without one, the state gets to make that decision for you.

However, many people put off estate planning because it seems like a daunting task. They want to make a plan, but they don't know where to start. The reality, though, is that the estate planning process isn't nearly as confusing as it sounds. Most people can make a workable plan by keeping a few simple principles in mind:

Continue reading Estate Planning Got You Stressed? Try Starting With These Basics

Tags: estate plan, estate tax, wills and trusts

Comments: Leave a comment

Dispute Over Country Singer's Estate Heads to Court

On behalf of Dean & Dean, LLP posted in Probate Litigation

  • 06
  • February
    2012

If country legend Jim Reeves were still alive today, he might be able to fashion a hit song out of the sad saga in which his family is embroiled.

When Reeves died in 1964, he left the vast majority of his estate - including the proceeds from the use of his music - to his wife. At last report, the estate was generating more than $400,000 in income each year.

Reeves' widow, Mary Reeves Davis, died last year, leaving the future of Reeves' legacy in question.

Continue reading Dispute Over Country Singer's Estate Heads to Court

Tags: estate planning, probate, probate & estate administration, probate litigation, wealth distribution

Comments: Leave a comment

MLK Died Without a Will, Heirs in Court Once More

On behalf of Dean & Dean, LLP posted in Will Execution

  • 30
  • January
    2012

On its face, a will is a straightforward document that describes how you would like your property and assets to be distributed when you die. In reality, though, it accomplishes much more. A well-drafted will can protect your personal legacy and can prevent your loved ones from becoming embroiled in litigation after you are gone.

The Reverend Martin Luther King, Jr. died in 1968 without drafting a will. His family and friends have been involved in disputes over his legacy ever since.

Continue reading MLK Died Without a Will, Heirs in Court Once More

Tags: intestate, litigation, wills, wills and trusts

Comments: Leave a comment

Estate Planning in the Digital Age

On behalf of Dean & Dean, LLP posted in Estate Planning

  • 23
  • January
    2012

The digital age has changed nearly every aspect of the average Floridian's life, and estate planning is no exception.

In the past, personal representatives have relied on paper records - bank statements, tax returns, business correspondence and the like - to determine what a deceased person owned and owes. Now, much of that information is stored electronically and never gets put on paper. Further, many people now have important assets that exist only in digital form.

However, most people don't think of these issues when making their estate plans. This could make it incredibly difficult for your personal representative to properly locate and distribute your assets in accordance with your wishes.

Continue reading Estate Planning in the Digital Age

Tags: digital estate plan, electronic property, estate planning

Comments: Leave a comment

Floridians Should Plan for Future Estate Tax Liabilities

On behalf of Dean & Dean, LLP posted in Estate Planning

  • 17
  • January
    2012

Estate planning is important for everybody. However, it is especially necessary for Floridians with significant wealth or property. Without careful planning, these individuals could be forced to turn over a substantial portion of their assets to the government in the form of estate taxes.

In 2010, the federal government temporarily raised the estate tax exemption to $5 million for an individual. Although the increase certainly benefits Americans by affording them better control over how their estates are distributed, it has had one notable downside - it has led many people with estates that are sizable, but under the $5 million exemption, to become complacent in their estate planning.

Continue reading Floridians Should Plan for Future Estate Tax Liabilities

Tags: estate planning, estate tax rate, high asset estates

Comments: Leave a comment

Florida Wills Should Name a Trusted Personal Representative

On behalf of Dean & Dean, LLP posted in Estate Administration

  • 09
  • January
    2012

When drafting a will, most people put a lot of thought into how they want to divide their assets. Just as important, though, is the choice of who will be responsible for administering the estate.

Most Florida wills name a "personal representative" - known in other jurisdictions an executor or executrix - to manage the affairs of the estate. The personal representative is responsible for, among other things, gathering and protecting the deceased person's assets, handling tax responsibilities and distributing the estate in accordance with Florida law and the terms of the will.

Usually, Florida will drafters name a relative or trusted financial professional as the personal representative. It's important to make this choice wisely to ensure your wishes are carried out. Bad personal representatives can create massive problems and can stop a person's final wishes from coming true.

Continue reading Florida Wills Should Name a Trusted Personal Representative

Tags: estate administration, estate planning, personal representatives, wills

Comments: Leave a comment

The Hazards of Dying Without a Valid Will

On behalf of Dean & Dean, LLP posted in Estate Planning

  • 03
  • January
    2012

A will is the cornerstone of any estate plan. A will is the best way to control what happens to your assets after you die - it names the beneficiaries of your estate, specifies who gets what assets and appoints a "personal representative" to manage your affairs.

However, not just any document will do. To be valid, a will must meet the strict requirements of Florida estate planning law. To avoid the risk of having your will ruled invalid after you die, it is best to have your will drafted by a Florida wills and trusts attorney.

If your will is ruled invalid after your death - or if you never drafted a will in the first place - the Florida courts will distribute your estate for you. Dying without a valid will is called dying "intestate."

Continue reading The Hazards of Dying Without a Valid Will

Tags: estate planning, inheritance, intestate, wills

Comments: Leave a comment

Estate Planning, Taxes and the Family Home

On behalf of Dean & Dean, LLP posted in Estate Planning

  • 28
  • December
    2011

For most people, the family home is the most important asset they own. Usually, when one spouse dies, they want the other to inherit full ownership of the house. When the second spouse dies, the couple wants the home to pass to their children or other beneficiaries.

However, this transfer can sometimes have substantial estate tax implications. Under normal circumstances, the home will pass to a surviving spouse without tax liability. When the second spouse dies, though, the transfer of the property to children or other beneficiaries can trigger estate tax payments.

It's often a good idea for high net worth married couples to consult with an estate planning lawyer to find ways to preserve as much wealth as possible.

Continue reading Estate Planning, Taxes and the Family Home

Tags: estate planning, estate tax rate, high asset estates, homestead, trust

Comments: Leave a comment

Michael Jackson's estate executives earn estate millions

On behalf of Dean & Dean, LLP posted in Estate Administration

  • 20
  • December
    2011

Estate planning requires much more thought and planning than simply writing down where you want grandma's ring to go, especially for those with measurable wealth. Many high asset individuals may own businesses and do not want to interrupt operations, have the business sold or let it end up in non-family hands. Even stock and other investments require careful planning prior to and after the death of the testator. Estate administration is just as important as estate planning.

Michael Jackson seemed to choose the executors of his estate wisely. Before his death, his estate was bankrupt. Although he was considered one of the most talented singers in history, the assets in his estate were tied up and draining. Only a few years after the death of the famous singer, a court judge approved an pay increase for the executors after they turned the bankrupt estate into a multi-million dollar success.

Continue reading Michael Jackson's estate executives earn estate millions

Tags: estate administration, high asset estates, profit

Comments: Leave a comment

HOW CAN WE HELP?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Dean & Dean, LLP
230 NE 25th Avenue, Suite 100, Ocala, FL 34470 Toll Free: 1-866-356-4278 Phone: 352-484-0349 Fax: 352-867-5787 Email: Contact Us

Additional Office Locations
3 William Tell Lane, Beverly Hills, FL 34465 900 North 14th St., Leesburg, FL 34748 11714 NE 62nd Terrace, Suite 400, The Villages, FL 32162

FindLaw Network