lindagriffin
Is That Joint Bank Account Really “Convenient”?
Larkins v. Mendez illustrates how a bank account titled in joint names with right of survivorship ("JTWROS") between a decedent and his child may NOT be distributed to the surviving child, if the decedent named the joint owner merely for convenience. If established as...
The Murky Waters- Lifetime Waiver by a Surviving Spouse of Their Homestead Right at Death
A recent case, Thayer v. Jefferson, illustrates how a surviving spouse can waive their homestead right under the Florida Constitution during their lifetime. As has been discussed in prior blogs, there are 3 aspects of Florida homestead. First, the homestead real...
Be Careful Transferring Rental Real Estate To an LLC…
Many advisors advise their clients to transfer rental real estate to an LLC for asset protection. However, a recent case illustrates how such a transfer may surprise the client. In S and A Property Investment Services, LLC v. Pedro Garcia et a (Miami-Dad)County...
Qualified Beneficiaries Are Entitled To Trust Accountings…Who Are They?
In Dunley v. Dunley, a beneficiary of a trust challenged an order that he was not entitled to a trust accounting. James and Alice were married and had 2 children, Edward and Samuel. James created a trust in 1984 (the "Trust") and he was the sole trustee. Alice...
Carefully Read the Florida Constitution Before Contesting Homestead Status!
In re Rolle, a bankruptcy judge decided that, even though the owner husband was not living at the homestead, the homestead was still protected from his creditors. In 2013 prior to their marriage, Rolle (the "Debtor") and Wife purchased a home (the "Homestead") in Lee...
Exemption of IRAs from Creditors Means EXEMPT… or Does It?
Araguel v. Bryan illustrates the intersection of guardianship law, individual retirement accounts ("IRAs") and payment of guardianship expenses from the incapacitated individual's (the "ward") IRA after the ward's death. In October of 2019, Patrick and Leslie,...
Good News for Procrastinators Making the Portability Election
In 2010 Congress enacted legislation which provides for the portability of a decedent's spouse unused exclusion amount ("DSUEA). For example, if Bob dies with 12 million in unused exclusion amount (equivalent to 4.8 million in estate tax savings), his surviving spouse...
The Florida Homestead Chameleon Strikes Again
As many know, Florida homestead is a difficult concept as there are several aspects of Florida homestead... creditor protection, tax exemptions, save our home cap, and restrictions on devise if survived by a spouse and/or minor children. In the recent case of Feldman...
Do the Relatives of Your Ex-Spouse Inherit Under Your Will and Trust?
A recent Minnesota appellate court decided whether relatives of an ex-spouse inherits. Minnesota law is similar to Florida law and this case illustrates the importance of reviewing your documents after a divorce to be sure they reflect your intent. In Matter of the...
Life Insurance Proceeds are Not Always Treated the Same
A recent case illustrates the importance of the selection of life insurance to ensure that payments for the benefit of children and a spouse will occur. In Stevens v. Stevens, Kimberly and Gene dissolved their marriage in 2015. Gene agreed to provide that their...