There are two typical approaches: (i) hold it in an LLC; or (ii) hold it individually or in trust, but obtain excess “umbrella” liability insurance.
The LLC will protect its owners from liabilities of the investment property. To preserve that protection you must respect the LLC as a separate entity.
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As a starting point, the heirs or beneficiaries of the decedent do not automatically become liable for the decedent’s mortgage loan. The unpaid balance of the loan is a debt of the decedent, and is a claim against the estate of the decedent.
However, the house remains bound by the mortgage,
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The new year is a great time to review and update your estate plan. After thinking about investment performance from the past year and preparing for filing taxes, most of the information you need is fresh and preparation to meet with an estate planning lawyer is easier.
We recommend that our clients review their estate plan whenever a significant life event happens –
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A common question from new Florida residents is whether they need to change their existing estate plan from another state. Generally it is not necessary solely for legal effectiveness, but more often than not there are other reasons that make updates worthwhile.
A Will that was validly executed in another state is generally effective in Florida so long as it is in writing and signed by the testator and two witnesses.
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A common misconception is that estate planning is only for the wealthy. In fact, there is substantial benefit to estate planning for people in all stages of life.
For young adults, it is important to give someone authority to receive medical information and make medical decisions if they cannot.
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One practical but often overlooked benefit of beginning your estate planning sooner than later is the legitimacy that it can lend to your final documented wishes.
Exploitation of elderly individuals, whether by family or otherwise, has become common enough that many view estate plans made late in life with suspicion.
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If you die without a Will you are said to die “intestate.” In that case, the laws of intestacy apply to distribute your assets as follows:
First, if you are married when you die your surviving spouse will receive:
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Trusts were once the cornerstone of most estate plans, due largely to tax planning when the estate tax applied to estates of $1,000,000 or less. Now, where a person can leave more than $11,000,000 free of estate tax (updated for 2018), Trusts are not always necessary. However, Trusts still provide a great degree of flexibility and long term control that simply cannot be matched by a Will alone.
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In general, we recommend that everyone has a Will. However, more specifically, there are a few situations where a Will is particularly important:
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Effective October 1, 2015, the Florida Health Care Surrogate Act is amended to make two important changes:
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