The answer is it depends. A specific devise is a gift of a particular probate asset, such as: my car; or a specific dollar amount in cash. A specific devisee is the person entitled to receive the specific devise from the Personal Representative of the estate. The general rule is that the specific devisee is …
The IRS announced safe harbor rates for April 2012. The safe harbor rates are the minimum rates the IRS publishes monthly to avoid gift tax treatment for below market loans. The minimum interest rates for April remain very attractive for intra-family loans. 0.25% per year for loans for 3 years or less; 1.15 per year …
Generally when a grantor creates an irrevocable trust in Florida, he or she specifies in the trust document that the trust is irrevocable and that the grantor retained no power to amend, modify, or alter the trust. Similarly, grantors routinely provide in revocable trusts that the reserved rights to amend, modify, or alter the trust …
Estates are usually comprised of different types of assets such as real estate, cash, and marketable securities including, stocks, mutual funds, municipal bonds, and corporate bonds. During the estate administration, an estate attorney may recommend to the Personal Representative to make partial distributions to the beneficiaries. A partial distribution is an interim distribution to the …
Generally, the answer is no. Rather, you should name individuals or trusts for individuals as the primary and contingent beneficiaries. This is the most efficient way to pass life insurance benefits in an asset protected manner. After an insured dies, the named beneficiary or beneficiaries present to the life insurance company, a death certificate with …
What is an intra-family loan? An intra-family loan is a loan from one family member to another. A typical example is a loan from a parent to an adult child. For example, John is a school teacher who also tends bar on Friday and Saturday nights at a local restaurant. He and his wife, Ruth, …
What is a Corporation Fiduciary? A Corporate Fiduciary is a bank that qualifies under federal or state law to act as Trustee or Personal Representative of a decedent’s estate. In short, the bank is entrusted with assets to manage and administer in accordance with specific guidelines and instructions given by one’s Last Will, Trust, or …
A few years ago Bob’s sister, Sally asked him if he would serve as the Trustee for her two children (Bob’s niece and nephew), Nancy and Nathan if she were to pass away. Sally briefly explained that she loves her husband, Gerald but that he has had gambling issues and she fears that the assets …
After a loved one passes away, family wealth is usually distributed amongst family members and heirs in accordance with the deceased’s last wishes as expressed in a will, trust, or other testamentary document (collectively referred to as “will”). Unfortunately, sometimes intra-family disputes arise between family members that result in expensive and timely delays in the …
The general duties of the Personal Representative include collecting and gathering assets, serving notice on reasonably ascertainable creditors, paying legitimate bills of the decedent and the estate, and making distribution in accordance with the last will or the intestacy statute. Another significant duty (a sub-category of paying legitimate bills) is filing all required income tax …
Recent Posts
- Is a specific devisee entitled to receive a copy of the Estate Inventory? May 8, 2012
- IRS Safe Harbor Rates for April 2012 March 20, 2012
- When is a Florida Irrevocable Trust Modifiable without Court Approval? December 28, 2011
- Income Tax Efficient Partial Distributions From an Estate December 23, 2011
- Should You Name Your Estate a Beneficiary on your Life Insurance Policies? November 16, 2011
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