Real estate, probate, and family law – Blade & Blade P.A.

When Is It Critical to Review Your Estate Plan and Why?

Fri, 24 Oct 2025 14:52:40 GMT

The Checklist

Like other important life tasks, your estate plan deserves your continued time and attention. We recommend that you work with us to review it every three to five years (or more frequently, depending on your circumstances). Think of it as your estate plan’s preventive check-up, and remember:

Prevention is the best cure.

A routine preventive check-up is not necessarily the only time we see a doctor. Similarly, a preventive planning meeting is not the only time to consider your estate plan. The occurrence of special life events may also mean that it is time to pick up the phone and call us.

If you experience any of these significant life events, contact us , and we will help ensure that your estate plan still reflects your goals and wishes.

Marriage

Have you recently gotten married? Congratulations! Marriage means new ways of sharing and managing finances and property. As a result, this is an important time to revisit your estate plan. With this life change, you will need to contact us to discuss any necessary changes to your will or trust, and financial and medical powers of attorney. You will also need to consider updates to your retirement account, life insurance, and investment account beneficiary designations. Updating your estate plan is especially important if it is a second marriage and children from a previous relationship are involved. Proper estate planning is the only way to ensure that you protect your loved ones the way you want.

Birth or Adoption

Welcoming a new child into the family is an unforgettable time. You may feel inspired to look toward the future, and you should! This is an opportune time to start planning how you would like to provide for your new family member’s future. Because the child is young, it is important to consider not only what you would like to leave them for an inheritance but also how you would like them to receive it and who you would like to manage it. And while no parent wants to think about who will raise their child if they are unable to, it is also important to decide who would step in as guardian to care for your child if something were to happen to you.

New Job

A new job presents an exciting new set of challenges and opportunities to explore. It also brings very real financial changes. You may be receiving new benefits that require new beneficiary designations. When filling out these forms, the beneficiaries must be named appropriately so that your estate plan will work as designed. In addition, you will need to make sure that your estate plan reflects the change in your financial status, whether it is a pay increase or a pay cut.

Loss of a Job

Similarly, leaving employment brings big changes to your financial situation and your estate plan. It is important to review your plan to determine whether updates are needed to reflect, for example, the loss of employer-provided benefits such as life insurance, any changes that need to be made to your retirement account, and whether any shift in your financial situation could impact your plan.

Retirement

Welcome to your golden years! Retirement brings lifestyle changes, more time for loved ones, and important financial transitions. We can help you update your estate plan now that you have stopped earning income and are beginning to use your retirement account. Also, with this newfound freedom, you may find yourself traveling more, making documents such as financial and medical powers of attorney more crucial.

Moved

If you have moved across state lines, you should consult with a local estate planning attorney to ensure that your estate planning documents are still legally valid and you are fully protected under the laws in your new state. Let us know your new location, and we may be able to recommend estate planning attorneys who can help you. If you have just moved to our state, we are happy to review your existing documents to determine if they comply with our state laws.

Regardless of where you moved from and moved to, a new home will need to be incorporated into your estate plan. If you contact us before the purchase, we can recommend how the deed should be drafted. If you have created a revocable living trust as the foundational tool in your estate plan, it may be best, depending on the situation, to have the home titled in the name of your trust. If you have already purchased your new home, we can file a new deed if needed to make sure the property is titled in a way that aligns with your estate plan.

Divorce

Experiencing a divorce is one of the most difficult times in a person’s life. But looking out for your financial well-being and planning for the future is critical. While your divorce is pending, you can meet with us to discuss what changes, if any, you are permitted to make to your estate plan. Once your divorce has been finalized, we can help you update your plan as needed or desired. This process may include revising your will or trust, changing beneficiary designations on certain accounts (such as life insurance or retirement accounts), and ensuring that your ex-spouse does not inherit from you or have the authority to make financial or medical decisions on your behalf should you be unable to do so yourself. If you have any life insurance requirements in your marital agreement to help satisfy a maintenance or child support obligation, we can also help incorporate them into your estate plan.

Death of a Loved One

There is so much to handle after the loss of a loved one. Take some time to be with those you care about and honor the life of the one you lost. When you are ready, remember that it is important to review your estate plan and consider whether any updates are needed. You may need to remove the deceased loved one as a beneficiary from any will, trust, life insurance policy, or retirement account, and determine who will receive that inheritance now. Reviewing your plan to identify whether your deceased loved one was appointed as one of your trusted decision makers (agent under a financial or medical power of attorney, successor trustee, or personal representative/executor) is important. If so, we can help you choose replacement decision makers and update your documents accordingly.

Received Inheritance

The death of a loved one not only brings grief and loss, but it may also result in receiving an inheritance. An inheritance can include property, money, real estate, and more. Receiving an inheritance may necessitate a change in your estate planning strategy. You may have a new account or property that needs to be retitled or a new beneficiary designation to incorporate into your plan. Also, depending on the value of the inheritance you have received, there may be additional estate tax, management, or asset protection concerns that we can address with you to make sure your inheritance is protected.

We Would Be Honored to Help

Whatever life brings you, we are here to help you weather the storms and celebrate the milestones. We would be honored to help you ensure that your estate plan is up to date to reflect these life changes. Even if no major events have occurred, reviewing your plan every three to five years is still a good idea.

Call us today!

3 Tips for Your Digital Legacy

Tue, 21 Oct 2025 20:11:44 GMT

Your Cyber Legacy

Digital assets are a category of commonly overlooked assets that play a crucial role in your estate plan and the legacy you leave behind at your death. It is all right if you did not consider these items when you first created your will or trust; such a mistake is surprisingly common and, luckily, easy to correct.

What are digital assets?

They include all of the following:

● your digital photos and videos saved on your phone, in the cloud, or on an external hard drive

● files (such as emails, financial documents, digital business records, etc.) stored in the cloud or on your computer’s hard drive

● cryptocurrency

● nonfungible tokens

● domain names (URLs)

● social media profiles (e.g., Facebook, LinkedIn, X, TikTok, Instagram, Twitch)

● content creation accounts (e.g., YouTube)

● affiliate marketing accounts (e.g., Amazon, Google, ClickBank)

● accounts associated with e-commerce businesses (e.g., Etsy, Shopify)

● physical device backups

● databases (e.g., medical records, cloud storage services)

Such digital assets often carry significant real-world value and, in some cases, generate substantial income. Examples include cryptocurrency wallets, domain names (URLs), monetized YouTube channels, influencer accounts, and digital business platforms. These assets may represent a meaningful portion of your estate, sometimes even its most valuable components.

You can no longer afford to adopt a wait-and-see approach. Whether or not you proactively plan, your legacy now includes more than just the monetary inheritance, family heirlooms, and personal property you intend to pass along. In today’s world, you must also consider and create a plan for your digital assets.

To that end, here are three tips to help you create or update a plan to properly manage, transfer, or preserve your digital assets.

1. Inventory your digital assets.

Make a list of every online account you use. If you run a business, be sure to include spreadsheets, digital records, client files, databases, and other digital business documents. Not only will you need this information for your estate plan, but it will also play a crucial role in any business succession plan you create. If it exists online or in the cloud, connects to it, or pertains to it, put it on the list for your attorney and your trusted decision-makers (agent under a financial power of attorney, executor or personal representative, or successor trustee). This list can act as a critical resource when someone needs to step in and manage your digital assets.

2. Designate a Digital Fiduciary (Sometimes Called a Cyber Successor).

This is someone you trust who can access your online accounts and business on your behalf if you are incapacitated or after your death. In most cases, this person will also serve in a traditional fiduciary role, such as your agent under a power of attorney, trustee, or personal representative, depending on timing. Access to digital assets is governed by state law (such as the Revised Uniform Fiduciary Access to Digital Assets Act, or RUFADAA, enacted in most states) as well as the terms and conditions of each platform. You should keep your access information secure and consider using the online tools offered by providers (such as Google Inactive Account Manager or Apple Digital Legacy) to ensure your fiduciary can act quickly and legally.

3. Determine the necessary tools to properly record and carry out your wishes and ensure that your legacy continues as you want.

Depending on your unique situation, it may be advisable to fund some of your digital assets into a trust or even include specific access in a power of attorney. We can help you determine the best way to protect and pass on your digital assets, select your trusted decision-makers and beneficiaries, and ensure that the right tools are in place so your assets can be accessible when needed. The laws in this arena are evolving, so any planning you have done in the past needs to be reviewed and possibly updated.

Potential Pitfalls of Failing to Plan for Digital Assets

The worst thing you can do is nothing. Inaction could result in the loss of digital family photo albums, disruption of your business if you are incapacitated, or worse.

If this process feels daunting or you are unsure where or how to start, call us.

We can help you identify, track, and protect your digital assets to give you peace of mind.

Do Your Parents Have an Estate Plan?

Wed, 15 Oct 2025 19:59:26 GMT

Crucial Areas to Discuss with Your Parents

If you are part of the "sandwich generation"—caring for both your children and your parents at the same time—it is crucial that you know whether or not your parents have an existing estate plan . While the final decisions within their estate plan rest with them, creating a comprehensive estate plan is an absolute necessity, regardless of when it is done.

The thought of speaking with your parents about important and often sensitive topics like their finances and estate planning probably makes you want to run as fast as you can in the opposite direction. Nonetheless, having this conversation is the key to ensuring that your parents are able to live their golden years without financial worries and that their wishes are carried out after their death.

Estate Planning for Your Parents

Initiating conversations about your parents’ future, especially concerning their finances, medical care, and memorial wishes, can be challenging, but it is undeniably one of the most important discussions you can have with them. Addressing these topics sooner rather than later benefits everyone involved and ensures greater peace of mind and preparedness for the future. This crucial dialogue should encompass plans for when one or both parents pass away as well as scenarios where they become incapacitated and unable to manage their own affairs. To help ensure that their estate plan is comprehensive and aligns with their wishes, consider discussing the following key areas with your parents:

● A Team Effort

Encourage your parents to compile a list of their advisors, starting with legal and financial professionals, including their contact information. This list should also include the contact information for your parents’ doctors so that whoever they nominate as their health care agent can reach them if necessary. Even if they prefer not to share the list immediately, they can create it and let you know where to find the information if the need arises.

● Last Will and Testament or a Trust

If you discover that your parents do not currently have a last will and testament (also known as a will) or revocable living trust (also known as a trust), it is probable that they do not have other essential estate planning tools, as these important tools are often created as part of a comprehensive estate plan. If they do have a will in place, confirm when it was created, who the personal representative or executor is, and where the original wills are stored. Similarly, if you discover that they have a trust, you will want to confirm who the trustee is, whether or not they have funded property and financial accounts into their trust, and where the original trust documents are stored. Stress to them that you do not need to read their will or trust in its entirety, but knowing where to find the original documents is crucial to ensuring that their wishes are carried out when the time comes.

● Medical Directives

While discussing your parents’ estate plan, confirm whether they have created a living will (also known as an advance directive) and a medical power of attorney. These important tools allow someone to make medical decisions on their behalf if they are unable to make or communicate their own medical decisions. If you discover that they have these tools in place, encourage them to have a conversation with their chosen agent under their medical power of attorney to ensure that the decision-maker understands your parents’ feelings and wishes about both their medical care preferences as well as their end-of-life care, such as how their medical affairs should be handled should they become incapacitated and whether or not they want to be on life support.

● Insurance Policies

It is important for you or your parents’ trusted decision-makers to know what insurance policies they have and where documentation is located, especially if one or both parents become incapacitated. This includes health insurance (private or Medicare), life insurance, homeowner’s insurance, auto insurance, disability insurance, and long-term care policies.

● Financial, Investment, and Retirement Accounts

Encourage your parents to create a comprehensive list of their checking, savings, brokerage, mutual fund, pension, and retirement accounts. This list should include where each account is held, account numbers, and the names of any key contacts at the institution. Just as important, your parents should have a financial power of attorney in place so that a trusted individual can step in and manage these accounts if your parents are traveling, ill, injured, or otherwise unable to manage their affairs. An experienced estate planning attorney can draft this document, but it is also wise to ask whether the financial institutions involved require their own power of attorney forms, since these are often more readily accepted. Having a valid power of attorney ensures that someone can access and manage your parents’ accounts, whether checking, investment, or retirement, so that day-to-day expenses are covered and long-term financial needs are met during incapacity and beyond.

Why Estate Planning Matters

Failing to put together an estate plan often leads to chaos, excessive costs and taxes, unnecessary court involvement, inadequate incapacity planning, potential hurt feelings, delays in distributing inheritances, and even unexpected outcomes after death.

Fear and discomfort can keep you from having this important estate planning conversation with your parents. As estate planning attorneys, we can provide your parents with guidance and advice on what options are available to them so that their wishes are followed upon their death.

Contact our offices for a free consultation today.

A Probate Attorney in Boca Raton, FL, Saves You Effort.

Fri, 19 Sep 2025 17:56:50 GMT

Handling the legal process after a loved one passes can feel overwhelming. At Blade & Blade, P.A., we understand how difficult this time is. If you’re in Boca Raton, FL, and need guidance, our probate attorney in Boca Raton, FL, can help ease the burden. Call us today at 954-429-1200 for compassionate support with your probate needs.

Understanding the Probate Process in Boca Raton

Probate is the court-supervised process of distributing a deceased person’s assets. This legal step often involves verifying the will, paying debts, and transferring property. Without the right guidance, probate can become a long, confusing process for families. Here are some common challenges people face when handling probate on their own:

Paperwork and filing errors.
Misunderstanding legal terms.
Asset disputes among heirs.
Delays due to incomplete documentation.
Difficulties in meeting Florida probate deadlines.

These hurdles can add stress to an already emotional time. Working with a probate attorney in Boca Raton, FL, helps prevent these problems.

How a Probate Attorney Streamlines Legal Filings and Asset Distribution

Navigating probate law on your own can take hours and lead to costly mistakes. A probate attorney in Boca Raton, FL, understands local laws and court expectations. This expertise allows them to:

Prepare and file accurate legal documents.
Represent you in court hearings.
Ensure timely notifications to heirs and creditors.
Help inventory and value estate property.
Guide asset distribution according to Florida law.

By managing the paperwork and communications, an attorney lets you focus on your family’s needs rather than legal complexities.

Keeping the Probate Process on Track

Probate cases can be delayed for many reasons, such as missing documents or improperly filed paperwork. A probate attorney in Boca Raton, FL, knows how to anticipate and solve these issues before they cause problems. This proactivity helps prevent delays that cost time and money.

Avoiding Costly Mistakes in Florida Probate

Mistakes during probate can result in financial loss or legal disputes. Errors like missing deadlines or mismanaging assets may cause creditors to challenge the estate or assets to be distributed incorrectly. Hiring a probate attorney in Boca Raton, FL, helps you avoid these costly errors. They ensure compliance with Florida probate laws and offer peace of mind.

The Benefits of Local Expertise From a Boca Raton Probate Attorney

Florida’s probate laws can vary by county. A probate attorney based in Boca Raton understands specific local regulations, judges, and court procedures. Their local presence means:

Faster communication with courts and officials.
Personal attention tailored to Boca Raton families.
Familiarity with neighborhood assets and property values.
Ability to visit probate offices quickly if needed.

This local knowledge provides a smoother probate experience for your family.

What to Expect When Working With Blade & Blade, p.a.

At Blade & Blade, P.A., our probate attorney in Boca Raton, FL, takes the time to listen and understand your situation. Our process includes:

1. Initial consultation and case review.

2. Preparing and submitting necessary court documents.

3. Identifying and valuing estate assets.

4. Managing creditor claims and debt payments.

5. Distributing assets to the rightful heirs.

6. Communicating clearly throughout the process.

Our goal is to make probate easier and less stressful. We care about every client and treat each case with respect and attention.

Why Families Trust Blade & Blade for Probate in Boca Raton

Families in Boca Raton rely on Blade & Blade, P.A., because we offer:

Experienced probate attorneys with local expertise.
Personalized service through every step.
Transparent fees and clear communication.
A focus on minimizing delays and errors.
Compassionate support during difficult times.

Our commitment is to protect your family’s interests and provide reliable legal help.

Common Questions About Probate in Boca Raton

The Cost of Hiring a Probate Attorney in Boca Raton, FL

At Blade & Blade, P.A., we provide clear and upfront fee structures. Our probate attorney fees vary depending on case complexity but often save more money by preventing errors and delays. We also discuss payment options during consultation.

Reach Out to Blade & Blade, P.A., for Probate Support

Handling probate without help can take extra time and cause unnecessary stress. A probate attorney in Boca Raton, FL, brings expertise and local knowledge to guide you through this process smoothly. If probate matters are weighing on your family, call Blade & Blade, P.A. at 954-429-1200 .

You can also learn more about our probate services here: Probate Attorney in Boca Raton, FL .

Contact Blade & Blade, p.a., today for trusted probate services.

Let us help you navigate the complexities of probate so you can focus on what matters most—your family. Reach Blade & Blade, P.A. by phone at 954-429-1200 or visit our contact page to schedule a consultation.

Why Estate Planning in Boca Raton FL Is Essential for Every Family

Thu, 24 Jul 2025 13:20:01 GMT

When it comes to preparing for the future, few things are as important—and as misunderstood—as estate planning. At Blade & Blade P.A., a family-owned law firm proudly serving Boca Raton, FL, since 1976, we understand that families want peace of mind not paperwork headaches. Many people delay estate planning because they think it’s only for the wealthy or elderly. The reality is every family, regardless of age or assets, benefits from having a clear plan in place. With a compassionate and family-oriented approach, Blade & Blade P.A. helps Florida families protect what matters most.

What Is Estate Planning, and Why Does It Matter?

Estate planning is the legal process of arranging the management and distribution of your assets after your death or incapacitation. It includes documents such as wills, trusts, powers of attorney, and healthcare directives. But more than just paperwork, estate planning is a proactive step to ensure your family is protected, your wishes are honored, and costly legal disputes are avoided.

Common Misconceptions About Estate Planning

At Blade & Blade P.A., we often hear the same misconceptions from our clients:

“I’m too young to worry about estate planning.”

Life is unpredictable. Whether you're starting a family, buying a home, or running a business, planning ahead protects your loved ones.

“Only the wealthy need an estate plan.”

Regardless of the size of your estate, planning ensures your property, minor children, and personal wishes are taken care of.

“A will is enough.”

A will is only one part of a comprehensive estate plan. Without tools like trusts or powers of attorney, your assets may still go through probate or be mismanaged if you're incapacitated.

How Blade & Blade P.A. Supports Families

Our family has been serving families in Boca Raton for nearly 50 years, and our goal is simple: to provide peace of mind. We take time to understand your unique family situation, assets, and long-term wishes. From there, we develop a tailored estate plan that meets Florida’s legal standards while being easy for your family to follow.

We often work with multigenerational families to craft plans that reduce estate taxes, avoid probate when possible, and minimize family conflict. These strategies are especially important in Boca Raton, where many residents are retirees or seasonal homeowners with complex estate needs.

Florida’s Unique Estate Planning Considerations

Florida law offers both opportunities and challenges when it comes to estate planning. Homestead laws, elective share rules, and specific probate procedures make local expertise essential. At Blade & Blade P.A., we stay up to date with Florida statutes to ensure your estate plan is not only valid but also as efficient and protective as possible.

We also offer compassionate guidance through the probate process, which can be overwhelming without legal support. Many clients are surprised to learn about the difference between probate assets and non-probate assets, a distinction that affects how quickly loved ones can access funds. Learn more about that important topic in this SmartAsset article. <Link to https://smartasset.com/estate-planning/probate-assets-vs-non-probate>

Secure Your Family’s Future with Blade & Blade P.A.

Estate planning isn’t just about documents—it’s about peace of mind for you and security for your loved ones. Whether you need to create a new estate plan or update an existing one, Blade & Blade P.A. is here to help. As a family-owned, family-oriented law firm, we treat every client like our own. Contact us today at (954) 429-1200 or visit our website to schedule your consultation .

Estate Planning in Florida: A New Year’s Goal for Peace of Mind

Mon, 24 Mar 2025 21:04:16 GMT

As the New Year begins, many of us take the opportunity to set goals for personal growth, financial stability, and overall well-being. While these resolutions often include exercising more or saving money, one essential goal that often gets overlooked is estate planning. For Florida residents, the importance of establishing or updating an estate plan cannot be overstated. Here’s why making estate planning a priority this year is one of the best decisions you can make for yourself and your loved ones.

What Is Estate Planning?

Estate planning involves preparing for the management and distribution of your assets in the event of your incapacitation or passing. A comprehensive estate plan typically includes a will, powers of attorney, healthcare directives, trusts, and beneficiary designations. It’s not just for the wealthy—anyone with assets, children, or specific wishes regarding their healthcare or property can benefit from having a plan in place.

Why Is Estate Planning Critical in Florida?

Protecting Your Loved Ones
Florida’s probate process can be lengthy and costly, potentially causing stress and financial strain for your family. By having a well-prepared estate plan, you can simplify or even avoid probate, ensuring your loved ones have access to the resources they need without unnecessary delays.
Avoiding Intestate Succession
If you pass away without a will, Florida’s intestate succession laws dictate how your assets are distributed. This can lead to outcomes that may not align with your wishes. Creating a clear estate plan allows you to determine exactly who receives what, giving you peace of mind that your legacy is protected.
Addressing Unique Florida Considerations
Florida’s homestead laws, which protect your primary residence from creditors, and its tax-friendly environment make estate planning especially advantageous. However, these laws also introduce complexities that require careful planning to ensure your assets are handled as intended.
Preparing for Incapacity
Estate planning isn’t just about what happens after you’re gone. Documents like a durable power of attorney and healthcare surrogate designation ensure your financial and medical decisions are made by someone you trust if you become incapacitated.

Steps to Start Your Estate Plan

Take Inventory of Your Assets: Identify your property, financial accounts, and other assets. Don’t forget to account for non-tangible items like digital accounts or intellectual property.
Define Your Goals: Decide how you want your assets distributed and who should make decisions on your behalf if you’re unable to.
Consult an Estate Planning Attorney: Laws vary by state, and working with an attorney familiar with Florida’s estate laws ensures your plan is legally sound and optimized for your situation. Blade & Blade, P.A. offers a free consultation which can be done in person at our offices, Zoom or by phone.
Update Beneficiary Designations: Ensure accounts like life insurance, retirement funds, and payable-on-death accounts reflect your current wishes.
Communicate with Your Loved Ones: Discuss your plans with family members to minimize confusion and potential conflicts in the future.

Make It a New Year’s Resolution

Starting or updating your estate plan doesn’t have to be daunting. Break it down into manageable steps and set realistic timelines to complete each phase. By prioritizing this goal early in the year, you can approach the months ahead with confidence, knowing you’ve taken a significant step toward securing your family’s future.

Final Thoughts

Estate planning is not a one-size-fits-all process. Your plan should be tailored to your unique needs and Florida’s specific legal environment. As you set your New Year’s resolutions, consider the peace of mind and security an estate plan provides. It’s an investment in your legacy and your loved ones’ well-being—one that will pay dividends for years to come.

Take the first step today and make 2025 the year you prioritize estate planning. Your future self—and your family—will thank you. Give us a call at 954-429-1200 to schedule a consultation!

Plan Ahead With an Estate Planning Lawyer in Boca Raton, FL

Sun, 09 Mar 2025 07:25:08 GMT

Estate planning is a critical step in ensuring your wealth and assets are managed and distributed according to your wishes. Whether you're looking to draft a will, set up a trust, or establish powers of attorney, a solid estate plan provides security for you and your loved ones.

Why an Estate Planning Lawyer Is Essential

An estate planning lawyer can help structure your assets efficiently, avoiding common pitfalls such as excessive taxation and probate delays. By working with a skilled professional, you can:

Reduce estate taxes
Ensure your beneficiaries receive their inheritance without complications
Appoint guardians for minors
Establish trusts to manage wealth distribution

Understanding Wills and Trusts

One of the key components of estate planning is deciding between a will and a trust. A will ensures your wishes are legally documented and executed after your passing, while a trust provides additional control over how and when your assets are distributed. Many individuals choose a combination of both to maximize their estate’s efficiency and avoid unnecessary legal processes.

When considering trusts, understanding the difference between a testamentary trust and a living trust is crucial. A testamentary trust activates after your passing, while a living trust allows asset management during your lifetime. Incorporating these options effectively can help you structure your estate to align with your long-term goals.

Key Components of a Comprehensive Estate Plan

A well-rounded estate plan should include:

Last Will and Testament – Designates asset distribution and guardianship decisions.
Trusts – Helps bypass probate and provides structured asset control.
Power of Attorney – Appoints a trusted person to manage finances and legal matters if you become incapacitated.
Healthcare Directives – Outline medical care preferences in case of emergency.
Beneficiary Designations – Ensure financial accounts and insurance policies are directed to the right individuals.

The Role of an Estate Planning Lawyer in Protecting Your Assets

An estate planning lawyer in Boca Raton, FL, plays a crucial role in structuring your financial legacy. They ensure your estate plan aligns with state laws, reducing risks of legal disputes. Additionally, they help navigate complex matters such as asset protection strategies, Medicaid planning, and succession planning for business owners.

Professional Estate Planning Services Today!

Planning for the future is an essential step toward financial security. Understanding the legal tools available can help you make informed decisions about how your estate is handled. Consulting with a professional ensures that your estate planning documents are legally binding and reflect your intentions.

For profes sional guidance on estate planning, call Blade & Blade P.A. at (954) 429-1200 or contact us online today.

Health Care Surrogate

Tue, 09 Aug 2022 00:50:00 GMT

Most of us live hectic lives. We rush from one task to another, trying to fit in as many activities as possible in our busy schedule. Completing tasks from our to-do lists gives us a sense of accomplishment and control. Pursuing our everyday goals leaves us little time to think of situations in which we do not have control over things and events surrounding us.

No matter how skilled you are and how well you coordinate different aspects of your life, no one has total control over what can happen to them. That is especially true in today’s world. We live in times of uncertainty. In the most recent past, we witnessed events no one could have imagined just a couple of years ago. The global pandemic caused millions of deaths, leaving tens of millions of others with severely damaged health.

Perhaps this is the right moment to contemplate finding yourself in a life-threatening situation, unable to communicate, express your wishes, or make important health-related decisions.

What is a Health Care Surrogate?

A health care surrogate is a person you choose to act on your behalf in making health-related decisions or receiving health care information in situations when you are incapacitated. A health care surrogate acts as your agent or attorney-in-fact in matters related to your health. They communicate with medical professionals, navigate through the health care system, and make medical decisions instead of you in circumstances when you are unable to do so. Depending on the authority you give them, the surrogate can also act as your health care agent in temporary situations when you are partially incapacitated (under heavy medications or with transient amnesia).

Who Can Act as a Health Care Surrogate?

Florida Statute 765.401 prescribes rules for situations when you do not have a health care surrogate. The list of health care proxies follows an order of priority.

The first individual on the list acts as your default health care surrogate. If a person from a prior class is reasonably unavailable, unwilling, or incompetent, the second person from the list acts as a proxy, in the following order:

The judicially appointed guardian, acting as your advocate due to a developmental disability.
Your spouse.
Your adult child. If you have more than one adult child, more than half of your adult children who are reasonably available for consultation will act as your health care surrogates.
Your parent.
Your adult sibling. If you have more than one sibling, more than half of your adult siblings who are reasonably available for consultation will act as your health care proxies.
Your adult relative. Your adult relatives can act as surrogates if they exhibit special care and concern for the patient, are familiar with your activities, health, and religious or moral beliefs, and maintain regular contact with you.
Your close friend.
A clinical social worker. The social worker must have a special license or graduate from a court-approved guardianship program. The law further requires that the proxy is not an employee of the provider and that the bioethics committee selects such a surrogate. A clinical social worker acting as a health care surrogate can make decisions to withhold or withdraw life-prolonging procedures only after being reviewed by the facility’s bioethics committee.

Who Should You Choose?

To ensure your health care proxy is the right person, you should always designate them yourself and avoid possible misunderstandings between multiple surrogates. When considering who to choose, seek a responsible and reliable person, willing and able to act on your behalf in making health-related decisions. Next, always select a person in good physical and mental health with a proven record of making reasonable decisions in stressful situations. Finally, choose a person who you trust. Your health care surrogate should be close to you, share your philosophical and religious beliefs, or be familiar with them.

Designating a Health Care Surrogate

You can designate your health care proxy using medical power of attorney (POA), called a Designation of Health Carre Surrogate. Florida law requires you to sign the document before two witnesses, and we recommend it be notarized. The witnesses need to validate it by putting their signatures next to yours. Also, your designated health care surrogate cannot be one of the witnesses, and at least one of them must not be your relative.

An Alternate Surrogate

You can never be sure if your designated surrogate will be available at a critical moment. That is why it is wise to select one (or even two) alternate surrogates to be at your disposal if the primary proxy is not available. The Florida default list applies only if your designated surrogates cannot act on your behalf.

Reach Out To Us
At Blade & Blade P.A., we care about your peace of mind. Knowing how important designating a health care surrogate is, we can help you make the best choice ensuring your designation complies with the legal requirements.

Reach out to us today to schedule your free consultation.

Revocable Trusts vs. Irrevocable Trusts – Understanding the Difference for Florida Residents

Wed, 20 Jul 2022 12:30:00 GMT

Estate Planning

Estate planning in Florida is a set of activities that includes creating different documents to determine the distribution of your property after the death. As a comprehensive activity, estate planning covers wills, trusts, power of attorney, statements of desire, and other documents.

However, the essential estate planning instrument is trust. Trusts are an irreplaceable tool for achieving various financial objectives.

What is a Trust?

According to Florida law, a trust is a written document (a contract) between a settlor (a trustmaker) and a trustee that benefits one or more designated beneficiaries. A trustmaker (also called a grantor) establishes the trust by transferring the legal title of their property to a trustee – a person with fiduciary duties to the trust. A trustee ensures that current or future beneficiaries receive benefits according to the trust agreement provisions.

In Florida, there are two types of trusts: revocable and irrevocable. To help Florida residents better understand the difference, below is a comparison between the two:

Revocable Trust

A revocable trust is an estate planning tool that enables transferring the legal title of your assets to a person called a trustee.

Section 736.0103(17) of Florida Statutes governs revocable trust. Under that section, the trustmaker (settlor or grantor) is a property owner creating the terms of the trust agreement. The settlor signs the document with the trustee, establishing the trust. The trustee, as a fiduciary, takes care of the assets ensuring that the designated beneficiaries receive their benefits according to the terms of the trust document. The beneficiaries benefit from the trust (usually spouses or children).

A living trust in Florida is revocable, meaning that the trustmaker can revoke it until their death. That proves to be one of the most significant advantages over irrevocable trusts. Life circumstances change over time, causing us to alter the way how we think and feel about other people. The person designated as a beneficiary can also transform, so the grantor may want to leave their assets to another person.

Another benefit of a revocable trust (shared with irrevocable trusts) is avoiding probate. Both revocable and irrevocable trust produce the same effect. Establishing trust in Florida means inheritors do not have to go through probate. Since the property is part of the trust, the trustee is responsible for transferring it to beneficiaries. There is no need for court approval.

Furthermore, there are shared revocable trusts in Florida. Creating a shared revocable trust is a practice between spouses who co-own the property.

Moreover, establishing a revocable trust enables transferring assets after death. That is a convenient option for married couples who do not want to convey the property upon creating the trust. The law allows them to transfer the legal title to trust after one spouse dies.

In addition, a revocable living trust in Florida can provide asset protection from creditors. However, that is possible only if the settlor establishes a trust for the benefit of their children or other designated beneficiaries. The Florida Trust Code does not allow asset protection if the grantor establishes it for their advantage.

Irrevocable Trust

The provisions of an irrevocable trust agreement prohibit revocation or any change to the trust arrangement after its establishment. After creating an irrevocable trust in Florida, a trustmaker cannot change their mind regarding the transfer of property.

Designated beneficiaries of the irrevocable trust have indefinite right to the estate after the settlor signs the agreement. Beneficiaries of certain irrevocable trusts in Florida enjoy protection from creditors following the death of the trustmaker.

What makes trust irrevocable? It is irrevocable if a grantor has no legal right to revoke (take back) the assets conveyed to the trust. In Florida, the so-called testamentary trusts are irrevocable by default. These are the trusts the settlor creates through a will. They are irrevocable because the grantor is already deceased when it comes into effect.

The bottom line is that the trustmaker of an irrevocable trust cannot modify the trust agreement by taking back the assets transferred to the trust or changing the beneficiaries.

The way irrevocable trusts work is almost identical to a revocable trust. The main difference is that, after transferring assets to the trust, the trustee takes over managing the property in the best interest of the beneficiaries. The discretion granted to the trustee can vary depending on the type of irrevocable trust.

The logical question is: why would anyone want to create an irrevocable trust giving up the power of modifying it in the future?

One of the main reasons is related to inheritance taxes. From a tax perspective, conveying the property to an irrevocable trust removes the taxes from the estate. Tax authorities view revocable trusts differently. They are interested in who controls the property, not who has a legal title. From that point of view, a person who has the authority to take back the property at any time is a factual owner who pays the taxes. Although the trustee technically has the legal title over the property in a revocable trust, the grantor is the one who controls it. That is why establishing an irrevocable trust is the best option if minimizing inheritance taxes is your priority.

Besides, irrevocable trusts are suitable for senior Florida residents who cannot afford nursing home care but do not qualify for Medicaid or Managed Care Program. The so-called Qualified Income Trust enables them to apply for these programs with higher income, while their children can eventually inherit the remaining property.

Irrevocable trusts can also serve charitable purposes. Florida law allows the creation of a Charitable Remainder Trust that enables the trustmaker to convey the assets to the trust while receiving distribution for a specified period or a lifetime. The remainder goes to a designated charity.

Additionally, Florida residents can enjoy the benefits of the Irrevocable Life Insurance Trust enabling the settlor to hold a life insurance policy and keep the returns out of court and the tax system.

Finally, the so-called self-settled irrevocable trust allows Florida residents to convey the assets into the trust (as grantors) while the trustee uses the property for their benefit.

The law allows the trustee and all qualified beneficiaries to terminate the irrevocable trusts in Florida through unanimous agreement.

As an exception, Florida allows modification of an irrevocable trust. Modifying is possible by moving assets to another irrevocable trust. Also, beneficiaries can change it by replacing the trustee.

Summary

Both revocable and irrevocable trusts provide Florida residents with various benefits. The difference between the two is about who controls the assets. If you want to keep control over the property and have an option of revoking the trust when a change of circumstances occurs – a revocable trust is a way to go. On the other hand, if you find tax, insurance, and charitable aspects more appealing, an irrevocable trust is the best option.

The Major Advantages of Living Trusts in Florida

Fri, 20 May 2022 01:09:00 GMT

What is a Living Trust?

A Florida living trust is an estate planning legal instrument that people use to transfer the ownership of their most valuable assets for the benefit of their spouse or other people they designate.

The person setting up a living trust in Florida is the trustmaker, settlor, or grantor. The trustmaker creates the terms of the living trust legal document or contributes to the property. On the other hand, a trustee is a person who ensures that the beneficiaries receive benefits according to the provisions of the trust agreement. The trustee is a fiduciary of the trust, meaning that they guarantee the settlor’s wishes will be honored according to their intentions. The initial trustee is usually the grantor. The person who benefits from the trust after the grantor’s death is known as the beneficiary. The beneficiary has a present or future interest in a trust. Unlike the so-called death beneficiaries, the grantor is a lifetime beneficiary because they have full access to the assets while still alive.

Establishing a living trust involves changing the title over the property from the grantor to the trust. That means that, upon creating the trust, the grantor owns the assets as a trustee.

Governing Law

Chapter 736 of the Florida statutes (also known as the Florida Trust Code) regulates living trusts. The Code applies to express trusts, charitable or noncharitable trusts, or trusts created under law, judgment, or decree. Contrarily, it does not apply to constructive trusts, conservatorships, and custodial arrangements. Furthermore, it does not extend to business trusts, voting trusts, or trusts that have the primary purpose of paying debts, dividends, interests, wages, or employee benefits.

The Advantages Of Setting up a Living Trust In Florida

A Florida living trust offers several benefits that other estate planning instruments lack. Below are the most common advantages of establishing a living trust.

1. A Living Trust Is Revocable

A living revocable trust enables the grantor to revoke it at any time. Revoking the trust is an invaluable tool for adjusting it to the newly changed circumstances. Under Florida law, the settlor can revoke the trust without the consent of a person holding an adverse interest or a trustee. In practice, revoking a living trust means you terminate the trust and re-establish the property. Because assets in a trust are not the grantor’s property, you must transfer it back and re-list it as yours after terminating the trust. The flexibility of a living trust is an indispensable tool if you ever change your mind after setting up a trust.

2.The Possibility of Setting up a Shared Trust

One of the unique advantages of a living trust in Florida is establishing a shared revocable living trust. That is an excellent benefit for spouses who co-own the property. If they intend to leave all property to each other, that appears as a perfect solution. Conversely, if you are recently married or own most of your property separately (acquiring it before marriage), establishing individual trust is better.

3. Establishing a Living Trust Avoids Probate

Probate is the court-supervised procedure of collecting the assets of a deceased person and distributing them to inheritors. Probate is public, meaning that everything shared during the process becomes part of a publicly accessible record. Regardless of will, a probate process will take place. It is known as a time-consuming, expensive, and emotionally draining procedure. The only way to avoid probate is to create a living trust because it does not need court approval. If there is a living trust, the living trust owns the property, not a deceased person. The trustee administers the property, transferring it to beneficiaries. Hence, there is no need for a probate process. If the descendant owned the property in multiple states, each state conducts a separate probate procedure. But, if the property in different jurisdictions is in a living trust, the family will avoid multiple probates in each state. However, you will not avoid probate if you did not transfer the title on the property to a living trust. Setting up the trust (without title transfer) does not automatically lead to avoiding probate.

4. Avoiding Guardianship

Another advantage is avoiding public guardianship. Instead of the guardian taking over the administration of the property, the successor beneficiary will manage the property if the grantor becomes incapacitated and unable to run the trust.

5. An Option of Transferring Assets After the Death

Under Florida law, a living trust enables you to wait before transferring assets into the trust. In other words, you do not have to move any property upon establishing the trust. However, that is only possible in the case of a married couple. It is possible to transfer the ownership of the property into the trust after the first spouse dies.

6. Asset Protection for Future Trust Beneficiaries

The common misconception is that living trusts in Florida enable asset protection for the grantor. The Florida Trust Code explicitly provides that no asset protection from creditors is possible if the trustmaker establishes the trust for his benefit. However, a living trust can provide significant protection to the assets of beneficiaries. The key is to design trust agreement provisions so that the trust property remains in the interest of children, spouses, or other designated beneficiaries. By establishing the trust for the advantage of your children, you will provide them with substantial asset protection.

7. Homestead Exemption

There are two types of homestead exemptions in Florida. First, there is an exemption from forced sale. It protects homeowners so that their home is safe from creditors. Next, there is a tax exemption meaning that your property is tax-free to the extent of the value of the homestead. Homeowners in Florida enjoy the benefit of keeping the homestead exemption even after putting their estate in a revocable living trust. The advantage of homestead exemption applies equally to tax exemption and homestead exemption from creditors.

Conclusion

Creating a revocable living trust in Florida will provide you with significant advantages. Avoiding expensive and burdensome probate procedures and guardianship are some of the benefits. Apart from that, you can revoke it at any moment until death, keep homestead exemption, and provide asset protection for your beneficiaries. Besides, you can create a shared trust or ensure that your assets move into the living trust after your death.

Experienced Probate Attorney in Coral Springs, Florida: How to Choose the Right One for You

Tue, 19 Apr 2022 01:09:00 GMT

Deciding to seek out a probate attorney in Coral Springs, Florida, is not always an easy one. When choosing the right one for your needs, there are many factors, and it can be challenging to know where to start. In this blog post, we will discuss some things you should keep in mind when choosing a probate attorney. We will also provide some tips on finding the right one for your specific situation.

What is a Coral Springs Probate Attorney?

Probate is the legal process of winding down a deceased person’s affairs, dealing with their assets, creditors and heirs. A probate attorney helps facilitate this process by representing the personal representative (executor) of the estate, filing the necessary paperwork, and notifying and accounting to creditors, heirs, and the court. Probate can be a complex and confusing process, but a probate attorney can help to ensure that it is carried out smoothly and efficiently. In addition to helping with the distribution of assets, a probate attorney can also guide estate planning and tax matters. As a result, they can be an invaluable resource for anyone facing the loss of a loved one. If you are confronted with administering an estate, you should strongly consider retaining the services of a probate attorney.

Duties performed by a Coral Springs Probate Attorney may include:

– Drafting and filing petitions with the probate court

In Florida, drafting and filing a petition with the probate court is relatively straightforward. The first step is to gather all necessary documents, including the decedent’s death certificate, a list of their assets and debts, and any relevant wills or trusts. Once you have all of the required paperwork, you’ll need to fill out a petition form and file it with the court. The court will then review your petition and decide whether or not to grant probate. If everything is in order, the court will issue Letters of Administration, which is a Probate Order allowing the Personal Representative to begin gathering the decedent’s assets. Keep in mind that you’ll need to follow all of the court’s instructions throughout the entire process.

– Acting as the executor of the estate

If you’ve been named as the executor of an estate, you’ll be responsible for carrying out the deceased person’s wishes according to their will. This includes collecting all assets, paying off any debts, and distributing the remaining assets to the heirs. The executor may also be responsible for selling property or managing businesses in some cases. In addition, the executor will need to keep accurate records of all transactions and file regular reports with the court. As you can see, being an executor is a big responsibility. Fortunately, a probate attorney can help make sure that everything is done correctly and according to the law.

FAQs

–What assets go through probate in Florida

When a person dies, their assets must go through probate to be distributed to their beneficiaries. Probate is the legal process of validating a person’s will and distributing their assets. In Florida, the Circuit Court handles all probate matters in the county where the deceased person lived. The first step in the probate process is to file a Petition for Administration with the court. The executor of the estate must file this petition, and it must include a list of all of the deceased person’s assets. Once the petition is filed, the court will issue an Order Appointing Personal Representative and Letters of Administration, which will give the executor authority to begin administering the assets. The executor will then need to notify all of the deceased person’s creditors and pay off any debts owed. Once all debts have been paid, the executor can distribute the remaining assets to the beneficiaries.

–How long does probate take in Florida

The length of time that it takes to complete the probate process will vary depending on the size and complexity of the estate. For example, Florida’s average probate takes between six and twelve months to complete. However, some estates can take longer if there is a dispute over the distribution of assets. For example, if you are the executor of an estate, you should hire a probate attorney to help you through the process.

–How much does probate cost in Florida

The cost of probate will vary depending on the size and complexity of the estate. Please call us for a quote. If you are the executor of an estate, you should hire a probate attorney to help you through the process.

What to Look for in a Probate Attorney

When choosing a probate attorney, it is crucial to consider their experience and qualifications. You should also make sure that they are familiar with the laws of your state, as well as the specific procedures that will need to be followed in your case. In addition, you should feel comfortable communicating with your attorney and be confident in their ability to represent your interests. Choosing the right probate attorney can make a complicated process much easier, so it is important to take the time to find the right one for you.

If you are looking for an experienced probate attorney in Coral Springs, Florida, contact the Blade and Blade at 954-429-1200 today!.

Living in Coral Springs, FL

Coral Springs, Florida, is a beautiful city in the southern part of the state. It’s located just west of Fort Lauderdale and is home to over 125,000 people. The city was incorporated in 1963 and has grown steadily since then.

The City of Coral Springs is a city in Broward County, Florida. As a principal American hub for business and leisure, it has attracted people worldwide to call home! There are plenty of things to do in Coral Springs, FL. The city has more than 30 parks, from sports facilities to nature trails, several golf courses, a performing arts center, and a shopping mall.

The schools in Coral Springs are excellent, and the city is home to several colleges and universities. Crime is low, and the city enjoys a strong economy.

If you’re looking for a great place to live, consider Coral Springs, FL. You’ll love the friendly people, the beautiful scenery, and all the things to do. It’s a great place to raise a family or retire. So come see for yourself why Coral Springs is such a special place!

Cryptocurrency and Your Florida Estate Plan

Mon, 21 Feb 2022 01:26:00 GMT

A Primer on Cryptocurrency

Cryptocurrency is a form of digital currency that is not controlled by any government or central authority. Instead, cryptocurrency relies on encryption to generate new units and confirm funds transfer. There are several types of cryptocurrency, with Bitcoin being the most popular. As there is no physical component for this type of currency, it is often considered similar to cash.

The Law and Cryptocurrency

Though cryptocurrency has gained popularity as a form of currency, the tax code still requires that this asset be taxed like property rather than currency. This means that transactions involving cryptocurrency will need to reference its dollar value at the transfer time and may generate taxable income.

As it currently stands, the law treats cryptocurrency like other unconventional assets, such as art or gold coins. Though there are exceptions to this rule, most states recognize it as property rather than currency. As a result, some states require additional steps for transferring cryptocurrency before death. Because of these complications, it is recommended that you seek legal assistance when planning the transfer of your cryptocurrency.

For more information about estate planning, contact a knowledgeable attorney. When you work with a skilled legal professional, you can be assured that your interests will be adequately represented.

What Is Cryptocurrency?

Cryptocurrency exists in the digital space, and it cannot be forged or counterfeited because there is no physical item associated with it. Cryptocurrency is confirmed by multiple parties within the blockchain network when each transaction occurs.

The IRS has specific requirements regarding cryptocurrency transactions. All cryptocurrency transactions must be included on Form 8949 and Schedule D and filed with annual income tax returns. Reporting these transactions is necessary to avoid potential criminal charges for tax evasion.

While the IRS treats cryptocurrency as property instead of currency for most purposes, it does allow some exemptions from paying taxes on cryptocurrency transactions. For example, if cryptocurrency is used to purchase goods or services for personal use, it can be exempted from being taxed.

However, cryptocurrency that is held for investment purposes is subject to capital gains taxes when being sold or exchanged. This means that any profit made through investments in cryptocurrency cannot be removed from an individual’s income tax return.

Examples of Cryptocurrency

There are currently thousands of types of cryptocurrency. Some of the most popular versions of cryptocurrency include:

Bitcoin: A popular type of cryptocurrency that is decentralized and has a limited supply. It operates using blockchain technology; a digital ledger shared across a network by multiple parties. For any transaction to be recorded on the blockchain, the approval of each party involved in the transaction must be confirmed.

Bitcoin can be used to purchase goods or services, but it is primarily used as an investment.

Ethereum: An open-source type of blockchain technology that can build decentralized applications and execute smart contracts. Unlike Bitcoin, Ethereum uses gas prices to incentivize the participants in verifying transactions on its network by charging different rates for each transaction. Ethereum has the potential to significantly change how digital information is stored, but it currently has a much lower market cap when compared to Bitcoin.

Litecoin: Uses Scrypt technology, which was designed to make mining difficult, is often called “digital silver” in comparison to Bitcoin, which is known as digital gold. Litecoin was created in 2011 by Charlie Lee, the former director of engineering at Coinbase.

Ripple: A cryptocurrency that financial institutions use to transact quickly and reliably. Ripple cannot be mined because it already has a pre-determined supply. Instead, it operates using a consensus ledger, which requires validating transactions through a network of independent servers before being recorded in the blockchain. There are currently more than 100 banks that are actively using Ripple.

Monero: An open-source type of cryptocurrency that is considered to be highly private and anonymous. It offers a greater degree of privacy than other types of cryptocurrency because it uses stealth addresses, which makes transactions untraceable. Only the person who sends or receives a transaction can see the amount transferred.

Considerations for Cryptocurrency and Estate Planning

How do you hold cryptocurrency?
What is it worth?
How is it transferred upon death?
Who should be the beneficiaries and executor(s)?

The rest of this article covers these issues and provides a much needed high-level overview and roadmap for estate planning with cryptocurrencies

1. How do you hold cryptocurrency?

There are several ways to hold cryptocurrency, but it is not easy to transfer, divide and pass on as other assets like gold or mutual funds. The best way is through a “paper wallet” (a printed version of the private key for your cryptocurrency), which should be stored in a safe, fireproof location.

2. What is it worth?

Cryptocurrency values can fluctuate significantly over time, so the value of your cryptocurrency may require frequent revaluation. The challenge is that you need to regularly obtain current market prices for your cryptocurrencies and then compare them to the amount you initially paid for them.

3. How is it transferred upon death?

The transfer of your cryptocurrency at your death should be dealt with as part of your estate plan, which should include a will or trust that designates beneficiaries and executors. It is not simple to do this, so you should seek out an attorney who is an expert in this area. The process of transferring your cryptocurrency at death may involve multiple parties, including the executor, escrow agent, and/or a cryptocurrency exchange.

4. Who should be the beneficiaries and executor(s)?

Most people designate their spouse as a beneficiary for all of their assets, but it is often a better idea to create trusts for your cryptocurrency. The reason is that, unlike gold or other tangible assets, it is not always clear whether the IRS will consider cryptocurrency to be an asset subject to estate taxes at death. So, suppose you designate your spouse as the beneficiary of your entire estate, including your cryptocurrency. In that case, they are responsible for paying any taxes on the appreciation of your cryptocurrency at your death. Therefore, a better approach is to designate a trust as a beneficiary for your cryptocurrency and let that trustee handle its distributions according to the terms of the trust.

Summary:

The transfer of cryptocurrencies can be handled in an estate plan essentially the same way as other assets. Still, it requires knowledge and expertise of the nuances of cryptocurrency transactions, wallets, and exchanges.

Handling Cryptocurrency in Your Estate Plan

Cryptocurrencies are becoming more and more popular, and as their popularity increases, so does the need for estate planning with regards to them. Here are some tips on how to handle cryptocurrency in your estate plan.

To protect and manage your cryptocurrency assets, make sure you include inclusive language in the estate plan. This will allow fiduciary access to information about them and how they can accomplish their tasks efficiently with proper authorities on hand if needed!

The best way to ensure that your cryptocurrency assets will be accessed and not an undue burden on the beneficiaries of a trust or will is by creating detailed step-by-step instructions for how they can access these private keys. This ensures nobody has trouble figuring out what needs doing for this money fund to work correctly after you’re gone!

Conclusion

If you are looking for more information about cryptocurrency or need assistance with estate planning, please call Blade and Blade at 954-429-1200 today!

Selling Real Estate in Probate

Thu, 10 Feb 2022 07:21:00 GMT

Probate is the court-supervised procedure of gathering deceased assets and distributing them to creditors and inheritors. Every will goes through probate. Probate is, therefore, a process of proving the will through legal court procedure. The result of probate proceedings is accepting a will as a valid public document that is the true last statement of the deceased. However, the probate procedure also applies in the absence of a will. In that case, the probate court will distribute property and assets according to the applicable laws of each state.

The largest asset of an estate is the house or other real estate. The goal of the probate procedure is to prevent fraud or other illegal activities in the distribution of the deceased real estate.

Personal Representatives

Filing a petition with the court is the first step in the probate process. Petitioner asks the court to open an estate and appoint an executor. That is a person responsible for administering the affairs of an estate and following the terms laid out in the will. The court never appoints a person as an executor automatically. Anyone who wishes to be an executor must file a separate petition with the court. A person applying to be an executor or administrator must list all heirs and beneficiaries in a petition. That is because, if appointed as an executor or administrator, a personal representative is responsible for paying any bills and mortgages from the decedent’s assets. The most common debts include property taxes, income taxes, funeral expenses, medical bills, and other unpaid bills.

Real Estate Personal Representatives

However, in most wills, the deceased already identified the person they wish to be the executor of their estate. But even in such situations, the court must verify the executor by issuing a Letter of Testamentary. That is a court document authorizing a specific person to be the executor.

In probate, there is a difference between an executor and an administrator. Both are considered personal representatives of the deceased person. However, an executor is a person who decedent names in the will to execute its terms. On the other hand, the administrator is appointed by a probate court when the personal representative is not named by the deceased.

Full Authority and Limited Authority

The court can grant a personal representative (executor or administrator) full authority or limited authority to administer an estate.

The personal representative with full authority can take most actions. Most importantly, it can sell real estate without court supervision. The courts are more likely to grant full authorization to personal representatives named by the deceased in the will (executors). Conversely, an administrator will less likely get full authority, especially in the absence of the will. Without full permission, a personal representative cannot perform any action unless the court approves it.

In any case, before getting formal approval by the court (full or limited authority), personal representatives are not allowed to take legal actions in administering the estate. Some acts are allowable when taken to prevent damage to the estate. That may be the case with bringing in the mail or preventing pipes from freezing. But you cannot hire contractors for repairs without formal court verification.

Private Sales and Public Sales

The personal representative can sell real estate within a private sale or a public auction.

In a private sale, the personal representative with full authority enters into a listing agreement on behalf of the estate. That is an agreement with a real estate agent or broker giving him the exclusive right to sell real estate during the agreement term. Private sales require an appraisal within one year of the sale time. That means that the property appraiser will perform a retrospective home appraisal. The estate is not valued based on inspection date but upon an earlier date – usually the date of death of the property owner. Also, the sale price cannot be less than 90% of that appraised value.

A personal representative with limited authority can also enter into a listing agreement, but only after filing a petition with the court and obtaining a court’s permission. The court must approve the commission, and the personal representative must show that an exclusive listing agreement is advantageous for the estate.

A public sale occurs in a public auction. Contrary to private sales, a public auction does not require a property appraisal, and there are no restrictions on the sale price. Nevertheless, the real estate sale price must still be proportionate to its value. In addition, the sale price must be within the reserve amount.

A good piece of advice is to file a petition to open probate as soon as possible. Since it might take weeks or even months for the court to appoint you as a personal representative, you should work with your attorney in gathering documents such as death certificates and original will to be ready for filing a petition.

Notice of Proposed Action

As explained, in a private sale, the personal representative with full authority enters into a listing agreement. When the real estate agent or broker finds a buyer, the personal representative will accept the offer. One of the last steps in finalizing the sale is providing the notice of proposed action. That notice includes the terms of the deal. After notifying, the personal representative can transfer the property and close escrow.

Certified Letters of Administration

Finally, the personal representative must obtain a certified copy of the Letters of Administration and submit it to the county where the real estate location is. After recording these letters to the relevant authorities, the personal representative can complete the sale.

Before closing escrow, the personal representative should open an estate bank account. The last step is to transfer the net sale proceeds to the bank account. That completes the procedure of selling real estate in probate.

The probate process can be daunting, and selling real estate in probate may seem like an overwhelming challenge. But with the help of an experienced attorney, you can effortlessly navigate through these complex legal procedures.

At Blade & Blade PA , we are confident in our expertise. Relying on years of experience in service to our valued clients, we will provide you with custom-tailored advice that fits your unique needs. Call us today to schedule an appointment.

10 Point Estate Planning Checklist for 2022

Mon, 20 Dec 2021 23:47:00 GMT

Updating estate planning strategies is not the most enjoyable things on Earth, but that is precisely one of the activities every responsible person should be doing around this time of year.

Planning and strategizing is crucial in the wake of uncertainty that the COVID-19 pandemic brought with it. Even with the latest scientific developments and the availability of medicines, nobody can be sure their health will not be put at risk by the newest virus variant or some other life-threatening danger.

To help you settle your affairs and gain control over what happens to your assets and the future welfare of your loved ones, we have created a 10 point estate planning checklist for 2022.

1. Itemize Your Inventory

Before you start developing a detailed plan for the distribution of your assets after your death, you should make a list of all valuable physical items, as well as non-tangible assets such as brokerage accounts,401(k) plans, and life insurance policies. Ensure you include the precise location of your physical assets and contact information for the companies holding non-physical possessions.

2. Make a List of Debts

After listing all your assets, don’t forget to assemble a separate list of open credit cards and other debts with the contact information of the card issuers and other creditors.

3. Update Your Life Insurance

Keeping your insurance beneficiaries list up-to-date is equally important. Contact life insurance companies to ensure persons who will receive your insurance death benefit are listed correctly. Also, make sure your insurance covers key life risks. That is essential having in mind insurance companies introduced new health risks related to the COVID-19 pandemic as part of their insurance plans.

4. Choose an Estate Administrator

An estate administrator is an individual responsible for administering your will after your death. It is crucially important to choose a trustworthy person you can rely on in executing such an important task.

5. Draft a Will

Every adult person should have a will. A will is an indispensable legal instrument for distributing your assets after your death. You can also deal with the issues such as naming a guardian for your minor children or leaving assets to charitable organizations. To ensure your will is valid, you must sign and date it in the presence of two non-related adult witnesses.

6. Create a Living Trust

Alternatively, you can create a living trust. It is a much easier and more affordable process than administering a will. Furthermore, a living trust is valid while you are alive, and since it is not a public record, no probate is required.

7. Create a Durable Power of Attorney

A power of attorney is a legal document giving one person called an agent or attorney-in-fact the power to make decisions on behalf of another person in matters related to property or finances. A durable power of attorney remains in effect if the principal becomes disabled.

8. Review Your Documents

Regularly reviewing your will and other estate planning documents is essential in keeping your strategy up-to-date, especially after significant life events, such as marriage, divorce, and the birth of a child.

9. Make Your Finances More Simple

The existence of multiple retirement plans and IRA accounts can make your estate planning strategies unnecessarily complicated. To simplify it, you should consolidate it into one individual account.

10. Consult with an Estate Attorney

Regardless of having checked all the points previously mentioned, it is always a good idea to consult with a professional. At Blade & Blade PA, we are determined to make your estate planning in 2022 as comfortable as possible.

How Much Does Estate Planning Cost in South Florida?

Tue, 30 Nov 2021 01:21:00 GMT

An affordable living trust can be a powerful estate planning tool that can help you protect your family while minimizing expenses at the same time. Living trusts are among the best, simplest, and most popular methods to transfer assets to your loved ones after you pass away. Also, they can help you avoid expensive probate costs. We discuss how a typical living revocable trust is structured, the advantages of living trusts, and how you can best use them to make an affordable estate plan that protects your legacy.

Trust Structure

A trust is a legal document in which you, the grantor, appoint a trustee to manage the assets in the trust for the benefit of beneficiaries. A living trust can be structured so that you initially serve all three roles as the grantor, trustee, and beneficiary. When you place the property in a trust, the trust becomes the owner of the property.

A revocable living trust can readily be revoked or changed as you see fit, so you have maximum flexibility to adapt your trust to your changing needs.

Advantages of Living Trusts

There are several advantages of trusts that should be considered when developing an estate plan, including:

Private Administration

Unlike wills that must go through probate (a public process), trusts are privately administered, and this means that your private financial affairs can be kept confidential.

Avoid the Probate Process

One of the most attractive aspects of an affordable living trust is that it can help you avoid the probate process. It is because probate is only concerned with the property your estate owns at the time of your death. If you die owning an asset in your sole name, these assets will need to go through probate for the property to pass to the rightful beneficiary or heir. This could include property like real estate, financial accounts, motor vehicles, and personal belongings.

However, if you adequately fund your trust during your lifetime and your estate owns no assets, no property must go through the probate process because the trust owns the asset, not your estate. The property can pass directly to your named beneficiary outside the probate process. It means you can save your estate thousands of dollars and shave months off the process. Your loved ones can receive their inheritance more quickly and can avoid the time-consuming and cumbersome probate process.

Asset Protection

A living trust can be structured in a way that protects your assets from your beneficiary’s creditors, divorce, and litigation. For example, your trust can limit distributions using a spendthrift provision, so they are not quickly taken by or assigned to creditors of a beneficiary. This can help beneficiaries even when they cannot otherwise help themselves.

However, it is essential to note that a typical living revocable trust will not help avoid your creditors. Also, it does not avoid Medicaid estate recovery or help you qualify for Medicaid. It may be possible through careful estate planning, but special care must be taken to achieve these objectives.

Long-Term Planning

While a living trust can be a valuable alternative to a will at your death, it can be a powerful tool during your lifetime, too. Your trust can state that distributions should be made for your health, education, maintenance, and support. You may even want to specify which expenses your trust should help pay for. You can contain clear instructions on what should happen if you become ill or incapacitated. This can help create a clear plan in case a crisis arises.

Greater Control

Living trusts allow you to maintain greater control over how your property is handled. For example, you can state that your children can use trust property, such as a house, but not sell it so that the property can remain in the family. Or, you can limit distributions to beneficiaries if they have a gambling or money management problem.

How Trusts Save You and Your Estate Money

Living trusts can play a crucial role in ensuring that your property is passed on correctly. Some of the ways they can potentially save you or your estate money include:

Avoid the probate process so your estate does not have to pay for court costs, legal notice, the executor’s time to prepare paperwork, and attorney fees. Probate fees are based on the gross value of your estate, so the more valuable it is, the more you will have to shell out in expenses.

Prevent disputes within the family that could threaten to drain the resources of your estate

Provide a clear plan for the care of a person who becomes incapacitated to avoid expensive guardianship or conservatorship proceedings

Preventing your loved ones from losing assets to creditors, bankruptcy, or litigants

While trusts can technically be challenged, they are far less likely to result in the types of disputes familiar with the probate process.

Ways to Make Your Trust More Affordable

There are many different types of trusts, and each one functions a little bit differently. An experienced lawyer can discuss your needs with you and help you craft a trust that fulfills your objectives in the most cost-efficient ways possible. Additionally, an experienced lawyer can help you maximize your savings by giving you tailored advice about other ways to transfer property outside of the probate process. The experienced probate and estate planning lawyers at Blade & Blade can also make recommendations about how to avoid contentious legal battles regarding your end-of-life care plan.

Contact Blade & Blade, P.A. for Help with an Affordable Living Trust

If you have decided that a living trust is right for you, Blade & Blade, P.A ., a South Florida Trust Attorney, can help you create a revocable living trust that suits your needs. Our attorneys can help you adequately fund your trust and transfer assets to it. We can discuss ways to safeguard your legacy and other ways to ensure your final wishes are carried out. Contact us today to arrange a confidential consultation.

Trusted Probate Attorney in Pompano Beach, FL

Sun, 17 Oct 2021 12:03:00 GMT

It’s essential to seek support from trusted attorneys handling family affairs such as wills, trusts, and probate since such matters require vast knowledge and proven experience in that area.

In Pompano Beach, the trusted company dedicated to helping you regarding probates, wills, and other family matters is Blade& Blade. We have a professional probate attorney that can provide the exemplary service that you need.

What sets us apart?

Our company has been serving the residents of Pompano Beach and nearby areas for almost 45 years and counting. Starting from our ancestors up to the budding attorneys of our family-owned company, the experience and knowledge we have are our most significant advantage among others. We continue to flourish through the wisdom transcended by our succeeding professionals and dedicate our service to you with our plausible expertise.

Furthermore, our company comprises committed people with dedication to provide the appropriate solution to your unique needs. So whether it’s about real estate planning, probate, and trust administration– Blade & Blade can tailor the right solution for you. If you’re looking for the right Probate Attorney in Pompano Beach, FL, we are the right place to consult.

Our high success rate of winning a case is also one of our best achievements, showing how we work hard for every case. You can also check our 5-star ratings and reviews from our previous satisfied clients.

About Blade & Blade

Blade & Blade is a family-owned business providing excellent legal advice regarding various issues relating to wills, trust, real estate, and probate. Since 1997, the company has gained the confidence of many people because of its dedication and commitment to serve.

With over 16 experienced team members, Blade & Blade is fully armed to support you until the end of your case. Thus, they have enough personnel to guide you throughout, making your life efficient and convenient.

What Blade Clients say about our Estate and Probate services?

With over decades of serving the community, Blade & Blade have worked with various clients, and most of them are satisfied with their services. One of their clients of over ten years is overjoyed with its excellent customer service and kind staff. He added that he would highly recommend Blade & Blade. They also received wise words from their other client, complimenting their professionalism and great expertise. They also have five-star ratings, showing how satisfied most of their clients are.

Probate Attorney Near You

If you’ve been asking questions like, where can I find a great probate attorney near me?– Blade & Blade office is the place to visit. You can experience on-hand services that will help you administer the will of your deceased family member. They can also provide legal advice regarding real estate transactions, estate planning, probate, and trust administration.

Other services

Other than excellent probate service, Blade & Blade also provide additional services such as:

Estate Planning

Planning your will is essential to control the distribution of your possessions and wealth when you die. It might be an uncomfortable topic, but life is unpredictable. So, if you’re ready to secure the distribution of your wealth, our estate planning attorney is here to help.

We will walk you through the process from writing your will, consulting about the living trust up to creating a durable power of attorney. You can book a free consultation today and start with the process of your estate planning. Create your will with us!

Real Estate Law

Are you a business owner having a hard time completing the transactions regarding your real estate investments? Blade & Blade is dedicated to getting every real estate transaction safe and easy. We provide services to help you with all your real estate matters, from creating contracts to refinance. With our assistance, you’ll feel secure and protected for every transaction and investment you make.

Pet Trusts

Pet trusts are also essential to continue supporting animals even when the owner is dead or incapable of providing for their needs. If you want to process trusts for your pets, we at Blade & Blade are willing to walk you through the process of entrusting your pet to another owner. It’s one way to ensure that your pets are in good hands when you’re gone.

Generally, creating pet trusts is complicated, and it includes factors that you need to consider. However, with the help of experienced and well-trained Blade & Blade staff, everything will be easy. We will ensure that you construct evident trust for your lovely pets.

FAQs

What is probate?

Probate is the legal term used regarding the review and administration of the Last and will Testament of the deceased person. It’s usually handled by attorneys to ensure that everything written on the will is followed. Moreover, probate attorneys also provide advice to settle any issues regarding the will.

Why is probate necessary?

Probate is essential to authorize or legalize the administration of the will following the death of the person. It’s also one way to determine whether the person’s assets are allocated to the proper beneficiaries based on the will. It’s generally necessary when the deceased person has a considerable amount of property and wealth. Furthermore, probate is also typical when the will is contested.

What assets can avoid probate?

In Florida, assets held in a living trust may pass to beneficiaries without probate court proceedings. This is because the state has abolished its system of forced administration upon death and replaced it with an individual’s choice as executor or administrator for those who want one under their will-type document instead–allowing you more control over how your belongings are distributed; after passing on earth!

Pompano Beach

Pompano Beach is one of the well-known beaches of Florida, featuring the finest sand and clear blue water. It’s the favorite relaxing and chilling place of families and other residents of Florida as they also enjoy fun and exciting activities.

Pompano Beach features various water sports and activities such as surfing, kayaking, and many more. Guests are also delighted with the surrounding marketplace filled with food kiosks, boutiques, and even an open-air mall. You’ll never get bored here, even with your kids, as the place also offers a playground, picnic areas, and a golf course. The Fishing Village around Pompano Beach is another place that will surely keep you wanting to stay for more.

Affordable Living Trusts

Tue, 31 Aug 2021 11:15:00 GMT

Trust Structure

A revocable living trust can readily be revoked or changed as you see fit, so you have maximum flexibility to adapt your trust to your changing needs.

Advantages of Living Trusts

There are several advantages of trusts that should be considered when developing an estate plan, including:

Private Administration

Unlike wills that must go through probate (a public process), trusts are privately administered, and this means that your private financial affairs can be kept confidential.

Avoid the Probate Process

Asset Protection

Long-Term Planning

Greater Control

How Trusts Save You and Your Estate Money

Living trusts can play a crucial role in ensuring that your property is passed on correctly. Some of the ways they can potentially save you or your estate money include:

Prevent disputes within the family that could threaten to drain the resources of your estate

Provide a clear plan for the care of a person who becomes incapacitated to avoid expensive guardianship or conservatorship proceedings

Preventing your loved ones from losing assets to creditors, bankruptcy, or litigants

While trusts can technically be challenged, they are far less likely to result in the types of disputes familiar with the probate process.

Ways to Make Your Trust More Affordable

Contact Blade & Blade, P.A. for Help with an Affordable Living Trust

If you have decided that a living trust is right for you, Blade & Blade, P.A., a South Florida Trust Attorney, can help you create a revocable living trust that suits your needs. Our attorneys can help you adequately fund your trust and transfer assets to it. We can discuss ways to safeguard your legacy and other ways to ensure your final wishes are carried out. Contact us today to arrange a confidential consultation.

South Florida Estate Planning

Tue, 03 Aug 2021 01:46:00 GMT

Should an Estate Plan Be a Part of Your Hurricane Preparedness Plan? Yes, it is a sensible question for all of us, especially for people considering estate planning. Whenever we think of hurricanes, we should think of estate planning.

Why do you need a Will as part of an Estate Plan?

Preparing yourself and planning to face a hurricane is vital to your family. If you fail to prepare an estate plan, your estate falls into probate. The following unwanted or problematic scenes may appear and why you need a will as part of your estate planning:

It is not possible to allow your relative to take care of you if you become incapacitated
Family member relationships can get damaged
Family members of the deceased must wait for a Personal Representative appointment to make legal decisions
The assets’ amount might get decreased
The attorney fee burden may decrease the estate’s assets further.

Incapacitated

You may have to face serious issues post-hurricane. An estate plan determines who is the right person to make decisions financially and indicates your desires for medical procedures if you are injured or incapacitated. You have designated a person you trust to make decisions if you are unable to act or unfit. The appointed person or a power of attorney works on your behalf. The designated person is the responsible soul until the incapacitated person recovers. A power of attorney will pay your medical bills and manage your finances, liquidating assets if necessary.

In case of death

Imagine the status of your property amidst hurricane issues in the event you did not prepare an estate plan. The absence of a will leaves a family in great distress, and it invites legal issues. Appoint someone to be your power of attorney to deal with your property and make decisions after your sudden death.

Arrangements made for the funeral

Your legally structured estate plan may give time to your relatives to arrange for your funeral. Preparation may give your relatives a peaceful settlement after your demise or if you are incapacitated. Your affairs will be in order, and your kids, both underage and adults, will be taken care of per your wishes.

Your estate plan should contain the following documents.

You shall direct your durable power of attorney and medical assistants on how to plan and proceed further on medical and financial matters.
Your will tells others how to distribute the property upon your death
Your estate plan must be clear about your minor child’s care upon your death. Who shall take care of your underage children and manage your children’s inheritance after you pass away? You get to designate this critical job.

Takeaways

Before the hurricane disaster strikes, prepare an estate plan as we discussed above. You should feel at ease in the event the worst occurs. You have time to consult an estate attorney anticipating the disaster. Put an estate plan on your to-do list now.

A well-structured estate plan helps one brave hurricane season in the South Florida region. So, start the process immediately as a part of your hurricane preparedness plan. You are not able to predict the future, but you can prepare for the future.

Tips

To make sure your estate plan is effective, follow the tips given below.

If you have prepared the estate plan as a part of your hurricane preparedness plan, keep the documents in a safe place. The location should be water safe and fireproof for your expectations.
You should also have digital copies of your documents. Get your documents scanned and save them digitally. A trusted cloud source should be chosen to keep your records digitally.
Contact the office of Blade & Blade PA to let us collaborate with you on your Estate Planning needs.

Who will care for your pet when gone?

Mon, 07 Jun 2021 01:18:00 GMT

For many people, their pets are as closely held to their hearts like their children. For others, their pets are their children. However, despite stories of pets receiving millions of dollars after an owner’s death, that rumor is a fallacy. The law identifies pets as property, and property cannot legally own property. Despite this, you do have the ability to provide for your pet upon your passing by ensuring your pet:

It is placed with a person or organization that cares for your pet, and

Your pet’s new caregiver has the resources available to provide your pet with a quality life.

So, what happens when you suddenly or not so suddenly pass away? Who will care for your pet when they need comfort most? Your pets will need immediate care when you are gone. And that means you will need short- and long-term solutions when estate planning for your pet.

Considerations for your pet before estate planning

Like anything in life, planning is the key to success. Estate planning is the process of anticipating your death and arranging while you are alive how your assets will be distributed whether you pass away or become incapacitated. This includes property, money, other investments, and yes, your pets.

Having a clear idea of how you would like to care for your pets is essential, and there are three things to consider:

Short-term (emergency) care,
Long-term (permanent) care,
And backup solutions.

Short-term (emergency) Care

Whether you become incapacitated or pass away, short-term care is the immediate care for your pet until your long-term care plans can be met. Short-term goals take effect immediately. Therefore, a trusted friend or family member should have accommodations to care for your pet. Accommodations such as access and use of your home. The short-term caregiver should be familiar with your pet and your pet friendly with the caregiver. Also, the caregiver must live close so they can quickly provide for your pet.

Typical considerations for short-term care of your pet include:

Primary and secondary short-term caregivers.
Information and instructions on special care for your pet(s) include food, feeding times, medications, medical records, allergies, veterinary contact information, and your pet’s routine.
Contact information for the long-term caregiver.
Money for short-term expenses such as food and medicine. Consider one to two months of costs.

Long-term care

Long-term care of your pet may require more considerations. Much like short-term care, you should plan who will be the caregiver for your pet. This may include friends, family, or even an organization you trust. Long-term pet care is often referred to as permanent care. So, it would help if you chose someone willing to have your pet as a forever home.

Considerations for a long-term caregiver for your pet are similar to short-term. The main difference between the two is that your long-term caregiver anticipates taking on your full responsibility through the duration of your pet’s life.

Typical considerations for long-term care of your pet include:

Inform ation and instructions on special care for your pet(s) include food, feeding times, medications, medical records, allergies, veterinary contact information, and your pet’s routine.
Money for expenses defined for a lengthier period than short-term.
Ideally, a trust to ensure your pet will be taken care of and the money you provide will be distributed solely for your pet.

Have a backup solution.

When estate planning for your pet, it is also essential to have a backup plan. Often estate planning for pets is decided years before a person becomes incapacitated or passes away. Therefore, it is crucial to plan for changes in your caregivers’ circumstances. When these changes impact the ability to care for your pet in an emergency, your estate plan should be modified.

Formal Estate Planning for your Pets

You cannot leave money or property to your pet in a will. However, you can leave money to care for your pet and designate a trusted permanent caregiver. It is essential to understand the legal difference concerning your pets in a will vs. a pet trust. Both are legal documents concerning the care of your pet; however, a trust is more complex.

Creating a will for your pets

Including pets in your will is vital to ensure the long-term care of your pet. However, the big difference between a will and a trust is that the money left in a will for your pet’s caregiver is just that. The caregiver can use the money for anything, not just your pet. Ideally, you have chosen a caregiver who treats your pet as well as you did. After all, the will does transfer ownership of your pet to the caregiver.

Creating trust for your pets

A pet trust is more complicated. Like a will, your pet trust will transfer ownership of your pet to the new caregiver. However, when you leave money in a trust to be used for your pet, the caregiver is legally responsible for using that money for your pet. If the caregiver follows instructions for your pet’s care, they may be sued and held legally liable.

As such, pet trusts should include detailed information about how you wish your pet to be cared for. A pet trust should consist of:

Name of the primary and secondary caregiver if the primary caregiver is unavailable.
The amount of money being left for the care of your pet.
How the pet should be cared for.
Identify a person to enforce the terms of the trust in court if need be.
Describe what should happen to the money if your pet dies before the money runs out.

In Conclusion

Taking care of your pet after your death is an integral part of estate planning. By creating a thought-out and documented plan, you can ensure your pet will be taken care of in the short-term and long-term following an unexpected tragedy.

Blade and Blade PA estate planning will ensure care for your pets when you are gone.

What Does a South Florida Real Estate Attorney Do for Buyers and Sellers?

Sat, 01 May 2021 01:42:00 GMT

If you’re located in South Florida, and you want to get into real estate, then you’ll need an attorney to guide you through the process. Realtors aren’t able to advise you on legal matters. Instead, you’ll have to rely on a real estate attorney.

Let’s see what a South Florida real estate attorney does for buyers and sellers.

Key Take-Aways

Real estate agents, realtors, and title companies can’t provide legal advice other than citing requirements without interpretation.
Florida real estate law can be complicated and full of potholes.
Real estate attorneys are the only persons able to provide legal guidance and advice.
Navigating legal documents alone can be very stressful, which makes an attorney more critical.
A real estate attorney can prepare the necessary documents for you.
The attorney can act as an escrow agent and even represent you should you be from areas outside of Florida.

Why Do I need an Attorney in Florida for Real Estate?

Important: In Florida, only licensed attorneys are allowed to provide legal advice. These attorneys are mostly consulted by parties to help with signing contracts and ensuring everyone knows their responsibilities. A licensed attorney can also act as an escrow agent to help both parties trust each other.

Therefore, before you buy or sell, it’s best to hire an attorney to help you. You need to know your rights to prevent others from taking advantage of your ignorance. Having an expert on the law at your side will make the process smoother and safer.

Moreover, title companies cannot give you legal advice. These companies only check the records for title history, ownership, and more. They must remain neutral and not involved.

Whether you’re a buyer or seller, an attorney will help you draft the statements legally. They can also check the documents for you for mistakes or potential traps. All you need to do is cooperate with them.

Realtors, real estate agents, and title agents can cite legal requirements but not interpret them. The only exception is if they’re also a licensed real estate attorney. Because of this, you’ll need one to help you navigate the legal confusion that may arise.

What Does a Real Estate Attorney do?

Here are some of the real estate attorney’s duties and functions:

A real estate attorney usually starts with reviewing the contracts and negotiating on your behalf. The attorney will also make sure the buyer and seller fulfill any obligations as per the contract. This includes payments and more.
A real estate attorney will prepare the required documents for you. These can include include mortgage documents, title documents, and more.
Besides handling the documents, the attorney will also address the funds. Should a purchase be financed, they will also handle all the paperwork, such as a HUD-1 form. Any other fund transfer documentation is also under their duties. They’re legally allowed to do so.
Occasionally, there might be problems and disputes. These can range from lot line problems, contract breaches, and more. The attorney is the best person to mediate and solve these issues on behalf of the client. With this in mind, you’ll benefit from an attorney’s presence.

When will You need a Real Estate Attorney?

There are a few notable times that you will need the aid of a real estate attorney. These include:

The moment you decide to sell or buy real estate, you’ll need an attorney. You can’t do much without them helping you with the paperwork. They can also help speak to the other party’s attorneys as a third party.
Furthermore, the reason why you need an attorney is that all residential real estate transactions in Florida require a Purchase/Sale Contract. They can be straightforward to draw up or contain some hidden traps for the buyer or seller. Realtors themselves aren’t able to provide you with legal advice, so you’ll need an attorney to help navigate these complex documents.
If you have even a single doubt about your property, such as the documentation or the property you want to buy might be compromised, talk to your attorney. They will advise you on the right actions to take. These can range from ordering an inspection, double-checking documentation and more.
Accordingly, if you’re an out-of-town buyer, you should especially hire an attorney. You wouldn’t know much about Floridian law, and there may be requirements you don’t know about. An attorney will inform you if you missed something. You don’t want to be caught off-guard this way.

Looking for a Real Estate Attorney in Florida?

Now that you know what a Florida real estate lawyer can do for both buyers and sellers, you can go ahead with your real estate transaction. Hiring one to help you is very beneficial. When you hire one, you’re not only hiring someone to help you navigate documents but also a potential third party for processing funds.

Blade Offices does not physically attend the closings. We meet with our clients, sign the documents necessary for their side of the transaction (if local), send them documents to execute for their side, and then use a currier to trade documents with the other side of the transaction. We either prepare or review all of the documents our clients are signing.

10 Things to Know about Setting up a Revocable Living Trust in Florida

Thu, 01 Apr 2021 04:20:00 GMT

A trust or living trust is a legal document created by a person during his/her lifetime to control how their assets will be managed upon death via a trustee. Living trusts make it easy to transfer an individual’s assets without costly and expensive legal processes like probate.

A revocable living trust can be defined as a trust whose provisions can be canceled or altered depending on the originator of the grantor of the trust. Besides avoiding probate, revocable living trusts in Florida also help to prevent guardianship court. They also give a person control over their assets after death and protect persons with special needs.

Given the importance of a revocable living trust, how do you set up one in Florida? What should you know beforehand? Below are ten considerations to guide you.

Transfer Florida homestead to revocable trust & other essential considerations when transferring property/setting up a revocable trust in Florida

1. Consider individual vs. shared trust

Individual trusts have property that a person owns individually. Shared trusts have property owned individually and jointly. If you have property you co-own with someone, i.e., a spouse, and intend to leave most/all your property to each other, you should consider a shared trust. You can opt for an individual trust if you own little to no property jointly or recently married. Individual trusts also make more sense for individuals who acquired most of their property separately before marriage.

2. Decide what property to include

One of the sole purposes of a revocable living trust is avoiding probate fees. Generally, probate fees increase as the number of assets in the trust increase. But since revocable trusts avoid such fees, you should include your most valued possessions in the trust.

Generally, you should include property you expect to have for a lifetime, such as real estate, stocks, and other security accounts, copyrights and patents, precious metals, and valuable art, antiques, or other collections like coins and stamps.

3. Selecting a successor trustee

You need a successor trustee to set up a living trust. This decision is critical since successor trustees are persons who take over a trust’s assets upon death or incapacitation of a trustor or grantor (the person who sets up the trust).

Generally, people put spouses, grown children, or their close friends as successor trustees. However, you should consider the suitability of the individual in mind. For instance, can your spouse handle the task of managing your property? If you have many children, who should you select? Are lawyers or trust companies better successor trustees? What about having your children as co-trustees. Will they get along?

If you have questions about making typical selections, i.e., choosing a child or spouse, a corporate trustee is better. However, beware of the extra cost and other implications.

4. Who will get the trust property?

When setting up a revocable living trust in Florida, you’ll also need to think about the trust’s beneficiaries. You can assign beneficiaries to each item separately or name a single beneficiary of everything. It’s worth noting that beneficiaries aren’t entitled to any asset/property before you die. Moreover, you can amend the trust document and change beneficiaries as you wish.

In case you don’t want to leave 50% or more of your property to your spouse, you may need professional estate planning to make an informed decision. Spouses may be entitled to property in living trusts. What’s more, individuals planning on disinheriting their children for whatever reason should consider making a will and mentioning clearly which child is entitled to what.

5. Creating a trust document

You’ll normally need legal help when creating a revocable living trust in Florida. While it’s possible to do it yourself, a lawyer is important if you have questions about specific scenarios or pressing estate planning issues that typical living trusts wouldn’t solve.

Since trust documents are legal documents resembling articles of incorporation created by corporations and governed according to bylaws, a trust agreement should be drafted by a lawyer. While trusts may not be considered to be legal entities like corporations that pay taxes, get into contractual agreements, or get sued, lawyers can offer valuable advice on special circumstances like divorce, amendments, state laws applicable to property, etc.

6. Signing a trust document in the presence of a Notary Public and Witnesses

While it’s not a requirement for a trust document to be signed in front of a Notary Public, it’s advisable to do so. A Notary Public’s sole responsibility is ensuring that documents signed and the person signing are whoever they purport to be. This step is critical for eliminating common issues on forgery. It offers authorization guarantees to every party involved, i.e., those who have signed were of sound mind, and the signatures in the document are genuine. Witnesses would be required for the testamentary aspects of the trust to be valid.

7. Changing title to trust property

It’s vital to change titles of any trust assets/property with a title document such as houses to reflect the correct ownership, i.e., you now own the assets as a trustee. The agent or trustee with the responsibility of managing property in a revocable living trust is the only party that can change title to assets in a trust. Titles to property transfer to trustees of a living trust to allow smooth movement of property should you choose to sell property attached to the trust while you are alive.

8. Storing a revocable living trust

Once a revocable living trust is completed and signed, an original copy of the executed trust should be stored safely by any party involved, i.e., beneficiaries, trustees, and grantors. Unlike wills, you don’t need to register a revocable trust or have it signed by a government office. The trust is solely held by involved parties.

9. Revoking a living trust

You can change your mind after setting up a revocable living trust. If this happens, you can terminate a revocable trust in Florida at any time by first re-establishing or re-titling all listed property as your property. Since all property under a trust is the trust’s property and not a person’s property, it must be transferred to the original owner.

You also need to file a revocation of the living trust. The revocation should be dated and signed in front of a notary public. It should also have a witness who isn’t a trustee.

10. Setting up a pour-over will alongside a revocable living trust

Pour-over wills exist to direct assets to a trust. They can be considered alongside revocable living trusts to include everything in case you pass on with probate assets even after transferring property to a living trust. A pour-over will acknowledge a revocable trust. The will should be consistent with the language of the revocable trust. It also nominates persons in line to act as executors or trustees with a similar structure for alternates.

New Year’s Resolution for Estate Planning – What to Do in 2021

Fri, 22 Jan 2021 07:17:00 GMT

The New Year is a time for new beginnings and reflection. If last year made you think about your health or you experienced some changes that you need to account for in your estate plan, now is the time to get the conversation started. Some things you might want to do in 2021 to improve your estate plan include:

Inventory Your Assets

Before you can make determinations about what happens to your assets if you become disabled or pass away, you need to have a clear understanding of everything you own. Make a list of all your assets. Keep in mind that your will only deals with assets you own at the time of your death. Other assets may transfer outside your will, including:

Accounts with a payable on death designation
Stocks and bonds that transfer according to a transfer on death designation
Assets in your trust
Accounts that list a beneficiary designation
Assets that are owned with another person with the right of survivorship

Gather important financial and legal documents, including:

Tax returns
Insurance policies
Deeds and titles to your property
Earnings records

Keep these documents in a secure location and tell a trusted person where they are located.

Set Up a Power of Attorney for Health Care and a Living Will

An important aspect of a solid estate plan is how your health care decisions will be made if you are unable to communicate your wishes. Setting up a designation of health care surrogate (a power of attorney for health care) and a living will can give you peace of mind of knowing that your wishes are communicated.

A designation of health care surrogate allows another person to make important medical decisions on your behalf if you cannot communicate your own wishes. A living will states what types of medical treatments you want or don’t want in catastrophic situations.

Create a Will

A will is a cornerstone of many estate plans. It states who will receive your property when you pass away. You also nominate a person to handle your estate after your death and a guardian to care for your minor children.

Review Your Estate Plan

If you already have an estate plan in place, now is a good time to review it. Think if any changes have happened over the last year or the last time since you updated your will. Some questions to answer include:

Have you had any more children?

Have you gotten married or divorced?
Have you recently opened up a new business and need to leave instructions about what happens to it?
Has your relationship with your chosen executor, guardian, power of attorney, or beneficiaries changed in a way that your estate plan needs to reflect?

Schedule a Confidential Consultation

The experienced estate planning attorneys at Blade & Blade, PA can discuss your estate planning needs during a confidential consultation. We will work to provide estate planning documents that are targeted to your particular needs and structure your assets in a way that limits your exposure to personal liability. Contact us today to get started.

Business Cards Are Here To Stay

Mon, 22 Jan 2018 16:00:00 GMT

Did you know that trading of cards for business and personal visits dates back to the 15th century in China

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“What Bills Do I Pay?” Handling Creditors in a Florida Probate Estate

Mon, 16 Oct 2017 14:49:00 GMT

“What Bills Do I Pay?” Handling Creditors in a Florida Probate Estate One of the most common questions we receive

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Estate Planning – What Failing to Plan Really Costs

Thu, 28 Sep 2017 15:00:00 GMT

Estate Planning – What Failing to Plan Really Costs I recently began practicing Estate Planning Law, and within the first

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How Long Should I Keep That?

Fri, 30 Jun 2017 14:47:00 GMT

How Long Should I Keep That? Whether you are preparing your taxes or getting a jump on spring cleaning, if

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April 18th is Tax Deadline

Mon, 17 Apr 2017 15:00:00 GMT

April 18th is Tax Deadline Typically, the last day to file your taxes is April 15th, but this year the

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It’s All in Your Balance

Mon, 03 Apr 2017 14:47:00 GMT

It’s All in Your Balance The days of a 40 hour work week seem to be a thing of the

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Happy New Year From Around the World

Thu, 29 Dec 2016 16:00:00 GMT

Happy New Year From Around the World The New Year offers us the opportunity to forget our mistakes of the

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What Are You Grateful for?

Wed, 21 Dec 2016 15:46:00 GMT

What Are You Grateful for? As the year comes to a close, many of us will be reflecting on the

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Power is Knowledge

Mon, 12 Dec 2016 16:00:00 GMT

Power is Knowledge I remember the days when I would kick and scream and beg for five more minutes to

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Probate Success Story

Mon, 21 Nov 2016 16:00:00 GMT

Probate Success Story We were contacted by a Seller in a real estate transaction where the title company realized at

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Halloween Safety Tips

Mon, 24 Oct 2016 15:00:00 GMT

Halloween Safety Tips According to an October 2015 Forbes article, Halloween spending was set to top $6.9 BILLION in 2015.

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The Gift of Estate Planning

Wed, 28 Sep 2016 14:44:00 GMT

The Gift of Estate Planning One of the most difficult conversations to have is discussing your final arrangements and preparing

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Real Estate and Probate

Wed, 31 Aug 2016 15:00:00 GMT

Real Estate and Probate House hunting can be a daunting task even under the best of circumstances. Throw into the

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Dog Pool Safety Tips

Fri, 26 Aug 2016 14:43:00 GMT

Dog Pool Safety Tips If you own a home with a pool, your dog’s safety should be at the forefront.

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Five Secrets to a Successful Home Renovation

Mon, 18 Jul 2016 14:43:00 GMT

Five Secrets to a Successful Home Renovation Whether your family has outgrown your home’s space or you are just looking

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Should You Purchase or Lease Your Next Smartphone?

Mon, 20 Jun 2016 14:42:00 GMT

Should You Purchase or Lease Your Next Smartphone? Just a few years ago, cell phone carriers offered free phones if

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Organizing Your Estate Planning Documents

Mon, 08 Feb 2016 15:41:00 GMT

Organizing Your Estate Planning Documents You took the big step and had your estate planning documents drawn up. Now, where

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Probate – A Smooth Transition

Fri, 08 Jan 2016 15:40:00 GMT

Probate – A Smooth Transition Benjamin Franklin, in a letter to Jean-Baptiste Leroy, in 1789, said “…but in this world

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Are You Owed Back Rent?

Mon, 04 Jan 2016 15:39:00 GMT

Are You Owed Back Rent? If you own rental property, you may come across a tenant, for whatever reason that

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Walk Yourself Slim

Mon, 28 Dec 2015 15:39:00 GMT

Walk Yourself Slim Now that the New Year is almost here and the temperatures are finally cooling down, it’s a

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Home for the Holidays

Tue, 08 Dec 2015 15:38:00 GMT

Home for the Holidays There are many opinions as to when the best time is to sell your home. Some

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Maintaining a Healthy Lifestyle at Work

Wed, 14 Oct 2015 14:37:00 GMT

Maintaining a Healthy Lifestyle at Work The average U.S. office worker sits for about 10 hours a day. Working a

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Everyone Likes to Save Money

Fri, 07 Aug 2015 14:36:00 GMT

Everyone Likes to Save Money The calendar may still say it’s summer, but the kiddies will be going back to

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Corporate Identity Theft

Tue, 09 Jun 2015 14:35:00 GMT

Corporate Identity Theft A few weeks ago we looked at personal identity theft and resources to help protect your identity.

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Protecting Your Identity

Wed, 20 May 2015 14:34:00 GMT

Protecting Your Identity With the advent of online shopping, bill paying and the phishing scams, the number of identity theft

The post Protecting Your Identity appeared first on Real estate, probate, and family law - Blade & Blade P.A. .

Who will care for your pet when you are gone?

Mon, 08 Sep 2014 14:33:00 GMT

Many people take exceptional care of their pets, but fail to account for the needs of their pets in the

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New Title Insurance Fee

Tue, 02 Sep 2014 14:32:00 GMT

Beginning on Sep. 2, 2014, by order of the Office of Insurance Regulation, all Florida title insurance agents must collect

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