Florida Estate Planning FAQs for a Jacksonville Lawyer
- Is it legal to reorganize my assets during Medicaid planning?
- Does Florida law require my estate to go through probate?
- Can I take issue with the inheritance I received from my spouse?
- Must I pay my deceased spouse's bills?
- Does a home have to pass through probate?
Get answers to your questions about estate planning and asset protection
For a free initial phone consultation with an experienced attorney in Jacksonville, contact Todd Watson, Attorney at Law, P.L.
Is it legal to reorganize my assets during Medicaid planning?
Yes. Investing your assets through legally accepted methods is often essential in Medicaid planning. Hiding your assets is not acceptable when pursuing Medicaid eligibility. If you attempt to conceal your financial accounts, or you give your money to relatives to hold in their accounts, you could lose your benefits and even be prosecuted. There are legally appropriate methods of organizing your assets to achieve Medicaid eligibility.
Does Florida law require my estate to go through probate?
No, not your entire estate. Most assets in your name at the time of your death are subject to probate, but it is up to you whether to leave your assets in your own name. For example, real estate titled as "Joint Tenants with Right of Survivorship" and bank accounts titled as "Transfer On Death" are not subject to probate. Also, assets that have a beneficiary designation, such as life insurance or certain retirement accounts, are not subject to probate. You and Mr. Watson discuss all of your probate and non-probate options when planning your estate.
Can I take issue with the inheritance I received from my spouse?
Yes. If you are dissatisfied with the portion of the estate that your spouse has left you, Florida law allows you to take the elective share. This elective estate is determined by a formula based on the amount of probate and non-probate assets. In Florida, the elective share is 30 percent of the elective estate. If you are displeased with your spousal inheritance, Mr. Watson assesses the components of the estate and advises you whether you will benefit from taking the elective share.
Do I have to pay my deceased spouse's bills?
No. Your spouse's estate is liable for outstanding bills, including medical bills. However, you remain responsible for any debts that bear both your name and the name of your deceased spouse. These may range from credit cards to deeds for secured assets such as car loans or mortgages. If your deceased spouse's estate is in probate and you cannot afford to make payments on your shared bills, I help you petition for temporary relief from the estate.
Does a home have to pass through probate?
Florida homestead laws are complicated. The Florida Homestead Exemption means that a surviving spouse or lineal heirs have the right to receive the primary residence of their family member. Creditors may not make claims against the property, except for the bank holding the mortgage. However, there can be circumstances which require the home to be transferred through probate and great expense can be incurred. When you work with Todd Watson on your estate plan, he makes sure that your home is properly designated in your will to transfer smoothly without undue expense.
