Renunciation Rule: You Can’t Have Your Cake and Eat It Too

January 22, 2016Jeffrey A. Cramer Estate Planning, Newsletter, Trusts beneficiary, Estate Planning, Jacksonville trust lawyer, renunciation rule, trust, trustee, Trusts

Renunciation Rule: Can't Have Your Cake and Eat It Too

You may not be familiar with the Renunciation Rule. It often comes up in litigation over trusts, and it is a rule that all beneficiaries and trustees should be familiar with. Renunciation in this context requires that a person renounce (or refuse to take) any interest in a trust and give back any contested assets he has already received if he wants to argue that the trust is invalid. The old saying “you can’t have your cake and eat it too” applies here. You can’t argue that the trust should not be followed and still benefit from it by receiving assets.

Estate Administration Confusion: Who Does the Estate’s Lawyer Represent?

July 10, 2015July 9, 2015Jeffrey A. Cramer Estate Planning, Newsletter, Wills beneficiary, estate, estate administration, estate lawyer, Estate Planning, Wills

In order for a will to be probated after someone’s death, a Personal Representative must be appointed by the court. In order for a trust to be administered, a Trustee must be appointed pursuant to the terms of the trust. The PR or Trustee then distributes the estate among the intended beneficiaries through a process known as estate administration. Typically, the PR or Trustee will hire a lawyer to assist with the estate administration. During the estate administration, this “estate” lawyer will need to be in contact with the beneficiaries. It is not uncommon for the beneficiaries to believe that the estate lawyer represents them and their interest in receiving their share of the estate.

ADOPTION SERIES – PART 3: HOW DOES AN ADOPTED PERSON INHERIT?

August 22, 2014September 1, 2014Jeffrey A. Cramer Estate Planning, Newsletter, Trusts, Wills Adoption, adult adoption, beneficiary, child, children, children beneficiaries, default will, disputes between heirs, Estate Planning, Estate Planning Attorney, estate planning lawyer, Florida estate planning, Florida estate planning lawyer, Florida Estate Plannning, Florida trust lawyer, Florida will lawyer, inherit, inheritance, intestacy, intestate, intestate estate, intestate succession, Jacksonville Estate Planning, Jacksonville estate planning attorney, Jacksonville estate planning lawyer, Jacksonville trust, Jacksonville trust lawyer, Jacksonville will, Jacksonville will lawyer, kids, Last Will, probate estate, revocable living trust, siblings

We recently have written about how adopting an adult can allow an unrelated person to share in an inheritance (unless it is done with improper motives). But how, and from whom, do adopted persons (whether they are adults or children) inherit under Florida law?

PRECATORY LANGUAGE: THE DANGER OF UNLIMITED DISCRETION

August 11, 2014Jeffrey A. Cramer Estate Planning, Newsletter, Trusts, Wills assets, beneficiary, disputes between heirs, Estate Planning, Estate Planning Attorney, estate planning lawyer, Florida estate planning, Florida estate planning lawyer, Florida homestead, Florida probate attorney, Florida trust lawyer, Florida will lawyer, gift, homestead property, inherit, inheritance, Jacksonville Estate Planning, Jacksonville estate planning attorney, Jacksonville estate planning lawyer, Jacksonville probate attorney, Jacksonville trust, Jacksonville trust lawyer, Jacksonville will, Jacksonville will lawyer, Last Will, personal representative, precatory language, probate attorney in Jacksonville, probate estate, probate lawyer, probate lawyer in Jacksonville, revocable living trust, will challenge, will contest

Wording in a will or trust which allows a named person to decide where your property and money should go after your death (instead of you making that decision ahead of time) is called “precatory” language. An example is the recent Florida case of Cody v. Cody, where Earler Martin’s will left his home, and the rest of his estate, to one of his three stepsons, “to divide between [himself and his brothers], as he sees fit and proper.” Earler’s wish was probably that the inheriting stepson, Buford, divide up the home and other property equally between himself and his brothers. However, the words he chose to express that desire defeated that intent.

In the first part of this series, we discussed how failing to address the issue of adult adoption in your estate plan can cause unnecessary litigation after your death, even when there is nothing sinister about the adoption. In this article, we will discuss what happened to a man who attempted to use adult adoption to preserve his lavish lifestyle at the expense of his biological children.

(ADULT) ADOPTION SERIES – PART 1

May 30, 2014Jeffrey A. Cramer Estate Planning, Newsletter, Trusts, Wills Adoption, beneficiary, Estate Planning, Florida estate planning, Florida estate planning lawyer, Florida Estate Plannning, Jacksonville Estate Planning, Jacksonville estate planning attorney, Jacksonville estate planning lawyer, Trusts, will

When people think about adoption, images of a young child in need often come to mind. Yet, Florida law contemplates a broader vision. Under Florida Statute § 63.042(1) “[a]ny person, a minor or an adult, may be adopted.” The recent Florida case Dennis v. Kline demonstrates the complications that may arise when an estate plan allows adopted children to become beneficiaries, but fails to address whether “adopted children” includes adopted adults.

FAILURE TO UPDATE YOUR ESTATE PLAN: THE UNEXPECTED BLESSING

May 16, 2014Jeffrey A. Cramer Estate Planning, Newsletter, Probate, Trusts, Wills Adoption, beneficiary, child, children, children beneficiaries, estate, Estate Planning, Estate Planning Attorney, estate planning lawyer, Florida, Florida estate planning, Florida estate planning lawyer, Florida Estate Plannning, Jacksonville, Jacksonville estate planning attorney, Jacksonville estate planning lawyer, Jacksonville probate attorney, Jacksonville trust, Jacksonville trust lawyer, Jacksonville will, Jacksonville will lawyer, Jacksonville will lawyer; Jacksonville trust lawyer, Keywords: estate planning, Keywords: probate, kids, New Florida resident, Newsletter, Probate, probate attorney in Jacksonville, probate estate, probate lawyer, probate lawyer in Jacksonville, Trusts

Sometimes blessings occur when we least expect them, but a lack of planning for such blessings can have unpleasant results. In the recent case of Maher v. Iglikova, a Florida court dealt with the ramifications of an unexpected blessing: the discovery of a previously unknown child.

We have heard many excuses to avoid discussing wills, trusts, and everything else relating to estate planning. The most common stem from concerns that it is too personal or sensitive a subject. Some even believe that talking about their potential demise will cause it to happen. However, having a conversation about estate planning with your loved ones is an opportunity for you to explain your wishes, discourage future discord through transparency, and open the door to better planning through better understanding. Here are some tips on where to begin:

DIVORCE AND BENEFICIARY-DESIGNATED ASSETS: PART TWO

August 31, 2012Jeffrey A. Cramer Elder law, Estate Planning, Uncategorized annuity, annulment, beneficiary, divorce, Estate Planning, Estate Planning Attorney, estate planning lawyer, IRA, Jacksonville Estate Planning, life insurance, pay-on-death, retirement account

This is the second part of a newsletter addressing a recent change in Florida law regarding divorce and beneficiary-designated assets such as life insurance, retirement plans, pay-on-death accounts and annuities. As of July 1, 2012, a new Florida statute
avoids the distribution of this type of asset to an ex-spouse beneficiary by pretending that the ex-spouse died before the owner. Part One of this newsletter explained when this new law starts protecting assets and who receives the assets instead of the
ex-spouse. This part provides some additional considerations for those who might be affected by the new statute.

DIVORCE AND BENEFICIARY-DESIGNATED ASSETS: PART ONE

August 17, 2012Jeffrey A. Cramer Areas of Practice, Estate Planning, Uncategorized annuity, annulment, beneficiary, divorce, Estate Planning, Estate Planning Attorney, estate planning lawyer, IRA, Jacksonville Estate Planning, life insurance, pay-on-death, retirement account

Our clients and friends often ask us what would happen to their estate plan if they got divorced. For years, the answer in Florida has been that the law will write your ex-spouse out of your will or trust by pretending that the ex-spouse is deceased. But, until now, the law did not provide any help for life insurance policies and other assets that still named the “ex” as beneficiary. As of July 1, 2012, a new Florida statute now also treats the ex-spouse as deceased for beneficiary-designated assets such as life insurance, retirement plans, pay-on-death accounts and annuities.

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Planning Your Family's Future

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HOW TO TALK TO YOUR LOVED ONES ABOUT ESTATE PLANNING

DIVORCE AND BENEFICIARY-DESIGNATED ASSETS: PART TWO

DIVORCE AND BENEFICIARY-DESIGNATED ASSETS: PART ONE