The law governing Florida’s UTMA accounts has been amended. Effective July 1, 2015, persons creating a UTMA account for a minor theoretically can create a custodianship that does not terminate until the minor attains age 25. Previously, Florida law required that UTMA accounts terminate when the minor attains age 21.
We're thrilled to announce the opening of a new branch office on Amelia Island in order to better meet the estate planning and related needs of Northeast Florida residents! The office is located at 5211 South Fletcher Avenue.
This is the second installment in our series discussing the impact of marriage on the legal rights of spouses to share in each other’s assets. We now focus on what happens to a married person’s “homestead” property (primary residence) when he or she passes away.
This newsletter begins a series discussing the impact of marriage on the legal rights of spouses to share in each other’s assets. We begin by talking about the “elective share” and the “pretermitted spouse.”
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?
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.
When working with clients who have minor children, we spend a lot of time discussing the kids: their individual personalities, the values the clients are trying to instill, and concerns for their future. We do our best to craft an estate plan that will secure the children’s financial future. This usually involves planning both from a financial perspective (making sure there is enough money for future expenses, especially if something happened to the clients), with the help of the clients’ financial advisors, and from a legal standpoint (ensuring the children will have access to any money when and how the clients judge best).
The number of seniors (Americans aged 65 or older) who drive is on the rise. In fact, from 1999 to 2009, statistics show a 20% increase in senior drivers. The AAA Foundation for Traffic Safety predicts that this trend will continue; seniors will make up 25% of the drivers on the road by 2025 and there will be at least 60 million senior drivers by 2030.
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.