THYNES

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So far THYNES has created 50 blog entries.

Who Can Be A Personal Representative?

The personal representative is the person, bank or trust company appointed by the judge to be in charge of the administration of the decedent’s probate estate. To qualify to serve as a personal representative, an individual must be either a Florida resident or, regardless of residence, a spouse, sibling, parent, child or other close relative [...]

By | 2018-06-27T02:32:08+00:00 April 4th, 2018|

Calculating Patient Responsibility For FL Medicaid

Medicaid coverage for ICP, Hospice, HCBS (SMMC LTC, iBudget, and Cystic Fibrosis) and PACE programs may have a patient responsibility based on the individual’s gross monthly income and their placement. The amount of the patient responsibility is determined by subtracting the personal needs allowance (PNA) and other allowable deductions from the individual’s gross monthly income. [...]

By | 2018-06-27T02:49:43+00:00 April 2nd, 2018|

Who May Act As Trustee Or Successor Trustee?

The choice of a trustee is extremely important, and may have tax consequences. You can name almost anyone as your trustee. Unlike the appointment of a personal representative of a probate estate, a trustee does not have to live in Florida or be related to you. You can name yourself or any other individual (subject [...]

By | 2018-06-27T00:57:41+00:00 March 1st, 2018|

Does The Trust Provide Protection From Creditor Claims?

In Florida, the trust assets are not protected from the claims of your creditors. During your lifetime the assets in a revocable trust are treated as owned by you, and subject to the claims of your creditor as if you owned them in your personal name. If the trust assets remain in trust after your [...]

By | 2018-06-27T01:06:23+00:00 March 1st, 2018|

How Are A Decedent’s Creditors Satisfied At Decedent’s Death?

Florida’s trust law does not have a specific procedure for identifying and paying creditors at death. The creditors have up to 2 years from the decedent’s death to file claims against the estate. The trustee may be reluctant to distribute the trust assets to the beneficiaries until he or she is satisfied that all claims [...]

By | 2018-06-27T01:51:10+00:00 March 1st, 2018|

How Does A Revocable Trust Avoid Probate?

A revocable trust avoids probate by effecting the transfer of assets during your lifetime to the trustee. This avoids the need to use the probate process to make the transfer after your death. The trustee has immediate authority to manage the trust assets at your death; appointment by the court is not necessary. The “funding” [...]

By | 2018-06-27T01:29:55+00:00 March 1st, 2018|

How Is The IRS Involved At A Decedent’s Death?

The decedent’s death has two significant tax consequences: It ends the decedent’s last tax year for purposes of filing the decedent’s federal income tax return, and it establishes a new tax entity, the ‘estate.’ The personal representative may be required to file one or more of the following returns, depending upon the circumstances: The decedent’s [...]

By | 2018-06-27T01:29:55+00:00 March 1st, 2018|

Where Are Probate Papers Filed?

The decedent’s will, if any, and certain other documents required to begin the probate proceeding are filed with the clerk of the circuit court, usually for the county in which the decedent lived at the time of death. The custodian of a will must deposit the will with the clerk of the court having venue [...]

By | 2018-06-27T01:29:56+00:00 March 1st, 2018|

Who Is Involved In The Probate Process?

Depending upon the facts of the situation, any of the following may have a role to play in the probate administration of the decedent’s estate: Clerk of the circuit court in the county in which the decedent was domiciled at the time of the decedent’s death. Circuit court judge. Personal representative (or executor). Attorney providing [...]

By | 2018-06-27T01:29:56+00:00 March 1st, 2018|

Why Is Probate Necessary?

Probate is necessary to pass ownership of the decedent’s probate assets to the decedent’s beneficiaries. If the decedent left a valid will, unless the will is admitted to probate in the court, it will be ineffective to pass ownership of probate assets to the decedent’s beneficiaries. If the decedent had no will, probate is necessary [...]

By | 2018-06-27T01:29:56+00:00 March 1st, 2018|