Category: FAQ
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What Assets are Considered Exempt from Claims in a Florida Lawyer’s Probate Case?
Which assets are not subject to probate administration? What assets are eligible for protection? Which assets can be exempted in a probate estate handled by a legal firm in Florida, such as household furniture, furnishings, and appliances, valued at a maximum of $20,000 in the deceased person’s primary residence, two vehicles owned by the deceased…
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What is the purpose of a Declaration of Preneed Guardian in Florida?
Under Florida law, an individual has the option to execute a declaration that designates the individuals or entities they desire to serve as guardian of their person and assets if they are declared incapacitated by the court. This declaration must be signed and submitted to the clerk of court prior to experiencing incapacity. Additionally, parents…
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What happens if I do not pass the means test?
If you do not pass the means test, you will not qualify for Chapter 7 bankruptcy. However, Chapter 13 bankruptcy may still be an option for you as it does not require assets; therefore, you may still be eligible to file Chapter 13 bankruptcy based on your income.
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What are the responsibilities of a trustee?
The trustee is accountable for acquiring as many of your assets as feasible in order to compensate your creditors by selling them. Furthermore, the trustee is compensated according to the sale of your assets.
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What qualifications should be considered in selecting a trustee?
Who is the appropriate person to serve as a trustee? How do I choose a trustee for my trust? The representative from the law firm overseeing your legal affairs wants to be informed about your protected assets, assets that are not protected, and any financial activities such as sales, acquisitions, and other transactions that occurred…
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How do legal representatives receive payment?
Legal representatives are compensated with $60 for each Chapter 7 case they handle and receive remuneration according to the payments made to creditors. They are entitled to 25% of the initial $5,000 and 10% of the subsequent $45,000. If the recovered amount exceeds $50,000 but is below $1,000,000, they receive 5% of that sum. For…
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What if I transferred my assets before filing?
If you transferred property to a relative within the past decade, your assigned trustee can examine it. If the trustee suspects that you showed favoritism to a particular creditor within the past three months, they can nullify the payments and restore the funds to the bankruptcy estate.
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What happens if I don’t have any assets except for protected assets?
In the majority of cases, there are no assets accessible for creditors, rendering them as “no asset” cases.
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Why would I be compelled to submit Chapter 11 bankruptcy rather than Chapter 13?
What is the distinction between Chapter 7 and Chapter 13 Bankruptcy? If you are incapable of fulfilling the means test and are ineligible for Chapter 7 bankruptcy, you might be eligible for Chapter 13 bankruptcy. However, Chapter 13 bankruptcy imposes debt limitations, so you will have to assess your debts and assets. If your unsecured…
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How frequently am I able to submit a bankruptcy claim?
The frequency of filing for bankruptcy is determined by your previous bankruptcy filings and the specific type you plan to submit. For instance, filing for Chapter 7 is possible after eight years from a previous Chapter 7 filing, or six years after a Chapter 13 filing. Similarly, Chapter 13 can be filed four years after…
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What other elements are involved in my estate plan?
Powers of Attorney are crucial documents to execute when finalizing your estate plan. If you are unable to make decisions without a Durable Financial Power of Attorney, a court will have to appoint a guardian to handle your affairs, pay your bills, and manage your property and investments. Guardianship proceedings can be lengthy and costly,…
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Why is estate planning important for business owners?
Who should consider estate planning? An estate plan can keep your business and personal assets out of probate court, making the transition of your assets much smoother for your family members. Additionally, by creating an estate plan, you will have full control over what happens to your business and other assets after you die or…
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How Can I Make Plans for My Pet?
In the state of Florida, you can safeguard your pet’s future after your passing or inability to make decisions through a pet trust. Pet trusts are legitimate papers that ensure your pet’s financial support, care, and well-being. A human beneficiary is not mandatory, but it is necessary to name a reliable trustee (or permit the…
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What are the estate tax rules in Florida?
There is no estate tax or inheritance tax in Florida. However, residents of Florida may still be subject to Federal Estate Taxes.
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What is a title?
A title refers to the underpinning of property ownership. It signifies the proprietor’s entitlement to possess and utilize the property. A title is the basis of property ownership. It is the owner’s entitlement to possess, utilize, and convey the property. A title is the basis of property ownership. It represents the owner’s entitlement to possess…
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Why is transferring ownership of a property in real estate distinguishable from transferring ownership of other belongings, like a vehicle?
Why does transferring ownership of real property differ from transferring ownership of personal property, such as a vehicle? Why is transferring the title to real estate distinct from transferring the title to other items, like a vehicle? Since land is enduring and can have numerous owners throughout time, different rights associated with the land (such…
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What is the potential loss if a claim is filed against my property?
It depends on the claim. In an extreme scenario, you may risk losing all your home and property – and still have an obligation to settle the remaining balance on your mortgage. While most claims are not as severe, even a minor claim can result in wasted time, expenses, and frustration, and you might be…
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How does title insurance protect my investment if a claim should arise?
How does title insurance safeguard my investment in the event of a claim? In case a claim is filed against your property, title insurance will provide you with a legal defense as per the provisions of your policy. It will cover all expenses related to court proceedings and associated fees. Furthermore, if the claim is…
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What about a Lawyer’s Opinion?
A lawyer’s opinion is based on a search of the public records. So, once again, even the most exhaustive search of these records may not reveal everything. Unlike a title insurance policy, the Johnson Law Office & Title Services is not liable if you should suffer loss because of ‘hidden hazards’ in the title.
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Why is TIME so crucial after an arrest?
Time is not on your side after an arrest. You need to understand your options and have your legal representative initiate the preparation of your defense as soon as possible. Getting ready and being prepared are your most powerful defense strategies.
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What is Bankruptcy?
Bankruptcy is a legal recourse available to most individuals and businesses faced with financial distress. It is widely used in our country as a means to obtain financial freedom, protect assets, or obtain a fresh start. Bankruptcy is governed by the Federal Rules of Bankruptcy Procedure and local bankruptcy court rules. Chapter 7 is the…
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Who is eligible to file for Bankruptcy?
Any individual residing, domiciled, or owning property or a place of business in the United States may file Chapter 7. A company may also file a Chapter 7. The recent bankruptcy legislation incorporates a “means test” which evaluates income versus expenses to determine eligibility for Chapter 7 bankruptcy. At present, there are no prescribed lower…
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What are the primary factors behind malpractice cases?
What constitutes a claim for Medical Malpractice? What defines a medical malpractice case? Medical malpractice occurs when a healthcare provider’s negligent or careless behavior fails to meet the accepted standard of care within the medical community and results in harm to a patient. The standard of care is determined by the prevalent expertise and knowledge…
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What happens upon the death of the legal entity?
Upon the death of the Legal Entity, the trust becomes irrevocable. If the Legal Entity was the Trustee, the person appointed to be the successor Trustee must formally accept the position. The Trustee will generally work closely with the Executor or Personal Representative of the Legal Entity’s estate during the estate administration process. The Trustee…