Tag: family-member
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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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What factors prompt individuals to seek bankruptcy relief?
Why do individuals initiate the Bankruptcy process? The economic downturn, known as the Great Recession, has led to an increase in unemployment rates. Consequently, many individuals who have lost their jobs find it challenging to meet their financial obligations. As a result of accumulating unmanageable debt, these individuals resort to filing for bankruptcy. Additionally, the…
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What should I do if the individual responsible for the incident lacks insurance coverage?
What are the options if the individual responsible for the fatality lacks insurance? What if I was hit by a driver without insurance? In the unfortunate event that a family member or loved one loses their life due to the negligence of another individual without insurance, the uninsured motorist coverage becomes crucial. Consequently, it is…
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Can I file a claim if I was a passenger involved in a car accident?
Can I seek compensation if I was a passenger in a car accident? Absolutely. This holds true as long as you are not wedded to the motorist operating the vehicle. It doesn’t matter if you are a family member or a close friend. Certainly. As long as you are not married to the driver of…
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Why is it important to contact a planning attorney specializing in Medicaid?
Why is it crucial to remain knowledgeable about medicaid planning? What is Medicaid Planning and what does it entail? Medicaid Planning involves “Planning”. Not just becoming eligible. So some of the penalties that can be involved in improper Medicaid planning are that you can really hit a disqualification period, where you basically may be up…
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What is a form of asset ownership called Joint Tenancy with Rights of Survivorship?
Joint ownership with the right of survivorship is a method of holding ownership to your property, in the state of Florida. When one of the property owners dies, and the ownership was held as joint owners with the right of survivorship, the other owner automatically inherits whatever ownership interest the joint owner had. It is…
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How can I post bail?
A bail, also known as a bond payment, can be made through two different methods. First, you can make the full payment of the bail amount to the sheriff’s office. Secondly, you can enlist the services of a bail bondsman who will cover your bail for a fee instead of you paying the full amount.…
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How can I determine if appointing a guardianship is the right decision?
How do guardianships operate? An individual might need a guardian if they are incapable of handling their own finances and personal matters because of a physical or mental disability. However, guardianship is considered a final option. It is often used when someone is unable to create any legal documents like a Power of Attorney, Health…
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What types of public assistance can I obtain for my family member with mental illness?
How can I register a family member in the Special Needs Registry? What should I do if my family member requires urgent assistance? Assistance can include healthcare coverage like Medicaid, income assistance like SSI and SSD, housing support like Section 8 Housing, nutritional support like Food Stamps, private insurance, and more. The key is to…
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Why is it important to establish an estate plan?
Why is it essential to create an estate plan? Regrettably, many families neglect the importance of proper estate planning due to the misconception that their assets are insignificant or that their children can independently distribute them. If one fails to establish legal arrangements for asset management and affairs after their incapacity or demise, the intestacy…
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How soon should I seek medical attention after being injured in a car accident?
What steps should you take after experiencing an injury in a car accident? What should I do if I’ve been injured in an automobile accident? What should I do if I have been injured in a car crash? Even if you are not immediately aware of an injury, there are actions you can follow after…
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What is a Trust for Personal Residences (TPR) and how does it function?
Residences are oftentimes most valuable assets and thus a significant portion of a taxable estate. A Trust for Personal Residences, or TPR (pronounced “tee-per”), enables you to transfer ownership of your house or vacation home at a substantial discount, effectively immobilizing its value for estate tax purposes, while still allowing you to reside in it.…
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What is a Family Limited Partnership (FLP) and how does it function?
A Family Limited Partnership (FLP) is essentially a type of limited partnership among members of a family. A limited partnership comprises general partners (who handle management) and limited partners (who are passive investors). The general partners bear unrestricted personal liability for partnership obligations, while the limited partners have no liability beyond their capital contributions. Normally,…
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Everything You Need to Know About Naming Your Life Insurance Beneficiary
– Business owners can use life insurance to equalize the value of each child’s inheritance or to buy the deceased partner’s interest from their family. – Parents with young children can use life insurance to pay for the expenses of raising children and provide for a surviving parent if the deceased parent was the family’s…
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Proving Someone Wrongly Influenced a Will in Florida
1. The testator was in a vulnerable state and easily influenced by others. 2. The person accused of exerting undue influence had the chance to manipulate the testator’s decisions. 3. The person accused of undue influence used coercion or manipulation to obtain an unfair will or legal document. – Factors that may make a person…
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“Should You Get a Prenup Before Getting Married in Florida?”
– A prenuptial agreement, also known as a premarital agreement, is a contract made between prospective spouses before marriage. – It addresses rights to alimony, division of property and debts, and distribution of property in the event of divorce or death. – Benefits of having a prenuptial agreement include facilitating a quick resolution in the…
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Florida Condominium Association Emergency Powers Explained
– In Florida, condominium living is popular, especially near the water. – Hurricanes have influenced building codes in the state and can cause severe damage to buildings and regions. – Chapter 718 of the Florida Condominium Act provides emergency powers for condominium associations in response to damage caused by a declared state of emergency. –…
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“How Does a History of Domestic Violence Affect Family Law Cases?”
1. Florida law defines domestic violence as physical or sexual abuse by one family member or intimate partner against another. 2. Instances of verbal, psychological, financial, or emotional abuse are not considered “domestic violence” unless they rise to the level of threatened physical harm in Florida. 3. A judge in a family law case can…
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Florida Charities Must Now Report Conflicts of Interest and Finances
– Charities subject to the Florida Solicitation of Contributions Act are now required to adopt a conflict of interest policy for transactions with related parties. – Most charitable organizations must now file a tax return and financial statements with the Department of Agriculture and Consumer Affairs. – Charities with over $1 million in revenue and…
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“Challenging Probate in Florida: What You Need to Know”
– Probate is the court-supervised process for distributing a deceased person’s assets to their beneficiaries. – Probate in Florida is necessary for nonresidents and residents who own property in their individual names without a named beneficiary. – Objecting to probate in Florida can be done on grounds such as undue influence, fraud, mistake, lack of…
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“Explore Hoiberg Group: Connecting You with Experts in Legal Matters”
– The IRS has announced a delay in the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023. – Taxpayers will not be required to report unless they receive over $20,000 and have more than 200 transactions in 2023. – The IRS is planning for a threshold of $5,000…
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The Hoiberg Group – Legal Services for You
– Income must be reported even if a Form 1099-K was not received. – A tax extension only extends the filing deadline, not the payment deadline. – The best way to check on a tax refund is through the IRS website. – The best way to check the status of a tax refund is through…
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Understanding Florida’s LLC Law
– The Florida Revised Limited Liability Act was signed into law on June 14, 2013, and became effective on January 1, 2014. – All LLCs formed or registered in Florida on or after January 1, 2014, are required to follow the Revised Act. – The Revised Act eliminates the term “managing member” and makes all…
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“Keeping Your Business and Real Estate Separate: A Guide for High School Students”
– Businesses that are formed as C corporations treat real estate assets as they do equipment and inventory, with expenses related to owning the assets appearing as ordinary expenses on their income statements and generally being tax deductible. – Transferring ownership of real estate to a pass-through entity can avoid double taxation, as profits upon…