Tag: family-member
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Understanding Florida’s Personal Injury Protection (PIP) Coverage: What You Need to Know and How to Stay Protected
– Personal Injury Protection (PIP) is mandatory in Florida and is a required coverage under every car insurance policy. – PIP provides coverage for medical expenses and lost wages regardless of who was at fault for causing the accident. – It is important to seek necessary medical attention after a motor vehicle accident, especially if…
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“Importance of Guardianship Plans for Generation X in Florida”
– Having a guardianship plan in place provides peace of mind for both Gen Xers and their aging parents. – A guardianship plan can help avoid disputes among family members regarding who should be appointed as the guardian. – Creating a guardianship plan before an emergency occurs can save time and money in the long…
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Life Insurance Basics: Choosing the Right Type for You
– Many people only start thinking about life insurance when they get a full-time job and are offered enrollment in their employer’s group life insurance policy. – Life insurance is a contract between an individual and an insurance company, where the company agrees to pay a specified sum of money to the beneficiaries upon the…
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New Florida Law Limits HOAs and Condo Associations’ Ability to Collect Driver’s Licenses at Entrances
1. Effective July 1, 2013, Florida passed a law stating that private entities, such as homeowners’ associations, cannot swipe a driver’s license or identification card without the individual’s consent. 2. There are exceptions to this law, including using a driver’s license to protect against fraud, verify an individual’s age for age-restricted goods or services, transmit…
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What High School Students Should Know About Buying a House
1. Understand how much you can afford by budgeting for mortgage and necessary expenses and using that number as a cap for shopping around for mortgages. 2. Figure out your monthly housing costs, including mortgage payments, property taxes, insurance, homeowner’s association fees, and utilities, aiming for a payment amount below 22% of your income. 3.…
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Understanding Probate: What it Means for High School Students
– Probate is based on state law and varies in length depending on the state. – If a deceased person has a valid will, probate begins when the executor presents the will to the courthouse. – If there’s no will, the court will appoint someone to administer the estate. – The process involves filing a…
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“Understanding the Importance of a Living Will”
A Living Will is important for addressing end-of-life conditions such as persistent vegetative state, end-stage conditions, and terminal illnesses. It helps clarify your intentions and wishes for medical care providers, family members, or friends if any of these conditions occur. Having a valid Living Will can relieve family members of the guilt of making end-of-life…
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Understanding Testamentary Capacity in Florida Wills and Trusts
– Florida law requires a person to have testamentary capacity to create a valid will or trust. – Testamentary capacity means the person must understand their property, know their family members, understand the document they are signing, and have a rational plan for property distribution. – The person must also understand the consequences of their…
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“The Hoiberg Group: Your Legal Resource for High School Students”
– Taxpayers can authorize a third-party representative to work with the IRS on their behalf – Different types of representatives need different authorizations before they can represent the taxpayer to the IRS – There are four different types of third-party authorizations: Power of Attorney, Tax Information Authorization, Third-Party Designee, and Oral Disclosure – A taxpayer…
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“Reasons Why High School Students Still Need an Estate Plan”
– The federal estate tax exemption amounts are set to decrease in 2026, potentially affecting individuals and married couples with large estates. – Even people with estates below the taxable amounts should consider estate planning, as it can ensure assets go to their chosen beneficiaries and address income tax planning. – Basis, or the amount…
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Tax-Free Withdrawals from Your Private Company
1. Capital repayments: When a closely held corporation repays debt that has been capitalized, it is not treated as a dividend. The corporation can also deduct the interest paid on the debt. This assumes that the debt has been properly documented and that the corporation’s debt-to-equity ratio is not excessively high. 2. Salary: Reasonable compensation…
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The Job of a Court-Appointed Fiduciary in Handling Wills and Trusts
– Court-appointed fiduciaries are responsible for managing assets and accounting for the trust or estate’s assets. – They offer objective solutions to resolve conflicts among family members or stakeholders. – They safeguard the intent of the deceased or settlor and the interests of the beneficiaries. – Fiduciaries manage the financial aspects of trusts and estates,…
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Florida’s Response to Last Minute Marriages
1. Florida law now allows family members to contest deathbed marriages, which previously allowed the surviving spouse to inherit the decedent’s property. 2. Deathbed marriages were often used by individuals to take advantage of elderly single persons and claim their wealth. 3. Surviving spouses in deathbed marriages had rights to live in the family home…
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Hoiberg Group – Legal Services for You
– Form 1099-K is used to report certain payment transactions to the IRS. – Taxpayers must report all their income on their tax return, regardless of whether they receive a Form 1099-K. – Form 1099-K is received for business transactions, self-employment, gig economy activities, and the sale of personal items and assets. – Money received…
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Florida Charities Must Report Conflicts of Interest and Finances
– Charities subject to the Act are now required to adopt a conflict of interest policy for transactions with certain related parties. – Most charitable organizations are now required to file a tax return and financial statements. – Charities with over $1 million in revenue and less than 25% spent on program services costs must…
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“Keeping Your Business and Real Estate Separate”
1. Owning real estate in a separate entity from the operating business can provide liability protection, limiting claims to the value of the property and accounts held with it. 2. Keeping real estate within a corporation for tax purposes may result in double taxation if the property is sold. Alternatively, holding real estate in a…
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Understanding Florida’s Probate Process
1. Probate is the court-supervised process of administering a deceased person’s assets in Florida. 2. A personal representative is appointed to take charge of the probate process, including identifying, gathering, and securing the estate assets. 3. The probate process involves paying valid creditors, taxes, and expenses, followed by distributing the remaining assets to the beneficiaries…
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Why Florida Couples Are Choosing Postnuptial Agreements
– Postnuptial agreements are created after marriage and outline how assets will be divided in case of divorce or separation. – Couples in Florida create postnuptial agreements to protect their separate assets brought into the marriage. – Postnuptial agreements can clarify financial responsibilities, address infidelity, protect business interests, and be part of an overall estate…
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How Quitclaim Deeds Work in Florida
Benefits of using a quitclaim deed in Florida: – Allows for quick and easy transfer of property – Saves time and money in legal fees and title searches – Useful for transferring property in divorce settlements or between family members Limitations of using a quitclaim deed in Florida: – Does not guarantee the grantee a…
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Car Insurance: Stacked vs. Unstacked – What You Need to Know
– Stacking insurance allows you to combine uninsured/underinsured motorist (UM) coverage from multiple vehicles on your policy, providing higher coverage limits. – Unstacked insurance only provides the UM coverage limits for the specific vehicle involved in the accident. – Stacking is recommended, especially in Florida where many drivers are uninsured, to ensure adequate coverage for…
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“Understanding the Role of Blalock Walters, P.A. in the Legal System”
1. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a new final rule on reporting requirements for beneficial ownership information under the Corporate Transparency Act on September 29, 2022. 2. The final rule requires certain entities, including U.S. corporations, LLCs, and non-U.S. entities registered to do business in the U.S., to report…
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Taking Care of Someone in Florida: Your Duties as a Guardian
1. A guardian in Florida must make decisions in the best interests of the ward, promoting their welfare and overall well-being. 2. The guardian is required to maintain open communication with the ward, family members, and other interested parties involved in the guardianship. 3. Florida law mandates guardians to file annual reports with the court…
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Florida’s New Law Challenged in Court
1. Several groups have filed a lawsuit challenging Florida’s SB 1718. 2. Florida’s immigration-related legislation, SB 1718, requires employers to use the E-Verify system and imposes criminal penalties on individuals transporting undocumented immigrants into Florida. 3. A complaint challenging the constitutionality of the new law, SB 1718, Section 10, alleges that it violates the due…