Easy Law Finder

Tag: life-insurance

Beyond Statute, Rule, and Contract: Equity as a Basis for Awarding Attorneys’ Fees

May 18, 2024

—

by

Elf

in Florida BAR article

In Florida, attorneys’ fees can only be awarded if there is a specific law, rule, or contract that allows it. In some cases, like probate, guardianship, trust, and family courts, attorneys’ fees can be awarded to make things fair for everyone involved. There are also three other reasons that attorneys’ fees can be awarded: if…
Rasmussen Court Allows Both Spouses $125,000 Exemptions and Protects Appreciation Within 1,215 Days of Bankruptcy

May 18, 2024

—

by

Elf

in Florida BAR article

After the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), courts have interpreted the limits on homestead protection. In most states, including Florida, debtors can only exempt up to $125,000 of their homestead property if they filed for bankruptcy within 1,215 days of acquiring the property. In the case of Rasmussen, a couple…
What Every Attorney Needs to Know About Estate Planning

May 18, 2024

—

by

Elf

in Florida BAR article

When people get married, they need to update their estate plans. This includes things like beneficiary designations on retirement accounts and life insurance. If someone dies without updating their estate plan after getting married, their spouse may be entitled to a certain amount of their estate, even if it doesn’t match what the deceased wanted.…
Unraveling the Mysteries of the Florida Exemptions for Life Insurance and Annuity Contracts, Part 1

May 18, 2024

—

by

Elf

in Florida BAR article

Florida has laws that protect residents’ assets, like their primary residence, life insurance, annuities, retirement accounts, and education savings accounts. In this two-part article, we’ll look at the rules for protecting life insurance and annuities in Florida. Part one focuses on how life insurance is protected after the insured person passes away, how the policy…
Unraveling the Mysteries of the Florida Exemptions for Life Insurance and Annuity Contracts, Part Two

May 18, 2024

—

by

Elf

in Florida BAR article

This is the second part of an article about exemptions for life insurance and annuity contracts in Florida. It discusses whether the exemption for annuity contracts applies to deferred annuities, traditional estate planning arrangements, and the application of the fraudulent conversion rule. The law says that the money from an annuity contract is protected from…
Morey v. Everbank: Three Drafting Tips to Avoid a Troubling Decision

May 18, 2024

—

by

Elf

in Florida BAR article

In the Morey case, a court decided that life insurance money was not protected from the insured person’s debts, even though Florida law usually protects it. This is important for trusts and estates because it affects how people’s money is handled after they die. Carlton Morey set up a trust to pay for his last…
Estate Planning: Death Soon After Divorce

May 18, 2024

—

by

Elf

in Florida BAR article

During a divorce, it’s common for people to want to change their will and other documents right away. But in Florida, the law already protects divorced people from their ex-spouse inheriting their assets, even if they forget to update their will. However, it’s important to make sure beneficiary forms for things like life insurance and…
Bifurcation of Dissolution of Marriage Actions Part One

May 18, 2024

—

by

Elf

in Florida BAR article

Family law can be tricky for lawyers, especially when it comes to “bifurcation” of a divorce. This creates a lot of potential problems for both the lawyer and their client. This article will be in two parts: the first part talks about the practical and legal effects of bifurcation, and the second part, coming in…
Step Two in Any Divorce Proceeding: See an Estate Planning Attorney

May 18, 2024

—

by

Elf

in Florida BAR article

After filing for divorce, it’s important for the client spouse to meet with an estate planning attorney. This is because the client spouse’s goals and wishes for their estate may have changed during the divorce, and their existing estate planning documents may need to be revised. For example, if they previously planned to leave everything…
Overview of Florida Alimony

May 18, 2024

—

by

Elf

in Florida BAR article

Before a court can order alimony in a divorce, the couple’s property must be divided fairly. After that, the court has different options for alimony, including permanent periodic alimony, lump-sum alimony, bridge-the-gap alimony, and rehabilitative alimony. The purpose of alimony is to provide financial support to the spouse who needs it. The court considers factors…
Every Divorcing Client Needs Estate Planning

May 18, 2024

—

by

Elf

in Florida BAR article

In short, if you’re getting a divorce, it’s important to see an estate planner. This will help make sure that your assets and plans for the future are in order. If you don’t have a plan in place and something happens to you during the divorce process, your family might face complications. Even if you…
The Uniform Premarital Agreement Act: Taking Casto to a New Level for Prenuptial Agreements

May 18, 2024

—

by

Elf

in Florida BAR article

Premarital agreements were originally made to settle property rights, and in 1983 the Uniform Premarital Agreement Act (UPAA) was created to make the rules more consistent across states. Florida hasn’t adopted the UPAA yet, but it looks like they might soon. The Florida version of the UPAA is expected to be presented to the legislature…
Florida’s Homestead Realty: Is it Exempt from Imposition of an Equitable Lien for Nonpayment of Alimony and Child Support?

May 18, 2024

—

by

Elf

in Florida BAR article

Just tell me the important stuff in easy words, and leave out the fancy stuff and names of the legal stuff. When a parent or ex-spouse falls behind on alimony or child support, there are ways to collect the money they owe. This can include taking their income, revoking their driver’s license, and even putting…
Estate Planning Issues in a Dissolution of Marriage

May 18, 2024

—

by

Elf

in Florida BAR article

If Luci becomes unable to make decisions for herself, her healthcare and finances will be handled by whoever she has designated in legal documents like a power of attorney. If she doesn’t have these documents, Florida law will determine who has control. A durable power of attorney is a document that lets one person make…
Estate Planning Issues in a Divorce Situation II: An Update and Standing Orders

May 18, 2024

—

by

Elf

in Florida BAR article

In 2012, Ms. Brunner wrote an article in a journal about the rights of married couples in the process of getting a divorce and after the divorce is finalized. The article discusses how automatic orders in divorce cases may give more rights to the spouse who files for divorce than to the spouse in a…
Exempt Property Under the Florida Probate Code: 2009 Amendments to F.S. §732.402 and Statutory Exemptions

May 18, 2024

—

by

Elf

in Florida BAR article

Legal firm and attorney names have been replaced for privacy. In Florida, there are laws that protect certain property from being taken by creditors after someone dies. The laws say that things like the home, furniture, and some cars can’t be taken by creditors to pay off debts. In 2009, the laws were changed to…
What is a Permanent Life Coverage Trust and how does it operate?

Mar 7, 2024

—

by

Elf

in FAQ

There is a common misconception that life insurance profits are not subject to estate tax. While the profits are obtained by your loved ones without any income taxes, they are included as part of your taxable estate and as a result your loved ones may forfeit more than forty percent of its worth to federal…
What is a life insurance trust?

Mar 7, 2024

—

by

Elf

in FAQ

A life insurance trust is a type of irrevocable trust created by John Smith and intended to own a life insurance policy on his life. The advantage of the life insurance trust is that the life insurance policy will not be considered part of John Smith’s estate, and the proceeds from the policy can be…
How can I circumvent the probate process?

Mar 7, 2024

—

by

Elf

in FAQ

To circumvent probate, you need to ensure that all investments acquired throughout your lifetime (e.g. 401ks, IRAs, etc.), life insurance policies, bank accounts, real estate owned by you, and any other asset under your name are appropriately titled and have designated beneficiary(ies).
What kinds of property are not controlled by my legal documents?

Mar 7, 2024

—

by

Elf

in FAQ

Non-probate assets such as joint bank accounts, life insurance proceeds, accounts designated as “in trust for,” accounts designated as “pay on death,” brokerage accounts designated as “transfer on death,” and any other assets with a designated beneficiary do not pass under your legal documents. Generally, these assets pass outside your legal documents to some designated…
What Does My Insurance Agreement Include?

Mar 7, 2024

—

by

Elf

in FAQ

The coverage provided by an insurance policy depends on the specific type of policy and the risks it aims to protect against. There are several categories of risks that insurance policies may cover. When it comes to property risk, the policy offers protection for damages occurring to one’s property. This could include a residence, a…
How would the distribution of assets, including any additional residences, be determined?

Mar 7, 2024

—

by

Elf

in FAQ

The insurance policy will cover life insurance, medical expenses, and disability benefits.
What Do Estate Plan Attorneys Do?

Mar 7, 2024

—

by

Elf

in FAQ

Estate plan attorneys specialize in assisting individuals with the creation and implementation of legally binding plans for distributing their assets and properties after death. They also provide guidance on minimizing taxes, avoiding probate, and designating beneficiaries for retirement accounts and life insurance policies.
When should an estate plan be reviewed?

Mar 7, 2024

—

by

Elf

in FAQ

An estate plan should be revised when there are changes in the testator’s beneficiaries, property, or family status (i.e. marriage, divorce, birth or adoption of a child, etc.). This can be done by executing a proper amendment (a codicil) to modify the existing will or by revoking the existing will and then executing a new…