Legal FAQs, Page 3

What Is a Request for a Sworn Statement of Account?

A Florida Request for a Sworn Statement of Account lets a property owner demand a lienor's accounting of the labor, services, and materials agreed on and what has been paid. A lienor that fails to respond within 30 days loses its lien.

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Wills & Trusts

What Is a Revocable Living Trust?

A revocable living trust is a trust the trust-maker creates during life and can revoke or amend. While it is revocable, the trustee holds and manages the assets for the trust-maker. After the trust-maker's death, the trustee distributes them as the trust directs.

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Business

What Characterizes an S-Corp?

An S-Corp is a corporation that meets IRS requirements to be taxed as a pass-through entity, so income and losses are reported by the shareholders. It is limited to 100 shareholders and one class of stock.

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Real Estate

What Is an Unconditional Waiver Upon Final Payment?

A Florida waiver and release of lien upon final payment releases the lienor's lien rights for work furnished on the job. It is unconditional unless the lienor conditions it on payment of a check.

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Real Estate

What Is a Conditional Waiver and Release of Lien upon Progress Payment?

A Florida waiver and release of lien upon progress payment releases lien rights through a stated date, not retention or later work. A lienor paid by check may condition it on payment.

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Real Estate

What Is FIRPTA?

FIRPTA, the Foreign Investment in Real Property Tax Act, makes a foreign person's gains from selling US real estate subject to US tax. It also imposes withholding on the buyer and reporting to the IRS.

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Estate Planning

What Questions Should Be Asked When Hiring an Estate Planning Attorney?

Ask about their estate planning experience, which tools they recommend and the trade-offs of each, how to keep assets out of probate, the tax implications, how often to review the plan, and what happens without one.

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Probate

When Are Beneficiaries Notified Following a Death?

There is no fixed date. After the court appoints a personal representative, Florida law requires that person to promptly serve a notice of administration on the surviving spouse, the beneficiaries and certain others.

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Real Estate

Who Are the Prominent Real Estate Title Insurers?

Title insurance in Florida is issued by title insurers authorized to transact title insurance in the state. Market rankings change, so authorization should be confirmed before choosing an insurer.

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Probate

Who Determines the Necessity of Probate?

Probate is the legal process of wrapping up a person's affairs after death. This includes distributing their assets, paying debts and taxes, and resolving any remaining legal issues.

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Business

Who Regulates Businesses in Florida?

The Florida Department of Business and Professional Regulation licenses and regulates many professions and businesses. Corporations and LLCs file with the Department of State, Division of Corporations.

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Business

What Advantages Does an LLC Agreement Offer?

A Florida LLC operating agreement sets the rules among the members, managers, and the company. Limited liability itself comes from Florida law, not from the agreement.

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Real Estate

How Much Does Title Insurance Cost?

Florida sets title insurance premiums by rule. An owner's policy costs $5.75 per $1,000 on the first $100,000 and $5.00 per $1,000 up to $1 million, so a $300,000 policy has a base premium of about $1,575.

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Probate

Does the Presence of a Will Eliminate the Need for Probate in Florida?

No. A will does not avoid probate in Florida. A will is not effective to prove title to property until the court admits it to probate and appoints a personal representative to carry it out.

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Business

How Does an LLC Agreement Facilitate Asset Protection and Probate Avoidance?

Florida law, not the operating agreement, shields LLC members and managers from company debts. An agreement can address a member's interest at death, but it does not by itself avoid probate.

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Business

Should You Consult an Attorney When Purchasing a Business?

Florida does not require a buyer to hire an attorney to purchase a business, but having a business attorney involved offers several benefits.

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Real Estate

What Actions Are Taken If Title Defects Are Discovered Post-Closing?

Title defects discovered after closing may have to be resolved in court. Under section 65.061, Florida Statutes, a court can hear a suit to quiet title and determine who holds title.

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Real Estate

What Are the Purposes of Title Insurance?

Title insurance insures owners, lenders, and others with an interest in real property against loss from encumbrances, defective title, invalidity, or adverse claims, within the policy's terms.

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Estate Planning

How Should One Prepare for Estate Planning?

Before meeting an estate planning attorney, it helps to inventory assets and their values, decide who should inherit, and plan to put those wishes in a will or trust that is kept up to date.

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Wills & Trusts

How Should One Choose a Caregiver for Their Pet?

Choosing a caregiver for a pet involves personal, legal and financial decisions, including naming a caregiver and a trustee and funding a pet trust, which Florida law allows.

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