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. The response is due in 30 days.

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Estate Planning

What Is a Revocable Living Trust?

A revocable living trust is an agreement among a trustee, a beneficiary, and the trust-maker, who at first are usually the same person. Its main benefit is avoiding the cost, publicity, and delay of probate court.

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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?

The Unconditional Waiver upon Final Payment is a legal document that applies to construction projects in the state of Florida under Florida laws.

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Real Estate

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

A lien waiver releases a lienor's claim against the property, but only to the extent of the labor, services, or materials provided. In Florida a waiver is unconditional unless parties make it conditional 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. The personal representative must serve a Notice of Administration on the surviving spouse, the beneficiaries, and other interested parties within 3 months of filing the will for probate.

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Real Estate

Who Are the Prominent Real Estate Title Insurers?

First American Title Insurance Company is the leading title insurer in the United States and writes in almost every state; Stewart Title Guaranty Company is another. Easler Law works with all the leading insurers.

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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 over 160 professions, issues business licenses and permits, investigates complaints, and disciplines businesses that violate state law.

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Business

What Advantages Does an LLC Agreement Offer?

It keeps a member's interest out of probate, separates personal and business assets, sets out how members are managed and disputes are resolved, and shows lenders and investors the company is well run.

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Real Estate

How Much Does Title Insurance Cost?

Title insurance generally costs 2% to 4% of the purchase price, but every state regulates what insurers may charge, so rates vary widely. Endorsements a lender requires can add further to the premium.

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Probate

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

In Florida, probate is the legal process of administering the estate of a deceased person. If the deceased person left a will, the probate court will appoint an executor to carry out the instructions in the will.

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Real Estate

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

An LLC operating agreement keeps personal assets separate from business assets, maintaining the corporate veil. It can also pass a member's interest directly to a named beneficiary, avoiding probate.

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Business

Should You Consult an Attorney When Purchasing a Business?

When you're ready to purchase a business, you may wonder whether or not you need to hire an attorney. While it's not required, there are several benefits to having a business attorney on your side.

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Real Estate

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

Title defects discovered after closing often have to be resolved in court, where each side presents evidence of who holds clear title. A real estate attorney can handle both the search and the dispute.

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Real Estate

What Are the Purposes of Title Insurance?

Title insurance is a special kind of title warranty that protects real estate title owners and lenders from losses caused by defects in the title.

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Estate Planning

How Should One Prepare for Estate Planning?

There are a few key things to keep in mind when estate planning:

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Estate Planning

How Should One Choose a Caregiver for Their Pet?

Selecting a caregiver for your pet as part of pet trusts and estate planning involves a combination of personal, legal, and financial considerations. Here’s a step-by-step guide to help you navigate this process:

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