Legal FAQs, Page 5

What Is a Decedent’s Interest in a Homestead?

A decedent's interest in a homestead is the ownership they held in their primary residence at death. It passes under their will or state intestacy law, subject to homestead protections for a spouse or minor children.

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Estate Planning

What Distinguishes a Will from a Trust?

A will takes effect only at death and must pass through probate, which is public. A trust can take effect once funded, bypasses probate, stays private, and can cover management of your assets if you are incapacitated.

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Probate

Who Pays Probate Attorney Fees?

Probate attorney fees are normally paid out of the assets of the estate. Beneficiaries sometimes have to advance the cost when the estate has no liquid funds, then seek reimbursement from the estate later.

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Probate

What Constitutes the Formal Probate Threshold in Florida?

Since July 1, 2026, a Florida estate can use summary administration, a shorter form of probate, when the property subject to administration in Florida, minus property exempt from creditors, is worth $150,000 or less. It is also available when the person has been deceased for more than 2 years. Summary administration still goes through the court, but it usually takes less time than formal administration.

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Real Estate

Are Foreign Principals Permitted to Own Property Near Military Bases?

Senate Bill 264 bars foreign principals from buying real property within 10 miles of a military installation or critical infrastructure. Owners from before July 1, 2023 must register with the DEO.

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Real Estate

How Does Senate Bill 264 Affect the Purchase Of Agricultural Land?

Section 5 of Senate Bill 264 bars foreign principals from buying Florida agricultural land, and buyers must sign an affidavit that they are not one. Existing owners may keep their land but must register.

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Real Estate

What Is Senate Bill 264 in Florida?

Senate Bill 264, effective July 1, 2023, limits and regulates the sale, purchase, and ownership of certain Florida property by foreign principals, including agricultural land and land near military installations.

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Real Estate

What Restrictions Apply to the People's Republic of China (PRC)?

Section 7 bars persons and entities associated with the PRC from buying or owning Florida real estate and requires an affidavit. Those who owned property before July 1, 2023 may keep it but cannot acquire more.

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Business

How Does an LLC Agreement Improve Operations and Resolve Conflicts?

An LLC operating agreement sets out each member's role, profit and loss share, and voting rights, which reduces misunderstandings. It also fixes the procedures for settling internal disputes.

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Business

Why Is an LLC Operating Agreement Essential for Business Operations?

An operating agreement sets out each member's rights and responsibilities, provides for transfer of a member's interest at death, helps shield personal assets from business liabilities, and adds credibility.

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Probate

What Are the Costs Associated with Probate in Florida?

Probate in Florida commonly costs 3% to 7% or more of the estate's value, covering court filing fees, attorney's fees, personal representative's fees, and expenses such as appraisals and creditor notices.

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Business

What Is an EIN Number?

An EIN, or Employer Identification Number, is a unique nine-digit tax identification number assigned by the Internal Revenue Service (IRS) to businesses and organizations operating in the United States.

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Business

What Defines a C-Corp?

A C-Corp is a corporation taxed under Subchapter C of the Internal Revenue Code. It offers limited liability, perpetual existence, and stock ownership, but profits are taxed at both the corporate and shareholder level.

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Probate

Is Notarization Required for a Will in Florida?

No, a will does not need to be notarized in Florida to be valid. However, notarizing the will can make it easier to probate the estate after the person's death.

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Business

What Constitutes a Business Resolution?

A business resolution is a formal written decision by a company, board, or organization. It records actions such as changing policies, allocating funds, or approving projects, and is usually passed by a majority vote.

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Estate Planning

What Is a Health Care Directive?

A health care directive, also called a living will or advance directive, records the medical care you want if illness or incapacity leaves you unable to decide. It guides your doctors and family and prevents disputes.

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Estate Planning

What Is a Trust?

A trust is a legal arrangement in which a trustee holds and manages assets for beneficiaries under the terms of a trust agreement. Trusts are used to pass on wealth, reduce taxes, and protect assets.

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Civil Litigation

What Differentiates a Litigator from an Attorney?

Attorney is the general term for a licensed lawyer. A litigator is an attorney who takes cases to court, argues motions, and negotiates settlements. All litigators are attorneys, but not all attorneys are litigators.

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Civil Litigation

What Does Civil Litigation Encompass?

Civil litigation is the process of resolving disputes between people or businesses in civil court, usually over money or property. It covers contract, personal injury, and employment disputes, among others.

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Probate

Can a Property Remain in the Name of a Deceased Individual?

The basics: a mortgage represents debt owed by a borrower that is secured (or “collateralized”) by real property that is, almost always, in the borrower’s name, such as the family home.

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