Category: <span>Legal Guides</span>

Life Insurance has “most favored tax” with Congress. No other investments provides the benefit that life insurance provides. As a matter of policy, Congress has decided that life insurance is critical to protecting America’s families. Irrevocable Life Insurance Trusts helps by: Avoids Inclusion of Life Insurance Proceeds in Insured’s Gross Estate The goal of an …

The principal goal of an Irrevocable Life Insurance Trust (ILIT) is to remove the life insurance proceeds from the insured’s gross estate for federal estate tax purposes. For a Grantor to successfully remove transferred property (such as an existing life insurance policy or cash to fund an ILIT. Complete Gift Make a completed gift of …

An Irrevocable Life Insurance Trust or ILIT has four (4) unique elements of life insurnace, in the context of estate planning, that make it an attractive investment. Lifetime Values The difference between the lifetime value and the death benefit make ILITs an attractive candidate to transfer policies into. Income Tax Free!!! Life insurance explodes with …

There are a number of factors to consider when considering which entity to form to take possession of real estate in Florida. Degree of Risk The degree of risk and limitation on liability taking into consideration whether personal guarantees will be required for financing. Term What is the contemplated term of the project Effect of …

Generally, a court ordered decision. A judgment is the official and authentic decision of a court of justice upon the respective rights and claims of the parties to an action or suit therein litigated and submitted to its determination. Black’s Law Dictionary. Money Judgment A Money Judgment is a judgment which adjudges the payment of …

The trustee of a Land Trust holds full legal and equitable title to the real estate, but the complete management of the property plus full power to direct the trustee with respect to the title is in the beneficiaries Interest in Land Trust cannot be Partitioned Interest in Land Trusts cannot be partitioned, and transferring …

This is a quick summary of the types of tenancies defined under Florida Statutes. Tenancy at Will – Unwritten Lease Any of lease of land and/or improvements thereon, shall be deemed and held to be a tenancy at will unless, it shall be in writing signed by the Landlord. Such tenancy is determined by the …

This article will address the minimum technical standars for a survey in a real estate transaction in the State of Florida. Minimum Technical Standards 1. Identify responsible surveyor and contains standard disclosures; 2. Identify type of survey performed; 3. Name, address, certificate #, license # of surveyor; 4. Statement: Not valid without signature and seal …

This guide will detail when a prior survey can be used in a Florida real estate transaction. Residential Transactions When a mortgagee policy is issued in a refinance transaction, you should be able to waive the requirement for a current survey (defined as within 90 days of of the subject closing) and rely on an …

Over 8,000 Americans are losing their homes to a foreclosure process every day!!! One of the unique things about Florida foreclosures is that Florida is one of the first states to explore mandatory mediation. What is Your Objective? Do you want to: (i) keep your home (with reduced payments); (ii) give the property back to …