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The Discovery Channel’s television show, “Wills and Family Secrets” illustrates the importance of maintaining a current Florida will or at least hiring a Florida probate attorney. The cable television show demonstrates the conflict, arising from a loved one’s death when children and other surviving relatives feel slighted by the terms of the will.
For many retired residents of Florida, who relocate to reap better weather and taxation benefits in the Sunshine state, there are several tax blunders to avoid. Among the 50 states in America, Florida and six others do not impose a fiduciary income tax, which ranges from three to 10 percent in other states.
When retirees move to Florida and to avoid any expected tax penalties, one should file a declaration of domicile. Namely, a declaration of domicile is vital to those, residing in Florida half the year or holding assets in Florida and another states. The legal document is necessary to offset any fiduciary income taxes that the beneficiaries may have to compensate in the future .
Consult a Florida probate attorney to evaluate a living testament. The attorney will provide advice on how to transfer the trust from the state in which it was administered.
A licensed Florida probate attorney can also assist with any changes of the successor and insurance policies. Florida legislation mandates that only a law firm licensed in the state of Florida is eligible to serve as the trustee or trust company.
According to Rarick Law Firm, with offices in Broward and Miami Dade Counties, it is illegal for a non-Floridian attorney to serve as the executor of a Florida trust and will unless the lawyer is a biological relative of the testator.
The reason being it that in cases, where there is a trust litigation, Florida court serves as the unbiases party working to protect the rights of both parties the beneficiary and the grantor. In other words, only a law firm in Florida is legally bound to Florida law.