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ESTATE PLANNING AND REAL ESTATE

 ESTATE PLANNING AND REAL ESTATE

Estate planning is important when you own real estate. How should title be held? Who should be the owner? How can this real estate pass to my loved ones upon my death without the need for probate?

HOW DO WE DO ESTATE PLANNING FOR REAL ESTATE?

The first step to estate planning with real estate is to look at the current owner and the goals of that owner. For example, a client came to me for estate planning and sadly her house had been placed in a life estate with no protective language for her to sell or change her mind.  A life estate must be coupled with an unrestricted power to convey during Grantor’s lifetime. This allows that Grantor (the giver) to sell, mortgage, lease, collect the sale proceeds, and do as they wish until their death. Upon their death, the person left the remainder now owns the real estate, and probate may be successfully avoided.

WHAT ARE OTHER ESTATE PLANNING OPTIONS FOR REAL ESTATE ? SHOULD WE USE A REVOCABLE TRUST?

When one person owns real estate in their own name, they can do a revocable trust and move that property into the trust, thus avoiding probate and safe guarding their wishes. This is more effective than a life estate because whereas a life estate names one person or two and they could also pass away, a trust can create a few options, thus, protecting the creator/grantor/trustee from both probate and guardianship at the same time. Also, in the case of a trust, the property could be held for the benefit of minors for safe keeping until they turn a specified age as stated in the revocable trust.

WHAT ABOUT HOMESTEAD EXEMPT REAL ESTATE?

Real estate with the Florida homestead exemption may also be placed in a revocable trust and can continue to benefit from the homestead exemptions by using proper language on the trust and deed. In Miami-Dade County, these deductions can be confirmed by checking your tax bill and even researching your property on miamidade.gov by doing a property search. For Broward county, you may search your property on bcpa.net.

WHY SHOULD YOU USE ALLY GLASER, PA?

As an Estate Planning, Probate, and Trust Attorney in Miami Beach, Florida, I have over twenty years of experience and handle these matters with the sensitivity they deserve. My psychology degree, law degree, and years of experience allow me to handle all clients matters with the proper care and attention to detail. Call or email me today to get started on your personalized estate plan, trust administration, or probate matter.