Joint Account or Power of Attorney?

Colleen-VideoButtonThe moment a parent puts you on their bank account as a joint owner, your parent effectively made a gift to you of one-half of the value of the account. If the gift to you is more than $14,000 (meaning the account is more than $28,000), then your parent effectively just made a taxable gift to you, and the gift should be reported to the IRS. Also, one-half of this account is now part of your legal assets, and if for what ever reason there is a legal judgment or lien against your assets, or you are going through a divorce, your one-half share of the account is vulnerable to your creditors and divorce proceedings. Learn more about Joint Accounts and how a Power of Attorney can solve a lot of potential issues from attorney Colleen Carson’s three and a half minute video below called, “Joint Account or Power of Attorney?”

 

This blog/video is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

The Six Who Could Get Involved in Your Probate Process in Tampa, Clearwater, or St. Petersburg, Florida …

Probate administrationProbate is necessary to pass ownership of the decedent’s probate assets to the decedent’s beneficiaries. If the decedent left a valid will in Tampa, St. Petersburg or Clearwater, unless the will is admitted to probate in the court, it will be ineffective to pass ownership of probate assets to the decedent’s beneficiaries. If the decedent had no will, probate is necessary to pass ownership of the decedent’s probate assets to those persons who are to receive them under Florida law.

Probate is also necessary to wind up the decedent’s financial affairs after his or her death. Administration of the decedent’s estate ensures that the decedent’s creditors are paid if certain procedures are correctly followed.

Probate administration and litigationDepending upon the facts of the situation, any of the following six may have a role to play in the probate administration of the decedent’s estate:


1. Personal representative (or executor) in St. Petersburg, Clearwater or Tampa.

2. Attorney providing legal advice to the personal representative throughout the probate process.

3. Clerk of the circuit court in the county in which the decedent was domiciled at the time of the decedent’s death.

4. Circuit court judge.

5. Those filing claims in the probate proceeding relative to debts incurred by the decedent during his or her lifetime, such as credit card issuers and health care providers.

6. Internal Revenue Service (IRS), as to any federal income taxes that the decedent may owe, any income taxes that the decedent’s probate estate may owe, and, sometimes as to federal gift, estate or generation-skipping transfer tax matters.

If you need probate help in St. Petersburg, Tampa or Clearwater or any where else in the state of Florida, contact BaskinFleece at 727.572.4545.

Some of the content of this information is courtesy of The Florida Bar and represents general legal advice. Because the law is continually changing, some provisions in this blog may be out of date. It is always best to consult an attorney about your legal rights and responsibilities in your particular case. This blog/video is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.