On behalf of Barreto & Romero, P.A. posted in Estate Administration on Wednesday, May 16, 2012
You've spent your whole life working to build your small business to your liking. You have invested money, time and effort into the venture, working tirelessly to ensure that it succeeds. But do you know what would happen to your business if you suddenly died? That's an important consideration for all small-business owners to ponder.
Estate planning experts say that many small-business owners just assume that their next of kin or business partner will take over the operation. Without careful planning, though, the business could end up in probate litigation, virtually guaranteeing that the business will be torn apart by parties with varying interests.
On behalf of Barreto & Romero, P.A. posted in Estate Administration on Friday, May 11, 2012
The estate of the deceased "Playboy" playmate Anna Nicole Smith is facing serious tax trouble, after the Internal Revenue Service declared this week that it won't wait any longer for overdue payments. Poor estate administration in the years after the model's death may be to blame for the mix-up.
The IRS claims that Smith's estate owes more than $300,000 in back taxes that have been pending for nearly 10 years. The debt has been prioritized over all others that may still be pending against the estate, according to recently released documents. Smith had a series of tax liens placed on her residences as early as 2000, according to court records.
On behalf of Barreto & Romero, P.A. posted in Estate Valuation on Friday, May 4, 2012
The recent economic downturn has created a buyer's market for wealth management services. Banks throughout the nation, including South Florida, are offering a variety of incentives for people who need wealth management advice, courting clients with a wide range of perks.
Banks have begun to host wealth management seminars for special populations, including women and other target groups. These events allow the firm to get to know the clients better, but they also provide networking opportunities for wealthy clients. The advice can be useful for the estate planning process.
On behalf of Barreto & Romero, P.A. posted in Probate Litigation on Thursday, April 26, 2012
Elderly Florida residents are no doubt aware of the challenges that estate planning can present when deciding who gets what. Tempers have been known to flare amongst jealous relatives, but it's important that everyone act calmly. A man has been accused of assaulting his elderly uncle after a contentious custody and probate hearing. The incident occurred when the two men were leaving a hearing was related to the custody of the suspect's 92-year-old father.
The two had been fighting over guardianship for about two years, according to reports. The suspect and his brother had filed an injunction to get rid of the current estate manager, a woman who was appointed by the courts as the father's guardian. The injunction contends that the woman is spending hundreds of thousands on unnecessary legal fees. The elderly man lives on about $40,000 per year and the woman spent $200,000, the sons argue. They also say that the woman is not sufficiently bonded to handle the expensive real estate transactions currently associated with the estate.
On behalf of Barreto & Romero, P.A. posted in Trust Administration on Friday, April 20, 2012
Living trusts are sometimes pitched to Florida seniors in high-pressure environments, with salespeople contending that probate fees will be lower if a trust is in place. These people often convince older citizens to create trusts where they may not be needed. Experts advise that those interested in proper trust administration first consult a lawyer and financial adviser before listening to salespeople.
A living trust is a legal arrangement created to transfer individual assets into the care of a trustee. The trustee is usually the original owner of the asset or property, and successive trustees are designated to take over if the original person is disabled or dead. Living trusts are sometimes established with the intent to avoid probate, though legal experts say it's just a way of paying death benefit fees up front. Clients still must pay to have the legal documents drawn up to transfer property.
On behalf of Barreto & Romero, P.A. posted in Estate Valuation on Thursday, April 12, 2012
Sometimes big gifts come in unlikely packages -- at least that's what one family is contending after discovering an unlikely fortune in an antique stock certificate. The family is suing Coca-Cola over an estate valuation issue, after one man purchased an inexpensive certificate at a garage sale. The certificate, they say, entitles the holder to 1.8 million shares of company stock, which would amount to $130 million in holdings.
The certificate, which the man bought in 2008, assigns 1,625 shares of the Palmer Union Oil Co. to the document's holder. The shares had been signed and endorsed, but the space for the transferee's name was left blank. After purchasing the document, the man wrote his own name in the blank and began to pursue the massive sum.
On behalf of Barreto & Romero, P.A. posted in Probate Litigation on Thursday, April 5, 2012
A South Florida court has decided to allow Davy Jones' will and other estate documents to remain confidential and sealed, per requests from the performer's family. Jones, who died in late February from a heart attack, had been a public figure for more than 40 years, known throughout the world as the face of a band called The Monkees.
The judge's decision to seal the records is extremely unusual in a state that has such liberal document access laws, according to local legal experts. Jones' family members may have wanted to maintain the items' confidentiality, because disclosing information contained in the will could affect the estate's future earning potential. The family members argued that by allowing the documents to become public record, the estate might suffer from devalued copyrights and royalties. Jones' public reputation would be subjected to higher scrutiny, which could also damage future profits.
On behalf of Barreto & Romero, P.A. posted in Probate Litigation on Friday, March 30, 2012
The question of what happens to someone's debt when he or she dies has become increasingly salient during the recession and sluggish recovery, according to legal and financial advisers. More and more heirs in Florida and elsewhere are finding themselves saddled with debt from devalued properties, credit card bills and other sources. Probate litigation experts have become valuable resources for this group, helping them navigate the complex legal regulations regarding debt after death.
Credit cards, loans, mortgages and other debts disappear if they were solely in the borrower's name. Complications arise, however, when a co-signer or guarantor is involved in the borrowing process. Children or spouses who choose to co-sign for housing or medical bills will be held financially responsible for the remaining debt. When you co-sign a loan, you promise that the loan will be paid if the primary borrower cannot do so. That provision includes the borrower's death.
On behalf of Barreto & Romero, P.A. posted in Estate Administration on Thursday, March 22, 2012
Attorneys and clients both recognize that estate planning can be a constantly changing process. The plans can be affected by family circumstances and legal changes. Increased wealth, marriages and uncertain tax laws have led clients to periodically reevaluate their estate plans, a move encouraged by legal experts. By paying constant attention to their estate documents, clients can prevent last-minute document errors that jeopardize the proper execution of their wishes.
Attorneys say they are faced with an ever-increasing number of people who want to make changes to estate plans. Revocable documents, such as wills and revocable trusts, are generally easy to modify.
On behalf of Barreto & Romero, P.A. posted in Probate Litigation on Friday, March 16, 2012
A Florida woman has been granted accelerated rehabilitation instead of jail time for spiriting her 81-year-old mother away from her home. The woman's family has been legally disputing the elderly woman's care agreement for some time in a continued probate litigation case, according to official documents.
Police found the older woman at her daughter's friend's home after a three-week search. The woman was charged with custodial interference after her mother was found and returned to Connecticut.
