Probate & Trust Administration
When the shock and grief of the death of a loved one begins to fade, the reality of the task of administering their assets sets in. Assets can pass to spouses, children and beneficiaries through a will, trusts, joint accounts and beneficiary designations. The process of identifying, organizing and then carrying out the deceased's instructions can be time-consuming, exhausting and overwhelming, even in the simplest of scenarios. This process often involves dealing with banks, stock brokers, insurance companies, accountants, the court system, the IRS, and one or more disgruntled family members. To those who have never experienced it, the process can seem illogical and be frustrating.
An experienced attorney, who can explain this process in simple terms and guide a client through it, is an invaluable resource.
"Death and Taxes"
As the saying goes, taxes remain a certainty, and have become more complicated than ever. With the death of a loved one comes the need to address their income tax obligations, and income taxes arising out of their assets during the period of the administration. The tax consequences of inheriting and distributing annuities and Individual Retirement Accounts (IRAs) must be considered before taking distributions that may have irrevocable - and avoidable - tax consequences. Inherited assets may have a change in their tax basis, which must be considered before a sale or distribution is completed. Even property taxes may go up or down, depending upon the gain or loss of one or more exemptions under Florida law. And for those (un)fortunate enough to inherit a large enough estate, the dreaded Federal Estate Tax (and its ugly step-sisters, the Gift Tax and the Generation Skipping Transfer Tax) must be considered and paid.
The Minerley Fein Difference
We understand that effective estate, trust and asset administration requires identifying which of the many paths must be traversed in order to allow a decedent's assets to reach their intended recipients. Attorney Drew Fein has developed a hands-on approach to formulating a plan to administer assets in as quick and efficient manner as is legally possible. His intricate knowledge of the mechanics of Florida's Probate Court system allows him to guide clients through these hostile waters. Legal requirements, as well as family dynamics, are considered and balanced to allow families to move through this trying transitional time and into the new phase of their lives.
Read more about Estate & Trust Administration
If you have recently experienced the death of a friend or loved one and need assistance with any aspect of Estate, Trust or Asset Administration, please contact us at 561.362.6699 or via email here. You can learn more about attorney Andrew "Drew" Fein, or about our other areas of practice on our website.