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About
Law Firm
Lee & Evans provides various legal services, including estate planning, probate law, elder law, and real estate law, in Sarasota and Venice, FL.
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Frequently Asked Questions About Lee & Evans
Do I need an estate plan if I have a small estate?
Generally, smaller estates will fare worse than larger ones if a clear estate plan is not created because the cash reserves in the estate may be liquidated needlessly for probate attorneys’ fees and/or estate taxes. Also, small is a relative term, so you may think your estate is small, but the IRS may think differently. With any size estate, it is important to have a clear plan that is simple to execute and avoids lengthy court processes.
Will a Florida revocable living trust protect my assets from creditors?
A revocable living trust in Florida offers a safeguard against tumultuous situations like probate and disability. However, it's important to note that creditors can still lay claim to assets within a revocable living trust. With careful drafting, a living trust can offer asset protection for your beneficiaries, but if creditor protection is a priority, it's advisable to explore additional asset protection avenues.
Will putting my family members' names on my assets be an effective estate plan?
Although joint titling of assets is an option, most of the time, it is a bad choice because it exposes your estate assets to the creditors of your family members. Once this is done, it is difficult to undo in the event of bankruptcy, divorce, or other legal conflicts. A revocable trust accomplishes the same goals without the needless risk to your estate.
Can’t my spouse or children just make decisions for me?
Although it may seem logical, your family members are not legally empowered to make decisions on your behalf simply because they are family. The proper legal documents, such as durable power of attorney and medical directives, must be executed to allow family members to make legal decisions for you.
Can I just give away my assets before I die?
Although gifting assets is a planning option, the timing generally does not work, so gifting at the right time becomes a viable strategy. Too often, the estate assets are required for support, and gifting away assets will result in inadequate funds to live on. If Medicaid is involved, there is a look-back period for any transfers, so a gifting strategy could backfire leaving an individual with no assets to pay for needed long-term care and no public benefits. Also, gift tax returns must be filed, and if over the limit, a federal tax can be levied on gifts.
Why should I use a real estate attorney to close my transaction rather than a title company?
When you hire a real estate attorney to conduct your residential or commercial real estate closing, you receive benefits that a title company is unable to provide. A title company, even those that are attorney-owned, is limited to providing core title services and cannot provide legal advice or representation during your transaction. Generally, the fees to close with a real estate attorney are competitive with the fees charged by a title company. However, hiring a real estate attorney ensures you have representation on your side of the closing table.
Should I consult with a real estate attorney prior to executing my contract?
Yes. Once a contract is executed, it is a legally binding obligation, and terms cannot be altered unless all parties agree. A real estate attorney can review your contract and help you to better understand your obligations and liabilities.
What is title insurance, and why should I have it?
If you’re buying a home, title insurance is a policy that protects your investment and property rights. There are two different types of title insurance: owner’s policy and lender’s policy. Title insurance protects home buyers against covered title defects, such as a previous owner’s debt, liens, and other claims of ownership. It is an insurance policy that protects against problems, whereas other insurances usually deal with future risks.
If one or more property owners are deceased, is probate required to list and sell the home?
Losing a loved one is very hard; having to dispose of their assets can be even harder. Lee & Evans has a full team of real estate and probate professionals to assist with all your questions and needs when it comes time to sell a loved one’s property. In the event probate is needed, our real estate and probate team will work together to ensure a smooth and successful closing.
I am purchasing my first home in Florida and relocating from out of state. Do I need to update my estate planning documents?
By choosing Lee & Evans to conduct the closing on our Florida home, you are entitled to a free consultation for the review of your current estate planning documents for compliance with Florida law.