Miami Lakes Probate Lawyer
Miami Lakes, Florida is a Miami suburb, an integrated town, and previous census-designated place in Miami-Dade County. Since the 2010 U.S. Census, 29,361 people reside here. Starting in 1962, the development was built by Sengra, previously the Graham Companies, on land previously owned by Ernest “Cap” Graham, a Florida state senator. For many years, the Grahams declared it would be a thirty-year development. However, they are even now developing to this day. When it integrated in December 2000, the town of Miami Lakes turned into the thirty-first city in Miami-Dade County. Recognized as one of the newest cities in Miami-Dade County, about 30,000 residents and over 1,100 companies reside in this town.
Avoiding Probate in Florida by Using Joint Ownership with Survivorship Rights or Tenancy by the Entirety
Including a joint owner to a bank or investment account or the title for real estate will evade probate in Florida, given that it is obvious that the account or real estate is possessed as joint tenants with survivorship rights and not as tenants in common. If a person is married, then in Florida the individual and his or her spouse can possess bank or investment accounts, tangible personal property, and real estate with survivorship rights in a special type termed tenancy by entirety.
However, a person must be careful of depending on joint ownership with survivorship rights or tenancy by the entirety to evade probate because there are numerous disadvantages to doing so:
- In most situations, including a joint owner to an account or title will be a taxable gift that must be reported to the IRS on a federal gift tax return (IRS Form 709).
- If a claim is brought against a joint owner or a joint owner becomes divorced, then a judgment creditor, or divorcing spouse, could take the possessions in the joint account or real estate that is possess jointly.
- If a joint owner passes away before the individual does, then half or even the entire joint account could be added in the estate of the deceased owner for estate tax reasons.
- If an individual is a second or later marriage, bequeathing his or her property to his or her spouse by survivorship right or tenancy by the entirety will mean that his or her spouse will be permitted to do anything he or she wishes with his or her property after his or her spouse later passes away. This might not be what the person wishes. In other words, the individual might want his or her spouse to be able to use his or her property after he or she dies. However, after his or her spouse later passes away, the person might what his or her property to be inherited by his or her own children. In this instance, joint ownership with survivorship right or tenancy by the entirety will not carry out his or her ultimate wishes since his or her spouse might generously decide to bequeath his or her property to his or her own children or even to a new spouse rather than his or her children.