Homestead Archives - Law Office of Lori Vella, PLLC

Understanding Florida's Homestead Election and Deadlines | Law Office of Lori Vella

Understanding Florida’s Homestead Election and Its Critical Deadlines

Leave a Comment / Homestead / Attorney Lori Vella

In Florida, the homestead election allows a surviving spouse to choose between two options regarding the decedent’s homestead property: Life Estate: The default provision grants the surviving spouse a life estate in the homestead property. This means the spouse can live in the property for the remainder of their life. Elective Share: Alternatively, the surviving […]

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A Step-Up In Basis to Reduce Capital Gains

Leave a Comment / Deeds, Estate Planning, Estate Planning Legal Fees, Estate Planning Taxes, Homestead, Parents, Probate, Property, Retirement, Trusts and Estates, Wills / Attorney Lori Vella

The step-up in basis reduces the capital gains tax on inherited assets. It is an effective way to preserve an inheritance and save money.

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Lady Bird Deed – Is It Something I Need To Consider?

Leave a Comment / Deeds, Estate Planning, Homestead, Probate / Attorney Lori Vella

A Lady Bird deed is a legal tool that allows an owner of “real property” to transfer it to a
beneficiary without the need to submit the matter to the probate court, which Florida law
would otherwise require.

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Florida Probate in a Nutshell

Leave a Comment / Estate Planning, Homestead, Probate, Property, Wills / Attorney Lori Vella

Probate is a fancy legal term for the court-supervised process of determining what happens to a person’s property after they pass away.

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Pandemic Planning-Wills, Trusts and More

Leave a Comment / #GetMyGuardian, Estate Planning, Guardians for Minor Children, Homestead, Kid Care Package, Parents, Probate, Trusts and Estates, Wills / Attorney Lori Vella

People under the age of 65 account for more than 20% of COVID-related deaths in the US. However, young people are less likely to have estate planning documents, like a will or advanced directive, in place than those of older adults. This means that many people who are dying from coronavirus likely do not have documents in place to dictate who cares for their children or what happens to their home or money.

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Florida Homestead—A Privilege and a Burden

Leave a Comment / Estate Planning, Homestead, Property / Attorney Lori Vella

The Florida Constitutional Homestead exemption can be viewed as both a privilege and a burden. A privilege as it offers protection, but a burden as it places limits as to what you can do with your property after death.

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