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June 2017 Archives

What is an IRS Form 706?

If you have been named as the executor of the estate of a friend or family member in Miami, then one of the first things that you should consider are the tax considerations of the assets you are now in charge of. This requires becoming familiar with the IRS Form 706. What is this form? It is the one used to submit an estate tax return. Copies of this form can be downloaded directly from the Internal Revenue Service’s website. Make sure, however, that you are using the current year’s form, as these documents are often updated annually.

Beneficiaries questioning administrative costs of estate

Estate administration can often become a contentious affair, even when Miami residents have done their due diligence in preparing wills prior to their deaths. Particularly in cases involving a high volume of assets, those who believe that they may have an interest in an estate may contest documents and ask that rulings be revisited at seemingly every turn, thus prolonging the administration process for years. Such long, drawn-out legal battles can take a heavy toll on an estate’s assets.

Detailing the court’s involvement in a trust administration

Unless you have experience in working with trust law, your understanding of the roles and responsibilities that come with the office of a trustee is likely limited. If you are asked to serve in such a role, there are resources out there to help advise you (including us here at The Law Offices of Frye and Vazquez, P.L.). You might also wonder what sort of guidance you might expect from the court. The answer may surprise you.

Detailing the descent of homestead in Florida

Questions often arise amongst people in Miami regarding what happens when a person dies without ever having made a will. The answer is that his or her assets and property are transferred to others according to the state’s rules regulating intestate succession. The general details of Florida’s intestate succession guidelines have been shared in this blog in the past, however many may wonder how such regulations treat what is often one’s most valuable asset: his or her home.

What are the qualifications to be a professional guardian?

The hope of many in Miami may be that if the day ever arises where they are no longer able to care for themselves, family members or friends will be able to step in and see to their needs. However, if you have a loved one who has reached that point, your circumstances may not allow you the time and resources needed to provide for him or her. If he or she is not able to afford a caregiver, then having him or her placed under the care of a professional guardian may need to be considered.

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