What Happens to a Bank Account When Someone Dies Without a Will in Florida?

Could your assets be at risk? What you have is important to you and is therefore important to us. Our Asset Protection Attorneys in Tampa can help protect you against creditors, divorce, lawsuits, and judgments. Michelangelo Mortellaro calls it protection against creditors, predators, and other mean people. He also puts this need into perspective like this: He asks, If you lost what you have, how bad a day would that be? No one wants to lose what theyve worked a lifetime to gain, so protecting your assets is wise. Explaining Asset ProtectionInvestopedia defines asset protection as the adoption of strategies to guard ones wealth. It sounds simple enough, but the process can involve significant planning, strategizing, and steps to enact the protection you need. Our Asset Protection Attorneys in Tampa can use legal strategies to shield your assets from creditor claims, frivolous lawsuits, or other attempts at taking them. This can include the following: Retitling propertyLiability Insurance coverageLife InsuranceRetirement accountsTrustsHolding separate properties in an LLCAnnuitiesGifting assets to familyMore  There are also laws in Florida that make certain assets exempt from creditors, like retirement account exclusions and homestead statutes that protect your primary home. An Asset Protection Attorney in Tampa from Mortellaro Law can show you how to take advantage of these and other legal barriers.  Together with other tools, we can raise a multi-layered bastion of legal protections around your assets to prevent their loss. Why Would I Need Asset Protection?Millionaires are not the only ones needing asset protection. Creditors and others can come after what you have even if you dont think it could be at risk. Anything worth having can be desired by someone else. What are some likely scenarios that could see your assets at risk of seizure or judgments?  Youre a business owner whose employee left the floor wet in your store after cleaning up. A customer slips and falls, sustaining an injury. You are now facing a personal injury lawsuit. Youre a rental property owner and a guest becomes injured after falling over a broken step from the deck down to the beach. You are now facing a personal injury lawsuit. Youre a commercial property investor with several large industrial properties. One of the companies occupying your property is being investigated for illegally disposing of hazardous materials. You are named in the judgment against them by a government regulatory agency. Youre a pretty decent person, but your spouse disagrees and now he or she is suing you for a disproportionate portion of your assets in a divorce.  Yes, these types of incidents happen all the time and leave individuals and businesses struggling to stay afloat after losing significant assets.  On another note, you may need to protect assets to qualify for Medicaid Long-term Care coverage if you suffer a debilitating health condition. A well-structured Asset protection strategy can also help you keep major assets from being counted in the drastic Medicaid asset and income limits.Consult Our Local Asset Protection Attorneys in Tampa When you contact Mortellaro Law about help from our Asset Protection Attorneys in Tampa, we will help you design and implement an asset protection plan with three primary functions:  Deter lawsuits (because your assets are untouchable) Provide leverage during settlement negotiations (because your assets are untouchable)Placing your assets beyond the reach of opponents (making your assets untouchable) What would happen to you and your family if you lost everything? Dont let that happen! Contact our Asset Protection Attorneys in Tampa at Mortellaro Law to schedule a free consultation about asset protection in Florida. 

Estate planning looks different for every individual because so many elements are unique to the person. This is especially true when estate planning for business owners. Your type of business and its structure are only the beginning when determining how to protect your companys future and assets. An Estate Planning Attorney in Tampa from Mortellaro Law discusses estate planning for business owners and some key things you need now. Create a Financial Power of AttorneyEstate planning for business owners focuses on much the same concerns as estate planning for individuals. The unexpected looms large, and you need to enact measures to prepare for any eventuality. A Financial Power of Attorney is vitally important for Florida business owners. This legal document appoints a trusted individual to handle your financial concerns if you are incapacitated or die suddenly. Accidents, unexpected heath reversals, coma, dementia, and more can impair your ability to reason and make decisions. Your companys unique financial system demands a wise and experienced person to handle the transition when something happens to you. An attorney or other third party is often a great choice; they can be neutral and act as you would in the businesss best interests. Create and Regularly Update a Living Trust | Estate Planning AttorneyBusiness owners can own numerous assets that are vital to the companys operation. In fact, their absence may mean the failure of the business. A Living Trust can protect these assets and provide instructions for their disposition so the business can continue even after something happens to you. Keeping this vital document up-to-date is also critical, as circumstances can change often. A Living Trust is a legal document where you can name an individual or entity as the Trustee to manage the trust assets on behalf of your business. The assets are in the hands of a trusted person and can only be used to benefit the business. You can include instructions for selling them, investing them, or other directives as you choose. Sole proprietors especially need this legal protection because they are essentially the business. You want to protect any assets that are critical to your business operations. Create a Succession PlanA succession plan is a strategic blueprint for the seamless transition of your business management, ownership, and operations to successors or future generations. This vital aspect of business estate planning facilitates the smooth transition of your company to ensure its continued existence in a way that adheres to your original values and mission. Without a succession plan in place, battles for control and the companys assets are likely to ensure and destroy your legacy. Your succession plan spells out in advance who you trust to handle the business when you pass away or become unable to run it yourself. Larger businesses especially want to have this plan in place to reassure investors or other stakeholders that the company will continue on as before and that their investments are safe. Meet with a Business Estate Planning Attorney in Tampa There are other aspects of business estate planning that you need to consider, and a Business Estate Planning Attorney in Tampa can help you review your needs and create measures to protect your assets and legacy. At Mortellaro Law, we know business owners are busy people with full schedules. We can handle the details and legwork to help you protect your business and future while you work to grow your success. Contact Mortellaro Law in Tampa and schedule a consultation to discuss your business estate planning with an experienced attorney. Call us at (813) 945-6495 or request a consultation online at your convenience.

PaperworkPaperworkWhat Should I keep? Sorting through the paperwork of a deceased loved one is a daunting task. It is important to know what to keep and what to discard. Here are some helpful tips.  Deeds, Titles and Vehicle RegistrationsDeeds and titles to property may not be obvious on the face of the document so it is important to read everything carefully. Keep anything that has a legal description (Lots and Blocks or Metes and Bounds), a vehicle identification number (VIN), contains the word title, deed of trust or warranty deed.  ReceiptsSome property does not have a title such as a tractor, farm equipment or certain recreational equipment. In such cases, keep the purchase receipts for this type of property. It will be useful if there is a question about ownership, the value of the property or the date it was purchased.  Bank RecordsSave all bank records and statements. These will be valuable if a dispute arises about ownership of an account, payments or distributions made from the account and to whom. Shred unused checks.  Retirement AccountsSave all statements and records pertaining to the decedents individual retirement accounts (IRAs), 401(k) plans or pension plans.  Life Insurance PoliciesSave all life insurance policies.  Social Security Paperwork and Earning StatementsSave information about the decedents Social Security account or earning statements.  Cancel the Decedents Credit Card Accounts Nowadays, identity theft is a huge issue. Contact Experian, Equifax and TransUnion to report the death of your loved one. Request the credit report be flagged as Deceased. Being proactive prevents a lot of hassle later on.  Cancel all credit cards in the deceased persons name. Also, there may be questions about the credit card purchase of certain items or property. Save credit card statements until probate of the decedents estate is complete.  Documents that contain the decedents Social Security NumberIf you find any documents with the decedents Social Security Number and you make a determination that the documents are not going to be saved, make sure it all gets shredded.  Tax RecordsKeep the decedents tax records. There may be a question about real property valuation, exemption or other issues that can be resolved by information in a tax return.   Loan PaperworkKeep all loan paperwork including loans on property or a loan the decedent made to a relative, friend, individual or organization. This may show that there is outstanding debt or money owed to the decedents estate.  Business AgreementsSometimes people have business agreements that have been documented in writing. Such agreements may contain a succession plan, what should happen with business equipment or property, or what should happen upon the death of a business partner.  Military RecordsSave all military records just in case there are benefits owed to a survivor such as a spouse, dependent child or disabled child. Some benefits are dependent upon verification of military service during war time which occurred prior to the advent of computer records. This includes photographs taken during wartime.  Birth and Marriage CertificatesSave all birth and marriage certificates. Again, for certain benefits for survivors, such certificates may be needed.  Timeframe for Keeping PaperworkIt is advisable to keep these potentially important documents until the estate of the decedent is settled, at a minimum. Otherwise keep them at least seven years and longer if possible, especially if real estate is involved.  Contact Your AttorneyYour attorney will ask you pertinent questions and give you advice about what records to keep.  You should also review your own estate plan documents to make sure they are up to date and reflect your current wishes.  This article was written by Donna A. Schuyler, Attorney, who practices in the areas of estate planning, elder law, guardianship, and probate. Donna Schuyler Law, PLLC; elderlawboise.com. Phone 208-344-1947