There are a number of unusual legal terms you may come across when preparing your Florida estate plan. One of them is “exempt property.” This term appears in a specific Florida statute that is part of the state's overall laws governing individual estates. So what does it mean? And is it something you need to think about when making a will or trust? Understanding Exempt Property When you die, your debts do not necessarily pass on with you. Your creditors may demand repayment of your debts from the assets in your estate. In order to ensure such demands do not leave your immediate family with nothing, however, Florida law exempts certain property from most creditor claims. This is what is known as “exempt property.” Exempt property protections only cover your spouse–if you were married at the time of your death– otherwise they pass on to any children who outlived you. By law, your spouse or children may claim the following types and amounts of property under the legal exemption: ● Up to $20,000 worth of “furniture, furnishings, and appliances” in your primary residence. ● 1 or 2 motor vehicles, provided neither weighs more than 15,000 pounds, and they are used by your “immediate family as their personal motor vehicles.” ● Any money you placed in a Florida 529 Savings Plan. ● If you are a public school teacher or administrator, any death benefit your family is paid if you are killed as the “result of an unlawful and intentional act.” You'll notice there are a lot of items omitted from the definition of exempt property. For example, it does not protect your jewelry. Nor does it cover your home or other real estate, although Florida law contains additional protections for your primary residence (or “homestead”). You should also know that exempt property does not protect any property subject to a “perfected security interest.” In plain English, if you used any of the exempt property described above as collateral, the lender may still be able to seize that item from your estate. So if you had an outstanding car loan one of your vehicles, your spouse cannot rely on the exempt property rule to prevent the lender from repossessing the vehicle. Exempt Property and Your Will Now you may be wondering, “Does the exempt property rule override my will?” For example, say you own a car that meets the exempt property requirements. Do you have to leave it to your spouse, or can you give it to your brother instead? The simple answer is that any property you specifically dispose of in your will is not subject to the exempt property rule. So if your will includes a clause that says, “I leave my 2010 Honda accord to my brother,” your spouse or children cannot use the exempt property rule to override your gift. Of course, this is only a hypothetical example. If you need more specific advice tailored to your own situation, you need to speak with a qualified Fort Myers estate planning attorney. Call the Kuhn Law Firm, P.A., at 239-333-4529 to schedule a free consultation with a member of our legal team today. Dear Doctors: Our family just spent two weeks passing around a nasty stomach flu. Now that we’re all OK, I realize I don’t know what hit us. Was it the same bug that gives you the regular flu? How does it get from one person to another? Dear Reader: What we commonly refer to as “stomach flu” is more accurately known as “viral gastroenteritis.” It’s different from the actual flu, which is a respiratory illness that affects the throat, nose and lungs. Unlike the flu, which is caused by the influenza virus, stomach flu typically arises from infection with a different set of viruses. They target the gastrointestinal tract, which includes the stomach and the large and small intestines. The two most common causes of viral gastroenteritis are rotaviruses and noroviruses. Rotavirus disease is most often seen in infants and young children. Older children and adults can also become infected, but their symptoms tend to be less severe. Noroviruses, which are the most common cause of stomach flu in adults, can affect children as well. Both rotaviruses and noroviruses are highly contagious. They spread through direct contact with contaminated food, drink, dishes, utensils and surfaces, and through close contact with an infected individual. Both of the viruses are shed in a contaminated person’s stool. If that person fails to thoroughly wash their hands after a bowel movement, they can spread the live virus to everything that they touch. Symptoms of viral gastroenteritis typically begin 12 to 48 hours after infection. They include stomach discomfort or cramping, feeling nauseated, vomiting, persistent diarrhea, loss of appetite and exhaustion. Some people also have muscle aches, headache or a low-grade fever. Diagnosis is based on someone’s symptoms, plus a physical exam. A stool sample may be used to rule out bacterial or parasitic illness, which can have similar symptoms. A mild case of viral gastroenteritis lasts for two to three days. A more severe infection can persist for a week or more. One of the risks of this type of illness is becoming dehydrated. This is due to the fluids lost through diarrhea and vomiting, which can be difficult to replace when you’re feeling too nauseated to eat or drink. This is particularly dangerous for the very young and for older adults. It’s important for someone with gastroenteritis to stay hydrated by drinking small amounts of clear fluids throughout the day. Drinking too much, or too quickly, can increase nausea. Younger and older patients may require special oral rehydration fluids. You should seek guidance on these from your health care provider. It’s important to be alert to signs of dehydration. These include dry skin, dry mouth, little or no urine, urine that is a deep yellow color, or feeling faint, dizzy or lightheaded. If these occur, seek medical help immediately. Since antibiotics don’t work against viruses, treatment focuses on easing the patient’s symptoms. This includes rest, hydration and a bland diet as you gradually ease back into eating. New parents might consider asking their pediatrician about the rotavirus vaccine, which is effective at preventing serious symptoms. How Does “Exempt Property,” Affect My Florida Estate Planning? ASK THE DOCTORS Stomach Flu Is Actually Viral Gastroenteritis Eve Glazier, M.D., MBA, and Elizabeth Ko, M.D. Sun Bay Paper Available Do you like this News Paper? Interested in having your own Franchise in your hometown or in taking over this one? Call Bobby at: 239-267-4000 Low Tide High Tide Fri, Jan 28 Tide Set One 08:58 PM 2.62 ft 04:47 AM -0.85 ft Tide Set Two ----- --- ----- --- Sat, Jan 29 Tide Set One 10:03 PM 2.76 ft 05:49 AM -1.12 ft Tide Set Two ----- --- ----- --- Sun, Jan 30 Tide Set One 02:57 PM 1.35 ft 06:42 AM -1.21 ft Tide Set Two 11:06 PM 2.82 ft 04:13 PM 1.35 ft Mon, Jan 31 Tide Set One 03:04 PM 1.28 ft 07:29 AM -1.21 ft Tide Set Two ----- --- 05:31 PM 1.18 ft Tue, Feb 1 Tide Set One 12:04 AM 2.82 ft 08:11 AM -1.12 ft Tide Set Two 03:15 PM 1.25 ft 06:35 PM 1.02 ft Wed, Feb 2 Tide Set One 12:57 AM 2.72 ft 08:47 AM -0.89 ft Tide Set Two 03:28 PM 1.31 ft 07:36 PM 0.82 ft Thu, Feb 3 Tide Set One 01:48 AM 2.53 ft 09:18 AM -0.62 ft Tide Set Two 03:42 PM 1.41 ft 08:36 PM 0.66 ft Tide Chart
RkJQdWJsaXNoZXIy MjA2ODE3