Under Florida law, “homestead” is defined as a half acre in a municipality and 60 acres in an unincorporated area. For Medicaid purposes the primary residence is known as the "homestead" and is an exempt asset (does not effect eligibility for Medicaid) so long as it is occupied by the applicant, the applicant's spouse or the applicant's minor, disabled or blind child. If you are single, up to $552,000.00 of equity in your homestead is exempt. The rest of the homestead equity
Probate is the process of settling the estate of a deceased person who owned assets in their individual name when they died. Probate has the following primary functions: It verifies the validity of your will. It inventories and establishes the value of your significant assets. It provides your creditors with the opportunity to make claims against your estate. It gives disgruntled family members a forum for challenging your will When the foregoing steps have been completed,
A QTIP Trust may sound like piece of cotton, but in reality it stands for a "Qualified Terminable Interest Property" trust. If you die first but want to determine who receives the trust property after your spouse dies, consider using a QTIP Trust. A QTIP trust operates much the same as a marital deduction trust, with one important exception: You, not your spouse, specify who receives the remaining property in the trust after your spouse dies. [Because a QTIP trust makes us
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