Jennifer D. Sharpe, P.A.Jennifer D. Sharpe, P.A.2026-05-29T20:54:47Zhttps://www.sharpeplanning.com/feed/atom/WordPress/wp-content/uploads/sites/1204348/2019/12/cropped-fav-icon-32x32.pngOn Behalf of Jennifer D. Sharpe, P.A.<![CDATA[Gifting and estate plans: Tax implications in Florida]]>https://www.sharpeplanning.com/?p=483772026-03-25T12:50:11Z2026-03-25T12:50:11ZMany people in Fort Lauderdale, Florida choose to give financial gifts to family members during their lifetime rather than through their estate. While gifting can be a smart planning tool, large gifts trigger federal tax rules that can affect how much your heirs ultimately receive. Understanding these rules helps you avoid unintentional tax consequences that reduce your estate or create unexpected bills.
How federal gift tax rules work
The federal government imposes taxes on substantial gifts you make while you are alive. In 2026, the annual gift limit stands at $19,000 per person before you must file a gift tax return. This limit applies separately to each person you give to. Married couples can pool their limits to transfer up to $38,000 to any single individual each year.Transfers exceeding the annual limit reduce your lifetime estate and gift tax exemption. The One Big Beautiful Bill Act (OBBBA) raised this exemption to $15 million per individual (or $30 million for married couples) effective January 1, 2026. This exemption amount now remains fixed, with inflation adjustments starting in 2027. Exceeding this lifetime threshold triggers federal estate taxes at rates reaching 40%.Understanding these tax rules is important because large gifts reduce the assets you have available for your estate plan.
How gifting affects your estate plan
If you give away significant property during your lifetime, you may not have enough left to cover your needs or support your surviving spouse. Gifting also uses up your lifetime exemption, which means less protection for your estate when you die.Common gifting strategies that can affect your estate include:
Paying tuition or medical expenses directly to institutions (unlimited exclusion)
Contributing to 529 college savings plans
Transferring property to irrevocable trusts
Making annual exclusion gifts to reduce your taxable estate
These strategies can provide tax benefits, but they also permanently remove assets from your control. Once you make a gift, you cannot take it back if your financial situation changes.
Why professional guidance matters for gifting decisions
Tax laws change frequently, and gifting decisions made today can affect your estate for decades. An estate planning attorney with tax background can explain how current law applies to your situation and help you balance gifting with your long-term financial security. The gifts you make today can either secure your family's future or leave them vulnerable, depending on how well you plan.]]>On Behalf of Jennifer D. Sharpe, P.A.<![CDATA[What new parents need to know about estate planning]]>https://www.sharpeplanning.com/?p=483502026-01-16T16:05:00Z2026-01-23T16:03:23ZBecoming a parent changes how you think about the future. Suddenly, you worry about decisions regarding money and child care and everything feels more urgent. Without a clear plan, the state may step in to decide key issues about your family if something unexpected happens.
How important is estate planning once you have a child?
Parents are a child's natural guardians under Florida law, but you should still name a designated guardian in your will. If both parents die or cannot care for the child, a judge might pick someone who may not match your wishes. You need to name a primary guardian and at least one alternate so your child has a clear backup.
Key issues that affect young families
New parents often face the same core concerns when starting an estate plan. These issues tend to grow more complex as assets and responsibilities grow:
Who would raise your child if you pass away or become incapacitated
Who will manage the money meant for your child
How retirement accounts and life insurance pay out
How court involvement can delay access to funds
When these points remain unclear, families may face court delays, added costs and outcomes that do not match your final wishes.
How to protect your assets and wishes
Start by making a simple plan so your family knows what to do if something happens to you. A Durable Power of Attorney (DPOA) lets your spouse or someone you trust pay bills and manage accounts if you temporarily cannot.You should also name a healthcare surrogate to speak with doctors and make medical decisions for you. For new parents, this ensures you get the care you want so you can recover and care for your child.
Get legal guidance for clarity
Estate planning will not remove every risk, but it will give your family a clear path to follow during hard times. An experienced estate planning lawyer can explain how guardianship rules, taxes and probate affect your plan and help make sure it works the way you expect.]]>On Behalf of Jennifer D. Sharpe, P.A.<![CDATA[What is the probate process like in Florida?]]>https://www.sharpeplanning.com/?p=483392025-12-09T09:27:29Z2025-12-09T09:27:29ZHow Florida defines and addresses probate
Probate is a court-supervised proceeding that identifies and gathers a deceased person's assets, pays debts and distributes the remaining property to beneficiaries. The state recognizes three main approaches to probate:
Summary administration is available when the estate subject to administration is valued at $75,000 or less, excluding exempt property or when the decedent has been dead for more than two years. It is a shorter, less involved procedure than formal administration.
Formal administration is the default route and applies when an estate does not qualify for one of the other options. Most estates that contain significant probate assets or more complex issues proceed this way.
Disposition without administration applies only when the estate consists of exempt property or personal property valued at no more than the decedent’s final expenses. This option involves very little court activity and use of it is rare.
It is important to understand that some assets do not enter probate. Property you hold jointly with rights of survivorship and assets with named beneficiaries, such as life insurance policies or retirement accounts, along with assets placed in a trust, pass directly to the designated recipients instead of going through probate.
How the timeline can look
The progression of the probate process depends on the case, but most straightforward scenarios follow a similar sequence:
File the original will with the circuit court soon after learning of the death, usually within 10 days
Petition the court to admit the will and appoint a personal representative
Receive Letters of Administration to gain legal authority to manage the estate
Identify, locate and inventory all probate assets, usually filing the inventory within 60 days of receiving the letter.
Publish a Notice to Creditors in a local newspaper for unknown creditors and notify known creditors directly
Wait for the creditor claim period to end, typically 90 days from first publication or 30 days from direct notice, whichever is later
Pay valid debts, taxes and administrative expenses
File a final accounting with the court and distribute the remaining assets to beneficiaries
Most formal administrations in Florida take six to 12 months, though simple cases may finish in less than that. Complex estates with disputes, unusual assets or tax issues can take much longer. Planning for roughly a year helps everyone maintain realistic expectations.
Why working with an attorney can help
Florida law requires you to have a lawyer for most formal administrations. This means you will have an attorney to guide you as the personal representative and help you during court proceedings. They can also assist with preparing and filing required documents, ensuring statutory deadlines are met and helping resolve any disputes that arise during administration.]]>On Behalf of Jennifer D. Sharpe, P.A.<![CDATA[Understanding Florida’s probate process: How does it work?]]>https://www.sharpeplanning.com/?p=483272025-10-01T18:25:05Z2025-10-01T18:15:21ZWhat happens during probate?
Probate is the official process of authenticating a deceased’s last will and testament. Under court supervision, your loved one’s final wishes will be honored, and personal representative or “executor” administers their transfer of property. In this stage, they will begin to:
Contact the deceased’s list of beneficiaries
Notify the deceased’s creditors
Identify the deceased’s assets and estimated values
Settle the deceased’s outstanding bills, debts and taxes
Distribute the deceased’s property to their heirs
Close off the deceased’s estate by notifying the court
However, if your loved one passed away without a will, their probate process will follow a different path. Here, a court-appointed administrator will distribute their assets according to Florida’s intestate succession laws.
Under this law, your loved one’s distribution of assets will follow a hierarchy-based order of inheritance, where their family members will be the first in line to receive their probate assets.
Which types of property are exempt from probate?
Any property or assets placed in a living trust, life insurance policies, retirement accounts, real estate property with a valid transfer-of-death deed, and jointly owned property with rights of survivorship are exempt from probate.
Since these types of property have designated beneficiaries, they are transferred to the heirs and/or charitable organizations without the need of probate.
A lending hand in times of difficulty
If you are uncertain or feel overwhelmed by your loved one’s probate process, remember that it is okay to ask for assistance. With the guidance of a probate attorney, they can help you and your family prepare for the legal proceedings every step of the way.]]>On Behalf of Jennifer D. Sharpe, P.A.<![CDATA[Adulting 101: Why young adults need an advance directive]]>https://www.sharpeplanning.com/?p=482822025-08-19T17:07:58Z2025-08-08T09:48:22Z1. Ensuring your medical wishes are heard
Imagine a medical emergency, far from home, where you're unable to communicate your preferences. Without a living will, your parents or even the hospital might need to make difficult decisions without knowing your personal values. A living will allows you to specify what kind of medical care you want or don't want. This is particularly important for life-sustaining treatments. Do you want aggressive interventions, or would you prefer comfort care? This document ensures your doctors and family understand and respect your choices, providing peace of mind for everyone involved.
2. Appointing your trusted decision-maker
While a living will states your wishes, who will carry out those wishes if you're incapacitated? This is where a health care surrogate designation becomes vital. This document allows you to legally appoint a trusted individual – such as your parent, sibling or even a responsible close friend – to make medical decisions on your behalf if you cannot. Without this designation, your loved ones might have to go to court to get the authority to act, causing delays and added stress during an already difficult time.
3. Managing your personal affairs
It's not just about medical decisions. What if you're hospitalized and bills need to be paid, or a landlord needs to be contacted? A durable power of attorney allows you to designate someone to handle your financial and legal affairs if you become incapacitated. This person can access bank accounts, pay tuition, manage your apartment lease or even handle insurance claims. While not always directly related to a medical emergency, it ensures your practical responsibilities don't fall behind during a health crisis.
Your future, your voice
Creating an advance directive might not be at the top of your “adulting” checklist, but it’s an empowering step. It gives you control over your future and immense peace of mind. Florida law doesn't strictly require an attorney to draft these documents. Still, consulting with an estate planning lawyer offers invaluable clarity. They can help you explore all your options. They will help ensure your documents are legally sound and that your wishes will be accurately reflected. Taking this step now is a responsible way of protecting your future, providing certainty for yourself and your loved ones.]]>On Behalf of Jennifer D. Sharpe, P.A.<![CDATA[After a death in the family: Legal steps you should take]]>https://www.sharpeplanning.com/?p=482312025-06-16T13:52:44Z2025-06-16T13:52:44ZLosing a loved one is never easy. On top of the emotional toll, you also need to handle the legal and financial matters tied to their estate. This guide covers the key steps to take after a death, especially if the estate is in Fort Lauderdale or nearby Broward County.
Begin by addressing immediate tasks
Losing someone close to you is never easy, but taking care of a few important tasks early can help reduce stress and confusion in the days that follow.
Gather key documents: Locate the will, any prepaid funeral plans and request multiple certified copies of the death certificate
Notify family: Let close relatives and key contacts know about the death
Secure the home: Make sure the property is locked and valuables are protected
Confirm funeral arrangements: Finalize plans and contact the funeral provider if not already done
These early steps lay the groundwork for managing the legal and financial matters that come next. Once you complete these steps, your next focus is on managing the estate and understanding the legal process.
Do you need probate?
In Florida, probate is usually required to transfer property that was only in the deceased person’s name. This may include real estate, vehicles or accounts without a beneficiary. The court handles the probate process, settles debts and divides assets according to the will. If there’s no will, Florida law determines how to distribute the deceased’s assets.Whether probate is necessary depends on the estate and whether a will exists.
What happens if there’s no will?
If a valid will exists, it names a personal representative to manage the estate. If not, the court appoints someone, usually a close relative, to take over. That person then takes on all legal and financial duties related to the estate.Knowing who this person is helps clarify who will manage the process.
What does a personal representative do?
The personal representative collects assets, notifies creditors, pays off debts and distributes property to the rightful heirs. The law requires the representative to follow detailed steps. It may take several months and require clear and accurate records.Along with these duties, you must also handle several important tasks to keep the process moving.
Common legal and financial tasks
You must complete several important tasks when managing an estate in Florida. After a death, you may need to:
Close or transfer bank accounts and credit cards: Based on ownership and beneficiaries
Pay outstanding debts: Such as utilities and loans
Transfer titles for real estate and vehicles: According to the will or state law
Notify government agencies: Including Social Security and Medicare
File final tax returns: For income or estate taxes if required
Contact insurance and retirement providers: To initiate claims or transfers
Distribute personal property: According to the will or inheritance rules
Keep accurate records: For all estate transactions and communications
If you complete these tasks carefully, you'll stay compliant with Florida law.You may need legal help to prevent mistakes or delays.
When to contact a Fort Lauderdale probate attorney
Florida probate rules can be complicated. If your loved one lived or owned property in Broward County, a local probate lawyer can help you handle the estate. They can explain what’s required of you, help you file everything on time and handle any issues that arise.You don't have to manage the estate process by yourself. You can consult with a local probate lawyer, as they can give you confidence and support during this difficult time. ]]>On Behalf of Jennifer D. Sharpe, P.A.<![CDATA[Gifting and your estate plan]]>https://www.sharpeplanning.com/?p=480732025-04-23T19:10:44Z2025-04-23T19:08:54ZFlorida’s gift tax exemption
Florida’s newest gift tax exemption is $19,000. What this means is that you can give someone an asset of up to $19,000 without having to file a gift tax return.
The $19,000 gift tax exemption applies per person. For example, if you have four children, you can give $19,000 to each child without having to file a gift tax return. If you are married, you can give up to $38,000 in cash.
When you give more than that, you will need to file a gift tax return. However, that does not mean you will pay taxes on the money. The federal government allows you to give up to a certain amount during your lifetime or through your estate without paying gift tax through the unified gift tax and estate tax exemption.
Additionally, Florida does not impose a gift tax or a separate estate or inheritance tax. However, any amount you give beyond the $19,000 will be deducted from your lifetime limit.
When creating your estate plan, you must consider whether you want to give your assets as gifts while you are still living or wait until you pass away and they are distributed through your estate.
Factors to consider
One major factor in this decision is often who needs the money and when. If a family member or loved one needs money right now for a major purchase, such as a home, or financial difficulties, such as needing to pay off credit card debt or medical bills, you may want to give the gifts right now.
A benefit of giving during your lifetime is seeing your loved ones use your gifts, but this could also be a drawback. Perhaps you give your child a financial gift to pay off their credit card debt and they squander it on something else instead.
One option to avoid this situation is to give the money directly to the debtor or institution that it is owed to. Giving gifts this way not only ensures that the gift goes where you intend but allows you to avoid the lifetime gift and estate tax exemption. Therefore, you can give as much as you want without worrying about gift or estate taxes.
Living trust
Another option is to set up a living trust. A living trust is a legal arrangement that allows you to put assets under the management of a trustee. Title to the assets is then transferred to the trust.
The assets can transfer from the trust to your beneficiaries after you pass away, according to the rules you have outlined in the trust agreement. Assets in the living trust do not need to go through probate when you pass away and are typically shielded from creditors.
Depending on how your trust is set up, you may be able to still access the assets while you are still living.
Gift and estate tax laws often change. Getting current information and advice is essential when creating a gifting strategy.]]>On Behalf of Jennifer D. Sharpe, P.A.<![CDATA[Common mistakes when planning for long – term care]]>https://www.sharpeplanning.com/?p=480722025-07-22T18:00:11Z2025-03-27T19:30:18Z
Underestimating the cost: A lot of people are blown away by the cost of long-term care. Before nailing down a plan to address your potential care, you need a firm and realistic understanding of the potential costs involved. That way you’ll know how much money will be needed if long-term care becomes necessary. This can give you direction as far as how to plan and how to protect your other assets.
Thinking that you won’t need long-term care: Far too many individuals forego long-term care planning because they simply think that they won’t need it. But if you’re 65 or older, statistics show that you will have a 70% chance of needing some sort of long-term care in your lifetime. So, you’re better off planning for the worst and hoping for the best.
Waiting to plan until it’s too late: The best way to ensure that your potential long-term care needs are met is to start planning early. This is especially true since Medicaid has a lookback period when it comes to eligibility determination. So, if you don’t start planning early on, then you could be hit with penalties or completely be denied the assistance that you want and need.
Relying only on family: Some people think that they can count on their spouse or their children to take care of them as they become older and unable to care for themselves. While your loved ones may be willing to help you to a certain extent, expecting them to provide you with everything you need is a big ask. You don’t want your loved ones to become completely overwhelmed, and there may come a point when they’re simply unable to provide you with the care that you need. And if something happens that prevents your loved ones from stepping in to assist, then you can be left in a tough place with no plan and insufficient resources to cover your long-term care needs.
There can be a lot that goes into the estate planning process, but don’t let it all overwhelm you to the point that you procrastinate in creating the plan that you need. Instead, inform yourself as much as possible so that you can navigate the process with confidence, thus allowing yourself to rest assured that you’ve done everything possible to protect your future.
]]>On Behalf of Jennifer D. Sharpe, P.A.<![CDATA[Four first steps in creating your estate plan]]>https://www.sharpeplanning.com/?p=480712025-03-11T15:23:08Z2025-02-27T16:21:56ZThe first steps you should take to create your estate plan
There are so many decisions to be made during the estate planning process that it can quickly become overwhelming. But instead of trying to take on the whole process at once, you should think about taking it step-by-step, starting with the following:
Conduct an inventory: Before deciding how to dispose of your assets and writing down an asset distribution scheme, you should take inventory of your estate so that you know what you’re working with. By doing so, you’ll have a better sense of what assets you’ll want to leave to certain individuals. This gives you a strong starting point for creating an effective estate plan.
Identify your family’s needs: There’s a lot that can be accomplished through estate planning. But to choose the estate planning vehicles that are right for you, your estate and your loved ones, you have to identify your family’s needs. For example, if you have a loved one who needs to secure a college education, then you can create a trust and condition the release of trust assets on the completion of a college degree. Or if you have a loved who needs help controlling their spending of an inheritance, then you may want to utilize a spendthrift trust that restricts what assets are released at periodic increments.
Think carefully about your beneficiaries: In many instances, evenly dividing an estate amongst loved ones makes sense. But that isn’t always the case. In fact, there may be changed circumstances that warrant modifying an existing estate plan to ensure that your assets don’t end up in the hands of an individual who mismanages their inheritance. So, think carefully about who you want to inherit from you and to what extent.
Identify any directives you may need: Estate planning isn’t just about leaving assets to your loved ones. It’s also about preparing yourself for the possibility of incapacitation and any anticipated long-term care costs. Once you identify your potential needs, you can seek out estate planning vehicles that will lay out the directives necessary to protect your best interests.
Know how to create an estate plan that meets your needs
There’s a lot that goes into the estate planning process. You need to know how to navigate it to your advantage if you want to protect your finances, your interests and your vision of the future. That’s why now is the time to learn as much as you can about the estate planning process and what it can do for you.
]]>On Behalf of Jennifer D. Sharpe, P.A.<![CDATA[Steer clear of these probate-related mistakes]]>https://www.sharpeplanning.com/?p=480702025-03-11T14:54:22Z2025-01-25T15:52:28ZAvoid these mistakes when dealing with probate
There are several missteps that can be made when administering an estate. Some are minor or easily correctible, while others can have devastating consequences. Here are some of the more severe mistakes that you’ll want to avoid:
Neglecting to keep accurate and complete records: When you administer an estate, you’re responsible for keeping track of the estate’s assets and paying its debt obligations. You’ll also need to keep record of asset distributions. If you have incomplete or inaccurate accounting records, then your ability to fulfill the fiduciary duty will be drawn into question. This could lead to your own legal issues. So, read through everything like you’re a judge who is scrutinizing the records and itemize everything. Also, make sure that all changes in value to the estate are clearly documented and explained.
Failing to remain in contact with beneficiaries: As an estate executor, you should have the estate and its beneficiaries in mind with every action you take. Therefore, you should remain in close contact with heirs and beneficiaries identified by the estate. If you fall out of touch with them, then you could wind up under a cloud of suspicion, with each beneficiary suspecting you of wrongdoing. This is easily avoidable by simply remaining in touch, either directly or through your attorney.
Releasing assets too soon: When an estate goes through probate, creditors have a specified timeframe during which they can file a claim to recoup debts owed by the estate. If you succumb to pressure from beneficiaries who are looking to quickly seize their inheritance, then you could end up creating even more legal headaches for the estate that prove costly. So, be sure to educate yourself on the timeframes applicable to creditor claims and hold off on asset distribution until you’re in the clear.
Sitting on the estate for too long before initiating probate proceedings: You need to be timely in initiating probate proceedings, otherwise there may unexpected issues that arise. This can include the incurrence of additional fees and taxes, as well as threatened litigation by creditors and heirs. Make sure you understand your obligations as an estate executor so that you can take timely action to fulfill your duties.
Know how to navigate the probate process with confidence
There’s a lot to think about when you’re responsible for managing an estate. And the stakes are high. Fortunately, you don’t have to shoulder the burden on your own. Instead, you can secure assistance from your attorney, who can help you abide by the law, protect the estate and ensure that you fulfill your obligations as it relates to paying debt and distributing assets. With this assistance on your side, you can rest easy knowing that you’ll fulfill the vision that the estate plan’s creator envisioned.]]>