July 2019 Archives

Vetting your potential business partner

Finding a business partner who complements your personality, feeds your creativity and appreciates your goals is not easy. If you have found someone you think will work well with you, congratulations. However, it is still wise to proceed with caution before you sign contracts and commit to a partnership.

Medicaid Claim Against A Deceased Person's Estate

A common question which we encounter in our Florida estate and probate practice is whether a person's estate will owe any money to Medicaid upon the person's death. Usually the reason for their question is that the person has received Medicaid benefits prior to their death. Many times, those benefits were as a result of Medicaid paying for the deceased person's long term care in their final years.

What does it mean to get a "step-up" in basis on assets when a person dies?

In our estate and probate practice, beneficiaries often ask whether they will have to pay taxes on assets that they inherit. The answer to this often depends on what type of asset is involved and whether there is a gain or a loss on the asset. When a person owns property and they devise it to someone at death, in determining whether there's a gain or a loss for tax purposes, a determination must be made of the "basis" for the property. From the basis, it can be determined whether the value went up--a gain--or went down--a loss.

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