Florida Real Estate Law: The 1031 Exchange

Tax-deferment strategies allow investors to defer state capital gains and recaptured depreciation taxes. Florida is the ideal place for a 1031 exchange; its strong tourism industry makes it an excellent place to own a vacation rental or investment property. To benefit from a 1031 exchange, you have to meet certain requirements and timelines. What Is a 1031 Exchange? Under section 1031 of the IRS Code, an Read More

What Happens If You Pass Away Without a Will?

You’ve heard it many times—estate planning is important. And yet, many people put off estate planning until it cannot be postponed any longer. Knowing exactly what will happen to your assets should you pass away without an estate plan in place may help you reach your estate planning goals a little more quickly. Living Trust First, it’s important to note that a will isn’t your only option for estate planning. In Read More

Estate Planning for the LGBTQ Community: 6 Documents You Need

The 2015 Supreme Court ruling legalizing same-sex marriage made basic marital rights available to the LGBTQ population, making the process of estate planning significantly easier. However, LGBTQ couples still must ensure that their documents are in order—if one spouse becomes incapacitated or passes away, the other party saves valuable time and minimizes their stress if they have all necessary documents on Read More

A Step-by-Step Guide to the Home Buying Process

You’ve spent weeks - maybe even months - searching for that perfect home. You visited several properties with your realtor, flushed all of the toilets, surveyed each room in the house, and did your research on every neighborhood. Finally, you found the perfect home. Unfortunately, some real estate transactions can fall through unexpectedly on the closing date. The good news is, however, issues that can stand in Read More

How Is Capacity Determined?

The concept of mental capacity comes into play in relation to a variety of issues related to estate planning. A person who lacks mental capacity cannot create a legally valid Will or any other estate planning documents such as a Power of Attorney, nor can they make any valid changes to an already existing estate plan. The lack of mental capacity of a testator (a person who has made a Will) is also one of the primary Read More

4 Reasons to Refinance Your Home

Mortgage refinancing is the process of replacing your current home loan with a new one. When you got your original home loan, you surely spent some time comparing different options in order to choose the one that would best suit both your needs and your financial situation. With time, however, your needs and external financial factors might have changed and now the terms of your current home loan no longer seem Read More

The Advantages and Disadvantages of Creating a Living Trust

If you are interested in the most effective ways to organize and transfer your assets and property to your heirs, you likely noticed that the words “living trust” tend to crop up frequently in conversations and resources surrounding estate planning. Creating a living trust may indeed prove to be a practical addition to your estate plan, entailing certain advantages that are unattainable by simpler estate planning Read More

3 Issues that May Turn Up During a Title Search

If your real estate purchase fell through because of an unexpected title issue that prevented closing from taking place, you may feel rightfully frustrated, disappointed, and even deceived. After all, it’s not easy to find a property that fits your personal needs and it may seem overwhelming if you have to go through that process all over again. Discouraging though it may be, however, buying property with an Read More

3 Reasons Why You Need a Trust

“Do I need a trust?” is one of the most frequent estate planning questions our attorneys at Schlegel Livingston, LLC get asked by our clients. Most people realize that trusts can bring certain financial benefits in the context of estate planning. However, relatively few know exactly what these benefits are and are unsure if creating a trust is worth the trouble. Others may feel that trusts only make sense for the Read More

4 Reasons to Have a Lawyer Help You Purchase Real Estate

Buying a new house for you and your family can be exciting and overwhelming at the same time. It is exciting because it likely represents a new chapter in your life and it also shows you’ve gained a measure of financial stability and independence. On the other hand, a real estate purchase can be somewhat intimidating. After all, it is both a huge investment and one of the most important financial decisions you’ll Read More