Amy Phillips Featured on Sage Aging Podcast: Everything you need to know about estate planning
If the pandemic has taught us anything, it is the importance of life decisions such as wills and estate planning. We’ve all heard that saying “Nothing is sure but death and taxes,” but we at the Law Office of Amy L. Phillips, PLLC would argue that confusion surrounding legal matters as we age is a…
Read MoreVirtual Services in Estate Planning, Probate & Elder Law
We are pleased to announce that Amy L. Phillips, PLLC is now able to serve clients in two states, and recently opened a new office in Pittsburgh, PA with a focus on virtual estate planning services. This is in addition to our main office in Winter Haven, Florida. Now, with both locations, the firm has even…
Read MoreFAQ: If I have a will, won’t that keep my family from having to deal with probate after my death?
No. A will is a formal legal document that contains instructions on which property or money goes to which person, but it doesn’t mean probate won’t be necessary. Your will is a set of instructions to the probate judge, telling him or her about your intentions with your property. Any assets that only have your…
Read MoreFAQ: I know Medicaid has a 5-year lookback period for gifts, but can’t I give $14,000.00 to my kids each year without a penalty?
No. That’s a VERY common misunderstanding though! The $14,000.00 rule is a tax rule issued by the IRS. The 5-year lookback period is a rule related to Medicaid, and applies even to gifts that would be ok tax-wise. The IRS requires anyone who gifts more than $14,000.00* to any individual during any given year to…
Read MoreFAQ: Should I give my home to my child or add his or her name to the deed?
Maybe—but do so carefully. One of the biggest benefits of adding a child (or children) to your deed is avoiding probate. If done correctly, at your death, your children would automatically own your home, saving them the expense and time of a probate case. Avoiding probate can also help eliminate problems with creditors after your…
Read MoreFAQ: If I don’t have a will, will the State of Florida get my money?
No—that’s almost never the case. If you don’t have a will, your estate is what’s known as an intestate estate. That means you don’t have a last will and testament, but it doesn’t mean your family won’t inherit from you. The Florida Statutes on intestate estates assume that what most people will want is for…
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