Avoiding Constructive Receipt: Paying Tuesday for a Hamburger Today

Wellington Wimpy, the gluttonous gourmand from the Popeye comics famously said, “I’d gladly pay you Tuesday for a hamburger today.” Although the payment was to be made at a later date (if at all), the agreement between Wimpy and the Rough House diner was made at the time the “sale” was consummated. Assuming Wimpy made good on his promise and paid for the hamburger on Tuesday, when did the diner receive its income? As even the most cursory glance at the burgeoning Internal Revenue Code will attest, this basic question of “When is income received?” is not as simple as …

Abandonment of Homestead Protection in Florida

Benjamin Franklin wrote in 1789 about the permanency of the newly-minted Constitution, “in this world nothing can be said to be certain, except death and taxes.”  Florida’s constitution is not so very permanent, insofar as Article XI, § 3 of the Florida Constitution provides that the people may revise the constitution by initiative (except for limiting the government’s ability to raise revenue).  There is, however, one element of the Florida Constitution that is nearly as inviolate as death and taxes: the Florida homestead. Homestead in Florida In general, a homestead is a primary personal residence situated on up to one-half …

A Digital Will for a Digital World

The Digital World When Copernicus announced that the Earth revolves around the Sun, there were likely some folks in his audience who politely nodded and returned to darning their socks, making pierogis, or whatever else 16th century Polish peasants were wont to do to pass the time.  Do not be a pierogi-making peasant, and pay heed to our equally revolutionary proposition: the world is becoming more and more digital each day, whether you like it or not, and it is high time to adapt – especially your estate planning procedures. Consider that by 2017, 92% of Americans were using the …

Demystifying Probate in Florida

As estate planning attorneys, we use the word “probate” so often that we lose sight of the fact that the concept is not so familiar to the uninitiated. Indeed, in our last article, we discussed avoiding “digital probate.” In the following article, not only will we define the term, but we will explain the nuances of the process in Florida. What is Probate? “Probate” comes from the same Latin verb as “prove” and “probative.” Indeed, probate literally means “something proved,” and for our purposes that “something” is a will. So, in a sense, probate is the process of “proving” a …

Estate Planning for Millennials

Confession I must confess something before we get to far into this post.  Despite my best efforts to act like a grumbly octogenarian whenever it’s not too socially uncouth—I am a millennial. What is a Millennial? Millennials, defined by the Pew Research Center, as those individuals born between 1981 and 1996, are commonly looked down upon by the Baby Boomers (1946-1964) and Generation X (1965-1980).[1] Often mistaken for hipsters, which is as much an overemphasized subculture of the millennial era as the beatniks were of the early Baby Boomer years, millennials often get a bad rap.  Not all of us …