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When someone passes away, their heirs often receive a “step-up” in the cost basis of inherited assets, which can significantly reduce capital gains taxes. But not all transfers qualify for this valuable tax treatment. Understanding which assets don’t receive a stepped-up basis is just as important as knowing which ones do—especially when crafting a thoughtful estate plan.

What Is a Stepped-Up Basis?

A "stepped-up basis" adjusts the cost basis of an asset to its fair market value at the owner's date of death. This means that if the asset is sold shortly after being inherited, there may be little or no capital gains tax. However, certain transfers and types of property don’t qualify.

Transfers That Do Not Receive a Stepped-Up Basis

1. Lifetime Gifts

If you gift an asset to someone during your lifetime, they inherit your original cost basis—known as a carryover basis. This means any appreciation during your lifetime is still subject to capital gains tax when the recipient sells it.

2. Assets in Irrevocable Trusts (If Excluded from the Estate)

Assets transferred to an irrevocable trust may not receive a step-up in basis if they are not included in the decedent's taxable estate. The key issue is whether the decedent retained sufficient control or interest in the trust.

3. Jointly Owned Property (Depending on Contribution)

In joint tenancy with right of survivorship (JTWROS) or tenancy by the entirety, only the deceased owner’s portion receives a step-up in basis. The surviving owner’s share retains its original basis unless it can be shown they didn’t contribute to the purchase.

4. Retirement Accounts

Accounts such as IRAs, 401(k)s, and annuities are considered income in respect of a decedent (IRD) and do not receive a stepped-up basis. Beneficiaries are taxed on distributions at their ordinary income tax rates.

5. Income in Respect of a Decedent (IRD) Assets

These include:

- Accrued but unpaid wages or bonuses

- Deferred compensation

- Uncollected business income

- Installment sale balances

- U.S. savings bonds (e.g., EE or I Bonds)

- Accrued interest or dividends

These assets pass with their existing value and are taxed as income to the beneficiary.

6. Grantor Trusts Without Estate Inclusion

Assets in certain irrevocable trusts where the grantor retains no interest may not be included in the estate and therefore don’t receive a step-up. It depends heavily on the trust’s structure.

7. Some Business Interests

Certain partnerships and LLCs taxed as partnerships may limit the ability to apply a step-up in basis to underlying assets, especially where special tax elections (like §754) are not made.

8. Out-of-State Joint Property (in Community Property States)

In community property states, the entire property may receive a step-up when one spouse dies—but only if it’s titled as community property. If titled as joint tenancy, only half may qualify.

Why It Matters for Your Estate Plan

A key goal of estate planning is to minimize taxes for your beneficiaries. If you transfer assets during your lifetime or place them in structures that aren’t included in your estate, you may unintentionally forfeit the step-up in basis, leading to higher tax bills for your heirs.

If you have questions about how to protect your family's financial future and take advantage of the step-up in basis, contact Bart Scovill, PLC. We’re dedicated to helping Florida families plan wisely. https://scovills.com/?p=2498

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Few names are more recognizable in professional wrestling than Hulk Hogan. From his days headlining WrestleMania to his reality TV appearances, Hogan has lived much of his life in the spotlight. Off stage, he has also been through a highly publicized divorce, financial ups and downs, and ongoing questions about his wealth and property.

When celebrities face estate disputes, they tend to make headlines. But the truth is, estate planning issues that can affect Hulk Hogan’s estate are the same ones that can affect Florida families every day.

Celebrity Estates Draw Attention for a Reason

Hogan has owned several homes in Florida, including a waterfront estate in Clearwater. Because Florida’s homestead protections are some of the strongest in the country, his property ownership and estate planning decisions will determine how — and to whom — his assets can be passed.

Just as we’ve seen with other celebrity estates, the lack of a clear estate plan can spark confusion, family disagreements, and even litigation. A famous name just makes it more public.

Why Estate Planning Is Critical in Florida

Even if you don’t own a mansion on the water, Florida law applies to your home and property the same way it does for celebrities. Some key considerations:

Florida Homestead Protections

Florida’s constitution shields a homestead property from most creditors and restricts how it can be left to heirs. Without a properly structured estate plan, a surviving spouse and children may end up sharing interests in a property — sometimes leading to disputes or forced sales.

Divorce, Remarriage, and Blended Families

Hogan’s divorce and later remarriage highlight a common issue: estate plans must be updated after major life changes. Florida statutes can unintentionally give shares of an estate to former spouses or stepchildren if planning documents are outdated.

Privacy and Probate

When estates go through Florida probate, the court process and filings are public record. Celebrities are not the only ones who may want to avoid public exposure of their finances. A properly funded revocable trust can help keep family matters private.

Asset Protection and Financial Ups and Downs

Hogan has faced lawsuits and financial troubles over the years. For any Floridian, structuring ownership and beneficiary designations correctly can provide stability and help protect family members if unexpected financial issues arise.

The Lesson from Hulk Hogan’s Estate

Estate planning is not just for the rich and famous. The very issues that make headlines in celebrity estates — homestead restrictions, blended family disputes, probate battles — are the same ones that can create challenges for everyday Florida families.

By taking the time to put a thoughtful plan in place, you can protect your home, reduce stress on your loved ones, and ensure your wishes are carried out. https://scovills.com/?p=3023

Check out our latest video! https://www.youtube.com/watch?v=G0B3GcH5zjQ&list=PLx6egOLS1JzRoEq1yhMppLMYdDPmrWUFd&index=1

Business owners in Florida often want to ensure their company can pass smoothly to loved ones or successors without probate. But some businesses—especially professional service entities—can’t be directly titled into a revocable trust due to state licensing restrictions. That’s where a nomination agreement becomes a powerful tool.

What Is a Nomination Agreement?

A nomination agreement allows you to appoint someone (typically your revocable trust or the trustee) to receive ownership of your business interest in the event of death or incapacity, while you retain full control during your lifetime. This is particularly helpful for business interests that cannot legally be titled into a trust while you’re alive—such as those held by professional service entities like law firms, medical practices, or accounting firms.

In Florida, nomination agreements are especially useful for:

- Professional Associations (PAs) and Professional Limited Liability Companies (PLLCs) that restrict ownership to licensed individuals,

- Companies that require member approval for ownership transfers,

- Scenarios where ongoing control is desired during life, but probate or incapacity planning is still essential.

Why Not Just Assign the Business to the Trust?

For many types of businesses, a direct assignment to a revocable trust is ideal. But when that isn’t legally possible or strategically wise, a nomination agreement provides an alternative path that still avoids probate and supports incapacity planning.

With a nomination agreement:

- The business is not transferred during your lifetime.

- Upon your death or legal incapacity, the agreement activates and allows the trust or trustee to step in as nominee.

- The business stays compliant with professional licensing rules.

- Court involvement is avoided, and continuity is preserved.

How It Works in Practice

A typical nomination agreement:

- States that the business owner retains full rights and control during life.

- Nominates the trustee of the revocable trust to take over ownership upon death or incapacity.

- Is coordinated with governing documents (like an operating agreement or shareholder agreement).

- May be paired with other documents such as:

- A Durable Power of Attorney, and

- A Revocable Trust outlining specific business succession terms.

-

Advantages of Using a Nomination Agreement

✅ Avoids probate while respecting legal restrictions on ownership.

✅ Provides for incapacity, not just death.

✅ Preserves control of the business during your lifetime.

✅ Works well for professionals such as attorneys, doctors, accountants, or architects.

✅ Flexible for complex family or partner arrangements.

Cautions and Coordination

Nomination agreements should be:

- Clearly drafted with unambiguous triggering language for death or incapacity,

- Integrated with your estate plan and business documents,

- Kept up to date with changes in the business or applicable licensing rules.

Because nomination agreements don’t transfer title immediately, financial institutions or partners may require clarification if not properly documented. Legal guidance is essential.

Timing Consideration: 2025 Tax Law

Thanks to the One Big Beautiful Bill Act (OBBBA) passed in July 2025, the federal estate and gift tax exemption is now $15 million per person, indexed for inflation. This offers a significant opportunity for Florida business owners to:

- Review their business succession plans,

- Use revocable trusts and nomination agreements to avoid probate delays,

- Ensure that their company is protected in the event of either death or incapacity.

But with the exemption potentially sunsetting at the end of 2025, this is the ideal time for proactive planning.

Conclusion

A nomination agreement is a flexible and strategic tool for transferring Florida business interests into a trust when direct titling isn’t possible—especially for professional companies. By planning for both death and incapacity, business owners can maintain control during life while ensuring their company transitions smoothly when needed.

If you own a Florida business and want to protect it from probate and incapacity risks while keeping control today, contact Bart Scovill, PLC. We can help you implement nomination agreements and other tools to secure your business and legacy. https://scovills.com/?p=2451

Check out our latest video! https://youtu.be/r8fMcXI-Nig?si=VWNLNClb3z5zO8oS

When a loved one dies, grieving families are often faced with more than just emotional heartbreak—they’re thrust into a complicated legal process known as probate. While probate serves an important legal function by overseeing the distribution of a deceased person’s assets, the emotional toll it takes on families is frequently underestimated.

In this article, we’ll explore the emotional impact of probate and how careful planning and professional guidance can help families navigate this difficult time with less stress and more compassion.

1. Grief and Legal Deadlines Collide

The days and weeks following a death should be a time of mourning, reflection, and healing. Unfortunately, probate introduces a series of time-sensitive legal obligations. The personal representative (often a family member) must gather paperwork, notify creditors, file court documents, and oversee the distribution of the estate. This shift from grieving spouse or child to fiduciary administrator can feel overwhelming.

Common emotional struggles include:

- Feeling rushed to make decisions while still in shock

- Anxiety over making mistakes with legal documents

- Guilt or resentment among siblings or beneficiaries

For an overview of the probate timeline and steps involved, see Understanding the Florida Probate Process.

2. Family Tensions and Old Wounds

Probate can bring long-simmering family tensions to the surface. Who gets what, how quickly things are distributed, and who controls the estate can become flashpoints. Even in families with close bonds, the added stress of legal proceedings can lead to hurt feelings or disputes.

Examples of emotional conflict:

- One sibling feels left out or mistrusts the personal representative

- Disagreements over sentimental items not mentioned in the will

- Blame or second-guessing about end-of-life care or estate decisions

Want to avoid these conflicts in your own family? Learn How to Avoid Common Estate Planning Mistakes in Florida.

3. Loss of Privacy

Probate is a public process, meaning that court filings and estate inventories may be accessible to the public. For many families, this feels like a violation of privacy during an already vulnerable time. Sensitive details—such as the size of the estate or family conflicts—can be exposed, compounding feelings of stress or embarrassment.

4. Prolonged Grieving

The probate process can take months or even over a year to resolve, especially if the estate is complex or contested. This legal limbo can delay emotional closure. Families often describe a feeling of being unable to move forward—emotionally or financially—until the estate is settled.

If you're just starting this process, you may find our guide helpful: What to Do When a Loved One Dies in Florida.

5. Decision Fatigue and Burnout

Personal representatives are expected to make countless decisions, from managing property and paying bills to resolving claims and handling distributions. For someone already dealing with grief, these responsibilities can quickly lead to burnout, especially when layered on top of work and family obligations.

How to Minimize the Emotional Toll of Probate

Fortunately, there are steps families can take to ease the burden:

- Work with a compassionate probate attorney. A professional who handles the details can provide legal clarity and emotional reassurance.

- Encourage transparency and communication among family members. Clear communication helps reduce conflict and confusion.

- Consider mediation when disputes arise. Mediation can preserve family relationships while resolving disagreements.

- Plan ahead with an estate plan. Trusts and other tools can help avoid probate altogether, sparing your loved ones the stress.

Final Thoughts

Probate isn’t just a legal process—it’s an emotional experience that can challenge even the strongest families. By understanding the emotional impact of probate and seeking the right support, you can move through this journey with greater peace of mind.

At Bart Scovill, PLC, we’ve helped hundreds of Florida families navigate probate with compassion, clarity, and professionalism. If you’re facing the probate process after a loss—or want to help your family avoid it—contact us at 941-365-2253 or visit Scovills.com to learn more.

Need Help Navigating Probate?
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Serving as the Personal Representative (PR) of an estate in Florida comes with many responsibilities—including paying debts, taxes, and administration expenses. But what if the estate’s primary asset is real estate?

Can a PR sell estate property to cover costs?

Yes, but with specific requirements and limitations. Here’s what Florida law allows.

Authority to Sell Real Property in Probate

Under Florida Statutes §733.613, a PR may sell real estate without court approval if the will authorizes it. Otherwise, court approval may be required.

The PR must ensure:

- Proper notice is given to interested parties.

- Fair market value is obtained.

- The sale serves the best interest of the estate.

In formal administration, court orders are often necessary unless the decedent’s will gives the PR specific powers to sell without judicial oversight.

Common Reasons a PR May Need to Sell Property

- To pay valid debts of the decedent

- To cover administration costs (attorney fees, PR fees, filing fees)

- To distribute liquid assets to beneficiaries more equitably

- To avoid foreclosure or ongoing property costs

In estates with few liquid assets, a sale may be the only way to fulfill these obligations.

Does the New Tax Law Change This?

The 2025 federal tax bill significantly increased the estate tax exemption to $15 million per individual. For most Florida estates, this means fewer tax-driven sales.

However:

- Sales may still be necessary for debts, liquidity, or equitable distribution.

- If the estate is large enough to exceed the new exemption, or the PR is handling out-of-state property, tax considerations may still apply.

Practical Considerations

- Get an appraisal or market analysis before selling.

- Review the will carefully for powers of sale.

- File a petition for approval if needed.

- Work with a probate attorney to avoid unnecessary delays or legal disputes.

Need guidance on selling estate property in Florida?
Contact Bart Scovill, PLC for experienced probate assistance tailored to your needs. https://scovills.com/?p=2443

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In Florida estate planning, families often ask whether they should add someone to their bank account—and if so, should that person be a co-owner or just a signer? This seemingly simple decision can have significant legal and financial consequences.

Let’s break down what each role means and when one might be preferred over the other.

What Is a Co-owner on a Bank Account?

Adding someone as a co-owner (joint account holder) gives them full ownership rights to the account—both during your life and after your death.

✅ Pros:

- They can help manage finances or pay bills.

- Avoids probate: the account typically passes automatically to the surviving owner.

⚠️ Cons:

- The co-owner legally owns the funds—even if they didn’t contribute a penny.

- Vulnerable to the co-owner’s creditors, lawsuits, or divorce proceedings.

- May unintentionally disinherit other heirs if not coordinated with your estate plan.

What Is a Signer or Authorized User?

A signer is someone authorized to use the account to assist you but has no ownership rights. This is often called a “convenience account” or “agency arrangement.”

✅ Pros:

- Maintains your ownership and control.

- Limits exposure to the signer’s financial issues.

- Helps reduce risk of financial elder abuse.

⚠️ Cons:

- The account will still go through probate unless it has a payable-on-death (POD) designation.

- The signer may not be authorized to act after your incapacity (unless combined with a durable power of attorney).

Best Practices for Florida Residents

- Don’t rush to add a child or relative as a joint owner just for convenience.

- If your goal is simplicity or bill paying, consider:

- A signer arrangement,

- A Durable Power of Attorney, or

- A revocable living trust.

-

- For estate planning purposes, be aware that adding a co-owner could be treated as a taxable gift if they’re not contributing equally to the funds.

- Under the new tax bill passed in 2025, the federal gift tax exemption is higher—but improper titling can still create unintended tax and probate consequences.

Final Thoughts

Adding a co-owner or signer can be helpful—but if done incorrectly, it can undo years of thoughtful estate planning. If you’re unsure, it’s best to consult with a Florida estate planning attorney to evaluate your goals and risks.

Confused about how to title your bank accounts?
Schedule a consultation with Bart Scovill, PLC today to make sure your estate plan protects your goals. https://scovills.com/estateplanningnews/co-owner-vs-signer-bank-account-florida/

When music legend Jimmy Buffett passed away in 2023, he left behind a legacy of island escapism—and a substantial estate reportedly worth over $275 million. But even the most carefully laid estate plans can run into turbulence. A year after his death, Buffett’s widow, Jane Slagsvol, is embroiled in litigation with one of the trustees of his estate, accusing him of misusing funds and withholding information.

Buffett’s case highlights critical issues that Florida residents—and anyone setting up a trust—should understand. Here’s what happened, and what you can do to avoid similar complications.

The Buffett Estate Conflict: A Quick Overview

According to court filings, Jimmy Buffett appointed both his wife Jane and longtime financial advisor Richard Mozenter as co-trustees of his estate. Jane now alleges that Mozenter:

- Spent millions of dollars from the trust without proper documentation

- Refused to provide her with detailed financial records

- Threatened to delay distributions and impose penalties if she questioned his actions

She has asked the court to remove him as co-trustee, citing breach of fiduciary duty. While these allegations have yet to be fully resolved in court, they offer a cautionary tale for anyone planning their estate.

Lessons for Florida Residents Creating a Trust

1. Choose Your Trustees Carefully

Many people name family members or longtime advisors as trustees. But conflicts can arise if they don’t have clear boundaries, transparency, or experience managing trust assets. A trustee must:

- Act in the best interests of the beneficiaries

- Keep accurate records

- Avoid self-dealing or personal gain

If you’re naming multiple trustees, make sure they can work well together—or consider a professional trustee to minimize the risk of conflict.

2. Document Trustee Responsibilities Clearly

A well-drafted trust should spell out the trustee’s responsibilities, reporting obligations, and limits on their authority. This includes:

- How and when financial statements must be shared

- What expenses can be paid from trust funds

- What decisions require co-trustee agreement

In Buffett’s case, lack of clarity or oversight may have contributed to the current legal dispute.

3. Maintain Transparency

Trustees should communicate regularly with co-trustees and beneficiaries. Florida law requires trustees to keep beneficiaries informed and to provide accountings upon request. Failing to do so can lead to court intervention—or worse, removal.

4. Understand That Trusts Don’t Prevent All Disputes

A common myth is that using a trust guarantees a smooth transition. In reality, trusts are powerful tools, but only if properly administered. Disputes can still arise when:

- There is mistrust among family members

- A trustee refuses to share information

- There are significant assets at stake

The goal of your estate plan should be not just to transfer wealth, but to preserve harmony and clarity.

How You Can Avoid a Similar Outcome

At Bart Scovill, PLC, we’re experienced in helping Florida families create thoughtful, well-drafted estate plans. That includes helping you:

- Choose the right fiduciaries

- Draft clear trust terms and reporting requirements

- Guide your loved ones through administration after your death

Don’t leave your legacy to chance. If you have questions about setting up or updating your trust, we’re here to help. https://scovills.com/estateplanningnews/trouble-in-margaritaville-jimmy-buffett-estate-lessons/

When music legend Jimmy Buffett passed away in 2023, he left behind a legacy of island escapism—and a substantial estate reportedly worth over $275 million. But even the most carefully laid estate plans can run into turbulence. A year after his death, Buffett’s widow, Jane Slagsvol, is embroiled in litigation with one of the trustees of his estate, accusing him of misusing funds and withholding information.

Buffett’s case highlights critical issues that Florida residents—and anyone setting up a trust—should understand. Here’s what happened, and what you can do to avoid similar complications.

The Buffett Estate Conflict: A Quick Overview

According to court filings, Jimmy Buffett appointed both his wife Jane and longtime financial advisor Richard Mozenter as co-trustees of his estate. Jane now alleges that Mozenter:

- Spent millions of dollars from the trust without proper documentation

- Refused to provide her with detailed financial records

- Threatened to delay distributions and impose penalties if she questioned his actions

She has asked the court to remove him as co-trustee, citing breach of fiduciary duty. While these allegations have yet to be fully resolved in court, they offer a cautionary tale for anyone planning their estate.

Lessons for Florida Residents Creating a Trust

1. Choose Your Trustees Carefully

Many people name family members or longtime advisors as trustees. But conflicts can arise if they don’t have clear boundaries, transparency, or experience managing trust assets. A trustee must:

- Act in the best interests of the beneficiaries

- Keep accurate records

- Avoid self-dealing or personal gain

If you’re naming multiple trustees, make sure they can work well together—or consider a professional trustee to minimize the risk of conflict.

2. Document Trustee Responsibilities Clearly

A well-drafted trust should spell out the trustee’s responsibilities, reporting obligations, and limits on their authority. This includes:

- How and when financial statements must be shared

- What expenses can be paid from trust funds

- What decisions require co-trustee agreement

In Buffett’s case, lack of clarity or oversight may have contributed to the current legal dispute.

3. Maintain Transparency

Trustees should communicate regularly with co-trustees and beneficiaries. Florida law requires trustees to keep beneficiaries informed and to provide accountings upon request. Failing to do so can lead to court intervention—or worse, removal.

4. Understand That Trusts Don’t Prevent All Disputes

A common myth is that using a trust guarantees a smooth transition. In reality, trusts are powerful tools, but only if properly administered. Disputes can still arise when:

- There is mistrust among family members

- A trustee refuses to share information

- There are significant assets at stake

The goal of your estate plan should be not just to transfer wealth, but to preserve harmony and clarity.

How You Can Avoid a Similar Outcome

At Bart Scovill, PLC, we’re experienced in helping Florida families create thoughtful, well-drafted estate plans. That includes helping you:

- Choose the right fiduciaries

- Draft clear trust terms and reporting requirements

- Guide your loved ones through administration after your death

Don’t leave your legacy to chance. If you have questions about setting up or updating your trust, we’re here to help. https://scovills.com/?p=2501

In Florida estate planning, families often ask whether they should add someone to their bank account—and if so, should that person be a co-owner or just a signer? This seemingly simple decision can have significant legal and financial consequences.

Let’s break down what each role means and when one might be preferred over the other.

What Is a Co-owner on a Bank Account?

Adding someone as a co-owner (joint account holder) gives them full ownership rights to the account—both during your life and after your death.

✅ Pros:

- They can help manage finances or pay bills.

- Avoids probate: the account typically passes automatically to the surviving owner.

⚠️ Cons:

- The co-owner legally owns the funds—even if they didn’t contribute a penny.

- Vulnerable to the co-owner’s creditors, lawsuits, or divorce proceedings.

- May unintentionally disinherit other heirs if not coordinated with your estate plan.

What Is a Signer or Authorized User?

A signer is someone authorized to use the account to assist you but has no ownership rights. This is often called a “convenience account” or “agency arrangement.”

✅ Pros:

- Maintains your ownership and control.

- Limits exposure to the signer’s financial issues.

- Helps reduce risk of financial elder abuse.

⚠️ Cons:

- The account will still go through probate unless it has a payable-on-death (POD) designation.

- The signer may not be authorized to act after your incapacity (unless combined with a durable power of attorney).

Best Practices for Florida Residents

- Don’t rush to add a child or relative as a joint owner just for convenience.

- If your goal is simplicity or bill paying, consider:

- A signer arrangement,

- A Durable Power of Attorney, or

- A revocable living trust.

-

- For estate planning purposes, be aware that adding a co-owner could be treated as a taxable gift if they’re not contributing equally to the funds.

- Under the new tax bill passed in 2025, the federal gift tax exemption is higher—but improper titling can still create unintended tax and probate consequences.

Final Thoughts

Adding a co-owner or signer can be helpful—but if done incorrectly, it can undo years of thoughtful estate planning. If you’re unsure, it’s best to consult with a Florida estate planning attorney to evaluate your goals and risks.

Confused about how to title your bank accounts?
Schedule a consultation with Bart Scovill, PLC today to make sure your estate plan protects your goals. https://scovills.com/?p=2439

Check out our latest video! https://youtu.be/hR9FQmt5x18?si=3vhyLW7lhafQ5Xo-

Sonny Bono was known for his success as a singer, actor, and politician—but when he tragically died in a 1998 skiing accident, he left behind something that shocked the legal world: no will.

While Bono’s life was colorful and high-profile, his lack of basic estate planning led to complications that could have easily been avoided. His case is a powerful reminder that no matter how famous—or seemingly organized—you may be, dying intestate (without a will) can cause a cascade of legal and emotional trouble for your loved ones.

What Went Wrong?

1. No Will, No Direction

Despite his wealth and public status, Sonny Bono never created a will. That meant the laws of intestate succession determined how his estate would be distributed—rather than Bono’s own wishes. In California, this meant his wife, Mary Bono, and his two children were considered heirs.

2. A Surprise Child Emerged

Shortly after Bono’s death, a man named Sean Machu came forward claiming to be Bono’s illegitimate son and sought a share of the estate. Although he ultimately withdrew his claim, the emergence of an alleged child illustrates a key risk of dying without a will—unexpected heirs can appear, and courts must take them seriously.

3. Cher’s Legal Involvement

Bono’s ex-wife and former music partner, Cher, also entered the fray. She filed a claim for unpaid spousal support and royalties. Since divorce decrees and past obligations can persist beyond death, Cher's claim had to be litigated alongside the rest of the estate issues.

Key Probate Lessons from Sonny Bono’s Estate

1. Always Have a Will—No Matter What

Even a simple will could have prevented most of the conflict. Without it, state law dictates who inherits, and the process is rarely aligned with what the deceased would have wanted.

2. Address Paternity and Potential Heirs

When a will exists, it can explicitly disinherit someone or clarify family relationships—avoiding prolonged court inquiries into paternity and surprise heirs.

3. Don’t Forget Divorce Obligations

Estate plans should account for existing divorce decrees, spousal support, and royalty rights. These don’t automatically disappear at death. If you have an ex-spouse, consult your estate planning attorney to ensure everything is covered.

4. Update Your Plan After Life Changes

Marriage, divorce, political career, new children—Bono had all of these. Major life events should always trigger a review and possible update of your estate plan.

Why This Matters for Florida Residents

Under Florida probate law, dying intestate can have serious consequences, especially if you’re in a blended family, have children from prior relationships, or own property outside of Florida. Without a will, your estate may pass in ways you never intended, and disputes can delay the process and increase costs.

→ Understanding the Probate Process: What to Expect in Florida→ Avoiding Common Estate Planning Mistakes in Florida

Final Thoughts

Sonny Bono's estate serves as a cautionary tale for anyone who hasn't taken the time to draft a will. While his case played out in California, the same principles apply here in Florida. Whether you're managing royalties or just want to make sure your home passes to the right person, proactive estate planning is essential.

At Bart Scovill, PLC, we help Florida residents ensure their legacy is protected and their loved ones are spared unnecessary conflict.

Don’t leave your family guessing.Call 941-365-2253 or email firm@scovills.com to schedule a consultation today. https://scovills.com/?p=2387

Check out our e-foiling lawyer with more Myths. https://youtu.be/nzOl6WFnxKI?si=Kb1BTfdpAtt6Z_WX

If you’re creating an estate plan in Florida and own a boat—whether it’s a modest fishing skiff or a luxury cruiser—you may be wondering: should that boat be placed into your revocable trust?

The answer depends on your goals, the boat’s value, and how your assets are structured. Let’s look at the key considerations.

Why You Might Put a Boat in a Revocable Trust

1. To Avoid Probate

One of the main reasons people use revocable trusts is to avoid probate, the court-supervised process of transferring assets after death. In Florida, probate can be time-consuming and public. If your boat is titled in your name alone, it will likely have to go through probate unless it's in your trust.

2. To Keep Your Affairs Private

Probate records are public. If you prefer to keep your beneficiaries, asset values, and estate plan private, a revocable trust helps accomplish that. Your boat can pass quietly to your chosen heir without court involvement.

3. To Ensure a Smooth Transfer

Boats that are in a trust can be managed or transferred by your trustee without delay, which is particularly helpful if a surviving spouse, family member, or business partner needs immediate access.

4. If the Boat Is Tied to Other Property

For boats used at a vacation home or as part of a rental or business asset, titling it in the trust keeps everything under the same management umbrella.

When a Trust Might Not Be Necessary

1. The Boat Is of Low Value or Untitled

Many small boats or personal watercraft (like kayaks or canoes) are not titled or registered. In such cases, the hassle of retitling the boat into the trust may outweigh the benefit.

2. The Estate Qualifies for Simplified Probate

If your estate is modest, your heirs may be able to use Florida’s summary administration process, making trust planning for the boat less urgent.

3. Registration or Insurance Complications

Some marinas, insurers, or government agencies may have additional paperwork requirements for boats owned by trusts. It’s manageable, but it’s worth checking with your insurer or agent first.

How to Put a Boat into a Trust

If you decide to go ahead, here’s how it’s done:

- Check title and registration requirements with the Florida Department of Highway Safety and Motor Vehicles.

- Update the title to reflect the trust name. For example:“John Doe, Trustee of the John Doe Revocable Trust dated January 1, 2020.”

- Notify your insurance company and marina, if applicable.

- Include the boat on your trust schedule or assignment of personal property to document its inclusion.

If you prefer not to retitle now, you could at least include language in your trust or will allowing the trustee to collect or manage the boat after your death—though this might still require probate.

Take the Helm of Your Estate Plan

Your estate plan should work as smoothly as your time on the water. Let Bart Scovill, PLC help you protect your boat and other assets with confidence and clarity.

Schedule your consultation today:
📞 941-365-2253
📧 firm@scovills.com
🌐 www.scovills.com https://scovills.com/?p=2405

Our latest installment of Estate Planning & Probate Myths & Mistakes! https://youtu.be/DelA2GQ7I9c?si=E1Y8cQoVlHmDLu9n

The recently passed “One Big Beautiful Bill Act” (OBBBA) marks a significant shift in estate planning for high-net-worth families. While the bill has not yet been signed into law, it has already passed the House and is expected to be enacted soon. Here’s what you need to know about how this legislation affects your estate plan—especially if you’re planning for assets over $7 million.

🚨 The Big Change: Higher Estate Tax Exemptions Made Permanent

Beginning in 2026, the federal estate and gift tax exemption will be permanently set at $15 million per person (or $30 million for married couples), indexed for inflation moving forward.

What This Means for You:

- If your estate is under $15 million, you likely won’t owe federal estate taxes.

- If your estate is between $7 million and $15 million, this change eliminates the urgency to make large gifts before 2026.

- For ultra-high-net-worth families, this presents new opportunities for long-term planning without fear of the exemption being slashed in future years.

📊 The Generation-Skipping Transfer (GST) Tax Exemption Also Rises

The GST exemption, which allows assets to skip a generation (such as passing directly to grandchildren), will also be set at the new $15 million level and adjusted annually for inflation. This makes dynasty trusts and multigenerational planning significantly more powerful and predictable.

🧾 Non-Tax Reasons to Still Do Estate Planning

Even if your estate falls below the new exemption level, estate planning is still essential for:

- Avoiding probate

- Protecting minor or disabled beneficiaries

- Managing incapacity with powers of attorney and advance directives

- Ensuring privacy and avoiding family disputes

- Creating succession plans for family businesses

🛠️ Estate Planning Strategies to Consider

StrategyPurposeDynasty TrustsMaximize long-term family wealth protection across generations.Spousal Lifetime Access Trusts (SLATs)Allow gifting while retaining access to funds.Annual GiftingContinue leveraging the $18,000 per person annual exclusion.Grantor Retained Annuity Trusts (GRATs)Transfer appreciating assets while minimizing gift tax.Charitable Giving VehiclesAlign philanthropy with tax and legacy goals.

Now is the time to reassess your trust structure, gifting plans, and family business succession documents to make sure you’re aligned with these changes.

📅 Why Timing Still Matters

If your estate is approaching or exceeds the $15 million threshold, proactive planning remains critical. Certain strategies—like irrevocable trusts—require time to implement, and early action can lock in advantages before further law changes or asset appreciation.

🔍 Bottom Line

The OBBBA brings welcome relief and planning certainty to many families, but it doesn’t eliminate the need for a sound estate plan. If anything, it creates a valuable opportunity to simplify and strengthen your planning under a more favorable tax structure.

Whether your goal is to minimize taxes, protect beneficiaries, or preserve family harmony, now is the perfect time to review or create your estate plan.

📞 Ready to Revisit Your Estate Plan?

At Bart Scovill, PLC, we focus on crafting customized estate plans that match your goals, protect your legacy, and make life easier for your loved ones.

Call us at 941-365-2253📧 Or email: firm@scovills.com🌐 Learn more: Scovills.com

📚 Sources

- MarketWatchEven with the megabill’s higher $15 million estate-tax exemption, estate planners won’t be out of jobshttps://www.marketwatch.com/story/even-with-the-megabills-higher-15-million-estate-tax-exemption-estate-planners-wont-be-out-of-jobs-f2241ae2

- ForbesEstate Planning and the Final OBBBA: Key Changes High-Net-Worth Individuals Must Knowhttps://www.forbes.com/sites/matthewerskine/2025/07/03/estate-planning-and-the-final-obbba-key-changes-high-net-worth-individuals-must-know

- Frost Brown Todd LLPOne Big Beautiful Bill Act Enacts a Permanent Increase in the Estate and Gift Tax Lifetime Exclusion Amounthttps://frostbrowntodd.com/one-big-beautiful-bill-act-enacts-a-permanent-increase-in-the-estate-and-gift-tax-lifetime-exclusion-amount-for-2025-and-later-years

- The Wall Street JournalTrump Bill Would Raise Estate Tax Exemption to $15 Million and Make It Permanenthttps://www.wsj.com/personal-finance/tax-bill-estate-taxes-changes-cec157ff

- The Washington PostThe U.S. is giving up on taxing inheritanceshttps://www.washingtonpost.com/business/2025/06/18/inheritance-tax-exemption-increase https://scovills.com/?p=2447

Check out our latest Estate Planning myth… https://youtu.be/hJTjZoQ233E?si=u8DgWu2wOA-HG9ly

On July 4, 2025, Congress passed—and President Trump signed—the “One Big Beautiful Bill,” a sweeping piece of legislation that dramatically reshapes taxes, federal benefits, and spending priorities.

For Florida residents, the bill’s effects are especially important to understand. Our state has a high share of seniors, Medicaid recipients, and working families who may gain or lose depending on their income level. Below is a breakdown of the bill’s key provisions and how they’re likely to affect Floridians from all walks of life.

This analysis is provided by ChatGPT, based on the full text of the bill and independent sources like the Congressional Budget Office (CBO), Joint Committee on Taxation (JCT), and respected media coverage.

🧾 What’s in the Bill?

- Tax Cuts Extended: Makes the 2017 individual and estate tax cuts permanent.

- New Deductions: Includes deductions for overtime pay, tips, EV/auto loans, and a special senior deduction.

- Child & Family Provisions: Increases the Child Tax Credit and introduces a $1,000 newborn bonus through a “Trump Account.”

- Cuts to Medicaid & SNAP: Reduces access and increases requirements for these programs—used by over 5 million Floridians.

- Environmental Rollbacks: Repeals many green energy incentives.

- Increased Spending Elsewhere: Expands defense and immigration enforcement budgets.

- Adds to the Deficit: CBO estimates an increase of up to $3.4 trillion over 10 years.

📊 What It Means for Florida Families

🧺 Low-Income Households (Bottom 20%)

- Tax Relief: Around $250–$300/year.

- Biggest Losses: Medicaid and SNAP eligibility will shrink, and copays will rise.

- Florida Impact: With Florida having one of the largest uninsured populations in the country, this may increase pressure on hospitals and local services.

- Net Result: Negative. Low-income Floridians likely to lose more in benefits than they gain in tax savings.

“Many low-income Floridians—especially seniors, disabled residents, and working parents—face greater health and financial risks due to benefit reductions.”

— ChatGPT, based on CBO and Florida policy data

🧮Lower-Middle Income ($15K–$50K)

- Tax Rate Drop: 7–27% cut, especially helpful for service workers (common in Florida’s tourism and hospitality sectors).

- Trump Account + Child Credit: Big boost for young families, especially in high-growth counties like Hillsborough and Lee.

- Medicaid Exposure: Risk of losing coverage remains high in this bracket.

- Net Result: Somewhat positive if benefits remain intact—but fragile.

👪Middle Class ($50K–$150K)

- Tax Cuts: Savings of $250 to $1,700/year.

- New Deductions: Especially valuable in retirement-heavy regions like Sarasota, where the new $6,000 senior deduction can help fixed-income retirees.

- Child Credit: Increased to $2,500 through 2028.

- Net Result: Generally positive. Many Floridians in this bracket benefit.

💼Upper-Middle Class ($150K–$500K)

- Expanded SALT Deduction: Raised to $40,000—a major perk in wealthier counties like Palm Beach and Collier, though Florida lacks a state income tax.

- Pass-Through Income Benefits: Business owners, especially in real estate and consulting, get enhanced deductions.

- Net Result: Clearly positive. High deduction caps favor this group.

💰High-Income Households ($500K+)

- Estate Tax Breaks: Florida families with large estates now benefit from a $15 million exemption—ideal for protecting real estate and investment portfolios.

- High-Dollar Savings: Households in this bracket save an average of $30,000+ annually.

- Net Result: Major winners—especially in areas like Naples, Windermere, and Coral Gables.

“High-income Floridians with generational wealth and business interests stand to gain the most from this law.”

— ChatGPT, referencing JCT and tax foundation analysis

📉 Florida Medicaid and SNAP Impact

- Florida Medicaid Enrollment: Over 5.2 million people are enrolled, including children, seniors, and disabled adults.

- SNAP Participation: Nearly 3 million Floridians rely on food assistance.

- New Requirements: The bill introduces work reporting rules, co-pays, and state cost-sharing, which will be felt quickly in rural and underserved counties.

“Florida could see tens of thousands lose health or food benefits unless the state adapts quickly to federal changes.”

— ChatGPT, interpreting Medicaid policy impacts

🗳️ Could This Affect Florida Elections?

Yes—especially in swing regions:

- Low-income and retiree-heavy areas (like Pasco, Polk, and Pinellas) could swing based on benefit cuts.

- High-income districts (like parts of Miami-Dade or coastal Sarasota) may favor the tax benefits.

- Awareness is still low, but rising—polls show that when voters learn the details, disapproval grows.

🧠 Bottom Line for Florida

The One Big Beautiful Bill provides tax relief for many Floridians—but it also threatens access to critical services for the state’s most vulnerable. As a state with no income tax, Florida doesn’t benefit as much from SALT changes, but retirees, business owners, and high earners do very well under the bill.

According to ChatGPT, which reviewed both the text of the bill and nonpartisan analysis, the effects in Florida are starkly unequal:

- High earners win big.

- Middle class see modest gains.

- Low-income Floridians face tough losses in healthcare and nutrition support.

📚 Sources

- Congressional Budget Office

- Joint Committee on Taxation

- Florida Agency for Health Care Administration

- Florida Department of Children and Families

- Washington Post

- AP News

- One Big Beautiful Bill – Full Text

⚖️ Wondering how the new tax law impacts your estate or benefits in Florida?

Let us help. Contact Bart Scovill, PLC at Scovills.com or call 941-365-2253 to schedule a personalized consultation. https://scovills.com/?p=2433

Myth: My Spouse Will Get Everything Automatically

Check out our latest video from the Estate Planning Myths & Mistakes series. https://youtu.be/NWl03zp4slE?si=cuafXhYSDSEHf9tZ

When preparing an estate plan or administering a probate estate, one of the first questions an attorney must answer is: Where was the decedent domiciled? This simple question can have significant legal consequences. Domicile affects everything from which state’s probate laws apply to whether certain tax benefits or exemptions are available.

What Is Domicile?

Domicile refers to a person’s fixed and permanent home—the place they intend to return to, even if they are temporarily living elsewhere. It is not the same as residence. A person can have multiple residences, but only one domicile.

Why Domicile Matters

Domicile is important in both estate planning and probate because:

- It determines which state’s probate court has jurisdiction.

- It affects how state taxes apply, including estate or inheritance taxes in some jurisdictions.

- It impacts elective share rights and spousal entitlements.

- It governs homestead protections, especially in states like Florida.→ How Florida Homestead Laws Apply to Mobile Homes

How Domicile Is Determined

Courts consider several factors to determine a person’s domicile. No single factor is controlling; instead, it’s a holistic analysis of the person’s intent and actions. Some of the most common indicators include:

- Physical presence: Where the person lives most of the time.

- Driver’s license and vehicle registration: Where these are held or registered.

- Voter registration: Which state they are registered to vote in and where they actually vote.

- Mailing address and home ownership: Especially where they receive important documents like tax returns and bills.

- Declarations of domicile: A sworn statement filed with the county in Florida stating the person’s intent to make Florida their permanent home.

- Employment and professional licenses: Where they work or hold business licenses.

- Statements of intent: Such as in a will, trust, or other legal documents.

In Florida, a Declaration of Domicile can be filed with the clerk of court to show intent to be domiciled in the state. While helpful, it is not dispositive on its own.

Special Situations

Snowbirds and Multiple Residences

Many people spend part of the year in Florida and part elsewhere. This can create confusion about where they are domiciled. In these cases, courts will examine the totality of the circumstances, often placing heavy weight on where the individual votes, files taxes, and declares their primary home.

Domicile and Probate Jurisdiction

If a decedent was domiciled in Florida at the time of death, the probate proceeding should be filed in the county where they resided. If they owned property in another state, ancillary probate may be required there.→ What is Ancillary Probate and Why It's Important for Florida Property

→ Understanding the Probate Process: What to Expect in Florida

Planning Tips to Establish Florida Domicile

For clients seeking to establish Florida as their domicile (often for tax or asset protection reasons), consider the following:

- File a Declaration of Domicile.

- Obtain a Florida driver’s license and register vehicles in Florida.

- Register to vote in Florida and vote locally.

- Update estate planning documents to reflect Florida as the intended domicile.

- File federal income taxes using a Florida address.

→ Estate Planning for Retirees Moving to Florida

Frequently Asked Questions

What is the difference between domicile and residence?Domicile is your permanent legal home, while residence is any place where you live temporarily or seasonally.

How do I prove Florida is my domicile?You can prove domicile with a Declaration of Domicile, Florida driver’s license, voter registration, and using a Florida address on your tax return.

What if someone dies with property in multiple states?Florida will handle the main probate if the person was domiciled here, but ancillary probate may be required for out-of-state property.

Final Thoughts

Domicile plays a pivotal role in how an estate is planned and administered. If there is any ambiguity about where a person is domiciled, it can result in delays, legal disputes, or even competing probate claims in multiple states.

At Bart Scovill, PLC, we help clients clarify and document their domicile to ensure their estate planning goals are carried out efficiently and effectively.

Ready to confirm or update your Florida domicile?Call us today at 941-365-2253 or email firm@scovills.com to schedule a consultation. We proudly serve clients throughout Sarasota, Manatee, and surrounding areas. https://scovills.com/?p=2384

Myth: A Power of Attorney Is Good After Death

❌ Myth: A Power of Attorney Is Good After Death

This is one of the most common misconceptions I hear.

A power of attorney is only effective during someone's lifetime. Once a person passes away, the authority it grants ends—immediately.

▶️ Watch this week’s video to learn what happens next and who actually has authority after death:


https://youtu.be/PBOhP_t9JZs

💼 I’m Bart Scovill, a Florida estate planning attorney helping families plan smart and avoid surprises.

🔗 Learn more at Scovills.com

https://youtu.be/PBOhP_t9JZs?si=cBcOKf4ujEve7QBI

Many Florida residents make “avoiding probate” a top priority in their estate planning—but is it always necessary?

Probate is the court-supervised process of distributing a deceased person’s assets. In Florida, this process can be public, time-consuming, and costly. However, depending on your assets and family situation, avoiding probate might not be essential—or might be critical.

Why People Want to Avoid Probate

- Privacy concerns: Probate is a public record.

- Time delays: Probate in Florida can take months—or even years.

- Costs: Legal fees and court costs can reduce the estate value.

- Out-of-state property: Triggers additional probate in those states.

Ways to Avoid Probate in Florida

- Revocable living trust: A trust holds your assets and allows them to pass without court involvement.

- Lady Bird deed: Transfers real estate automatically at death.

- Beneficiary designations: For life insurance, retirement accounts, and payable-on-death (POD) bank accounts.

- Joint ownership with rights of survivorship

Should You Avoid Probate?

It depends on your situation. Probate can be smooth in simple estates—but if you want privacy, control, or have complex assets, planning to avoid probate may be wise.

Bart Scovill, PLC can help you evaluate the best strategies for your estate. Contact us at 941-365-2253 or visit Scovills.com to schedule a consultation. https://scovills.com/?p=2374

Do you own property outside of Florida? If so, your estate plan needs special attention to avoid ancillary probate—a separate probate process in another state.

Why This Matters

Even if you live and die in Florida, property located in another state (such as a cabin in North Carolina or a condo in Chicago) must go through probate in that state unless properly titled.

Solutions

- Revocable Living Trust: Transferring out-of-state property into your trust avoids probate in both Florida and the other state.

- Limited Liability Company (LLC): In some cases, placing the property in an LLC can simplify transfers.

- Joint ownership or Transfer-on-Death Deeds: May work in some states, but not all recognize these tools.

Plan Ahead

Failing to plan means your heirs may face unexpected legal processes in multiple states.

We can help you ensure your estate plan works seamlessly across state lines. Contact Bart Scovill, PLC today at 941-365-2253 or visit Scovills.com. https://scovills.com/?p=2371

What Happened?

When Aretha Franklin died in 2018, her family believed she had no will. Later, multiple handwritten wills were discovered, each with different instructions for her $80 million estate. The conflicting wills sparked confusion and disputes among her four sons, leading to prolonged probate litigation.

The estate also faced challenges in managing her music catalog and royalties, which were not clearly addressed in the handwritten documents.

What Went Wrong?

- Multiple Wills: The discovery of conflicting handwritten wills led to disputes over Franklin’s true intentions.

- Lack of Formal Planning: The lack of a formal, legally binding estate plan created confusion and family infighting.

- Music Rights Disputes: The unclear handling of her music rights created additional legal complications.

How It Could Have Been Prevented

- Formalizing a Will: Having a single, legally recognized will could have avoided confusion and disputes.

- Establishing Trusts: Trusts for assets and music rights would have provided clear distribution guidelines.

- Clear Asset Valuation: Accurate valuations and management of her music rights would have streamlined the estate process.

Lessons for Your Estate Planning

Aretha Franklin’s case emphasizes the need for a formal, clear estate plan that addresses intellectual property and prevents family disputes.

Citations

1. Overview of Aretha Franklin's Life and Career

- Biography.com – Aretha Franklinhttps://www.biography.com/musician/aretha-franklinBackground on Franklin's life, legacy, and contributions to music.

2. Details on Aretha Franklin’s Handwritten Wills and Family Disputes

- The New York Times – "Aretha Franklin’s Handwritten Wills Found, Sparking Family Dispute"https://www.nytimes.com/2019/06/17/arts/music/aretha-franklin-wills.htmlThis article details the discovery of Franklin’s handwritten wills and the ensuing family disagreements.

- CNN – "Aretha Franklin’s Estate Battle Over Her Handwritten Wills"https://www.cnn.com/2019/08/23/entertainment/aretha-franklin-wills-estate/index.htmlCovers the legal complications and family disputes triggered by the handwritten documents.

3. Legal Issues with Handwritten Wills

- Forbes – "Aretha Franklin and the Perils of Handwritten Wills"https://www.forbes.com/sites/ashleaebeling/2019/06/20/aretha-franklin-and-the-perils-of-handwritten-wills/Discusses the risks and legal challenges associated with handwritten wills, particularly in high-value estates.

4. Family Conflicts in High-Profile Estates

- Investopedia – "Famous Estate Battles and What Went Wrong"https://www.investopedia.com/articles/personal-finance/111715/most-famous-inheritance-disputes.aspProvides examples of high-profile estate battles and lessons on avoiding similar family conflicts.

5. Estate Planning for Unclear or Contested Wills

- The Balance – "How to Avoid Disputes with Clear Estate Planning"https://www.thebalance.com/avoid-estate-disputes-with-clear-wills-3505390Offers insights on creating clear, formal estate plans to prevent family disputes, relevant to the issues in Franklin's estate. https://scovills.com/?p=2113

Losing a will doesn’t automatically mean the court ignores it—but there are hurdles to overcome.

Florida Law on Lost Wills

If a will is lost but believed to be valid, Florida law (Fla. Stat. § 733.207) allows it to be probated—but the person offering it must:

- Prove the terms of the will,

- Show it was not revoked, and

- Provide two disinterested witnesses to its contents.

Common Situations

- The original was destroyed in a hurricane.

- The decedent kept it in an unknown location.

- A caregiver or relative destroyed it to claim more assets.

What If It Can’t Be Proven?

If the will can’t be established, the estate will be distributed under Florida intestacy laws—which may not match the decedent’s wishes.

How to Prevent This

- Keep originals in a fireproof safe or with your attorney.

- Inform key family members or fiduciaries where your documents are stored.

- Consider secure document storage through our firm.

Lost a loved one’s will? Bart Scovill, PLC can guide you through what to do next. Call 941-365-2253 or visit Scovills.com. https://scovills.com/?p=2368