Litvak Beasley Wilson Ball & Pugh, LLP2026-09-21T03:36:32Zhttps://www.lawpensacola.com/feed/atom/WordPress/wp-content/uploads/sites/1403893/2026/07/cropped-New_Fav-32x32.jpgOn Behalf of Litvak Beasley Wilson Ball & Pugh, LLP<![CDATA[What if an executor can’t find a beneficiary?]]>https://www.lawpensacola.com/?p=471352026-09-21T03:36:32Z2026-09-21T03:36:32ZPersonal representatives (commonly known as executors) have a multitude of responsibilities when administering an estate and going through the probate process. Many of these responsibilities are to be expected. Others involve complications they didn’t expect.
When distributing inheritances, most beneficiaries are typically easy enough to locate. They’re likely family members, close friends of the deceased or charities and other non-profit organizations. Of course, it’s crucial to ensure that the assets go to the correct individuals or organizations. That can sometimes be a challenge if the deceased wasn’t very specific in naming them (as too often happens if they don’t have professional estate planning guidance).Another challenge is if a beneficiary can’t be located. These missing beneficiaries are often people the deceased knew from many years ago who aren’t familiar to their loved ones. They may, however, be family members who have lost touch with their relatives. They may have become homeless or transient. They may have moved away and later died. Some “missing” beneficiaries have simply changed their name since the deceased created their estate plan.These days, it’s easy enough to find just about anyone via a Google or social media search. But what if those searches don’t yield any information? How thoroughly is the executor expected to search?
What does Florida law say?
Florida law requires executors to perform a “diligent search and inquiry” to locate a beneficiary. The law details the steps that must be taken and the deadlines to notify a beneficiary of an inheritance – including publishing notifications.If an executor can’t locate a beneficiary or confirm that they’re deceased, the inheritance doesn’t go to a contingent beneficiary, if one is named, or remain with the estate to be disbursed among other beneficiaries. After six months, the assets are to be turned over to the court and then, if not claimed within ten years, they are escheated (transferred) to the state.Any executor who is struggling to find a beneficiary or not certain that they have the right one is smart to get legal guidance. This can help ensure that they follow the law and don’t make any costly errors.
]]>On Behalf of Litvak Beasley Wilson Ball & Pugh, LLP<![CDATA[What does it mean to pierce the corporate veil?]]>https://www.lawpensacola.com/?p=471142026-09-05T13:17:40Z2026-09-05T13:17:40ZWhat is the corporate veil?
The corporate veil is essentially the legal separation between a person who starts or operates a business and the company itself. Corporations, limited liability companies (LLCs) and certain types of partnerships all create legal and financial separation for business owners.
They do not need to worry about facing direct liability for the company's debts or legal responsibility if people sue the company. In cases involving provable misconduct by a business owner, plaintiffs can ask the courts to pierce the corporate veil.
They essentially petition the courts for permission to take direct legal action against the owner of the company instead of the business. Particularly in cases where companies appear to be in the red or leadership has initiated dissolution procedures, holding an individual responsible for organizational liabilities may be the most effective solution available.
Reviewing a business dispute, such as a major breach of contract, with a commercial litigation lawyer can help people understand their options. Successful business lawsuits sometimes require complex legal maneuvers planned well in advance to effectively pursue justice.]]>On Behalf of Litvak Beasley Wilson Ball & Pugh, LLP<![CDATA[A trust gives you more comprehensive options than a will]]>https://www.lawpensacola.com/?p=471122026-08-19T15:37:47Z2026-08-19T15:37:47ZWhen many people think of estate planning, they just want to write a basic will. They can split up their assets and, as soon as they pass away, the estate goes through probate and the beneficiaries that they named receive those assets.
While this can be useful, it is fairly straightforward. For those who want to utilize more options or have more of a say in how their estate is handled, it may be beneficial to use a trust.
Addressing how distribution should be handled
For one thing, a trust can be used to dictate specific terms around the distribution of assets. Perhaps you want to make the beneficiary wait until they reach a certain age, for example. If you are worried about leaving assets to a relatively young beneficiary, you could use a trust to establish that they should only get the funds when they turn 30 or 35.You can also use a trust to provide assets only for specific uses. One common example is setting up an educational trust to fund someone’s college tuition, for instance, or leaving money that can be used to start a business or buy a home.
Putting the trustee in charge
Another benefit is that you can decide who gets to make decisions about how to use the money. In a will, the beneficiary just receives the funds and can use them any way that they wish.But with a discretionary trust, you are allowed to pick a trustee who can then make decisions or choices for the beneficiary. They just use their discretion to make wise choices, helping to protect the assets that you are leaving to the next generation — especially if you are not sure that the beneficiary will make choices you would have approved of.
Establishing a trust
These are just a few of the benefits of using a trust over a simple will. If you are working on your estate plan, be sure to carefully consider all the legal steps you will need to take.
]]>On Behalf of Litvak Beasley Wilson Ball & Pugh, LLP<![CDATA[What estate planning documents do new parents really need?]]>https://www.lawpensacola.com/?p=471072026-08-03T15:10:25Z2026-08-10T13:00:46ZThe first months of parenthood are filled with decisions that have immediate answers. Which pediatrician feels right? Is the car seat installed correctly? Is the baby eating enough? Those questions demand attention because the consequences feel close. The harder decisions often wait. Naming someone to raise a child if the unthinkable happens or deciding who could step in during a medical emergency can feel too distant to confront. Yet those are the choices that often impact a family's future long after the nursery is finished.
Estate planning gives parents an opportunity to answer those questions before uncertainty forces someone else to answer them. While every family's needs differ, a few key legal documents often provide the foundation for protecting both children and parents in Florida.
A will is only one part of the plan
A will plays an important role because it allows parents to name a guardian for a minor child and explain how they want property distributed after death. However, a will does not address every situation a family could face.Parents may also want to consider documents that take effect during their lifetime. If an illness or serious injury leaves a parent unable to manage finances or make medical decisions, having the proper legal authority already in place can spare loved ones from uncertainty and delay. In some cases, parents may also benefit from creating a trust to hold and manage assets for children according to their wishes.Rather than viewing estate planning as a single document, it helps to think of it as a collection of tools that work together to protect a family's future.
Documents many Florida parents should consider
A well-rounded estate plan often includes more than a will. Depending on a family's circumstances, parents may benefit from:
A last will and testament to name a guardian for minor children and distribute assets
Health care planning documents to communicate medical wishes and appoint a trusted decision-maker
A trust, when appropriate, to manage assets for children or accomplish specific estate planning goals
Updated beneficiary designations on life insurance policies, retirement accounts and other financial assets to reflect current wishes
These documents serve different purposes, but together they can provide a more complete plan. Reviewing them after major life events, such as the birth of another child or significant financial changes, also helps keep the plan aligned with a family's needs.
Thoughtful planning grows with your family
Parenthood comes with countless unknowns, and no legal document can account for every possibility. What estate planning can do is give families a measure of clarity when life becomes uncertain. It allows parents to make important decisions on their own terms instead of leaving loved ones to navigate difficult choices without guidance.As children grow and family circumstances change, an estate plan should grow with them. An experienced Florida estate planning attorney can help parents create or update a plan that reflects their priorities today while preparing for the years ahead.]]>On Behalf of Litvak Beasley Wilson Ball & Pugh, LLP<![CDATA[Which is the smart way to defer capital gains taxes?]]>https://www.lawpensacola.com/?p=471092026-08-05T23:21:21Z2026-08-05T23:21:21ZWhat is a 1031 like-kind exchange?
A 1031 like-kind exchange allows an owner of qualifying investment or business real estate to exchange one property for another without immediately recognizing capital gains taxes from the sale.
Instead of taking possession of the sale proceeds, the investor uses those funds to acquire another eligible investment property through a qualifying exchange. As long as the IRS requirements are satisfied, the capital gain is deferred until the replacement property is sold in a taxable transaction or without another qualifying exchange.
It is important to understand that this strategy postpones taxes, but it does not permanently eliminate the tax obligation.
The strict deadlines investors cannot ignore
Timing is one of the most important aspects of a successful 1031 exchange. Once the original property closes, two IRS deadlines begin running at the same time:
45 days to identify one or more potential replacement properties in writing.
180 days from the sale of the relinquished property to complete the purchase of the replacement property.
Because these timeframes overlap, the 45-day identification period is included within the 180-day exchange period. Missing either deadline generally disqualifies the exchange, causing the deferred capital gain to become taxable.
Seeking legal feedback before listing a property for sale can help investors understand whether a 1031 exchange fits their circumstances and help them to ensure that each of their steps forward complies with applicable tax requirements.]]>On Behalf of Litvak Beasley Wilson Ball & Pugh, LLP<![CDATA[What happens when older adults don’t plan for Medicaid]]>https://www.lawpensacola.com/?p=471052026-07-25T16:39:37Z2026-07-25T16:39:37ZDelayed benefit onset
When people apply for Medicaid, the state looks at not just their current finances but also the last five years of financial records for the household. Large gifts and transfers during that time can trigger a penalty. The applicant may need to pay for their own care for a set number of months before Medicaid begins covering their expenses, which can leave them in a very difficult position.
Estate recovery efforts
The second concern for Medicaid applicants is how the state may seek reimbursement for any long-term care benefits. Estate recovery efforts can force the liquidation of valuable assets, including the primary residence of the Medicaid recipient. The Medicaid estate recovery process can leave surviving family members with very little financial support after someone dies.
Proper planning before applying for Medicaid takes much of the risk out of the process. An attorney familiar with Medicaid benefits and applications can help older adults make financial moves early so they feel more confident about applying if they ever need long-term care.]]>On Behalf of Litvak Beasley Wilson Ball & Pugh, LLP<![CDATA[When should those in mixed-status marriages consider a QDOT?]]>https://www.lawpensacola.com/?p=471032026-07-11T12:59:33Z2026-07-11T12:59:33Z100% or unlimited marital deduction. However, that applies only if the surviving spouse is a U.S. citizen. If that surviving spouse isn’t a citizen at the time of the death, that marital deduction doesn’t apply. That can mean a tax obligation that significantly lessens their inheritance.
How does a QDOT work?
This complicated concern is one of the reasons why some people place their non-citizen spouse’s inheritance in a qualified domestic trust (QDOT). This type of trust lets non-citizen spouses get the 100% marital deduction as long as they are the sole beneficiary and receive income from the trust. If the QDOT beneficiary goes on to become a citizen, they don’t need to continue to keep the assets in that trust.
Note that the trustee (usually the spouse while they’re alive) and the successor trustee of a QDOT must have U.S. citizenship. If a trust company or financial institution is the trustee, it must be a qualified domestic corporation.
This is just a brief overview of how a QDOT works. It isn’t necessary for those whose estate is nowhere near the federal estate tax threshold. However, it’s still wise to take a non-citizen spouse’s status into consideration when creating an estate plan. Having experienced estate planning guidance can help those in mixed-status marriages to better ensure that they’re in compliance with the law and optimizing the value of their estate accordingly.]]>On Behalf of Litvak Beasley Wilson Ball & Pugh, LLP<![CDATA[Hurricane exposure: What do home buyers need to know? ]]>https://www.lawpensacola.com/?p=470842026-07-01T20:38:47Z2026-07-01T20:38:47ZFor many people, purchasing a home in Florida is an exciting opportunity. The state's warm climate, beautiful coastlines and vibrant communities attract buyers from across the country. Yet, one of the realities of Florida living is notably not so appealing: hurricane exposure.
Before purchasing a property, it is important to evaluate how hurricanes and tropical storms could affect both a home you’ve been eyeing and your long-term financial obligations.
The basics that must be considered
Location matters. Homes located near the coast, in low-lying areas or within designated flood zones may face greater risks from storm surge, flooding and wind damage. Even properties located inland can experience significant impacts from severe weather, including fallen trees, roof damage and power outages. Reviewing flood maps and local hazard information can help potential buyers to better understand a property's risk profile.Insurance is another critical consideration. Many buyers are surprised to learn that standard homeowners insurance policies generally do not cover flood damage. Depending on a property's location, separate flood insurance may be necessary. Windstorm coverage, hurricane deductibles and overall insurance costs should also be reviewed carefully before closing on a home. In some cases, insurance expenses can significantly affect the true cost of ownership.A property's construction features can also influence hurricane resilience. Buyers may wish to investigate the age and condition of the roof, impact-resistant windows, storm shutters and other protective features. Newer homes often incorporate updated building standards designed to better withstand severe weather.It is equally important to review any history of prior damage. Sellers may be required to disclose certain known defects or issues, but buyers should still conduct thorough inspections and ask questions regarding previous hurricane-related repairs, flooding incidents or insurance claims. Understanding a property's history can help to identify potential concerns before a purchase is finalized.Hurricane exposure does not mean that a property should be avoided. Many Florida homeowners successfully manage these risks through careful planning, proper insurance and informed purchasing decisions. The key is understanding the risks before committing to an investment.
]]>On Behalf of Litvak Beasley Wilson Ball & Pugh, LLP<![CDATA[4 things to include in a Florida buy-sell agreement]]>https://www.lawpensacola.com/?p=470802026-06-16T06:46:59Z2026-06-16T06:46:59ZA Florida buy-sell agreement controls what happens to your business when an owner leaves, becomes disabled or dies. Without clear terms, you and your partners can face disputes, valuation fights and delays that strain daily operations.
Florida law allows you to set rules for how ownership transfers in your business. A written agreement can make those rules clear before a triggering event happens.
Triggering events
Your agreement should define which events force a buyout. These include:
Death: Your ownership may pass to family members without a clear plan.
Disability: A long injury could leave your business short on staff.
Retirement: You may want to exit at a set age.
Divorce: Your interest can count as a marital asset.
Bankruptcy: Your interest can become part of the bankruptcy estate.
Each trigger can call for a different response in your agreement.
Valuation methods
You can value your business with a fixed price, an earnings-based formula or an independent appraisal. Courts may enforce the valuation method your agreement states, even if it differs from market value. A stale valuation could create unfair outcomes for a departing owner's family.
Purchase structure and funding
You can use a cross-purchase structure, where you and your co-owners buy the shares directly. You can also use an entity-purchase structure, where your company buys back the shares instead.Florida's transfer-restriction statute, Florida Statutes § 607.0627, lets your agreement set transfer rules. Owners may need to offer their shares to the company or other owners first. The law also validates a mandatory buyout clause for events like death or retirement. But the restriction cannot be manifestly unreasonable.Funding often comes from life insurance, a cash reserve or installment payments. The right mix may depend on the size of your business and its cash flow.
Getting help with your agreement
Buy-sell agreements involve legal, tax and valuation details that can be hard to coordinate alone. An attorney can help you understand how these rules apply to your business.]]>On Behalf of Litvak Beasley Wilson Ball & Pugh, LLP<![CDATA[When does a buy-sell agreement for business partners take effect?]]>https://www.lawpensacola.com/?p=470782026-06-15T13:53:37Z2026-06-15T13:53:37Zbuy-sell agreement. A buy-sell agreement facilitates the acquisition of one partner’s interest in the company by the other. Buy-sell agreements reduce the likelihood of significant conflict arising when partners’ priorities diverge in the future. Understanding when a buy-sell agreement takes effect can help partners make use of this important business document.
Buy-sell agreements are immediately binding
The terms of a buy-sell agreement guide the transfer of ownership between partners. Typically, either partner who signed a buy-sell agreement could seek to acquire the other's interest in the company at any point while they run the business together.
The agreement technically takes effect as soon as the partners sign it. However, buy-sell agreements often include clauses that mandate specific triggering events before an internal buyout occurs.
While the partners can theoretically invoke the buy-sell agreement at any point after they begin working together, the circumstances when they seek to purchase the company must align with the requirements outlined in the buy-sell agreement.
People preparing to sign a buy-sell agreement at the beginning of a partnership or expecting to use one for a low-conflict business transaction may require legal guidance. Reviewing contract terms with a business lawyer can help partners understand the agreements they sign and recognize when they are in a position to pursue a partnership buyout.]]>