Litvak Beasley Wilson & Ball, LLP2026-08-10T13:00:46Zhttps://www.lawpensacola.com/feed/atom/WordPress/wp-content/uploads/sites/1403893/2026/07/cropped-New_Fav-32x32.jpgOn Behalf of Litvak Beasley Wilson & Ball, 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, 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, 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, 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, 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, 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, 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.]]>On Behalf of Litvak Beasley Wilson & Ball, LLP<![CDATA[What is a 1031 exchange?]]>https://www.lawpensacola.com/?p=470642026-06-04T23:25:18Z2026-06-04T23:25:18Z1031 exchanges have strict requirements
A 1031 exchange is only valid if all deadlines and requirements are met. After the sale of the relinquished property, the investor only has 45 days to identify a replacement property. That replacement property has to be purchased within 180 days of the sale of the relinquished property.
Once the first property is sold, the investor can’t receive the money directly. Instead, the funds are held by a Qualified Intermediary. This step is required in order for the transaction to qualify as a 1031 exchange.
The properties must be “like kind,” which means that they must be real estate properties that are being held for investment or business use. Personal residences won’t qualify for a 1031 exchange. Additionally, the investor can’t receive cash or debt relief without triggering tax consequences.
Any investor who’s considering a 1031 exchange should ensure they fully understand the requirements and manage every point in the process as required. It may be beneficial to work with a legal professional familiar with these matters given all that is at stake.]]>On Behalf of Litvak Beasley Wilson & Ball, LLP<![CDATA[What to know about real estate death disclosures]]>https://www.lawpensacola.com/?p=470612026-05-26T13:07:49Z2026-05-26T13:03:36ZIf you’re trying to sell a home here in Pensacola, you may wonder what you must disclose to the buyers. Specifically, whether the home has been the site of any deaths there.
Realistically speaking, many older properties have been the site of resident deaths. But sellers here can breathe a sigh of relief, as Florida has no death disclosure laws. However, realtors and their clients still cannot lie or obfuscate the truth.
Is your home stigmatized?
If your house was the site of a murder or suicide that became widely known by the public, you might experience some blowback from your efforts to sell the property. When a property is considered stigmatized, it may present some unique challenges and opportunities.There is a section of the population that is not only unbothered by deaths on the property, but they welcome the allure of owning an allegedly “haunted” house. At the same time, other potential buyers might be completely turned off by the property’s history of deaths or supposed hauntings.
Be mindful of a paper chase
Buyers often do their own research on a property’s history by searching through old headlines or police reports on a property’s checkered history. Owners should make sure that their responses are truthful, but there is no need to offer information about the property’s history.
Avoid problems by hiring professionals
Along with seeking out a trusted realtor to guide you through the home-buying or -selling process, it’s also prudent to retain the services of a legal team that will review the extensive paperwork involved and alert you to any potential problems.
]]>On Behalf of Litvak Beasley Wilson & Ball, LLP<![CDATA[What is an offer in compromise?]]>https://www.lawpensacola.com/?p=470592026-05-07T21:30:15Z2026-05-07T21:30:15ZIf you are behind on your taxes, an offer in compromise (OIC) may be authorized by the IRS, giving you the opportunity to settle the debt without paying the full amount owed.
The IRS has created this program because there are situations in which individuals and business owners owe more in taxes than they can realistically afford to pay without causing serious financial hardship. In some cases, the IRS understands that it may receive nothing if the individual simply cannot pay the debt. An offer in compromise reduces the tax obligation to an amount the taxpayer can realistically afford, allowing the IRS to settle the account and resolve the debt.
What factors are considered?
The IRS will evaluate several different factors, starting with the total tax debt and your ability to pay. To make that determination, the IRS may review:
The equity you have in tangible assets
Your income level
Your monthly expenses
Your overall financial situation
If the IRS determines that you do have the ability to pay the full amount over time, then an offer in compromise may not be approved.
Can one offer address personal and business taxes?
In some cases, a sole proprietorship offer can be combined with personal tax obligations. This is because the business owner is taxed directly when operating a sole proprietorship.If the business uses another corporate structure and is not directly tied to your Social Security number (SSN) as a sole proprietorship, however, then separate offers may need to be submitted.
Considering your options
An offer in compromise is not available in every situation, but it helps demonstrate why it is so important to understand exactly what legal options may exist when facing serious tax debt issues.
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