What happens if only personal property exempt under Florida Law is left by deceased?
Full Question:
What happens if the estate of my Father only consists of what I understand is only personal property exempt under Florida Law?
02/08/2017 |
Category: Wills and Es... ยป Small Estates |
State: Florida |
#31806
Answer:
Note: For estates of $75,000.00 or less that does not consist of exempt property see https://answers.uslegal.com/wills-and-estates/small-estates/31801/
Under the The Florida Probate Code the following things are considered.
- It only applies when the estate consists only exempt personal property meaning exempt from the claims of creditors AND non-exempt property not to exceed the amount for funeral expenses and medical and hospital bills 60 days before death. For Exempt property see https://answers.uslegal.com/wills-and-estates/exempt-property/31923/
- You present to the Court an informal application in the form of an affidavit, letter, or otherwise.
- If the Court agrees that the estate qualifies, the court will issue a letter or other writing under seal .
- The Courts letter authorizes the payment, transfer, or disposition of the personal property, tangible or intangible, belonging to the decedent to those persons entitled.
- Any person, firm, or corporation paying, delivering, or transferring property under the authorization shall be forever discharged from liability thereon.
The law also provides for certain income tax overpayments to be paid after the death of the decedent. Here are the requirements:
- The IRS determines that an overpayment of federal income tax exists and the person is dead.
- The amount of the overpayment, if not in excess of $2,500.
- This is paid to the surviving spouse.
- If no spouse, to one of the decedent’s children who is designated in a verified application purporting to be executed by all of the decedent’s children over the age of 14 years.
- Once paid the IRS is discharged from any future liability for payment of same.
The Florida Probate Code provisions are below:
735.301 Disposition without administration.—
(1) No administration shall be required or formal proceedings instituted upon the estate of a decedent leaving only personal property exempt under the provisions of s. 732.402, personal property exempt from the claims of creditors under the Constitution of Florida, and nonexempt personal property the value of which does not exceed the sum of the amount of preferred funeral expenses and reasonable and necessary medical and hospital expenses of the last 60 days of the last illness.
(2) Upon informal application by affidavit, letter, or otherwise by any interested party, and if the court is satisfied that subsection (1) is applicable, the court, by letter or other writing under the seal of the court, may authorize the payment, transfer, or disposition of the personal property, tangible or intangible, belonging to the decedent to those persons entitled.
(3) Any person, firm, or corporation paying, delivering, or transferring property under the authorization shall be forever discharged from liability thereon.
735.302 Income tax refunds in certain cases.—
(1) In any case when the United States Treasury Department determines that an overpayment of federal income tax exists and the person in whose favor the overpayment is determined is dead at the time the overpayment of tax is to be refunded, and irrespective of whether the decedent had filed a joint and several or separate income tax return, the amount of the overpayment, if not in excess of $2,500, may be refunded as follows:
(a) Directly to the surviving spouse on his or her verified application; or
(b) If there is no surviving spouse, to one of the decedent’s children who is designated in a verified application purporting to be executed by all of the decedent’s children over the age of 14 years.
(b) If there is no surviving spouse, to one of the decedent’s children who is designated in a verified application purporting to be executed by all of the decedent’s children over the age of 14 years.
In either event, the application must show that the decedent was not indebted, that provision has been made for the payment of the decedent’s debts, or that the entire estate is exempt from the claims of creditors under the constitution and statutes of the state, and that no administration of the estate, including summary administration, has been initiated and that none is planned, to the knowledge of the applicant.
(2) If a refund is made to the surviving spouse or designated child pursuant to the application, the refund shall operate as a complete discharge to the United States from liability from any action, claim, or demand by any beneficiary of the decedent or other person. This section shall be construed as establishing the ownership or rights of the payee in the refund.
(2) If a refund is made to the surviving spouse or designated child pursuant to the application, the refund shall operate as a complete discharge to the United States from liability from any action, claim, or demand by any beneficiary of the decedent or other person. This section shall be construed as establishing the ownership or rights of the payee in the refund.
