Golm Law Firm PA

08/22/2023

08/20/2023

With over 175 contracts open in the past three months, my small, but mighty, firm thanks YOU! For your support, encouragement, loyalty, and friendship!

Next up: intros to our resident superstars as well as new teammates coming on board!

08/20/2023

Yes!

08/19/2023

Whatever line of work you’re in, there are probably some fairly common terms you’re used to hearing and saying that an outsider may not know. They

08/18/2023

Property Tax Notice: TRIM notices are out! Be sure to read yours top to bottom:

1. Property Appraiser Value Info: LOOK HERE FIRST TO ENSURE YOU HAVE THE APPROPRIATE EXEMPTIONS! If your home is your primary residence, you should have
a. Save our homes assessment cap
b. Homestead + additional homestead

2. Taxing Authority Information: this is where you will find your current taxes AND two colums for next year's taxes. The first column is what your taxes will be IF the county budget is approved and the second column is what they will be IF the county budget is not approved. (Count on it being approved.)

3. Column 4 toward the bottom: this is the value upon which your taxes are based. IF you believe this value is incorrect, go to the Property Appraiser's website and fin d out how to file a petition for an adjustment. THESE ARE DUE BY SEPTEMBER 8, 2023.

If you found this helpful, please pass it along! No one likes to pay more in tax than they have to!

golmlaw.com

08/18/2023

Great illustration, The Yvette Clermont Team - Your Mortgage Consulting Team For Life!

08/17/2023

Lol

😂😂

08/17/2023

Real estate questions?? Reach out!

08/16/2023

LAND TRUST DISADVANTAGES

The property held in trust isn’t directly connected to the owner through public records. However, privacy, not creditor protection, is the land trust's major advantage. The beneficial owners’ name is not in the public records because the property is titled to the trustee.

There are three distinct disadvantages of land trusts:

#1: They do not offer great Asset Protection. As the trust beneficiary, you don’t directly own the real estate, the trustee does. You would own only a beneficial interest in the trust, but owning only a beneficial interest in a land trust doesn't sufficiently protect you. Personal creditors can usually seize this beneficial interest.

#2: They can be costly to prepare and administer. Creating a land trust varies, but can range from $800.00 to $3000.00, depending on a number of factors. You must also consider the costs to prepare and record deeds to the trust, as well as a fee to the trustee for administering the trust on an annual basis.
#3: Financing trust properties can be more cumbersome, if not impossible. Most traditional banks will not lend to a land trust because such loans are not saleable on the secondary loan market.

#4: Confusion as to homestead exemption: while your primary residence can be held in a land trust, and maintain it’s homestead exemption, some property apprasiers’ offices may be confused about this, which could lead to a loss of the homestead exemption, which in turn, would lead to you spending the time and money to rectify the situation.

By itself, the land trust only provides a level of anonymity which is a form of protection, but for real protection you must also add strategies such as creating an LLC as the beneficary. To ensure you are protecting your property and yourself in the best way possible, call us today to schedule a consultation with our office.

Golm Law Firm, P.A.
941-704-4049
golmlaw.com
Serving the State of Florida

08/15/2023

Top 5 benefits of holding property in a land trust:

Here are five key benefits of a Florida Land Trust:

Privacy: One of the primary advantages of a Florida Land Trust is the privacy it provides. The beneficiary's identity is not publicly recorded in property records, helping to maintain anonymity. This can be particularly appealing for high-profile individuals, investors, or those who value their privacy.
Asset Protection: Assets held within a Florida Land Trust may have increased protection against certain creditors' claims. This can be beneficial in situations where a beneficiary faces potential legal liabilities, as the property's ownership structure might make it more challenging for creditors to access the property to satisfy their claims.
Probate Avoidance: A Florida Land Trust can facilitate the seamless transfer of property to beneficiaries upon the death of the original beneficiary. This can help avoid the often time-consuming and costly probate process, ensuring a smoother transition of property ownership to heirs or designated beneficiaries.
Estate Planning Flexibility: Florida Land Trusts can be utilized as part of an effective estate planning strategy. They allow for greater control over the distribution of property and assets, potentially minimizing estate taxes and ensuring that property passes to intended beneficiaries according to the trust's terms.
Simplified Ownership and Management: With a Florida Land Trust, the property's legal title is held by the trustee, while the beneficial ownership remains with the beneficiary. This separation can simplify property management and streamline decision-making, especially in scenarios involving multiple beneficiaries or investors.
It's important to note that while these benefits can be appealing, setting up and managing a Florida Land Trust requires careful consideration of legal and financial aspects. Consulting with an experienced real estate attorney is crucial to ensure that a Florida Land Trust aligns with your specific goals and circumstances.

Golm Law Firm, P.A.
941-704-4049
golmlaw.com
Serving the State of Florida

08/15/2023

I look at a lot of properties....Don't you just love that "diamond in the rough?"

08/14/2023

What is a Florida Land Trust?

A Florida Land Trust is a legal document whereby property is transferred to a trust, and the trust holds legal title to the property. The trust itself is managed by a trustee, who administers the property on behalf of the beneficiaries.

Here's a simplified breakdown of how a Florida Land Trust works:

Creation of the Trust: The process begins with the creation of a trust agreement. The person who creates the trust is called the "settlor" or "grantor." They transfer ownership of the property to the trust, and the trust becomes the legal owner of the property.

Trustee: The trustee is responsible for managing the property held within the trust. The trustee can be an individual, a corporation, or even the settlor themselves. The trustee must act in the best interests of the beneficiaries of the trust.

Beneficiaries: Beneficiaries are the individuals or entities who benefit from the trust. They have certain rights to the property held within the trust, even though legal ownership lies with the trust itself. A trust is NOT subject to probate when the settlor/trustee dies. The trust lives on...

Tomorrow: 5 benefits of holding property in a land trust.

Golm Law Firm, P.A.
941-704-4049
golmlaw.com
Serving the State of Florida

08/14/2023

This week, I will take you on a deep dive into the world of Florida Land Trusts. What they are, their benefits, their drawbacks, as well as the cost to create and maintain them. Keep an eye out for my posts this week, because you will learn something I'll bet you didn't already know!

08/14/2023

Number of homes in our area with price reductions…

08/13/2023

Suprisingly, not a Florida story!

08/13/2023

Liz Moneymaker, Estate Planning, Probate & Asset Protection Attorney is the best!

Are you overwhelmed with the idea of Medicaid planning?

I get the complexities and hurdles that come with Medicaid planning in Florida; navigating the ever-changing landscape of regulations, requirements, and eligibility can be overwhelming.

That's where our expertise at Ferrari, Butler and Moneymaker shines.

With a strong and nuanced understanding of Florida's Medicaid system and a commitment to client success, we guide you through the intricate process from start to finish in a way that honors your unique needs and wishes.

From asset protection strategies to protecting assets in the application process, we'll work diligently to ensure your loved ones receive the care they need while preserving your hard-earned assets.

Comment below if YOU are ready to get ahead of medicaid planning today!

08/12/2023

Love these videos!

08/10/2023

08/09/2023

Great info here! We can create these documents to allow you to make decisions for your adult children in the case of an emergency.

08/09/2023

Using a Florida LLC for Real Estate Ownership:
Have you considered how your Florida real estate investment will be titled? Sophisticated investors make avid use of the flexibility and asset protection of a Florida limited liability company for real estate investing. Yet, “mom and pop investors” often invest by holding in their personal names, thus risking unnecessary exposure to lawsuits from tenants, contractors, and others.
If you are an investor renting or flipping real estate, you should consider your asset protection strategy. Risks can arise with improperly prepared leases or other documents such as financing agreements, easements or other title issues.

941-704-4049
Serving SW Florida

08/09/2023

A good real estate attorney asks the questions you wouldn't even consider:

1. Does this condo allow me to have a home-based business? (Answer: buried in 85 pages of condo documents.)
2. Do I own the water underneath my dock? (Answer: it depends!)
3. Does the heir to a probate property actually have the authority to sell it? (Answer: it depends!)
4. I want to buy my mom's house. Do I need a real estate agent? (Answer: No.)

At Golm Law Firm, you won't pay attorney's fees for answers to questions such as this, when we are handling your closing. It is our pleasure to make the process as easy as possible for you!


941-704-4049

08/08/2023

Last week, I consulted with two separate clients who had prepared and signed documents they found online. The first client had drafted a "Quick" i.e. Quit Claim Deed, which not only lacked the marital status of the parties, but also lacked witnesses, both of which are requried on Florida deeds. The lack of witnesses is fatal to a deed and makes the deed void. Then, the legal description she used was from the property appraiser's office, which is what we call the "short legal" and in no way resembles the actual legal description. Unfortunately, she had already recorded the deed, prior to asking my opinion.
The second client came to me because he tried to use his 89 year old mother's Power of Attorney (from Staples) at the bank, and they wouldn't accept it. While it was a fair effort, it too was fatal in almost every respect - I'll spare you the details, but suffice it to say it's no wonder the bank wouldn't accept it.
These are important documents with important, and long lasting consequences. Please consider using a licensed attorney before going it alone! An ounce of prevention is worth a pound of cure!

Errors in Public Records - Clerical or filing errors can affect the deed or land survey and can be costly to amend. Contact us for help.

08/06/2023

Flood insurance:
PSA Florida friends: if you have a Florida zip code you ARE in a flood zone, no matter what the map says. If Hurricane Ian taught us nothing, it's that properties nowhere near a body of water are succeptible to massive flooding. I personally saw rooftops, cows and sheep floating (so sad), and miles of "farmland" turned into giant lakes, all in the middle of the state.
MY own home is technically not in a flood zone, yet, I happily pay $532/year for my flood policy. Having had my home flooded in 2004 after Hurricane Jeanne, it's a small price to pay. Twelve inches of water in a tiny 2 bedroom, one bath 1200 sf block home cost me $40k in repairs - 19 years ago!
Call your insurance agent and get a quote. Hurricane season is well under way and we'll all be "hunkering down" soon enough. Get flood insurance!
Stay dry AND protected!

Experienced Florida attorney with a comprehensive practice including real estate and business law.

08/05/2023

No one knew it was going to look like this until now????

08/05/2023

A little humor for my real estate agent friends who are showing houses this weekend!

08/04/2023

Loads of open houses this weekend! Are you hosting one not on this list? https://www.trulia.com/for_sale/12081_c/p_oh/

Post a link in the comments and I will share it!