MacLean and Ema, P.A.

How a new Florida home may affect your estate plan

2026-06-11T15:11:21Z

Buying a home often marks the start of a new chapter in life. However, if the property will be your primary residence in Florida, the purchase may affect more than just your finances. It could also mean your estate plan needs updating so it matches what you currently own. Reviewing your plan after a home purchase might help you spot conflicts between your deed and other documents.

Why does your deed matter after buying a home?

How you title a home could be a factor in what happens to the property later. For example, a married couple, an unmarried couple or a parent adding an adult child to the deed may each create a different ownership arrangement. Your Florida homestead status may also influence how your estate plan works. A primary home often has legal protections and estate planning rules that are typically different from other types of property. In Florida, if you are survived by a spouse or a minor child, strict constitutional rules legally restrict who can inherit your primary residence, completely overriding alternative instructions in a will or trust unless specific spousal waivers or joint survivorship titles are in place.

What other documents should you review?

A home purchase could also affect other parts of your estate plan. It may help to consider whether every document still fits your current situation. This includes reviewing the people named in your documents. You might want to check the personal representative named in your plan, the trustee responsible for trust assets and the agents named in financial and health care documents. Other assets may also deserve attention. Retirement accounts and life insurance policies generally follow their own beneficiary designations. When those choices align with the plan for your home, your overall estate plan might reflect your intentions more clearly.

A home purchase can bring greater clarity

A new Florida home may be a good reason to revisit your estate plan. When your deed, homestead plans and estate planning documents fit together, your wishes may be easier to understand. This could help reduce confusion for your loved ones about future property decisions and responsibilities.

The importance of a financing contingency when buying a home

2026-06-04T10:49:51Z

People hoping to buy homes often secure pre-approval from mortgage lenders. The pre-approval process involves undergoing a soft credit check and validating household income. A mortgage pre-approval letter can make an offer on a property more compelling to a seller. Pre-approval also helps buyers estimate their budgets more effectively. Those who have secured pre-approval may feel confident that they can follow through on any offer they make. However, including a financing contingency in offers and purchase agreements is still important for the protection of the hopeful buyer.

Financing can fall through without much warning

Even those with excellent credit scores and competitive jobs may struggle to secure a mortgage if their circumstances change. A layoff or demotion could affect a professional's eligibility for a mortgage. The illness or death of a spouse who is a co-borrower could also affect mortgage eligibility. In some cases, even the use of credit while preparing to buy a home could lead to a previously pre-approved buyer becoming unable to secure a mortgage. A financing contingency protects buyers in these and other scenarios where lenders do not honor pre-approval letters. If buyers cannot obtain a mortgage for any reason, a financing contingency helps protect their earnest money. Without a financing contingency, buyers could lose thousands of dollars in earnest money if they cannot obtain a mortgage despite having pre-approval initially. Integrating the right terms into real estate offers can help buyers to better ensure that they can move on if a transaction falls apart. Financing contingencies are critical for buyer protection on the modern real estate market.

Do you risk personal assets when you take out business loans?

2026-05-26T15:28:55Z

Yes, some people do risk their personal assets when they take out business loans. For instance, maybe you have decided to become a small business owner, but you are starting the company on the side, while still working a traditional job. Your plan is to have the business operate as a sole proprietorship in your own name. If you choose that business structure, you may still be personally liable for any business loans you take out. Ideally, the company will generate enough income to pay those debts. But if the business falls behind on payments or fails altogether, you could still be personally responsible for repaying the money that was borrowed. In some situations, creditors may even be able to pursue personal assets such as savings accounts, investment accounts or your family home.

Choosing a different business structure

That said, there are business structures that can provide some protection from these risks. Choosing the right structure may allow you to take on financial obligations with more confidence, helping you focus on growing the business without putting your personal assets at the same level of risk. One common example is forming a limited liability company, or LLC. With an LLC, business loans are generally taken out in the name of the company itself. Creditors may still be able to pursue business assets if the company fails, but they typically cannot go after your personal property. Understanding how to structure your new business is very important for the future of the company, and it is essential to know what legal steps to take before assuming major financial obligations.

Add “update estate plan” to your divorce checklist

2026-05-13T22:59:12Z

When you get divorced, it can mean significant changes have to be made in your life, so you may create a divorce checklist. You will need to make a post-divorce budget since you will now have to cover all of your necessary costs on one income. As you make this checklist, it can be helpful to add “update estate plan” to the tasks you need to complete. Marital changes are among the top reasons to modify your estate plan, and they can significantly shift what you want to do with your assets. If you previously listed your spouse as the main beneficiary who should receive everything that you own, you may want to change that designation to pass the assets on to your adult children, for example. It’s important to know what the law says about how divorce affects estate plans, even when the person who created the plan doesn’t take steps to change it.

Medical documentation

One key thing to remember is that your estate plan is about more than just your assets. Maybe you already had selected other beneficiaries, so your spouse was not going to receive all of your assets to begin with. However, if you have a living will providing instructions for medical care if you become incapacitated and listed your spouse as your health care surrogate who can make your medical decisions, you may want to change that, if you haven’t already. Because your marriage is ending, you may want to choose a new surrogate or make different decisions regarding how your care will be handled. Make sure that you know exactly what legal steps to take to make these updates and alterations to your plan and the appropriate timing for them. Having experienced legal guidance can help.

Due diligence during the homebuying process

2026-04-30T08:36:59Z

Buying your first home is often seen as a rite of passage, and it’s not one that should be handled on a whim. Instead, it’s critical that first-time homebuyers understand how to protect themselves during the homebuying process. One of the most important steps to take happens behind the scenes. This is doing due diligence on the property and purchase. During this step, you will scrutinize the property, contract terms and related records. It can help you to identify issues that need to be taken care of prior to signing the closing documents. Otherwise, challenges could arise that are best avoided when possible.

Why is due diligence important?

Due diligence is important because a home may look acceptable when you see it the first time, but there might be hidden factors that could cost you considerable money in the future if they aren’t addressed proactively. This includes things like unpermitted work, drainage problems, roof damage, foundation cracks, title issues, outdated electrical systems and homeowners association restrictions. In some cases, these issues can cause problems with the value of the home, financing, insurance, safety and the way you hope to use the home in the future. If problems are discovered during the due diligence process, the purchase contract may allow the buyer to request repairs, seek a price adjustment, cancel within the allowed period or negotiate credits. What’s allowable depends on the purchase agreement and local laws, so it’s critical to determine exactly what options should be considered. Due diligence doesn’t guarantee that every issue will be found, but it can reduce the chance of unpleasant surprises after closing on a first home. In competitive markets, some homebuyers might feel like waiving protections or feel pressure to shorten the process, but this can increase the risks. Working with a legal professional familiar with these matters may be beneficial for individuals in this position accordingly.

Red flags to watch for before closing on a home

2026-04-15T12:41:27Z

Closing on a home can feel like the last step in the process, but important problems can still appear right before the deal is supposed to finish. Buyers and sellers often focus on the moving date and the paperwork, yet issues involving title, financing, insurance or disclosures can delay closing or put the transaction at risk. Common issues at closing include:

Title problems can stop the deal

A clean title matters because the buyer needs clear ownership of the property. If the title search shows a lien, ownership dispute, recording mistake or other unresolved claim, the parties may need to fix that problem before closing can happen. Even when the issue looks technical, it can create a major delay.

Some title-related warning signs include:

Unreleased liens or old mortgages
Errors in public records
Questions about who actually owns the property
Easements or restrictions that were not clearly understood

These issues often do not fix themselves. When title concerns appear, it is smart to take them seriously before anyone signs the final documents.

Financing and appraisal issues can surface late

A buyer may seem ready to close, but lender requirements can change quickly. A low appraisal, missing financial records or a last-minute change in the buyer’s finances can force the parties to renegotiate or delay the transaction.

Watch for signs such as:

The lender asking for repeated new documents
The appraisal coming in below the contract price
Sudden concerns about debt, income or employment
Deadlines that keep moving without a clear explanation

When these issues start stacking up, the closing date may no longer be realistic.

Insurance problems matter in Florida

Insurance deserves close attention in a Florida transaction. A buyer may have trouble getting acceptable coverage, may face a much higher premium than expected or may learn that the property raises underwriting concerns.

That means insurance is not just another item to check off at the end. It can affect affordability, lender approval and whether the deal can close on time.

Disclosure gaps should raise questions

Seller disclosures can also reveal trouble. Vague answers, repeated “unknown” responses or incomplete information about leaks, plumbing problems, roof issues or structural concerns may signal that the buyer needs a closer look before closing.

A careful buyer should not ignore those gaps. A seller should also understand that incomplete disclosures can lead to conflict after the sale. A real estate lawyer can help review the documents when the disclosures do not match the condition of the property.

Last-minute wire changes can signal fraud

Closing often involves large transfers of money, which makes real estate transactions a target for wire fraud. Reports say that wire fraud is one of the most common real estate scams and warn buyers to verify transfer details before sending funds.

If wiring instructions suddenly change, or someone pressures you to act immediately, that is a serious red flag. Before any money moves, it is wise to verify the information through a trusted contact using known contact information, not the phone number or email in the suspicious message.

A closer look before signing can protect your interests

Many closing problems start small. A missing document, a vague disclosure, an unresolved title issue or a last-minute insurance problem may not seem like much at first. But when those issues pile up, they can threaten the transaction and create unnecessary cost and stress.

Before closing on a home, buyers and sellers should give these warning signs the attention they deserve. When questions arise, an experienced real estate attorney can review the documents, explain the risk and help protect your interests before the deal moves forward.

What happens to assets not included in an estate plan?

2026-04-15T03:00:50Z

You’ve taken the time to create a will and maybe a trust. You’ve signed the necessary paperwork, and there’s a sense of relief that your affairs are finally in order. But what happens if you leave out some assets or don’t get around to including some new assets you acquire later? It could be a new bank account or a property you purchased after creating your estate plan but never formally transferred into your trust or included in your will. Such assets don’t simply disappear. What happens to them depends on the type of asset and how it's titled. Here’s more on this.

The law in Florida

For assets solely in your name with no automatic transfer mechanism in place, they will be distributed under the state’s intestacy laws. In other words, the law decides who inherits them. Courts follow a strict formula based on family relationships, starting with spouses, children, parents and so on. Any verbal promises you made, family expectations or informal agreements won’t matter. Additionally, this process requires probate, which can add months of delay, court costs and public exposure of your private financial affairs. That said, not all assets pass through probate. For instance, property held in joint tenancy with right of survivorship transfers to the surviving co-owner when you die. Similarly, life insurance policies, retirement accounts and payable-on-death bank accounts pass directly to whomever is named as beneficiary, regardless of what your will says.

What can you do to avoid this?

The best way to avoid such unintended outcomes is to ensure that your estate plan and your assets remain properly aligned. Legal tools, like a pour-over-will that channels any assets left out into a trust or a residuary clause in a will to account for anything not specifically addressed in the document, can also help. It’s equally important to keep beneficiary designations updated since these typically override instructions in a will or trust. Reaching out for experienced legal guidance can go a long way in reducing the risk that assets pass in ways that contradict your intent while providing structure and continuity as laws, finances and personal situations evolve.

The benefits and drawbacks of franchise business opportunities

2026-03-25T06:09:21Z

Individuals hoping to start their own companies have a variety of options. They can theoretically form a number of different standalone business entities that perform certain services or sell products. Some aspiring entrepreneurs choose to buy into franchise opportunities instead. Franchise opportunities can be lucrative in some cases, but there are drawbacks as well. Evaluating the benefits and limitations of franchise investments can help entrepreneurs decide if a franchise opportunity is right for them.

The benefits of a franchise

Franchises are often accessible even to those who may not have experience in a specific industry or with business operations in general. Franchises frequently provide in-depth training for franchisees and their employees. Additionally, it is beneficial to gain access to an existing brand and market demand for certain products or services. National marketing efforts can also be a beneficial component of a franchise arrangement.

The drawbacks of a franchise

Franchises tend to be quite costly. Investors must have a significant amount of capital to buy into the franchise and usually need to maintain a specific amount of residual liquid capital as well. They may need to pay the franchisor a certain amount of their gross revenue, possibly in addition to monthly or quarterly fees. Additionally, franchisors often limit the activities of franchisees by requiring that they conform to company standards regarding local marketing and facility maintenance. Franchise agreements often contain terms that limit the future economic activities of franchisees and impose penalties for early contract cancellation. Assessing these specific terms included in a franchise agreement can help aspiring entrepreneurs evaluate not just the idea of a franchise but a specific opportunity. The assistance of an attorney is often necessary to make sense of the complex agreements required in franchise arrangements.

3 reasons pre-approved buyers may be unable to secure a mortgage

2026-03-13T17:19:14Z

Mortgage pre-approval can help home buyers roughly estimate their budget and feel more confident when making offers. Typically, buyers with pre-approval can rapidly finalize mortgages after sellers accept their offers on real property. However, the situation can change between when the buyer first communicated with their mortgage lender and the proposed closing date. In some cases, buyers with pre-approval cannot actually obtain financing. What might lead to a pre-approved buyer failing to secure a mortgage?

1. Appraisal or inspection issues

Lenders typically mandate professional property evaluations to ensure the property is worth the price offered and that it is in habitable condition. If there are issues with the inspection or an appraisal gap, the lender may refuse to fund the mortgage or may limit the amount of financing available.

2. Sudden job loss

A loss of employment is a significant setback for those seeking mortgages, as lenders usually want to work with borrowers who have held the same job for at least a year, if not longer. An unexpected termination or layoff before a closing might lead to buyers becoming ineligible for financing.

3. Improper credit use

A mortgage applicant’s debt-to-income ratio and the outstanding balances on their various lines of credit directly influence their mortgage eligibility. If aspiring home buyers max out their credit cards paying for moving services or take out new loans to finance furniture purchases, their lenders may decide that they no longer qualify for a mortgage because of their increased debt. Including appropriate contingencies in offers can protect buyers from the loss of their earnest money if they cannot secure a mortgage. Buyers often need guidance limiting their exposure as they prepare to acquire residential real estate, and that’s okay. Seeking personalized legal guidance is always an option.

What should your estate plan include after you retire?

2026-02-27T18:16:46Z

Many adults have an estate plan, and those who don’t should consider creating one now. Some people may not realize that shifts that occur when a person retires may mean that long-term planning needs to shift along with them. For people who are retired, reviewing and updating an estate plan can help to ensure their current wishes are reflected clearly. The process starts with checking the will, which outlines how assets are distributed and who will serve as the estate executor. Looking at each person named in the plan and determining if anyone should be removed or added is beneficial. While you’re checking on the will, take the time to look at beneficiary designations for accounts that aren’t listed in the will. This can include retirement, checking, investment and checking accounts. It may also include life insurance policies. These designations usually stand alone, so they must be correct.

Review end-of-life directives

As people get older, they may start to have changes in their health. Making sure that advance directives are up to date is critical. This includes the living will and the healthcare power of attorney to clarify your wishes about medical care if you become incapacitated. If you become incapacitated, your finances will also have to be handled. Setting up a durable power of attorney allows a trusted individual to make decisions about your financial affairs if you can’t make them. This can help to bypass lengthy court proceedings to get this set. Taking the time to get your estate plan reviewed and set after you retire may help to give you peace of mind. It may be beneficial to work with someone who can assist you with doing this.