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What Can We Learn From James Bond?

I’m not sure what’s hotter, Daniel Craig climbing out of an ocean in his trunks or him discussing his estate plan LOL. It’s a great time to be alive, we get both!

The highest-paid actor of 2021, Craig has a record-breaking deal with Netflix to star in two sequels to the comedic mystery hit, Knives Out, and we can find him out promoting his final Bond film, No Time To Die, set for release on September 30.

While on his press tour, Craig stated that he won’t be bankrolling his children’s futures; “My philosophy is get rid of it or give it away before you go.” The Bond star recently told the UK’s Candis Magazine, “I don’t want to leave great sums to the next generation. I think inheritance is quite distasteful. Isn’t there an old adage that if you die a rich person, you’ve failed?” Craig said. Fun times for Craig’s two kids, 29-year-old daughter, Ella, with his ex-wife Fiona Loudon, and 3-year-old daughter with his current wife, Rachel Weisz.

So, what can we learn from Agent 007?

Can Craig, as a Florida resident, disinherit his children? Yes and no. Florida law allows us to disinherit our ADULT children, but what about a MINOR CHILD (a child under the age of 18)?

Florida’s constitution protects the rights of minor children through homestead laws, which ensure that a minor child will not be left homeless in the event of a parent’s death by disallowing Floridians to leave their residence to someone other than their minor child or surviving spouse. These laws prohibit individuals from leaving his or her residence to anyone other than a spouse or minor child. In short, regardless of what the last will or trust (or any PR interview) says, a primary residence may only go to the surviving spouse, or a minor child and a spouse or minor child may not be disinherited from the primary residence.

Under this law, a surviving spouse is given use of the property for the remainder of his or her life, (a life estate), and then the home passes to the minor children. A surviving spouse has been given the option of taking 50% of the interest in the home or the life estate. The homestead law only applies to children who were minors at the time of the death because adult children may be disinherited through a will, trust or beneficiary designation form.

So there you have it people, we learn that the Florida homestead laws make sense in protecting minor children and that estate planning can be sexy….maybe LOL.

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