Florida law broadens spouse’s elective share

Under Florida law a surviving spouse can elect to receive 30% of the deceased spouse’s estate. As of October 1, 2001, the categories of assets on which this “elective share” is based are broadened. Additional categories of assets computed for purposes of determining elective share include the cash value of life insurance and several other kinds of assets. The new law may have an impact on you if you are in a shaky marriage, in the process of getting divorced, have considerable assets, have children from a prior marriage, considering remarriage, or if your spouse is on Medicaid or may be at a later date. See a qualified elder law/estate planning attorney to determine the best steps for your particular situation.