A spousal limited access trust, or SLAT, is a Florida estate planning device that provides asset protection without the loss of protection of tenancy by entireties assets upon the non-debtor spouse’s death. Florida law exempts assets owned by married couples as tenants by entireties from execution of judgments against either…
In Florida, the primary difference between a revocable trust and an irrevocable trust is that a revocable trust can be amended or revoked during the settlor’s lifetime, while an irrevocable trust cannot. In terms of asset protection, a revocable trust is only rarely used as part of an asset protection…
Irrevocable trusts provide excellent asset protection for trust beneficiaries. Protection is codified in Florida statutes. Florida statute protect a beneficiary’s interests in irrevocable trusts that are either spendthrift trusts or discretionary trust. Florida statutes states that a a creditor cannot reach or force assignment of a debtor’s beneficial interest in…
In Florida, a spouse has the right to automatically inherit certain property from their deceased spouse, whether or not they are provided for in a will. Some clients have told us that they have not made a will or a testamentary trust because they had assumed their spouse would automatically inherit all…
Putting your house in a trust, such as a revocable living trust, offers some estate planning benefits in Florida, but some downsides as well. A trust has three parts: a grantor (you), who sets up the trust a trustee, who controls the trust assets (often you as well) one or…
From time to time we receive inquiries about using limit liability companies to avoid probate of business interests and real estate. Some people believe that they can write terms and conditions in an LLC operating agreement that control the transfer of a member’s LLC interest after the member’s death. They…
Any individual may be a trustee and a beneficiary of a trust assuming that the trust agreement names other lifetime beneficiaries or successor beneficiaries after the death of the initial beneficiaries. For example, suppose a client wanted to serve as trustee of an irrevocable trust created for his benefit. The client’s general…
Clients who prepare living trusts for estate planning frequently will ask me whether they should transfer the legal title of their Florida homestead property to the name of their living trust. If the property is transferred to the trust the successor trustee will transfer or dispose of the property after…
A common question that comes up at initial client meetings for living trust administration or probate concerns the treatment of the decedent’s homestead property. The heirs want to know if they can sell the parents’ homestead and whether a probate proceeding is required to handle the homestead. In most cases,…
The mother and father of one of my asset protection clients wants to give my client (their son) and his wife their homestead property after they decease. The parents are concerned about subjecting their homestead to medicaid claims in the event they both leave the home to reside in a…
