Florida asset protection, estate planning, bankruptcy, and family law firm.

Operating Agreement Can Avoid Probate of Florida LLC Membership Interests.

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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 believe that the deceased member’s …

Operating Agreement Can Avoid Probate of Florida LLC Membership Interests.Read More

Can Same Person Be Beneficiary And Sole Trustee of Irrevocable Trust?

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Our client wanted to serve as trustee of an irrevocable trust created for his benefit. The client’s general attorney cautioned him that he could not serve simultaneously as a beneficiary and as a trustee, and that if he did occupy both positions the trust would automatically dissolve because of the legal “doctrine of merger.” The …

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Can LLC Operating Agreement Transfer Shares Upon Member’s Death?

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An earlier blog post addressed a question about directing ownership of a deceased LLC member’s membership interest . The post said that an LLC operating agreement cannot direct the inheritance of an LLC interest, and that each member should provide for inheritance in their will or living trust. A Florida court decision since that post …

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Living Trust Homestead Exemption

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When I am preparing a living trust for estate planning clients I am often asked to advise whether or not it is wise to title homestead properties in the name of the living trust. Trustmaker clients are concerned that conveying their homestead to their living trust may forfeit their Constitutional homestead exemption from creditor judgments. …

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Florida Homestead Law in Probate

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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, these are families that used …

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Living Trusts Should Plan For Unforeseen Disabilities of Children

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When people create a living trust they usually do not plan for unforeseen change of circumstances. They assume that their family members’ current good health and with stable living situations will continue throughout their lifetimes. I recently consulted with a family that had to deal with unforeseen needs of a disabled child that was not …

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Asset Protection in Post-Death Living Trust Administration

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Asset protection planning often continues after death, especially when a surviving spouse has judgements or is vulnerable to lawsuit.  The design of your estate planning determines whether your assets will be vulnerable to creditors of your surviving spouse or children. The typical living trust based estate plan for married couples the first spouse to die …

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