Estate Planning

Using a Spousal Limited Access Trust (SLAT) in Florida

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…

Does an IRS Tax Lien Attach to Irrevocable Trust?

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…

|

Does a Spouse Automatically Inherit Everything in Florida?

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…

|

Operating Agreement Can Avoid Probate of Florida LLC Membership Interests.

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…

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

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…