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 more beneficiaries (typically you while …
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 »
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 …
Can Same Person Be Beneficiary And Sole Trustee of Irrevocable Trust? Read More »
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 the death of the trustmaker …
Should I Transfer My Florida Homestead To My Living Trust? Read More »
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. …
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 …
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 …
Asset Protection in Post-Death Living Trust Administration Read More »
Estate planning clients begin their planning process with the expectation that they will be creating some type of trust for their heirs. Often, clients anticipate conveying their assets in to some form of trust, but they typically do not understand how different types of trust fit in to the estate planning process. Trusts are initially …
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 nursing home. They also want …
Lady Bird Deeds For Medicaid and Estate Planning Read More »
Only a few states have enacted asset protection trust legislation to provide creditor protection through a self-settled irrevocable trust. Those states with domestic asset protection trust (DAPT) statutes compete with one another by maintaining laws that attract investment assets to their state from people seeking asset protection benefits. In 2013, Utah enacted a revised domestic …
Utah Enacts Favorable Asset Protection Trust Statute Read More »