Trusts have many purposes, including avoiding probate, reducing estate taxation, or protecting assets from creditor risk. The type of trust and the terms of trust depend on the priority of various planning goals. When it comes to estate planning, trusts can be a powerful tool for protecting your assets and…
Many people moving to Florida have previously made a will or created a living trust. Is their existing will or trust valid in Florida? Should they make a new will or amend their living trust? Florida law recognizes and enforces existing wills and living trusts executed in another state. Florida…
The Bureau of Alcohol, Firearms, and Explosives (“ATF”) issued a new rule (Rule 2021R-08F) addressing stabilizing braces used to convert pistols into short-barreled rifles, defined as a rifle having a barrel of fewer than 16 inches (“SBR”). The Rule regulates pistols that are made and intended to be fired from…
In Florida, a trust protector is an individual or financial institution named in the trust agreement that facilitates the administration of a trust. Having a trust protector is not required—it is an optional feature of a revocable or irrevocable trust. A protector can increase the asset protection benefits of trust…
Summary administration in Florida is a simplified process that provides a cheaper and quicker way to wind up a deceased person’s assets compared to formal probate. In order to file summary administration, (1) the value of the person’s property must be under $75,000, (2) the person must have been dead…
In Florida, a power of attorney ends after the death of the principal. A power of attorney is a legal document provided by Chapter 709 of Florida law that allows one person (called a “principal”) to appoint another person (called an “agent”) to legally act on their behalf. So long…
In Florida, a spousal limited access trust, or SLAT, is an 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…
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. A person cannot disinherit their spouse. Some clients have told us that they have not made a will or a testamentary trust because they…
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…
