Estate Planning

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…

Utah Enacts Favorable Asset Protection Trust Statute

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,…

Tenants By Entireties Ownership Of Joint Living Trust Assets

Prior to 2011,  when the estate tax exemption was much lower,  most estate planning attorneys preferred to separate spouses’ assets in separate living  trusts to make sure each spouse received their full estate tax exemption. Joint trusts which are not properly drafted or maintained can forfeit one or the other…