Often a Florida Revocable Trust is not modified promptly upon a divorce. If the trust is subject to Florida law, Florida Statutes 736.1105 can amend the trust when the prior spouse is named as a beneficiary and the other spouse creates the trust. 736.1105 Dissolution of marriage; effect on revocable…
Jonathan G. Blattmachr, a partner at Milbank, Tweed, Hadley & McCoy LLP, has published “Reducing Estate and Trust Litigation Through Disclosure, In Terrorem Clauses, Mediation and Arbitration” in the Cardozo Journal of Conflict Resolution, 9 Cardozo J. Conflict Resol. 237 (2008). He suggests six methods to reduce litigation. 1. Advise…
Although these are difficult times and the experts acknowledge that we are in a recession it is just as important to plan for the future. The current economic situation may make the need for long term care planning even more important than in the past. My most recent newsletter discusses…
Florida Estate Planning is important. Planning for Estate taxes has been part of our culture and one of the earliest examples and pointed out by Christopher Berry, of the Michigan Estate Planning Blog, is found when looking at George Washington’s Will. The estate tax has been part of our culture…
A new concept in Estate planning is creating a trust to protect the families firearms. For the past few years the public has been using NFA Gun Trusts for the purchase and protection of Title II firearms that are restricted by the NFA. Most gun enthusiast expect there to be…
As our population continues to age, more and more individuals are concerned about how they will pay for care as they get older. Often individuals and families find that they are unable to take care of themselves and need assistance. As medical costs have continued to rise, so have the…
One should be careful when leaving assets to someone who is in prison. They often have fines assessed against them and the assets can be taken for these fines. Sometimes it is beneficial to leave assets to the incarcerated persons heirs. While many trusts can be created to provide for…
Forbes.com has an article on where not to die. Sixteen states and the District of Columbia (shaded in red) impose their own estate taxes. The dollar amount exempted from tax (in black) and the top tax rate (in yellow) vary by state. Eight states (shaded in orange) levy an inheritance…
Bad will articles popping up all over the place Seems like everywhere you turn these days there is another article on how Quicken and other online estate planning tools are a bad idea. I will begin to compile a list of other articles on this topic below my examples. Some…
The Wills, Trusts, and Estates Prof Blog had a posting from someone looking for interesting WIll issues. I thought some of my readers may be interested in contacting this person. Hello, I’m a researcher working on a documentary series about people’s first-hand experiences with a family will. The project is…