In Florida, a trust is not valid until funded. Many trusts need to be funded prior to your death to be used in the way intended. Often, individuals create trusts and forget to fund them during their life and do not receive the benefits that their trusts were designed for.…
The amount you can give anyone without having to file a gift tax return in 2015 remains the same as 2014 at $14,000. Remember that you can give your children, their spouses, your grandkids $14,000 each. In addition, if you are married, your spouse can also gift $14,000 to each…
The U.S. Supreme Court recently held that the funds contained in an IRA are not “retirement funds” and thus not protected from creditors during bankruptcy. The next question many attorneys now have is how this ruling will affect tax law? The Supreme Court justices felt there were three legal characteristics…
Establishing a trust is often an important part of the management of your assets and estate. A trust can help to ensure decedent’s assets are passed to their heirs precisely the way they are intended. Trusts can either be irrevocable or revocable. The person who creates a revocable trust can…
In today’s world, it is common to see blended families full of biological and stepchildren. It is crucial for parents, who wish to leave an inheritance to their stepchildren, make a will or trust because stepchildren do not have the same inheritance rights as biological children. Florida’s probate laws do…
One of most common topics we discuss with our business and estate planning clients is asset protection. The best time to do asset protection is when you do not have any known or potential creditors. Unfortunately, this is often the least likely time to consider protecting your assets. Today we…
Beneficiaries or people who think they are beneficiaries of trusts often ask up if they should receive regular payments or distributions from a trust. As with most legal issues the answers “depends on the circumstances and what the documents state”. Without reviewing your trust to determine if it is a…
Often families have vacation property that has been owned for may years or generations. It would be virtually impossible for most children to acquire or maintain these types of properties in today’s market. We often use business entities or trusts to hold title to the property and other assets to…
In order for a person to attempt to reform a trust, that person must “have standing.” This designation refers to a person who has an interest in the trust. This person can be a trustee, beneficiary, or a trustee and beneficiary. A settlor, the creator of the trust, gets to…
If you are a married person in the State of Florida and have not created a Florida Will or Florida Revocable Trust you should fully understand what will happen to your assets when you die. Previously in Florida, if a husband or wife passed away with only children belonging to…