The Emergency Economic Stabilization Act of 2008 temporarily raises the basic limit on federal deposit insurance coverage (FDIC) from $100,000 to $250,000 per depositor. WARNING the basic deposit insurance limit will return to $100,000 after December 31, 2009. The rise in insurance coverage applies to most trust accounts with no…
The 2009 IRS annual gift tax exclusion is increasing form $12,000 to $13,000 for 2009. This increase means that more money can be given away for estate tax planning purposes. For example, a married couple with two married children will be able to give away up to $104,000 in 2009…
Florida has the same problems that have been identified by Christopher Berry, An Estate Planning Attorney in Michigan who writes the Estate Planning in Michigan Blog. Christopher recently wrote an article on The Problem with Michigan Trust Mills where he describes an occurrence that happens all over the country. I…
Spendthrift clauses can be confusing to trustees. The general idea with a Florida Spendthrift clause is that the beneficiaries cannot assign their interest in the trust to a creditor ( voluntarily or involuntarily) Here is the test found in a typical clause under the new Florida Trust Code Spendthrift Provisions.…
A Florida Living Trust is a Florida Revocable Trust created while a person is alive, while a Bypass Trust is usually a testamentary irrevocable trust. Some Bypass Trusts are created by a Living Trusts or even Florida Will. A Trust is an ownership arrangement where property is held in the…
A Florida Revocable Trust is a useful estate planning tool. They can be used for many functions including disposition of one’s assets upon death. In my practice I use Florida Revocable Trust for the purchase of Class 3 items which are controlled by the NFA, to provide for pets and…
The Ca Estate Planning Blog has an article on how to put your bank account in your Florida Revocable Trust . It is one of the most important things that can be done after setting up your Florida Living or Revocable Trust. If you have not funded your Florida Revocable…
As the second marriage becomes more popular, it becomes more important than ever to protect your life insurance for your children. I received a call today where the second wife had changed the life insurance benefits to her name, as might be expected. Five months later the father of two…
Many pet owners think of their pets as part of their family. Legally pets are considered personal property like a car or jewelry. If you are sick, injured, or unable to care for your pet and have not planned ahead, your pets may not be taken care of by the…
Miller v. Goodall, 958 So. 2d 952 (Fla. 4th DCA April 25, 2007) A daughter filed a petition to determine her mother’s incapacity and be appointed as guardian. The ward’s sister (daughter’s aunt) also filed a petition seeking to be appointed as plenary guardian. The court denied the sister’s petition…