Florida Estate Planning Lawyer Blog

May 13, 2008

What is the difference between a Living Trust and a Bypass Trust?

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 name of a “trustee” rather than in the name of the person who really owns the property. It is a separation of legal and equitable ownership. People often create Living Trusts for their own benefit, to avoid probate, address the possibility of future incapacity, or keep their finances private.

Normally, the person who creates a Living Trust names himself or herself as trustee and as beneficiary. Upon that person’s death, all or a portion of the property which remains in the Living Trust passes according to the terms specified in the trust agreement.

May 12, 2008

What is a 529 accounts, and are they good?

by David M. Goldman

529 accounts are good and are one of the best ways to save for a child’s education.

When paying for college there are many options.

Uniform Transfers to Minors Accounts;

Education IRAs;

May 1, 2008

What gifts can I make without having to pay gift taxes?

by David M. Goldman

You can give any person $12,000 a year without any gift tax consequences. This annual gift exclusion is now indexed for inflation and be increasing periodically in $1,000 increments.

If you are married, you and your spouse can each give $12,000 a year for a total of $24,000. If the person you are giving to is married, you can give $12,000 to that person and their spouse.

You may also pay tuition or medical payments on behalf of another, but it is important to make those payments directly to the institution and not give the money to the individual to make the payments. When the payments are made directly they do no count against the $12,000 gift exclusion.

April 30, 2008

Where should I store my will and whom should I give copies of my estate planning documents?

by David M. Goldman

It is important to keep your Florida Estate Planning Documents safe. In some cases if the original documents are lost, a copy is as good as the original. With the will, the original is the document that is important.

Some people choose to keep originals documents at their Florida Estate Planning Lawyer office, in a bank vault, with other people, or at home in their filing system. It is important to let someone know where they will be kept in case they are needed.

People have different views on their Florida Estate Planning Documents. Some do not want to disclose them and others want to openly disclose them with their family and friends.

April 29, 2008

What are the pros and cons of a Florida Revocable Trust?

by David M. Goldman

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 animals after death, and to hold assets. Each type of Florida Revocable Trust has unique language and purpose.

In addition there are several benefits in using a Florida Revocable Trust to dispose of property over a will. These include the following:

1: No Florida Probate is required for assets that are in a living trust at the time of death. Although this is the most common reason people use a Florida Revocable Trust it is not the only reason. Many times there are other ways of accomplishing the same results with payable on death designations or having assets held in the name of more than one person. Other property such as retirement accounts, life insurance and those with beneficiaries will pass to your beneficiaries on their own without a Florida Probate.

April 29, 2008

How to obtain a Will in a safety deposit box?

by David M. Goldman

In Florida when an individual left their Florida Will in a bank vault or safety deposit box a court order is necessary to open the box unless there is a joint owner on the account.

The process involves having a judge issue an order to inspect the contents of the box. If there is a will it should be deposited with the court in the probate proceeding.

If you need help getting a Florida will that is stored in a safe deposit box at a bank, you should Contact a Florida Estate Planning Lawyer

April 28, 2008

Where I keep my signed Estate Planning Documents?

by David M. Goldman

Many people feel that one of the best places to keep your estate planning documents and original Florida Will is in a safe deposit box. A bank box can protect the documents from most natural disasters. If you keep the documents in a bank you should have a joint holder on the account to simplify the process of obtaining the documents in the event of your death.

Some people also keep their documents with the lawyer who created them. Many lawyers will not retain original documents because of the risk of loss and expense associated with keeping the documents.

Most people keep their documents at their home. They can be kept in a safe, file cabinet, or even their freezer. If they are kept in a place that is not obvious, you need to let others know where they are located so they will be found when they are needed.

April 27, 2008

Creating an Estate Plan in Florida

by David M. Goldman

There are many parts to a Florida Estate Planning.

The Documents include Durable Powers of Attorney, Living Wills, HIPAA releases, Medical Powers of Attorney, Living and Revocable trusts and other documents depending on the particular needs of the clients.

The most important thing to remember is not everyone needs a living trust (see my articles on Trust Mill Scams) and each plan should be customized to the individuals family dynamics.

April 24, 2008

Voluntary Guardianship over Foreign Minor with Parents Consent

by David M. Goldman

It is important to note that in Florida Judges will want to see proof that a child is in the United States legally prior to issuing a guardianship over the minor person. With the recent changes in security and immigration, there is concern about creating a legitimate reason for the minor to stay in the country with the guardianship.

April 22, 2008

Putting your Bank Account in Your Revocable Living Trust.

by David M. Goldman

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 Trust please Contact a Florida Estate Planning Lawyer to make sure it is funded properly.