If you own more than one home, what determines your legal residence? If you work or go to college across state lines, which state can you legally call home? Such questions depend on where you are domiciled, or the place where you maintain a permanent residence. You can have more than one home, but only one...
Were you aware of the fact that there are many different types of trusts in estate law? For example, a marital trust can be a legal arrangement that transfers assets to a surviving spouse after the trustmaker’s death. A credit-shelter trust allows married couples to take full advantage of state and federal estate tax exemptions. A...
When it comes to estate planning in Florida, we all have goals. We have goals for ourselves, our children, our businesses, and also for our legacy. We know that you have dreams and plans for your legacy.  While many people think about the here and now, which can include health care decision-making, financial decision-making, and plans...
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act, or the SECURE Act, was signed into law. Congress passed the legislation with the stated goal of helping Americans accumulate more assets for retirement. Accordingly, lawmakers expanded access to “tax-advantaged” retirement accounts, such as 401(k)s and Individual Retirement Accounts (IRAs), among other things....
In previous articles, we have looked at different ways to own property in Florida. For example, you may own real property as the sole owners, as tenants in common and as joint tenants with right of survivorship. The Florida land trust is another form of property ownership you may want to consider. But why? Property Owned...
Trusts consist of a grantor, a trustee, and at least one beneficiary. The grantor creates the trust, then funds it by transferring assets to it. We may not think of trusts as profit centers, but some trusts do generate income. This, of course, leads to the question, “Do trusts pay income taxes?” Whether they do or...
Whether it is your first time or your third, marriage has a profound effect on your life. Many things may change from your address to your estate planning goals. While planning your wedding and honeymoon, take some time to make your estate plan reflect your new life. It’s important for the future of your new spouse...
Pets are often a big part of our families. In fact, some people refer to themselves as pet parents or speak of their pets as if they were their children. It’s important to care for our animal friends, and this is true even after we have passed on. Some people set up pet trust while others...
Baby boomers – an iconic slice of American history. Making up almost 20% of the United States population, baby boomers are reaching retirement age in large numbers. As they retire and eventually pass away, they stand to pass on more than a good name or a quirky family legend. In fact, baby boomers are expected to...
Myths have abounded in the world since ancient times. However, over time myths have evolved from stories about Zeus and Poseidon to commonly-held-though-inaccurate beliefs about our modern life. Even a serious field like estate planning has not escaped the formation of myths. In this article, we will set out ‘myth busting’ three beliefs about trusts. #1...