Florida Gun Trust: Do I Need a Lawyer?

If you are a gun owner, you’ve probably heard of a Florida gun trust. You may know exactly what it is used for but may be wondering if you need a lawyer to help set one up. Continue reading to learn more about gun trusts and how your lawyer can help you avoid running afoul of federal law. The National Firearms Act of 1934 As amended, the NFA requires that certain firearms be registered with the federal government, Read More

3 Reasons to Establish a Revocable Living Trust

Estate planning tools offer unique and useful benefits. Wills provide a way to distribute a person’s estate after their death. Trusts, including revocable living trusts, provide another way for individuals to accomplish their estate planning goals. Before deciding to establish a revocable living trust, consider why you might want to use a revocable living trust. Incapacity Unlike a Last Will and Testament, a Read More

How Can a Spendthrift Provision Protect Your Heirs?

The thought of leaving a nice inheritance for your loved ones may bring a smile to your face. However, for some, it may cause a few worry lines instead. When you take a realistic look at your heirs, do you see any who may not benefit from a lump sum inheritance? If so, can a spendthrift provision protect your heirs? What is a spendthrift provision? It’s part of a document, a trust for example, that protects money Read More

Standalone Retirement Trusts and Your IRA

Trusts generally consist of a grantor or settlor, a trustee, and at least one beneficiary. Every trust also has another characteristic – a purpose. Trusts may be established to save taxes, protect assets, provide for someone with special needs, or distribute wealth to current and future generations. For Standalone Retirement Trusts, the purpose is to serve as beneficiary for qualified retirement funds, including Read More

Disadvantages of Irrevocable Trusts

Dave and Marge H. were interested in establishing an irrevocable trust. They had heard it might be a good estate planning option for them. However, they never considered the disadvantages of irrevocable trusts. Basic Trusts Trusts consist of at least one grantor, one trustee, and one beneficiary. After the grantor creates the trust, it must be ‘funded.’ The trust is just an empty vessel unless assets are Read More

Should I Use a Revocable Trust or an Irrevocable Trust?

Perhaps you are new to estate planning. Or you prepared a plan years ago and need to revise it. Estate plans typically include a Will, a durable power of attorney, and a medical power of attorney. Many people also include a trust, a revocable trust and/or an irrevocable trust. If you are wondering, “should I use a revocable trust or an irrevocable trust,” think about the following questions: Do I want to remain in Read More

Do I Need a Florida Gun Trust?

Joe had very clear ideas about where his property should go after he passed away. Fortunately, he put together an estate plan that stated his wishes. However, he was concerned about how his firearms would be transferred to his son. In addition to a Will, general durable power of attorney, and medical power of attorney, Joe also established a gun trust. If you are wondering, “Do I need a Florida gun trust?” you may Read More

Revocable vs. Irrevocable Trust: Which Is Right for You?

Choosing the right tool often requires specific knowledge. You have to know what you want to accomplish and what the tool can do. When preparing your estate plan, you have a number of tools from which to choose, including revocable and irrevocable trusts. Both offer advantages and disadvantages. However, in a direct, head-to-head face off – revocable vs. irrevocable trust – which better suits your needs? Let’s Read More

Aretha Franklin’s Estate Dilemma

In her long and illustrious career, Aretha Franklin hit many milestones:  first female artist inducted into the Rock and Roll Hall of Fame, winner of 18 Grammys and a host of chart-topping albums and singles. When she passed away on August 16, 2018, she was added to the long list of celebrities who failed to leave an estate plan. With an estate estimated to be worth tens of millions of dollars, it’s difficult to Read More

Top 8 Reasons to Use a Living Trust

People come to estate planning with different goals, different estate problems, and different family circumstances. Some people have very simple estates that require very simple estate planning while others need advanced planning. Trusts are a common estate planning tool. If you are unsure how a living trust might help you, read on to learn eight reasons to use a living trust. #1: Asset Protection A living trust Read More