In Florida, you may be able to protect the value of your primary residence, including the building and the land, from creditors, and receive a discount on property taxes. If you meet the qualifications of homestead in Florida, you will want to make sure you take full advantage of all the benefits. Florida homestead laws are...
After setting up revocable living trusts, too many people think that their estate planning is done, once and for all, and can be checked off the list. The fact is, however, that regular reviews are essential. Here are five of the most important reasons you should schedule a review below. Revocable Living Trusts Are Subject to...
No one wants to find themselves in the situation where their assets are at the mercy of creditors and they are powerless to staunch the assault. However, some of the options for asset protection in this kind of situation can appear to be limited and unattractive. Moving assets offshore may be impractical and expensive. Placing them...
While Hollywood movies may give the impression that a scrawled bequest on a scrap of paper found in a long-lost safe deposit box will automatically result in the heroine rightfully inheriting her fortune, if the story takes place in Florida, the heroine is likely out of luck. This is because Florida follows a simple, but profound...
So, you’ve decided to set up a trust. If you want to ensure that your trust is executed in exactly the manner in which you intended, it is absolutely vital that you select an appropriate trustee to administer your trust. While the specific duties of a trustee may vary depending on the type of trust being...
When you have loved ones in your life with special needs, they require extra care and attention in order to provide for those needs. Special needs, broadly defined, are needs that arise from a significant disability, usually medical or psychological in nature. It could be a physical disability such as blindness or a mental disability such...
Spendthrift Trust? No clue! Sure, you love your family. You want to provide for them and make sure they are taken care of after you are gone. But that doesn’t mean you have to trust your loved ones to be wise money managers. Some people simply aren’t good with money. Some have had bad breaks in...
Many people are inclined to use their assets to help leave the world a better place when they die. Some folks want to leave behind a philanthropic legacy. Others just want to use the money that they will no longer need to do some good in the world. The benefits of a charitable trust justify its...
Irrevocable trusts are a form of trust that can be very difficult to change. When you transfer assets into an irrevocable trust, you may give up ownership rights over them. Some jurisdictions consider any trust to be irrevocable unless you specifically state otherwise in the document. They have many advantages and disadvantages for estate planning purposes,...
Have you heard of an NFA Gun Trust before? National Firearms Act Gun Trusts deal with ownership of firearms that are subject to stringent federal and state regulations. These trusts make it easier to possess and handle firearms after the owner passes away and protect heirs from unintentionally breaking the law. Let’s dive into the details....
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