Author Archives: Jay Butchko
Top Ten Irrevocable Trusts in Florida
In Florida, an irrevocable trust is a type of trust that cannot be modified, amended, or revoked once it has been created, except under very specific circumstances. These trusts are often used for estate planning, asset protection, and tax benefits. Some common types of irrevocable trusts in Florida are discussed below. Irrevocable trusts are… Read More »
How Much Can You Gift to Your Children Tax Free?
In the United States, gifting to your children is a common way to transfer wealth while minimizing taxes. However, there are specific rules governing how much you can gift tax-free, primarily related to the annual gift tax exclusion and the lifetime gift tax exemption. Understanding these rules can help you navigate gifting strategies without… Read More »
Key Elements of Generational Estate Planning
Generational estate planning transfers wealth, assets, and family legacies across multiple generations. These plans look past immediate beneficiaries, such as children, to consider the future needs of grandchildren, great-grandchildren, and future generations as well. Effective generational estate planning ensures that assets are distributed efficiently according to the wishes of the maker, and in a… Read More »
Five Types of Business Associations
Almost all businesses in the United States are “small” businesses. Over half of these organizations have between zero and four employees. These business owners often believe their business association options are limited or nonexistent. But under state and federal law, the smallest business in Florida has the same business association choices as the big… Read More »
What Does a Trust Administration Mean?
For practical purposes, a trust administrator owns the property in a living or non-living trust. For legal purposes, trust administration includes an additional fiduciary duty, which is the highest obligation in Florida law. This duty includes avoiding conflicts of interest, maintaining confidentiality, and acting with the highest degree of honesty and care. Trustees who… Read More »
I’m Behind on Mortgage Payments and I Don’t Want to File Bankruptcy. What Can I Do to Protect My Home?
Overall, the Sunshine State has one of the highest foreclosure rates in the nation. Hernando, Citrus, Wakulla, Osceola, and Charlotte Counties lead the way. Failure to timely make mortgage payments is, by far, the leading cause of home foreclosure in Florida. Legally, most banks can begin foreclosure proceedings after a single missed payment. Failure… Read More »
Adult Guardianships in Florida: What You Should Know
We all want to do whatever possible to protect older relatives and friends, but adult guardianship is a last resort in Florida. A judge creates a guardianship only if the proposed ward clearly needs protection from an immediate threat no other less radical means is available. Age and even senility usually aren’t enough to… Read More »
Top Five Ways to Avoid Probate in Florida
Probate, the legal process of executing a will, is expensive. On average, attorneys’ fees and court costs are between 3 and 7 percent of the estate’s value. So, an estate with practically no assets other than a house and a savings account could easily cost tens of thousands of dollars to probate. These costs… Read More »
The Ten Steps of a Real Estate Closing
“Closing” implies a quick, one-time event. But in reality, a real estate closing is a process. If any step in this process goes wrong, the entire transaction could be at risk. A good St. Petersburg real estate lawyer is thoroughly prepared for every step of this process, so buyers and sellers complete their real… Read More »
How Hard Is It to Make an Estate Plan?
Evidently, most people think it’s very hard to make an estate plan. Over two-thirds of Americans have no estate plan whatsoever in place. Most people in this group have never even tried to make an estate plan. Although an estate plan is a bundle of complex legal documents, and these documents must be properly… Read More »