Author Archives: Jay Butchko
Seven Major Pitfalls to Avoid During Trust Administration
Especially in Florida, trust administration is a complex process that features subtle nuances. A small mistake or oversight could have devastating consequences down the road. Whether you’re a new trustee or have experience, being aware of common pitfalls can help ensure the proper and effective management of the trust. More on that below. Trust… Read More »
Succession Planning for Family Businesses
Family-owned businesses drive the economy. These organizations account for over half of the U.S. gross domestic product, provide over half of the country’s jobs, and generate $7.7 trillion in revenue. More importantly for purposes of this blog, a family-owned business has a substantial emotional value that’s almost impossible to calculate. For many families, their… Read More »
Five Quick Ways to Avoid Guardianship in Florida
A combination of careful planning and certain legal tools usually allows people to retain their independence while, at the same time, they prepare for future incapacity. Avoiding guardianship also means retaining control over one’s own life. This process is especially important in Florida. The Sunshine State’s involuntary guardianship procedure is rather fast. Almost anyone… Read More »
What is the Purpose of a Dynasty Trust?
The first dynasty trust may have been a gold tooth. The gold was immune from creditor seizure and could be passed down through multiple generations. Today, there’s a better way to achieve the same goal. A modern dynasty trust is a long-term legal arrangement that preserves and transfers wealth across multiple generations while minimizing… Read More »
What You Should Know About the Gift Tax
Typically, the gift tax rate is much higher than the income tax rate. Furthermore, the IRS broadly defines “gifts” to include any transfer of property or assets from one person to another without receiving full value in return. It applies to cash, real estate, investments, or any other valuable item given as a gift…. Read More »
Advanced Estate Planning in Florida: A Primer
A basic estate plan, which fewer than a third of Floridians have, is the foundation for an advanced estate plan. Most families include complex dynamics (marriage and remarriage, estrangement and reconciliation, etc.). Other families have substantial assets or unique goals. All these families need to add onto the foundation and obtain an advanced estate… Read More »
What Can Go Wrong at a Real Estate Closing in Florida?
A real estate closing is more than a formality and a matter of signing papers. A real estate closing protects buyers from hazards like the ones discussed in this post. In fact, in many cases, a real estate closing is the last chance to avoid such hazards. Generally speaking, these transactions are difficult to… Read More »
What is the Purpose of a Medicaid Trust?
A Medicaid Trust, or Medicaid Asset Protection Trust (MAPT), allows individuals to qualify for Medicaid and preserve their assets for their beneficiaries, such as children or other heirs. This type of trust is particularly important for those who may need long-term care, such as nursing home services, which are almost always extremely expensive. In… Read More »
What are the Grounds for Contesting a Will?
Usually, a will streamlines the probate process. A will clarifies the wishes of the testator (person who makes a will), so the estate goes to designated beneficiaries. However, wills aren’t always crystal clear. More than one version of a will may be floating around, or someone may “discover” a hidden codicil. Or, a will… Read More »
What You Should Know About Family Trusts
One of the main reasons people make trusts is to simplify the asset distribution process. A family trust may be the best way to achieve this goal. These vehicles, like other trusts, have other advantages as well. They avoid probate with its costs and publicity. Trusts also shield assets from creditors, are harder to… Read More »