Recent Blog Posts
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 »
What Does Trust Execution Mean?
Trust execution means, wait for it, the process of executing a trust. Many estate planning documents are fire-and-forget self-executing documents. But a trust document is not just a piece of paper, much like a property deed isn’t just a piece of paper. A property deed proves ownership of real property and establishes some rights… Read More »
Do I Need a Real Estate Closing Lawyer?
Many people don’t think they need a lawyer at a residential real estate closing because they’re just signing papers. This assessment is partially true. In Florida, an escrow or title agent handles most basic closing procedures. So, in many cases, people who are making small, uncomplicated purchases, like starter homes in ready-to-occupy condition, frequently… Read More »
Top Five Ways to Protect Wealth
Preserving wealth and ensuring a legacy is one of the main reasons people make estate plans. Usually, middle-income families need wealth preservation plans more than higher-income families. For a family of modest means, any wealth, such as a house, has an emotional value that far exceeds its financial value. Time, not money, is usually… Read More »