Category Archives: Estate Planning
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 »
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 »
What Does a Trust Administrator Mean?
Trust administration refers to the management and execution of a trust after it has been established. A trustee has a fiduciary duty to manage the corpus (property in the trust) in the best interests of the beneficiary. Usually, when a trust is first created, the settlor (person who creates a trust) and the trustee… Read More »
How to Find a Good St. Petersburg Estate Planning Lawyer
Lawyers are almost literally a dime a dozen in Florida. The Sunshine State has one of the highest number of attorneys per capita in the country. Most lawyers are used to working with forms. Additionally, most lawyers are used to dealing with strict rules governing these forms. But the strict rules in litigation matters,… Read More »
What is the Five-Year Rule in Medicaid Trusts?
Many of the long-term care facilities in Pinellas County are Medicaid nursing homes. These quality facilities are basically free, as long as the resident qualifies for Medicaid. But many people do not meet the government’s strict Medicaid eligibility income and asset limits. These limits change every year, but in general terms, applicants must have… Read More »
FAQs About QTIP Trusts
Like other kinds of trusts, a Qualified Terminable Property Interest trust avoids probate and therefore gives grantors (people who make trusts) more control over their assets. QTIP trusts are particularly attractive because they maximize all available exclusions without adversely affecting the marital deduction. Also, like other kinds of trusts, the rules regarding QTIP trusts… Read More »