A Totten Trust Provides Privacy
Florida residents who are working on an estate plan may want to consider a Totten trust if they want to avoid making a will or going through the probate process. With a Totten trust, a person opens a bank account and makes deposits for a beneficiary. The person is able to withdraw money from the […]
Reviewing And Revising Trusts
Florida residents who are using trusts as a part of their estate plan may want to change those trusts in light of new laws. Since 2013, federal income tax laws have changed so that the highest marginal rate is at a far lower adjusted gross income threshold for trusts than it is for individuals. As […]
Benefits Of A Family Trust In Florida
In 90 percent of high-net-worth families, most or all of that wealth is gone by the third generation. In some cases, the wealth is eroded because of capital gains and transfer taxes in addition to how assets are divided among the generations. Wealth can also be eroded through the generations because of a variety of […]
Many New Roles, Options For Trusts
People in Florida who are setting up trusts as part of their estate plan may be surprised to learn that these types of instruments have become much more intricate over the years. For example, there are new roles and positions possible in irrevocable trusts that were largely not used in the past. In general, trusts […]
Benefits Of A Living Trust For Florida Residents
A living trust is a legal document that allows its creator, acting as the trustee, to hold title to assets inside of the trust. This may help those assets avoid probate, which may save thousands in legal fees and allow assets to be transferred much sooner. With a living trust, the grantor has the ability […]
Avoiding Mistakes With Beneficiary Designations
While some Floridians may have estate plans in place that they feel will make certain their wishes are followed, some fail to pay attention to the beneficiary designations they have made on their life insurance policies, retirement and other accounts. Not paying attention to these beneficiaries can cause significant problems after a person has died, […]
Interested Person Properly Challenges Estate Administration Expenses
Duff-Esformes v. Mukamal, 332 So. 3d 17 (Fla. 3d DCA 2021) The appellant in this case, Elizabeth Ann Duff-Esformes, was the Decedent’s surviving spouse, one of two beneficiaries of the Decedent’s estate. The other beneficiary was the residual beneficiary, the Nathan J. Esformes Living Trust, to which the appellant was the sole beneficiary as well. […]
Husband Improperly Transferred Millions to His Girlfriend Without Wife’s Knowledge
Wallace v. Torres Rodriguez, — So. 3d —, 2022 WL 1481782 (Fla. 3d DCA 2022) This recent case from the Third District Court of Appeal involved a husband, a wife, and the husband’s longtime girlfriend. In 2010, the wife, Patricia, asked her attorney to draft an irrevocable trust agreement for both her and the husband, […]
No Will? Who is to be the Personal Representative?
In an intestate estate – i.e., an estate in which the Decedent died without having a will – the state of Florida’s Probate Code statutes dictate how the Decedent’s assets will be distributed. Assuming the Decedent was married, the surviving spouse typically is the one appointed as the personal representative. Next in line would be […]
Gifting Considerations
Gifting to your adult children a portion of their inheritances while you are still alive is a topic of discussion that is not always as simple or clear-cut as it may seem on the surface. Some reasons you might consider doing this may be if you have more in your savings than you thought you […]