Florida Dynasty Trusts are generally used to keep assets within your family members or descendants. The person who creates this type of trust usually has significant assets which are far in excess of $1,000,000 which they want to protect from the misuse or dissipation of family members. A Florida Dynasty…
When you have a blended family or children from different marriages it is very important to have estate planning that deals with the various possibilities. All to often the standard will or generic documents can produce undesired results. Take for example a Husband and Wife who each have children from…
With Florida Trust Litigation on the rise, it is important that trustees preform their duties properly. One of the primary duties of a Florida Trust trustee is to keep accurate records of all acts performed by him in regards to the trust estate. In Florida, trustees have this duty, known…
When a Florida Trust is created, the creator of the trust designates a trustee to monitor the trust. There is great responsibility that comes with being the trustee because this individual, or group of individuals handles the distributions to the beneficiaries according to the terms of the trust document. The…
Whether you live in Florida, New York, California or any state and are the owner of a Toyota car, truck, or SUV, your Toyota Automobile may have just dropped in value. We all know there will be many Class Action Lawsuits against Toyota. Here is one class action that you…
Attorney Kevin W Davidson of the Green Bay Wills, Trusts & Estate Planning Blog wrote an article on the pitfalls of Do it yourself asset protection where he talks about some of the problems with trying to protect your own assets. Over the last 6 months the number of inquiries…
Most residents of Jacksonville and Florida could benefit from a Florida Vehicle Trust if they have children who drive their vehicles or in the case that a judgment is in excess of their insurance limits. A Florida Vehicle Trust protects your assets by holding title in a specifically designed trust.…
One very useful Medicaid planning technique involves the creation of an irrevocable Medicaid Asset Protection Trust. With a Medicaid Asset Protection Trust a person or couple can transfer some of their property to the trust to hold and manage for their benefit during their live with the remainder paid to…
A third-party created and funded SNT can have a trust protector. At a minimum, the trust protector should can have the power to: (i) direct the trustee’s actions; (ii) receive financial-investment statements and accountings; (iii) terminate the trust (and have the assets be distributed to the remainder beneficiaries), (iv) remove…
As long as the sole designated beneficiary is not the surviving spouse the RMD is the life expectancy of the designated Beneficiary. Each years MRD’s is computed by dividing the prior year-end account balance by a life expectancy factor (called the “Applicable Distribution Period” (ADP) or divisor) obtained from an…