In Florida all sorts of clerks, customer service people, insurance sales people, brokers, account managers, and other employees of financial institutions give customers advice about how to title accounts and name beneficiaries. In an effort to avoid probate, these seemingly harmless changes can cause many problems with estate plans. Most…
Back in 2006 and 2007 I wrote several articles on Digital Assets and Estate Planning. Now that we are in 2009, there is even more need for Digital Asset protection in your Florida Estate Planning Documents. Digital assets are those that expire upon your death and are often associated with…
It seems like ever few months we hear about another company who provides living trust seminars to the public and scares them into purchasing unnecessary trusts. Another “Trust Mill” has been found guilty of practicing law without a license by masquerading as qualified financial advisers, estate planners, lawyers, and paralegals…
Often each state will have an association that keeps track of horses and their owners. For example in TN there is the Walking Horse Owners’ Association. Thoroughbreds are kept track of in the Jockey Club. The transfer of ownership for all registered Thoroughbreds may be reported to The Jockey Club…
Often a Florida Revocable Trust is not modified promptly upon a divorce. If the trust is subject to Florida law, Florida Statutes 736.1105 can amend the trust when the prior spouse is named as a beneficiary and the other spouse creates the trust. 736.1105 Dissolution of marriage; effect on revocable…
a Florida Revocable Trust is a trust created during the life of an individual which can be modified, amended, or revoked at anytime during their life. Often they are used to: 1. avoid Florida Probate; 2. Keep your assets and decisions private; 3. Simplify after death distributions; 4. Increase the…
While a Florida Revocable Trust can avoid the necessity for a Florida Probate to be filed, there are often circumstances that require a Probate. A Florida Revocable Trust only eliminates the need for a probate when it is funded and to the extent that your assets are inside the trust…
The Emergency Economic Stabilization Act of 2008 temporarily raises the basic limit on federal deposit insurance coverage (FDIC) from $100,000 to $250,000 per depositor. WARNING the basic deposit insurance limit will return to $100,000 after December 31, 2009. The rise in insurance coverage applies to most trust accounts with no…
The 2009 IRS annual gift tax exclusion is increasing form $12,000 to $13,000 for 2009. This increase means that more money can be given away for estate tax planning purposes. For example, a married couple with two married children will be able to give away up to $104,000 in 2009…
Florida has the same problems that have been identified by Christopher Berry, An Estate Planning Attorney in Michigan who writes the Estate Planning in Michigan Blog. Christopher recently wrote an article on The Problem with Michigan Trust Mills where he describes an occurrence that happens all over the country. I…