Spendthrift clauses can be confusing to trustees. The general idea with a Florida Spendthrift clause is that the beneficiaries cannot assign their interest in the trust to a creditor ( voluntarily or involuntarily) Here is the test found in a typical clause under the new Florida Trust Code Spendthrift Provisions.…
A Florida Living Trust is a Florida Revocable Trust created while a person is alive, while a Bypass Trust is usually a testamentary irrevocable trust. Some Bypass Trusts are created by a Living Trusts or even Florida Will. A Trust is an ownership arrangement where property is held in the…
A Florida Revocable Trust is a useful estate planning tool. They can be used for many functions including disposition of one’s assets upon death. In my practice I use Florida Revocable Trust for the purchase of Class 3 items which are controlled by the NFA, to provide for pets and…
The Ca Estate Planning Blog has an article on how to put your bank account in your Florida Revocable Trust . It is one of the most important things that can be done after setting up your Florida Living or Revocable Trust. If you have not funded your Florida Revocable…
As the second marriage becomes more popular, it becomes more important than ever to protect your life insurance for your children. I received a call today where the second wife had changed the life insurance benefits to her name, as might be expected. Five months later the father of two…
Many pet owners think of their pets as part of their family. Legally pets are considered personal property like a car or jewelry. If you are sick, injured, or unable to care for your pet and have not planned ahead, your pets may not be taken care of by the…
Miller v. Goodall, 958 So. 2d 952 (Fla. 4th DCA April 25, 2007) A daughter filed a petition to determine her mother’s incapacity and be appointed as guardian. The ward’s sister (daughter’s aunt) also filed a petition seeking to be appointed as plenary guardian. The court denied the sister’s petition…
Gurfinkel v. Marmor, 32 Fla. L. Weekly D2931 (Fla. 3rd DCA December 12, 2007) The decedent’s trust beneficiaries challenged a pre-death “amendment” executed by the decedent’s spouse as attorney in fact pursuant to a valid Durable Power of Attorney . The amendment “deleted” the trust’s primary asset stock in a…
Bryan v.Dethlefs, 959 So. 2d 314 (FIa. 3d DCA May 16, 2007) The decedent’s trust stated, “Upon my death, the then balance of principal and accumulated income remaining in the trust fund shall be distributed to my grandson, Robert R. Bizzell, if he is living at the time of distribution.”…
When creating a revocable trust you may be asked for a Employment ID number (EIN) or Tax ID to open the account or fill out the paperwork. Many banks do not understand the difference between a revocable and a irrevocable trust. Although irrevocable trusts require TAX ID or EIN’s revocable…