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Asset Protection

Transferring Your Florida Homestead to a Revocable Living Trust

By Jackson Law Group
May 2nd, 2024

Posted in Asset Protection,Wills, Trusts & Estate Planning

When it comes to estate planning, one of the most significant assets that Florida residents must consider is their homestead (i.e. primary residence). The homestead exemption in Florida offers valuable property tax benefits and protections against creditors, making it a crucial element of a homeowner’s financial planning.


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Navigating the Corporate Transparency Act: A Guide for Small Businesses

By Jackson Law Group
March 1st, 2024

Posted in Asset Protection,Business & Corporate Law,Wills, Trusts & Estate Planning

The Corporate Transparency Act (CTA), effective from January 1, 2024, brings significant changes to the regulatory landscape of small businesses. The law aims to combat financial crimes like money laundering and tax fraud. Here’s a brief synopsis of what small business owners need to know:
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Can a Revocable Living Trust Provide Asset Protection from Creditors?

By Jackson Law Group
January 3rd, 2024

Posted in Asset Protection,Probate & Trust Administration,Wills, Trusts & Estate Planning

A revocable living trust generally does not provide asset protection from creditors for the person who creates the trust (the grantor/settlor/trustor). Because the grantor retains control over the assets and can revoke the trust at any time, creditors can often reach into the trust to satisfy the grantor’s debts. Here’s why a revocable living trust typically does not offer creditor protection:


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Estate Planning: Securing Your Legacy for Future Generations

By Jackson Law Group
September 8th, 2023

Posted in Asset Protection,Wills, Trusts & Estate Planning

When it comes to our loved ones, we all seek to ensure they’re cared for, even after we’re gone. Contrary to popular belief, estate planning is not just about dividing assets for the wealthy or tax avoidance. It’s about creating a comprehensive strategy to safeguard your family’s financial future and preserve your legacy regardless of your financial status.


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Estate Planning with Cryptocurrency

By Jackson Law Group
May 15th, 2023

Posted in Asset Protection,Probate & Trust Administration,Wills, Trusts & Estate Planning

Despite the recent tumultuous times, the use of cryptocurrencies such as Bitcoin, Ethereum, and others are still prevalent in today’s digitized age. While these digital assets offer numerous benefits, including decentralization and security, they also present unique challenges when it comes to estate planning. In this blog post, we will explore the importance of incorporating cryptocurrency into your estate plan and provide practical tips to safeguard your digital assets for future generations.


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The Difference Between Power of Attorney and a Trustee

By Jackson Law Group
March 27th, 2023

Posted in Asset Protection,Wills, Trusts & Estate Planning

If you hold Power of Attorney for a loved one and a Trust is involved, don’t expect to be making the same decisions regarding certain assets as the Trustee (and vice versa). Be aware of your specific responsibilities in the event of the loved one’s incapacity or death. Here are some key differences:


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Trust Distributions to Beneficiaries under a HEMS or Ascertainable Standard

By Jackson Law Group
January 13th, 2023

Posted in Asset Protection,Tax Law & IRS Defense,Wills, Trusts & Estate Planning

“HEMS” stands for “health, education, maintenance, and support” and is commonly referred to as an “ascertainable standard”. If there is a HEMS provision in a Trust, the money distributed can only be used for specific needs of the beneficiary related to health, education, living expenses, or other needs or support that a Trustee can ascertain. Some examples include health insurance, surgery, exercise equipment, prescriptions, tuition, career training, rent, mortgage payments, home repairs, taxes, legal fees, vacations, or other reasonable comforts.


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Understand the Risks of Using Beneficiary Designations

By Jackson Law Group
November 16th, 2022

Posted in Asset Protection,Wills, Trusts & Estate Planning

Beneficiary designations for your financial assets are helpful in that assets can be transferred quickly to your heirs without waiting for probate of the Estate (and assuming you do not have a Trust). Although this can be a good option, don’t overuse it or use it blindly. Consider these risks before assuming your assets are protected:


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