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.

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:

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.

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:

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

Many people worry about filing or paying taxes to IRS or the federal government at death. The truth of the matter is that very few need to be concerned. According to IRS data, just 0.15% of decedents needed to file an estate tax return (Form 706) in 2019, and only 0.07% will pay any estate tax. That’s lower than the historical 1% to 2% share. Note there are some states that also have an estate or inheritance tax. Florida is not one of those states.

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

People need an estate plan if they want to ensure that their intentions will be honored after death with respect to the distribution of their assets. If you have an estate plan in place, does it also include a trust (sometimes called a living trust or a revocable trust)? If your current estate plan only consists of a last will and testament, you may want to consider also creating a trust.

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

Under Florida law, the personal representative of an estate (sometimes also called an executor) and the trustee of a trust are entitled to compensation, as are the attorneys who represent the personal representative and trustee.

Compensation of Personal Representative The personal representative is entitled to a commission from the estate assets, which can be calculated using a percentage of the inventory value of the probate estate assets and the income earned during administration. For a formal probate administration, the following table sets forth what amount is deemed to be reasonable compensation:

Posted in Asset Protection,Wills, Trusts & Estate Planning

If you have assets in Florida, you need to know the best way to avoid exposure and keep them protected from potential creditors. Tenants by Entireties (or Tenancy by the Entireties or “TBE”) is a great option for creditor protection for married couples because it is relatively simple to setup or form. In other words, there is little legal work or expense. By a married couple holding property as Tenants by Entireties, a creditor of one spouse alone cannot levy or invade a jointly owned Tenants by Entireties asset.