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Asset Protection

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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Understanding Death Taxes

By Jackson Law Group
February 14th, 2022

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.


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Maybe You do Need a Trust – Here’s Why

By Jackson Law Group
December 1st, 2021

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.


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Compensation & Fees for Personal Representatives, Trustees, and Attorneys in Florida Estates and Trusts

By Jackson Law Group
September 15th, 2021

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:


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