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

1. Not Understanding the Purpose of Asset Protection: Asset protection will not make you “judgment proof.” Someone can still obtain a judgment against you.  You must distinguish obtaining a judgment and collecting on a judgment, which is typically only done after a judgment is rendered.
2. Waiting Too Long To Begin Planning: Preventative planning is both most effective and least expensive before you have legal problems.
3. Believing That It Is Too Late To Protect Assets: It’s never too late to improve protection. Anything is better than doing nothing.
4. Thinking Creditors are Lazy or Not Smart: Don’t underestimate the skill and intelligence of your adversaries. Creditors and their attorneys are not lazy or thoughtless.  The court system can be a slow process.
5. Failure to Comprehend Vulnerability of Your Business: The shares of stock or membership interests you own are vulnerable to creditor attack.
6. Fraudulent Transfers and Conveyances: You cannot protect assets by giving them to family members.
7. Misunderstanding Salary Exemption: Salary exemptions can be complicated. Don’t be trapped into misunderstanding these concepts, especially for business owners.
8. Confusing Estate Planning With Asset Protection: Asset protection is oftentimes part of estate planning, but a living trust or will does nothing to protect your assets from creditors.
9. Confusing Bankruptcy Law and Asset Protection Law: The new bankruptcy law does not affect Florida’s unlimited homestead exemption and other exemptions outside bankruptcy court.
10. Giving Up Control Over Your Assets: The easiest asset protection plan is to give someone else control over your assets. This is all too often a poor solution.

If you own assets and are concerned about protecting them, avoid making the mistakes mentioned above.  For more information on developing an asset protection plan that is thorough and unique to your particular situation, we encourage you to contact a qualified, licensed attorney.

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

A power of attorney is a written instrument pursuant to which an individual (the “principal”) grants to another (the “agent”) the authority to act on behalf of the principal, primarily for financial and business matters.  Powers of attorney and similar instruments are governed by Chapter 709 of the Florida Statutes, also known as the Florida Power of Attorney Act (FPOAA).
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Posted in Asset Protection,Probate & Trust Administration,Wills, Trusts & Estate Planning

Florida Gun Trusts, also known as NFA Trusts, Class 3 Trusts, Title 2 Trusts, or Firearms Revocable Trusts, are a great way to deal with the unique issues of owning, transferring, and possessing gun suppressors, silencers, fully automatic rifles, short barreled rifles and shotguns, or other Title 2 or Class 3 weapons.  Listed below are some key benefits of a Gun Trust:
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Posted in Asset Protection,Probate & Trust Administration,Wills, Trusts & Estate Planning

Section 736.0708 of the Florida Statutes governs the compensation available to Florida trustees.  Most trust documents provide reasonable compensation to the named trustee.  However, if the trust document is silent on the matter, Chapter 736 provides that the trustee is entitled to reasonable compensation under the circumstances.[1]  Accordingly, a Florida court may award reasonable compensation when the trust documents neglect the issue.
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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Wills, Trusts & Estate Planning

Many married couples jointly own their home or other Florida real property.  It is easy to overlook the legal transfer of such jointly held property when faced with the death of a husband or wife.  However, clearing title to real estate following the death of a loved one is an important consideration and should be promptly addressed by the surviving family and a licensed Florida attorney where possible.
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Posted in Asset Protection,Probate & Trust Administration,Wills, Trusts & Estate Planning

In a previous blog, (click for link), we posted about the importance of asset titling in estate planning and briefly described how beneficiary designation forms may implicate your personal plan.  Beneficiary designations are intended to be a straightforward method for heirs to circumvent the probate process and receive funds in a timely manner.  Beneficiary designations are found in many of your accounts, including retirement accounts, life insurance policies, bank accounts, stocks, certificates of deposits, bonds, mutual funds, and annuity contracts. 
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Posted in Asset Protection,Probate & Trust Administration,Wills, Trusts & Estate Planning

When a client wishes to leave an inheritance to a minor (a person under age 18), the most important advice is to never leave the bequest outright.  The same notion is true for someone who is disabled as we recently posted about on our Blog at https://www.jacksonlawgroup.com/asset-protection/the-use-of-supplementalspecial-needs-trusts-in-estate-planning/.  The problem with leaving an inheritance outright to a minor is that the court will require the establishment of a guardianship for the minor’s benefit, which can be very costly and overly burdensome. 
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Posted in Asset Protection,Probate & Trust Administration,Wills, Trusts & Estate Planning

Many disabled Americans receive governmental benefits such as Supplemental Security Income and Medicaid to assist in their time of need.  These individuals rely on this assistance for supplemental income and medical care expenses (including nursing home care).  While governmental benefits assist disabled individuals with covering their expenses, the benefits often cannot cover all expenses.  In these cases, family or friends sometimes provide financial support and help cover any remaining expenses.  These same family and friends also wish to assist after they pass away so they include the disabled individual in a will or name the disabled individual as a beneficiary of a trust.  In this respect, family and friends should be aware of the implications that leaving assets or money in the form of a gift or bequest to a disabled person as it relates to current or future needs for governmental benefits.  In other words, family and friends should be aware that their generosity in the form of a gift or bequest may also affect the eligibility of a disabled person for governmental benefits.
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