What distribution standard should be used for a special needs trust?
The ultimate goal of both disability trusts and supplemental needs trusts is to make the trust resources unavailable to the disabled individual while still assuring that the resources will ultimately be used for her benefit.[1] This is a difficult balance to achieve. If the trust assets are too easy to access, then the trust may […]
What is probate and how do I avoid it?
What is probate? Probate is a court-supervised process that takes place after you die. Probate involves naming a personal representative, paying your debts, and transferring assets to your beneficiaries in accordance with your last will and testament. After you die, every asset that you own solely in your name is now a part of your […]
Can a trust be a trustee of another trust?
No, a trust cannot be a trustee of another trust. However, the trustee of one trust may also act as the trustee of other trusts. The Florida Trust Code does not put limits on who can be a trustee. This is unlike the role of personal representative, which cannot be done by just anyone. However, […]
Other than death, when is an estate plan useful?
Other than death, an estate plan is useful for incapacity. An estate plan can put people in place to make both financial and medical decisions on your behalf if you are incapacitated. Estate plans are often thought of as death plans. What good is the plan when you are still alive? Well, it certainly can […]
Does a spouse automatically inherit everything in Florida?
No, a spouse does not automatically inherit everything in Florida. A spouse is entitled to some portion of the estate, but not all and not automatically. However, any property that is held jointly between the spouses or as tenants by the entirety will transfer automatically upon death. A common misconception in Florida is that if […]
Is an inter vivos trust the same thing as a revocable trust?
No, an inter vivos trust is not necessarily the same thing as a revocable trust. However, some inter vivos trusts are also revocable trusts. What is an inter vivos trust? An inter vivos trust is a trust that is created by someone who is alive. Inter vivos trusts are also sometimes referred to as “living […]
Does a Lady Bird Deed Have to Be Recorded?
Yes, a lady bird deed should be recorded with your county’s clerk of court. The recording is not a legal requirement, but it is a standard practice and comes with a number of benefits. A lady bird deed—also called an enhanced life estate deed—is a special kind of deed that lets you transfer your property […]
Can a corporation or LLC avoid probate in Florida?
Yes, a corporation or LLC can avoid probate in Florida. However, this is not done automatically. To avoid probate, you must either move your business interest into a trust or edit the operating agreement/bylaws of the business. How can an LLC avoid probate in Florida? You can avoid probate for an LLC by either making […]
Can Medicaid take life insurance from the beneficiary?
Medicaid cannot take your life insurance policy while you are still alive. However, if your estate is the beneficiary of your life insurance policy and you receive long-term care Medicaid benefits, then Medicaid may take your death benefit proceeds to recover those costs. If you receive any sort of long-term care Medicaid benefits, then after […]
What is the difference between a trust and an estate plan?
A trust is a single document that might plan for your death or incapacity, whereas an estate plan is a collection of documents regarding your death or incapacity. A trust is often included in an estate plan. An estate plan is a plan for your own death or incapacity. That means that your estate plan […]