ESTATE PLANNING Attorney, NONPROFIT, BROWARD, MIAMI Corporate, Business ATTORNEY,

 

What is the Difference Between a Revocable and Irrevocable Trust?

If you have started looking into estate planning options, you may be feeling a bit overwhelmed and unsure of where to start. Estate planning can seem complicated, as there are many possible mechanisms and trusts that can be employed. However, once you understand the basics, it is easier to determine which of these options will truly meet your needs. If you are wealthy and have a large amount of assets, a trust may be an excellent option for you. The choice between a revocable or irrevocable trust is a personal choice, based on what you are looking to get out...

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Can I Amend My Living Trust?

Estate planning can seem like a daunting endeavor. Many people mistakenly believe that it is something they can do once and then be done forever. In reality, a person’s estate is rarely static. Rather, they acquire and part with assets regularly and experience major life changes such as getting married or divorced, having children, starting businesses, and suffering the loss of loved ones, all of which affect their estate. Estates are constantly in flux, so it makes sense that estate plans would need to change over time to reflect the evolving needs of the estate and its benefactor. Luckily, that...

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Three Things You Should Know About Special Needs Trusts

If you have a loved one with special needs or severe disabilities, then you might have at some point heard of a special needs trust. These special planning tools are widely regarded as a ‘silver bullet’ for protecting a disabled person’s right to state and federal aid, while preserving any inheritance or assets they may have. But before you run out and spend the time and effort to have a trust drafted for your loved one, there are a few key considerations that a lot of people overlook. Before signing anything or spending your hard-earned cash on an estate plan,...

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Trusts are Useless if You Do Not Know How to Use Them

You read it correctly; a trust is entirely useless without skilled advice to go with it. After all, a trust is just a document. Much like a contract, a will, a power of attorney, or a set of instructions from a furniture store, a trust does nothing until a living person takes action. So, although it is important to draft the trust correctly, many times it is the attorney advising the trustee later that makes all the difference. If you have been named trustee of a Florida trust, and you are concerned about honoring the deceased individual’s wishes, while protecting...

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Estate Planning Basics for the Family Owned Business

Few things in life can bring more joy and satisfaction than owning a business. It can provide flexibility, autonomy, and a great income for generations. Successful family-owned businesses often are handed down to children and grandchildren, creating legacies as well as wealth. But business owners face more complex questions when preparing their final affairs. Unlike most Americans, small business owners have added concerns about who will take over the business, how the business will be run after they are gone, and what would happen to the business if they became incapacitated in some way. These and more are issues that...

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