January 2015 Archives

Are there "down-sides" to using an Enhanced Life Estate Deed?

As discussed in a prior blog entry, an Enhanced Life Estate Deed is a type of deed which provides the grantor with certain rights during life, with the remaining interest to go to a named person at the grantor's death. This can be a helpful estate planning tool. However, there are some down-sides to the Enhanced Life Estate Deed. Perhaps some of the biggest negatives arise when trying to get title insurance.

What is an Enhanced Life-Estate Deed?

An Enhanced Life-Estate Deed is a type of deed used in estate planning which provides the grantor with certain rights during life, with the remaining interest to go to a named person at the grantor's death. In some states other than Florida, this type of deed is sometimes known as a "Lady Bird Deed." 

In Florida, does a Living Trust protect against claims by a creditor?

When clients ask about setting up a Living Trust (also known as a Revocable Trust), they often want to know if the Trust protects against the claims of a creditor. The answer, like many things in the law, is that "it depends." For the most part, a Living Trust is an estate planning tool to avoid probate and is not an asset protection tool to avoid creditors.

Should I leave an inheritance to a disabled beneficiary?

As with most questions under the law, the decision whether a person should leave an inheritance to a disabled beneficiary is that "it depends." However, in most instances, if a beneficiary is disabled or incapacitated, you should consider whether a special needs trust is required. 

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