Posts tagged "Trust"

The Do-it-Yourself Disaster!

In today's era of on-line forms, office supply stores, and software, it is becoming increasingly more common for people to try to prepare their own estate planning documents. Whether it is a simple Durable Power of Attorney, a Living Will, a Last Will and Testament, or a Trust, there are plenty of ways that people can try to create their own estate documents. In our practice, we often see this result in an outright DISASTER!

The Unfunded Trust--All Dressed Up But the Only Place You're Going is to Probate!

There's an old expression: "All dressed up but nowhere to go!" This phrase has been interpreted to mean being completely prepared for an event that fails to materialize. This is sometimes true with persons who do a Revocable or Living Trust but fail to fund it. They are prepared to avoid probate but this objective--avoiding probate--fails to materialize because assets are not in the Trust at that time of death.

Protecting Your Special Needs Loved One

Many families struggle daily with the demands of caring for a family member with debilitating health or developmental challenges. Whether it is autism, cerebral palsy, birth defects, or some other debilitating condition, the challenges can be immense. Perhaps one of the more challenging aspects which these families face is making sure that resources are available to provide medical and other necessary benefits over the course of the family member's lifetime. Often these families must turn to governmental programs such as SSI (Supplemental Security Income) and Medicaid to meet the overwhelming demands.

The Dangers of "Do-It-Yourself" Estate Planning

With all of the resources available today online and elsewhere, many people are tempted to try to do their own estate planning. They may find online forms or software at the local office supply store. Alternatively, they might use one of these online services. But is this a smart and safe way to protect your family and yourself? The answer should be a resounding "no." 

The Dangers of "Do-It-Yourself" Estate Planning

With all of the resources available today online and elsewhere, many people are tempted to try to do their own estate planning. They may find online forms or software at the local office supply store. Alternatively, they might use one of these online services. But is this a smart and safe way to protect your family and yourself? The answer should be s resounding "no." 

Protecting Special Loved Ones With a Special Needs Trust

Many families struggle daily with the demands of caring for a family member with health or developmental challenges. Whether it is autism, Parkinson's, cerebral palsy, birth defects or some other debilitating condition, the challenges can be immense. Perhaps one of the more challenging aspects which these families face is making sure that resources are available to provide medical and other necessary benefits over the course of the family member's lifetime.

What is a Pour-Over Will?

When person establishing a Trust (soemtimes called a "Settlor") does not take the steps necessary to fund the Trust, in most instances a probate will be necessary in order to allow the transfer or liquidation of those assets. This would apply to most assets which are titled only in the Settlor's name and which do not have a beneficiary or a POD designation.

Use a Lady Bird Deed Very Cautiously

A "Lady Bird Deed" (or more accurately called an "Enhanced Life-Estate Deed") is a type of deed which provides the grantor--i.e. the real estate property owner--with certain rights during life, with the remaining interest going to a named grantee at the grantor's death. The grantee under a Lady Bird Deed receives a "remainder" interest.. This means that the grantee gets title to the property upon the death of the grantor but has virtually no rights during the grantor's life. Florida is one of a list of states that recognize the use of this type of deed.

How do I transfer Florida real estate after the owner has died?

Not uncommonly, we have prospective clients come into the office after a loved one has died. Their request is often simple...for example:"I need a deed to put Mom's house into my name. Her Will says I'm supposed to get it. Can you prepare that deed for me?" Unfortunately, it's not that simple. In most instances, there will need to be a court order to transfer the property. And in Florida, that means opening a probate.

How Do I "Fund" My Living Trust?

Having a Living Trust has a number of advantages. A person can set up the Trust so that their assets can by-pass probate. This saves on time and expense in the distribution of the person's assets. In addition, by not going through probate, the distribution is private and not subjected to public disclosure.

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