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Gainesville, FL Estate Planning, Will & Trust Law Blog

Monday, November 5, 2018

Reasons to Protect Your Retirement Accounts Now

5 Reasons to Protect Your Retirement Accounts Now

During your lifetime, your retirement account has good asset protection, but as soon as you pass that account to a loved one, that protection evaporates. This means one lawsuit and POOF! Your life long, hard earned savings could be gone. Your heirs could be left penniless.

Fortunately, there is a solution to this problem.  A special trust called a “Standalone Retirement Trust” (SRT) can protect inherited retirement accounts from your beneficiaries’ creditors.

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Tuesday, October 23, 2018

What is an Inheritor’s Trust?

What is an Inheritor’s Trust?


When it comes to estate planning there are several types of tools you can use, depending on your circumstances. One such estate planning tool is the trust. There are numerous types of trusts aimed at fulfilling different estate planning purposes. If you are anticipating an inheritance, there is a special type of trust designed to help protect it: an inheritor’s trust. 


Purpose of an Inheritor’s Trust

An inheritor’s trust is a trust that has been established for the purpose of receiving a beneficiary’s inheritance in a way that is protected legally and financially.

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Wednesday, October 10, 2018

Trusts - The Swiss Army Knife of Estate Planning

Trusts - The Swiss Army Knife of Estate Planning 


To the general public, a trust may seem like an advanced tool only for the wealthiest among us. But, the reality is that trusts are a foundational estate planning tool with a solid history for being highly effective in ensuring a person’s wishes are carried out. The process begins with the maker of a trust – commonly referred to as the trust maker, grantor, settlor, or trustor – transferring his or her ownership of certain assets to the trust. A trustee is then appointed to manage these assets for the beneficiary (or beneficiaries) of the trust. In a “standard” revocable living trust, you are the trust maker, the trustee, and the beneficiary while you are alive.
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Monday, October 1, 2018

Roth IRA Conversions After Tax Reform...Still a good idea?

Roth IRA Conversions After Tax Reform...Still a good idea? 

What are the implications for your family if you don’t spend all the money?


Twenty years ago, the Roth IRA first became available to investors as a financial tool for their estate planning needs. These accounts have maintained their popularity because unlike their traditional IRA counterpart, a Roth IRA provides account owners tax-free income during retirement.
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Monday, September 24, 2018

Do You Own Rental Property? How Proactive, Comprehensive Estate Planning Can Help

Do You Own Rental Property?

How Proactive, Comprehensive Estate Planning Can Help

A comprehensive estate plan should address all of your assets. For most people, an estate plan must include three common categories: (1) your home; (2) financial accounts, like your checking and savings account; and (3) personal property. Other types of assets - such as life insurance, retirement funds, and annuities - should also be considered as part of your estate plan. 

If you own rental property, however, your estate plan will be more complicated because there are some unique considerations.


Rental Property & Estate Plans

It is no surprise that one of the risks of being a landlord of commercial or residential property is the threat of lawsuits.

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Monday, September 17, 2018

Estate Planning When Not All of Your Kids are in the Family Business

Estate Planning When Not All of Your Kids are in the Family Business


Owning your own business can be a great endeavor that takes a lot of passion and drive. Many small business owners focus on the day-to-day management and growth of the business, rather than thinking about a time when he or she may not be in the business. This is a far too common mistake.  Future plans for your enterprise are even more important when one child works in the business but the others do not. Keeping the peace among your children after you are no longer able to participate in the business requires careful balancing of your estate plan.
Read more . . .

Monday, September 10, 2018

Why Joint Tenancy Should Not Be the Go-To Plan for Newlyweds

Why Joint Tenancy Should Not Be the Go-To Plan for Newlyweds 


If you are recently married or have been married and are acquiring additional assets, know that you have options when it comes to how the property will be titled. And, although joint tenancy seems like an easy and convenient choice, it may not work as well as you would think. 


What is Joint Tenancy?

After getting married, it is common for couples to take title to one another’s bank accounts, brokerage accounts, personal property, and other assets as joint tenants with rights of survivorship (JTWROS). An asset that is titled as JTWROS is owned by at least two people with each party (or tenant) having an equal right to the asset. Each tenant is also afforded survivorship rights in the event one of the other tenants passes away.
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Tuesday, September 4, 2018

Why a Spendthrift Trust Can Be a Great Solution for Your Heirs

Why a Spendthrift Trust Can Be a Great Solution for Your Heirs


There are many tools that can be used when putting together your estate plan. One such tool is a trust. 


A trust is a fiduciary arrangement, established by the “grantor,” which gives a third party (known as a trustee) the authority to manage assets on behalf of one or more persons (known as a beneficiaries).  Since every situation is different, there are different types of trusts to ensure the best outcome for each beneficiary. One type of trust, known as a spendthrift trust, is commonly used to protect a beneficiary’s interest from creditors, a soon-to-be ex-spouse, or his or her own poor management of money.
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Monday, August 27, 2018

Financial Planning. Tax Planning. Legacy Planning. Estate Planning

Financial Planning. Tax Planning. Legacy Planning. Estate Planning - 

How many plans do I need?!


Most folks have at least heard of an estate plan. But fewer realize that a simple will is not enough to prepare for your future.
Read more . . .

Thursday, August 23, 2018

How to Choose a Trustee

How to Choose a Trustee

When you establish a trust, you name someone to be the trustee. A trustee is someone who "holds" property for the benefit of another. By "holds" we mean a trustee does what you do right now with your financial affairs - collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records, and generally keep things organized and in good order. In actuality, the trustee has legal title to the property, but as stated above, it is for the benefit of another and according to the terms of a trust.


The Key Takeaways

Monday, August 13, 2018

How to Pick a Trustee, Personal Representative, and Agent

While the term fiduciary is a legal term with a rich history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, personal representatives, and agents are all examples of fiduciaries. When you pick trustees, personal representatives, and agents in your estate plan, you’re picking one or more people to make decisions in your and your beneficiaries’ best interests and in accordance with the instructions you leave. Luckily, understanding the basics of what each of these terms means and what to consider when making your choices can make your estate plan work far better.



A revocable living trust is often the center of a well-designed estate plan because it can be the best strategy for achieving most individuals’ goals.

Read more . . .

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From our office in Gainesville, the estate planning firm of White & Crouch, P.A. advises and represents clients in communities throughout Alachua County, Marion County, Levy County, Putnam County, Clay County, Bradford County, Union County and Gilchrist County in North Central Florida. Call us at 352-372-1011 or contact the firm by email to arrange an initial consultation with us today.

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