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Gainesville, FL Estate Planning, Will & Trust Law Blog

Monday, July 23, 2018

Does a Dynasty Trust Make Sense for Your Family?


Does a Dynasty Trust Make Sense for Your Family?

 

In 2017, NBA team owner Gail Miller made headlines when she announced that she was effectively no longer the owner of the Utah Jazz or the Vivint Smart Home Arena. These assets, she said, were being placed into a family trust, therefore raising interest in an estate planning tool previously known only to the very wealthy­–the dynasty trust.

 

Dynasty Trusts Explained

 

A dynasty trust (also called a “legacy trust”) is a special irrevocable trust that is intended to survive for many generations. The beneficiaries may receive limited payments from the trust, but asset ownership remains with the trust as long as state law allows it to remain in effect.
Read more . . .


Monday, July 16, 2018

Are Your Documents Following the Same Script? Basics of Beneficiary Forms and Estate Planning


Are Your Documents Following the Same Script? Basics of Beneficiary Forms and Estate Planning

 

In the event of your untimely death, the manner in which your beneficiaries - or those people who receive your assets from your estate - are determined is highly dependent on how your property is titled. 

 

Generally, property with title includes vehicles, boats, airplanes, real estate, bank accounts, savings bonds, life insurance policies, retirement accounts, and stock certificates. If you die without a will or a trust and haven’t used any beneficiary or transfer on death options, state law will determine who inherits property with a title. On the other hand, property without a title, such as jewelry, antiques, art, and even your digital assets are usually provided for in your will or trust, and if you don’t have one typically goes to your heirs at law. As you can see, who you have listed as a beneficiary - and not having a beneficiary designation at all - can have serious implications for your family after you have passed away.
Read more . . .


Monday, July 9, 2018

Small Business Owner? Know What Can Happen to Your Business If You Become Incapacitated or Pass Away


Small Business Owner? Know What Can Happen to Your Business If You Become Incapacitated or Pass Away

 

Preparing your company for your incapacity or death is vital to the survival of the enterprise. Otherwise, your business will be disrupted, harming your customers, employees, vendors, and ultimately, your family. For this reason, proactive financial planning - including your business and your estate plan - is key. Below are some tips on how to protect your company and keep the business on track and operating day-to-day in your absence.

 

Preparing for the Unexpected

If you are a small business owner, your focus is likely on keeping the company running on a daily basis.


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Monday, July 2, 2018

The Biggest Threats to Successful Estate Planning


The Biggest Threats to Successful Estate Planning

 

Poor estate planning is a recipe for disaster. Look no further than Dickens’ Bleak House—or a telenovela—to witness the tragedy and melodrama inadequate estate planning can cause. While having your estate planning documents prepared is the first hurdle to overcoming these types of disasters, there are several threats that lurk around the corner that might derail your wishes.

 

Family Conflict

According to a TF Wealth survey of over 100 estate planning professionals, family conflict is the number one risk to a peaceful inheritance. If children are treated differently under the estate plan, there is often an assumption that a mistake was made in drafting the documents or that someone has exerted undue influence on the parent.
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Monday, June 25, 2018

Five Surprisingly Common Planning Mistakes Baby Boomers are Making in Droves


Five Surprisingly Common Planning Mistakes Baby Boomers are Making in Droves


Baby boomers - the first generation tasked with the responsibility of planning for and funding their golden years. This generation, which includes those born between 1946 and 1964, have entered and continue to enter into retirement. As they make this financial transition into retirement, many are learning that they have made some of the most typical retirement mistakes. 

 

But, even if you’ve made a financial mistake or two, there’s still time to avoid these five surprisingly common planning mistakes baby boomers are making in droves.

 

Mistake #1: Believing Estate Planning is Only for the Wealthy: While baby boomers are not the only ones guilty of this mistake, the common misconception is that only the ultra-rich need to have an estate plan prepared.

 


Read more . . .


Friday, June 22, 2018

After Tax Reform, Is Estate Planning Still Necessary?


The new tax legislation raises the federal estate tax exemption to $11.2 million for individuals and $22.4 million for couples. The increase means that an exceedingly small number of estates (only about 1,800, nationally) will have to worry about federal estate taxes in 2018, according to estimates from the nonpartisan congressional


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Tuesday, February 11, 2014

Executor (Personal Representative) - A poem


I ran across this poem today by Edgar A. Guest.  He certainly makes a decent case for naming a professional as the executor of your Will.

THE EXECUTOR
I had a friend who died and he,
On earth so loved and trusted me,
That ere he quit this earthly shore,
He made me his executor.
He tasked me through my natural life,
To guard the interests of his wife,
To see that everything was done,
Both for his daughter and his son.
Read more . . .


Wednesday, September 25, 2013

FUN ESTATE PLANNING JUMBLE (with permission from author Jeff Knurek)

 

Jumbles:  BOGUS, LLAMA, DISMAY, CASHEW

Answer: When she suggested her Dad talk to a lawyer about his estate planning, he said WILL DO


Thursday, September 12, 2013

Not Married but Living Together

Did you know?

If you live with your significant other, you may run into problems if you try to buy a life insurance policy and name yourself as the beneficiary.


Read more . . .


Thursday, September 5, 2013

American Taxpayer Relief Act

The American Taxpayer Relief Act was signed into law

On January 2, 2013 President Obama signed the American Taxpayer Relief Act (ATRA) into law. This came the day after the Senate and House of Representatives passed the bill.


Read more . . .


Tuesday, July 30, 2013

Post - DOMA Tax and Estate Planning

DOMA Here is a great podcast from Bob Keebler that covers tax and estate issues after the Defense of Marriage Act (DOMA) decision by the Supreme Court of the U.S. This podcast (transcript also available) discusses the complexity of moving from a same-sex marriage state to an opposite-sex only marriage state, income tax planning for same-sex married couples, estate and gift tax planning, the marital deduction, gift splitting and portability issues, as well as IRAs and retirement plans. Enjoy!

 

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From our office in Gainesville, the estate planning firm of White, Crouch & Mills, 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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