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April 2017 Archives

Religious differences set parents and guardian at odds

Many in Miami likely dread the prospect of not being able to make decisions for themselves. If and when they find themselves (or someone that they love) in such a circumstance, they may hope that another family member or friend will be given the right to make important decisions for them. Such choices can involve financial, medical, personal and even spiritual matters. Knowing this, it may be easy to see why one would only want someone that he or she trusts placed in the role of his or her decision maker. However, in some cases, the court may find it best to appoint guardian outside of one’s circle of family and friends.

Do I need a generation-skipping trust?

Even if you are one of the many Florida residents who already has a pretty firm estate plan in place, you may find now a good time to review that plan. As life changes, so too might your estate plan. One of the tools you might want to consider is a generation-skipping trust.

Examining the exemption to the prudent investor rule

In the past, this blog has detailed the prudent investor rule as it applies to trustees in Miami. Simply put, it requires that trustees invest trust assets with the right amount of research and judgment one would expect from a reasonable, prudent person. This seemingly puts a lot of pressure on trustees for their investment vehicles to perform well. However, there is one major area of trust management that is exempt from this rule: life insurance.

Filing an estate tax return extension

As the executor for the estate of a family member or friend in Miami, the one area that may cause you the most trepidation is dealing with the having to pay estate taxes. Those who come to us here at The Law Offices of Frye and Vazquez, P.L. with their tax questions typically want to know two things: First, if their loved one’s estate is even required to pay taxes. If it is, then they typically want to know how long they have to pay them. If a looming estate tax return filing deadline is approaching, you may want to consider asking for an extension in order to have the time needed to collect information to do an accurate tax assessment.

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