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Posts tagged "Trusts"

Late singer's sons feud over family trust

Ask anyone in Miami that is currently involved in his or her own estate planning, and he or she will likely say that the main motivation for doing so is to avoid the potential for disputes arising between his or her beneficiaries. Yet oftentimes, people that have interest in an estate may easily believe that the actions of others who are also party to it may have a negative impact on said interest. The hope is that when such disputes arise, beneficiaries can sit down with each other (or the trustees or executors involved in their cases) and work things out amicably. Sadly, that does not always happen. 

The benefits of a spendthrift trust

Say you have assets that you want to leave to your loved ones in Miami, yet you are concerned that their already observed tendencies to be reckless with their spending could potentially get them into trouble. This scenario is the same that has faced many of the clients that we here at The Law Offices of Frye & Vazquez, P.L. have assisted in the past. Even placing your assets in a trust may not completely protect them from your irresponsible beneficiaries (or the creditors that may eventually come after them). That is, of course, only if you do not include the right provisions. 

Voiding a trustee's transactions

Placing assets into a trust is a terrific way to both avoid the costs of probate and to protect property from potential misuse by beneficiaries. However, many of those in Miami that come to us here at The Law Offices of Frye & Vazquez, P.L. wanting to set up such trusts fail to realize the extent of the power they are giving to a trustee. If you are a beneficiary to a trust, you may feel as though your interests are completely subject to the will of the trustee. This may leave you believing you have little control over what he or she does with the trust's assets. 

Woman and former attorney at odds over interpretation of trust

Trusts are tools that many in Miami are encouraged to involve in their estate planning due to the control that they offer over a person's assets. Not only do they allow an estate to avoid having to go to probate upon one's death, but they also permit one to stipulate who will handle their financial affairs and medical decision-making should they lose the ability to do so. Granting a trustee or another party such authority empowers that individual to assume control of one's property in predetermined circumstances. Knowing this, one should think carefully about what stipulations he or she chooses to include in a trust instrument

Trusts and the age of beneficiaries

When it comes to trusts, there are various issues that those creating an estate plan may have to take into consideration, such as how their assets will be distributed and which trust is the best option. At the Law Offices of Frye & Vazquez, we are also aware that some trustors in Miami, as well as beneficiaries, may struggle with issues related to the age of beneficiaries.

Detailing the court’s involvement in a trust administration

Unless you have experience in working with trust law, your understanding of the roles and responsibilities that come with the office of a trustee is likely limited. If you are asked to serve in such a role, there are resources out there to help advise you (including us here at The Law Offices of Frye and Vazquez, P.L.). You might also wonder what sort of guidance you might expect from the court. The answer may surprise you.

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.

Protecting your pets through a trust

Many of those who come to us here at The Law Offices of Frye & Vazquez, P.L. inquiring about creating a trust want to do so primarily to ensure that those they love are taken care of. That love may extend to family members, friends, and yes, even pets. Like many in Miami, you may feel a strong bond with your pet, and would likely want to see him or her cared for if you were unable to do so. You could also own animals whose use you profit off of from breeding or entertainment purposes, and would want to protect your investment. In any event, Florida law does allow for the care of animals to be seen to through a trust.

What is a charitable trust?

If you have a large amount of assets that you want to be managed in the event that you are unable to do so, then placing them in a trust ensures that they will be conserved for whatever purpose you may have for them both in Miami and beyond. Florida’s Trust Code requires that, when creating a trust, you must designate a beneficiary. There are, however, certain exceptions to this rule, one of which is if you wish to create a charitable trust.

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