Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

April 2014 Archives

Use of trusts for estate planning purposes

There are a number of reasons for Florida residents to use a trust for estate planning purposes. Tax savings are clearly a benefit. By placing assets into an irrevocable trust it is possible to remove these same assets from the estate so that one's heirs won't have to pick up the tab. Placed inside a trust, the assets can grow while the individual setting up the trust can create the terms of how the trust is to operate.

Experts note that taxes are a "drag" on investment returns

The best way to prevent financial assets from being removed from one's estate is to put into place various tax savings strategies.  One authority on financial planning stated that "most people don't think about how taxes affect their long-term portfolio."  Boosting after-tax investment returns is something that we can at least to some degree control.

Testator's reliance on legal form proves to be costly

One woman used what was called an "E-Z Legal Form" when creating her will in 2004.  However, since the form did not contain a residuary clause, a pair of nieces who were not mentioned in the will inherited property that the testator failed to list in the document.  The nieces were the daughters of a brother of the testator who had previously died.

The putting off of end-of-life decisions

While families often put estate planning matters off, the death of a loved one is almost never timely and it often catches family members unprepared. One sister had a 51-year-old brother who had access to the resources needed to put a plan into place. However, she was to learn that such preparations never took place only after her brother died in a motor-vehicle accident. Instead, the family had to make a number of complicated decisions that could have been unnecessary had plans been put into place.

What Our Clients Are Saying

  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
Read More...
  • NYSBA
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Aventura, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions