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

Late actor's estate utilized an irrevocable land trust

Although readers may have reservations about the permanency of irrevocable trusts, a recent story illustrates the benefit that this choice can provide.

The context is one of tragedy: Robin Williams’ estate. Although the beloved Hollywood actor’s passing may have been the result of suicide, his surviving loved ones can at least take comfort in knowing that his estate was in order. The careful planning, reflected in two trusts, shows that Williams had given thought to providing for the future of his surviving children.

With an estate as large as Williams’ -- the equity is estimated at around $25 million -- proactive and sophisticated planning was a necessity. One of the instruments is a real estate holding trust. As with other types of trusts, that instrument contains a trust agreement, a beneficiary and a trustee.

As with other trusts, there can be flexibility in the terms of the land trust agreement. However, if the land trust is an irrevocable trust arrangement, it means that a trustee holds the recorded title to the real estate. However, the beneficiary enjoys the rights and benefits of the land. Once created, it can be difficult to modify an irrevocable trust, which is why it is important to consult with an attorney that focuses on estate planning. 

Not every individual may have $25 million in equity. However, estate planning is a recommended part of any financial plan. As an individual plans for retirement and thinks about assets that might pass to heirs, an attorney can help provide the legal context for those intentions. An estate plan can also minimize both family tensions and estate tax liability.

Source: Crainswealth, “How Robin Williams' estate plan aimed to protect his family,” Danielle and Andy Mayoras, Aug. 14, 2014

 

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • 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