Law Offices of Frye & Vazquez, P.L.
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November 2016 Archives

What is the prudent investor rule?

When you are a beneficiary or party to a trust in Miami, you and other interested parties may find it frustrating that all of the power related to the management of the trust seemingly lies with the trustee. While the settlor of the trust may have designated certain assets and property to pass to you, that will only happen when the conditions stipulated by the governing instrument are met. Until then, the responsibility to oversee (and hopefully, to grow) those assets remains with the trustee. If the trust article stipulates that its assets are to generate income, then the trustee may tasked with investing them. Yet how much discretion does he or she have in doing so?

Paying the estate tax

Many in Miami who are parties to the estates of their loved ones come to us here at The Law Offices of Frye and Vazquez, P.L. concerned about having to pay an estate tax. Most are relieved to hear that few are actually required to pay this tax, as most estates do not meet the tax threshold imposed by the Internal Revenue Service. However, if you are asked to be the executor of an estate, you should understand the process of how this tax should be paid, as the possibility of you having to deal with it is ever present.

Man at odds with deceased partner's relatives over brownstone

One of the primary reasons why so many estate planning experts in Miami encourage people to have a will is so that disputes over the rightful ownership of their property and assets can be avoided. When one dies without a will, he or she is said to have died "intestate." Florida has laws that spell out the state's intestate succession policies. These laws name the deceased's family and next of kin as the heirs to his or her estate. Some may have no issues with this. Others, however, may want to first consider any special relationships they may have with people who they would like to benefit from their assets, and how their inaction may affect those parties.

Understanding the difference between heirs and beneficiaries

Like most in Miami, your familiarity with estate planning terms likely comes from those stories shared by popular media. Thus, you have likely heard the terms "heir" and "beneficiary" used somewhat interchangeably. Yet we here at The Law Offices of Frye and Vazquez, P.L. may caution you from forming opinions on estate planning topics without first consulting with an expert. Even simple misunderstandings between the true meanings of terms could potentially affect your interest in estate matters that you fell you should be a party to.

Restoring a ward's rights through a suggestion of capacity

For residents of Miami, the thought of having their decision-making privileges taken from them may seem completely foreign. While few people may believe a legal guardianship will ever be a part of their futures, statistics seem to suggest that such cases are more common than many may believe. According to the Florida Office of the State Courts Administrator, 6,381 guardianship cases where filed in the state in the 2012-2013 fiscal year alone.

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
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