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Consider a trust if disinheriting a child

If you live in Florida and are working on your estate plan, you may have concerns about leaving money or assets to one or more of your children. Parents disinherit their children for many different reasons, but regardless of your reasoning for doing so, establishing a trust may help ensure your wishes come to fruition. At the Law Offices of Frye & Vasquez, P.L., we understand the estate planning needs of parents who wish to disinherit their children, and we have helped many such clients enact plans for their futures, and those of their families.

Can I establish a trust for my disabled family member?

Some Florida families may worry about establishing financial security for a loved one that is physically disabled or is mentally incapable of managing personal financial matters. Additionally, you may worry that establishing a trust can interfere with government benefits your disabled loved one may otherwise receive. This is where a special needs trust comes in.

Estate planning essentials for new parents

If you are a Florida resident and you recently became a new parent, congratulations. Becoming a parent can be one of the most rewarding experiences you will ever have. It can also come with a learning curve, however, with you and your partner trying frantically to learn how to feed, clothe and care for your baby. With everything you have going on at the moment, it may become hard to focus your attention on other areas of your life, such as on estate planning efforts, but that does not make doing so any less important. At the Law Offices of Frye & Vazquez, P.L., we have a firm understanding of the important estate planning steps new parents should take to protect themselves and their families, and we have helped many clients navigate the process of doing so.

What is a charitable trust?

If you are a Florida resident for whom charitable giving is a way of life, you may wish to consider setting up a charitable trust so that you can substantially contribute to your favorite charity. You may not be aware that your charitable trust can be structured so that the assets you place in the trust can be split between the charity and someone you choose as your non-charitable beneficiary. That person may even be yourself.

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.

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