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

Trusts Archives

What is an inter vivos trust?

Estate planning and all related matters can be a headache to handle. You have to become versed in specific terminology, understand how these terms apply to you, and know what options suit your situation best. Today, we'll take a look at a specific type of trust known as an inter vivos trust, and examine what it can do for you.

Special needs planning, part 2: first-party special needs trust

Our most recent post in this blog discussed special needs trust planning for a loved one who is unable to make his or her own financial decisions. However, as we at the Law Offices of Frye & Vazquez, P.L., are aware, many Florida residents have physical disabilities yet are mentally competent. Therefore, you might be interested in learning about first-party special needs trusts.

Special needs planning, part 1: what is a special needs trust?

As you may know, it is important that people with special needs, such as a lifelong disability, get the medical care they need, as well as other benefits and services. A disabled Florida resident who owns too many assets may become ineligible for Medicaid and other government benefits. As such, effectively planning the estate of a loved one with special needs can get complicated, but it can be done in a way that safeguards his or her property and keeps these essential government benefits intact.

What is the cy-pres doctrine?

If you are the executor of an estate, you may be responsible for ensuring the terms of the trusts and wills are carried out according to the deceased's wishes. When a trust is dissolved, the money and/or property is transferred to the beneficiary designated in the trust. There are some situations, however, where the details of the trust may be impossible to carry out, as the terms have become impractical, illegal or otherwise impossible to pursue. In this case, the cy-pres doctrine may come into effect. Rather than voiding or failing the entire trust, the cy-pres doctrine enables the executor or the court to adjust the terms of the trust so that they can be carried out.

How are special needs defined?

If you have considered the idea of setting up a special needs trust for the benefit of your disabled California child, you must first determine whether or not (s)he qualifies for such a trust. Since "special needs" constitutes a very broad term, many illnesses, conditions and disabilities fall within it.

Can you use life insurance in more than one way?

You have spent considerable time putting together a life insurance policy that will provide added security for you, as well as benefit your family when you pass away. Now, you are wondering if your investment can do more than provide cash after your death. Fortunately, there are a variety of things that your life insurance policy in Florida can be used for. Being aware of what these things are can give you something to discuss with your family members so you can be confident that they use the funds the way you desire for them to be used. 

Can you keep your children from blowing their inheritance?

Your children are grown and make adult decisions, but you might worry that you can't trust their decisions to always be wise, especially when it comes to money. It can be difficult to handle a sudden inheritance when adult children are still young and inexperienced with managing money, or one or more of your children might have made devastating spending decisions in the past. For whatever reasons, you and other Florida residents with significant assets to pass on may worry about your children spending it too quickly.

Who should have a trust?

Setting up a trust in Florida could potentially safeguard your assets. The idea is that someone responsible uses the money in the specific way you intend. If there is a purpose you have in mind for your wealth, then there is likely a trust to fit that specific purpose.

What is an inter vivos trust?

Florida is home to thousands of retirees and if you are one of them, you may have heard your friends and neighbors talking about the financial advantages of the inter vivos trusts they established. If you have long since forgotten your high school Latin, "inter vivos" is a Latin phrase literally meaning "between the living." An inter vivos trust, therefore, is one you set up during your lifetime that takes effect the moment you sign it.

What is a special needs trust?

If you live in Florida and have a disabled child or other family member for whom you care, you may wish to consider setting up a special needs trust so that (s)he continues to receive the needed care if and when you are no longer there to provide it. As FindLaw explains, a special needs trust is one you set up to benefit your loved one who does not have the mental or other abilities required to manage his or her own finances.

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
  • 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

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.


Privacy Policy

Office Location

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

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