At the Law Offices of Frye & Vazquez, P.L., there are a few strategies that we do not recommend when planning an estate. These strategies -- specifically, pay-on-death accounts, joint ownership of assets and beneficiary designations -- can expose an estate to a variety of problems, including the following:
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.
It appears that the recently deceased movie star, Paul Walker, did many things right when it came to distribution of his millions of dollars in assets. Perhaps most importantly, it appears he at least understood that having a will is only a small portion of what is required when it comes to estate planning.