Clearwater, Florida Estate Planning Blog
What’s New in 2015?
In the 2015 session, the Florida legislature passed some very important bills applicable to guardianships, health care surrogates, minors, estate planning and probate. Here are a few of those with links to the actual bills: 1. HB 5, which has been signed by the...
Beneficiary Designations and Divorce
As you probably know, Fla. Stat § 732.703 was created and now governs the effect of divorce, dissolution or invalidity of marriage on the disposition of certain assets with beneficiary designations, like life insurance and IRAs. A beneficiary designation made by the...
Child Support Claim Takes Precedence Over Interest in Special Needs Trust
In a recent Florida case, the court determined that, even though father is a beneficiary of a special needs trust which contains a spendthrift provision, and he is only entitled to trust assets for supplemental income while maintaining eligibility for federal...
New Nevada Supreme Court Case…Protection from Spousal and Child Support Obligations
We do not know what will happen in the future with our marriage, our children or any other facet of our lives. None of us PLAN on getting a divorce when marrying the love of our life, we do not PLAN paying child support when a child is not under our roof and certainly...
What Happens If A Beneficiary Does Not Claim Life Insurance Death Benefits? You May Be Surprised!
If you have a life insurance policy, then hopefully you have named a beneficiary. We often discuss the appropriateness of the beneficiary designation in the estate planning meeting. But what happens if your beneficiary does not claim the proceeds or does not know...
Minors and Homestead…Don’t Mix Well!
Last week in my blog, I discussed minors as beneficiaries of retirement plans, life insurance and other assets in an individual’s name. I used the example of Sheila and Joe dying together in a car crash and their minor children, Amanda and Dakota, receiving assets....
So…Will You Be My Trustee? Do You Want That Responsibility?
Many times trustees come to my office for guidance as to trustee duties. Most times the person appointing them as trustee has died. Sometimes, but not always, the trustee had no idea they were appointed!. Do (or should) they act as trustee? There is a misconception...
Really Sad Situation… More Reason to Plan
In the recent case of Wilson v. Wilson, a tragic accident and death created a dispute over the disposition of ashes of the remains of a son. A 23 year old son, single and with no children, died tragically in a automobile accident. His parents were the co-personal...
Single Family versus Multi-Family Home… Is Homestead Creditor Protection Available for Beneficiary if Owner Rented Rooms prior to his Death?
Single Family versus Multi-Family Home… Is Homestead Creditor Protection Available for Beneficiary if Owner Rented Rooms prior to his Death? In the recent case, Anderson v. Letosky, the District Court of Appeal for the Second District determined that a beneficiary...
Can You Terminate An Irrevocable Trust?
While an irrevocable trust technically means that it can not be revoked, changed or terminated prior to the terms of the trust, many changes and additions to the trust code permit a change or termination of an irrevocable trust under certain circumstances. As many...