Jun 212011
 
Florida Pet Trust

If you are like me, your pet is part of your family. We rescued an English bulldog a few years ago and she has become very dear to us.  An important part of your estate planning should include provisions for your beloved four legged friend.  While a court can appoint a guardian to care for your children, pets are not so lucky.  Our pets are extremely important to us, however most people looking to adopt a pet want a puppy or kitten. Changes in Florida law now allow Florida estate planning attorneys to incorporate pet trusts into your estate plan. More…

Jun 162011
 
When Should A Trust Be The Beneficiary Of A Qualified Retirement Account?

The revocable living trust is an increasingly popular tool in the estate planning attorney’s portfolio.  These trusts are useful for avoiding the cost and hassle of probate, as well as planning for the possibility of guardianship, and protecting family privacy.  Given the desirability of these inherent benefits, it is no surprise that many people wonder whether they should make their revocable living trust the beneficiary of their qualified retirement plan. Certainly, the easiest and cheapest way to transfer retirement plan assets upon death is to designate an individual as an outright beneficiary.  Furthermore, a direct bequest to an individual should More…

Jun 012011
 
Florida Law Update: Governor Scott Approves Extension of Creditor Protection to Inherited IRAs

On May 31 2011, House Bill 469 was approved by Governor Rick Scott. House Bill 469 codifies the Florida Legislature’s efforts to statutorily protect inherited IRAs from the claims of creditors of a debtor beneficiary under Florida state law. The statute makes clear that “any interest in any fund or account that is exempt from claims of creditors of the owner, beneficiary or participant . . . does not cease to be exempt after the owner’s death by reason of a direct transfer or eligible rollover.” Furthermore, the statute states that it is “intended to clarify existing law, is remedial More…

Jun 012011
 
Florida Law Update: Governor Scott Approves Olmstead Legislation

On May 31, 2011 Governor Rick Scott approved House Bill 253. House Bill 253 is legislation drafted in response to the 2010 Florida Supreme Court decision of Olmstead v. FTC, in which the Court held that, with respect to single member LLCs in Florida, the charging order was not the exclusive remedy available to a creditor holding a judgment against the single member. In the Olmstead case, the Court ordered the debtor to surrender all right, title and interest in his LLC to satisfy an outstanding judgment. This case left the asset protection status of the Florida LLC, both single More…