In 90 percent of high-net-worth families, most or all of that wealth is gone by the third generation. In some cases, the wealth is eroded because of capital gains and transfer taxes in addition to how assets are divided among the generations. Wealth can also be eroded through the generations because of a variety of business risks as well as attacks by third parties
However, it may be possible for an individual to keep his or her wealth and legacy alive for many generations by creating a family trust….
A large number of Floridians put off planning their estate. When people do not plan, they can leave a lot of disorganization behind for their family members. There are some specific documents that are necessary to have in place in order to avoid confusion.
When a person owns property jointly, that property will automatically pass to the named co-owner. An example of jointly owned property is a house that a person owns with someone else….
Florida residents who are using trusts as a part of their estate plan may want to change those trusts in light of new laws. Since 2013, federal income tax laws have changed so that the highest marginal rate is at a far lower adjusted gross income threshold for trusts than it is for individuals. As a result, it might be necessary to alter the terms of the trust so that the tax is assessed on the grantor or the trust’s beneficiaries….
Florida residents who are working on an estate plan may want to consider a Totten trust if they want to avoid making a will or going through the probate process. With a Totten trust, a person opens a bank account and makes deposits for a beneficiary. The person is able to withdraw money from the account or close the account altogether without the beneficiary’s permission, and the trust can be maintained without the beneficiary’s knowledge.
The money transfers to the beneficiary either on the owner’s death or with an action by the owner such as giving the beneficiary the passbook….
Boyes, Farina & Matwiczyk, P.A announced partner John Farina has been selected a 2016 Top 100 Trust and Estates lawyer by the American Society of Legal Advocates (“ASLA”). ASLA is an invitation-only organization of elite lawyers in practice today. Less than one and a half percent of lawyers nationwide are members. ASLA draws its membership from lawyers who combine stellar legal credentials with a proven commitment to community engagement and the highest professional standards.
John Farina is a Florida Bar Board Certified Business Litigation Attorney and is also Florida Bar Board Certified in Wills, Trust and Estates, a certification less than one percent of all Florida attorneys hold….
As the use of trusts for estate planning has become increasingly common, more and more Florida residents have drawn up the documents necessary to establish them. In some cases, a change in circumstances may necessitate an update or amendment to the trust document itself. Determining when such a change is needed may be tricky for most people.
A common scenario is when co-trustees are named in the document. In the event one of them passes away, it may be necessary to make amendments to make certain a co-trustee is appointed to take the decedent’s place….