Jeopardizing Creditor Proof Life Insurance

Under Florida law, life insurance is exempt from the claims of creditors. The exemption is rooted in public policy in the sense that when a person dies and leaves behind life insurance, that insurance is supposed to take care of a spouse and perhaps children. If creditors are first in line for the proceeds, then […]

Qualified Plans into Testamentary Trusts

“Carmen” had a daughter “Julie” who had disabilities and was on Medicaid among other government programs. When Carmen prepared her estate plan, she told her attorney about Julie’s disabilities and government benefits. As opposed to Medicare which most retirees are eligible for, Medicaid is a government health care program for those without money or income. […]

Trust Creditor Protections

 Are the assets in your revocable trust outside of the reach of your creditors?  During your lifetime, the answer to that question is “No.” Many clients mistakenly believe that by creating a revocable living trust, they protect their assets from the claims of divorcing spouses, predators and creditors. This isn’t the case. When you transfer […]

Florida Homestead Descent and Devise

In addition to the annual savings, claiming Florida homestead entitles you to a cap on the annual increase to your home’s assessed value. Even if the value of your residence exceeds a 3% increase, the appraiser’s office can only increase the value by 3%.  Over the years, the “Save Our Homes Property Tax Assessment Cap” […]

Disability Trustee

When considering who will serve as the successor trustee to your revocable living trust, it’s likely that you’ll first think about who will be serving upon your demise. This jumps over the important but often overlooked office of disability trustee. Your disability trustee, by definition, will manage your trust assets during a period of disability. […]

Cognitive Decline and Estate Planning

According to a recent Texas Tech University study, the age for peak financial decision making is age 50. Financial decision making ability begins to decline by age 60 and is significantly impacted by age 80. Even more worrisome is that the same studies indicated that people’s perceptions of their own abilities do not decline. How […]