Legal FAQs

What is an Irrevocable Life Insurance Trust?

An ILIT owns your life insurance policy, shielding it from creditors and keeping the proceeds out of your taxable estate. Benefits pass to beneficiaries without probate, but its terms cannot be changed.

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Estate Planning

What Does an End-of-Life Attorney Do?

An end-of-life attorney specializes in legal issues related to the end of a person's life, including estate planning, wills, trusts, advance directives, and healthcare proxy decisions.

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Estate Planning

What Is the Cost to Establish a Trust in Florida?

The cost of setting up a trust in Florida will vary depending on the complexity of the trust and the assets that need to be transferred into it. Generally speaking, most trusts cost between $1,000 and $3,000 to set up.

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Estate Planning

What Is the Concept of Asset Protection?

Asset protection is the use of lawful strategies, such as trusts, partnerships, and other structures, to shield personal and business assets from lawsuits, creditors, and judgments before a claim arises.

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Estate Planning

What Is the Definition of a Beneficiary Trust?

A beneficiary trust is an irrevocable trust that holds assets for the beneficiaries. The grantor gives up control, while the beneficiary directs investments and the assets stay shielded from creditors.

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Estate Planning

What Is a Revocable Living Trust?

A revocable living trust is an agreement among a trustee, a beneficiary, and the trust-maker, who at first are usually the same person. Its main benefit is avoiding the cost, publicity, and delay of probate court.

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Estate Planning

What Questions Should Be Asked When Hiring an Estate Planning Attorney?

Ask about their estate planning experience, which tools they recommend and the trade-offs of each, how to keep assets out of probate, the tax implications, how often to review the plan, and what happens without one.

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Estate Planning

How Should One Prepare for Estate Planning?

There are a few key things to keep in mind when estate planning:

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Estate Planning

How Should One Choose a Caregiver for Their Pet?

Selecting a caregiver for your pet as part of pet trusts and estate planning involves a combination of personal, legal, and financial considerations. Here’s a step-by-step guide to help you navigate this process:

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Estate Planning

What Defines a Charitable Bequest?

A charitable bequest is a gift made through your will or trust, leaving a specific asset, a fixed sum, or a percentage of your estate to a charity. It can be changed or revoked during your lifetime.

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Estate Planning

What Is a Pet Trust?

A pet trust is a legal arrangement that provides for the care of your pets if you become disabled or die. It names a trustee to manage funds for their care and sets out your instructions for them.

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Estate Planning

What Is a Will?

A will is a signed legal document setting out how your property is distributed to your heirs after your death. It must be in writing, signed by you, and witnessed by two people who sign at the same time.

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Estate Planning

Do You Need an Attorney To Write a Will?

You are not required to, but DIY kits and online templates are generic and easy to get wrong, and a single misstep can invalidate a will. An attorney tailors the document to your assets, family, and state's rules.

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Estate Planning

What Distinguishes a Will from a Trust?

A will takes effect only at death and must pass through probate, which is public. A trust can take effect once funded, bypasses probate, stays private, and can cover management of your assets if you are incapacitated.

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Estate Planning

What Is a Health Care Directive?

A health care directive, also called a living will or advance directive, records the medical care you want if illness or incapacity leaves you unable to decide. It guides your doctors and family and prevents disputes.

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Estate Planning

What Is a Trust?

A trust is a legal arrangement in which a trustee holds and manages assets for beneficiaries under the terms of a trust agreement. Trusts are used to pass on wealth, reduce taxes, and protect assets.

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Estate Planning

What Strategies Exist for Avoiding Probate?

Probate is the legal process of estate administration. It can be time-consuming and expensive, and creating a trust can help avoid probate and is usually a document that is generally part of an estate plan.

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Estate Planning

Does a Will Avoid Probate in Florida?

No. In Florida a will is often the reason an estate goes through probate. Revocable living trusts, beneficiary designations, and lifetime gifts are the usual ways to keep assets out of the process.

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Estate Planning

Is It Possible to Place a Mortgaged House in a Trust?

It is possible to put a house in a trust with a mortgage, but it's important to understand the implications of doing so.

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Estate Planning

What Is the Purpose of a Healthcare Proxy?

A healthcare proxy is a legal document that is usually part of an estate plan and appoints someone you trust to make decisions about your medical care if you cannot do so yourself.

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