How can I set up a Qualified Income Trust (QIT)?
A Qualified Income Trust (QIT), also known as a “Miller Trust,” is typically set up by individuals seeking Medicaid skilled nursing home care or Medicaid diversion with monthly gross income [...]
What are the powers of a guardian of the person?
As guardian of the ward, an individual assumes only those rights which have been delegated to him/her by the court. These rights vary based on the particular case, but there are nonetheless [...]
What can I do if Trust funds are not being properly distributed?
It is the fiduciary duty of the trustee to manage the assets of the Trust in compliance with the terms of the Trust and the Florida Trust Code and to act in the best interests of the [...]
How can I minimize estate taxes?
Florida does not collect state estate and inheritance taxes, but there are federal estate taxes to which one might be subject. In 2018, the federal estate tax exemption is $11.2 million per [...]
Pros and Cons of Naming a Trust as Your IRA’s Primary Beneficiary
The reasons that a person might name a Trust as the beneficiary of his/her Individual Retirement Accounts (IRA) assets are many, but it is sometimes done in cases where the grantor has a minor [...]
What is a pass-through entity?
A pass-through entity is a business the profits of which “pass through” to the business owner and are federally taxed at his/her individual rate. Pass-through entities can be both S corporations [...]
What happens to my assets in foreign countries when I die?
The probate procedures in every country are unique, and different inheritance laws can clash. Usually, when an individual dies leaving assets in multiple countries, it is necessary to obtain a [...]
What is summary administration in Florida?
Summary administration is a form of probate which is generally less time-intensive and less expensive than a full probate. Pursuant to the Florida Probate Code, the following conditions must be [...]
Does Florida honor foreign Wills?
Yes, but with conditions. The Florida Probate Code states: “Any Will, other than a holographic or nuncupative Will, executed by a nonresident of Florida, either before or after this law takes [...]
