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Steven Patrick Riley

Steven Riley’s Answers

8 total

  • Owe doc stamps on the deed when transferring real property to a living trust?

    My wife and I are married live in Florida and we own our home free and clear. We have a Warranty Deed. We would like to create a revocable (living) trust with a pour over will in our names and transfer our homesteaded primary residence to the trus...

    Steven’s Answer

    The short answer is you will have to pay minimal doc stamps ( about 70 cents) plus per page recording charge. In my experience you will have to pay around $20 in recording fees. Just make sure the deed is drafted correctly. Some lawyers believe that putting your homestead in a living trust is a bad move while others think its completely fine. Ask the lawyer that drafting it for you what his or her opinion is on the matter.

    It always help to contact the title company. Also, make sure you contact the company that insures your home to make sure they will provide coverage and whether they need to add you Trust as an additional insured.

    If you'd like to discuss these issues or others, feel free to contact our office for an appointment.

    Steve Riley
    THE STRATEGIC COUNSEL, L.C.
    Attorneys and Counselors At Law
    4805 West Laurel Street, Suite 230
    Tampa, FL 33607
    Phone: (813) 286-1700
    Fax: (813) 286-3600 fax
    www.thestrategiccounsel.net
    www.theprotectionzone.com

    Disclaimer: You should not assume or otherwise conclude that there is an attorney -client relationship between any reader and this writer or his firm. These comments are not subject to any privilege protections. These internet communication are neither privileged nor confidential.

    New IRS Treasury Regulations require us to inform you that any written advice included in this communication is not intended or written to be used, and it cannot be used by the recipient, for the purpose of avoiding penalties that may be imposed on the recipient by any taxing authority.

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  • I would like to make a loan to a trust, whose beneficiaries are my uncle and aunt

    the money would be used by the trust to pay back real estate taxes on a condo, which is the only asset in the trust and which is for sale. upon a sale of the condo, i want to have my loan repaid first, before any distributions to beneficiaries. i'...

    Steven’s Answer

    Assuming we are talking about Florida law and property, then the answer is yes. You need to treat it like a first mortgage. You'll need a promissory note and a mortgage with the trust as the borrower.

    It also depends on what your long term goals are.

    If you'd like to discuss these issues or others, feel free to contact our office for an appointment.

    Steve Riley
    THE STRATEGIC COUNSEL, L.C.
    Attorneys and Counselors At Law
    4805 West Laurel Street, Suite 230
    Tampa, FL 33607
    Phone: (813) 286-1700
    Fax: (813) 286-3600 fax
    www.thestrategiccounsel.net
    www.TheProtectionZone.com

    Disclaimer: You should not assume or otherwise conclude that there is an attorney -client relationship between any reader and this writer or his firm. These comments are not subject to any privilege protections. These internet communication are neither privileged nor confidential.

    New IRS Treasury Regulations require us to inform you that any written advice included in this communication is not intended or written to be used, and it cannot be used by the recipient, for the purpose of avoiding penalties that may be imposed on the recipient by any taxing authority.

    See question 
  • Can Florida irrevocable trust be dissolved if all beneficiaries are in agreement to do so?

    All beneiciaries (future and current) are on verge of losing homes with children little involved and bank will not release anything...can we have trust dissolved? Deceased grandfather left wife as beneficiary, when she dies son and two grandchildr...

    Steven’s Answer

    Yes, if everyone involved agrees, you can terminate the trust earlier. Florida law changed in 2007 allowing you do so without going to court. There is some documentation involved, but it can be done.

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  • What do I do???

    I (44) am a trustee of my uncle's estate. His wife (90) is a trustee and the personal rep. The other trustee is my aunt's neice.(77) My aunt has lived with her neice since we buried my uncle. They never let her come back to Fl. They will not le...

    Steven’s Answer

    Yours appears to be a very complicated situation with potential conflict among three trustees. Without having reviewed your uncle's Trust documents, I would be hesitant to offer any guidance or legal advice, especially in a public forum such as this one. If you would like to contact my office to discuss your situation in more detail, please do so.

    Steven P. Riley
    The Strategic Counsel Law Firm
    Tampa, FL
    813-286-1700

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  • Can I transfer title of my condo into my exempt lifetime trust with a warranty deed?

    I have just inherited 100K in an exempt Lifetime trust (from an A/B trust set up in California) and I have been assigned as trustee. (My father passed away in April. The trust is irrevocable and is based on documents drawn in California.) Several...

    Steven’s Answer

    This depends on whether you are doing this for asset protection. If this is your homestead, you may want to keep it out of the Trust.

    If it is an investment property, then it may make more sense to put the condo in a Land Trust and for the Irrevocable Trust to become the mortgage holder.

    It all depends on what your long term goals are.

    If you'd like to discuss these issues or others, feel free to contact our office for an appointment.

    Steve Riley
    THE STRATEGIC COUNSEL, L.C.
    Attorneys and Counselors At Law
    4805 West Laurel Street, Suite 230
    Tampa, FL 33607
    Phone: (813) 286-1700
    Fax: (813) 286-3600 fax
    www.thestrategiccounsel.net

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  • Do I have to pay capital gains on stock trades or investments made with funds in my exempt lifetime trust?

    I am trustee of an exempt lifetime trust about to make investments. Do I have to pay taxes on capital gains on stock trades and/or other investments that are purchased with moneys in my exempt lifetime trust: (1) Stock sales and short term gains. ...

    Steven’s Answer

    It depends. Usually assets in a Lifetime Trust will either be taxed at Trust tax rates or your individual tax rates, depending on what you invest in and how you manage the consequences of your investments.

    If you are interested in talking about these and other issues further, you can call our office to schedule an appointment.

    Steve Riley
    THE STRATEGIC COUNSEL, L.C.
    Attorneys and Counselors At Law
    4805 West Laurel Street, Suite 230
    Tampa, FL 33607
    Phone: (813) 286-1700
    Fax: (813) 286-3600 fax
    www.thestrategiccounsel.net

    See question 
  • Chartiable Remainder Unitrust Agreement in a Sale and Purchase of Property Contract

    1. if the CRUT is not yet created, is it legal to sign your name on the contract under the CRUT 2. is it legal to sign a contract if the CRUT is not yet funded? 3. In the state of florida does a CRUT need to be recorded anywhere?

    Steven’s Answer

    Be careful before signing the real estate contract or agreement you want to create the CRUT.
    While it's legal to sign the contract for an unfunded CRUT, it is not advisable. This is a significant issue. Once created, the CRUT does not have to be recorded.

    Disclaimer: You should not assume or otherwise conclude that there is an attorney -client relationship between any reader and this writer or his firm. These comments are not subject to any privilege protections. These internet communication are neither privileged nor confidential.

    New IRS Treasury Regulations require us to inform you that any written advice included in this communication is not intended or written to be used, and it cannot be used by the recipient, for the purpose of avoiding penalties that may be imposed on the recipient by any taxing authority.

    See question 
  • Beneficiary rights in Florida

    Can a beneficiary under a revocable trust demand a copy of trust documents from custodian of records at law firm who prepared the document/has it on file? Thanks

    Steven’s Answer

    Your first request should be made to the Trustee, who can provide you with a copy of the documents.

    To answer your specific question, you may request a copy of the documents from the law firm that drafted the Trust. However, the law firm will only comply if:

    1. You are a "qualified beneficiary," meaning you are designated in the Trust as eligible to receive assets.
    - and -
    2. The law firm is assisting the "after death" Trustee in the administration of the Trust.

    Disclaimer: You should not assume or otherwise conclude that there is an attorney -client relationship between any reader and this writer or his firm. These comments are not subject to any privilege protections. These internet communication are neither privileged nor confidential.

    New IRS Treasury Regulations require us to inform you that any written advice included in this communication is not intended or written to be used, and it cannot be used by the recipient, for the purpose of avoiding penalties that may be imposed on the recipient by any taxing authority.

    See question