Phillip Gustavo Day's Answers

Florida property transfers to a living Trust

All great points and a clear moral to the story is that legal work is complicated involving many issues that an experienced and qualified lawyer should be advising you on. For example, one issue that was somewhat raised is that Documentary Stamp taxes are a tax in Florida that have to be paid on deeds that are recorded. While there is an administrative exemption in the Florida administrative code for transfers into a revocable trust, a doc stamp could still be due depending on how the...

3 people marked this answer as helpful

Living trusts

The question you ask is a very good question and one that many lawyers are split as to the benefits. While this forum is not suited for a detailed legal analysis as to the legal pros and cons, it is safe to say that a qualifed estate planning attorney can walk you thru the analysis. At the end of the day, both joint and separate trusts can accomplish the same thing. I personally believe that joint trusts are a great device when all of the assets are jointly held. However, there are times...

2 people marked this answer as helpful

Will

Short answer is yes and my colleagues have answered the questions nicely. I highly recommend that you go to your library or local bookstore and look up some books on living trusts which will outline the differences of wills and trusts (including testamentary trusts). One book I am fond of and believe to be an excellent resource on the topic is a book by Henry Abts, called "The Living Trust". Very detailed book but written for the layperson. It won't tell you how to draft a trust, but it...

2 people marked this answer as helpful

Wills

Please repost your question as I am unsure what you are asking? Thank you.

2 people marked this answer as helpful

Advertizing ad mistake

I concur with my colleagues. This is a contractual issue and the terms will be most likely spellled out in the contract. These mistakes are so common that I'm betting they have addressed it in the fine print. However, having said that, try to negotiate a reduced rate but I'm also betting they will be reluctant to lose money. You may be better off asking for additional ad space at no additional fee. At the end of the day, this may prove more profitable to you because you will get additional...

2 people marked this answer as helpful

Estate and wills

Please feel free to email or call me for additional information at phil@phildaylaw.com or 727-475-2593. I would be more than happy to help. -Phil Day

2 people marked this answer as helpful

Legal Terminology "qualified beneficiary" trust (FL)

Under section 4 of that same statute you will note that "As provided in s. 736.0603(1), the trustee's duties under this section extend only to the settlor while a trust is revocable." Assuming your grandmother is still alive, she most likely is the settlor of the trust as defined under 736.0103 which states "16) "Settlor" means a person, including a testator, who creates or contributes property to a trust...." Most revocable trusts are revocable until the death of the settlor, at which time...

2 people marked this answer as helpful

Protecting parents assets

It's funny how many of us, including myself, immediately assume that seniors are trying to find ways to apply for public assistance (medicaid). Based on the information provided, it does appear that medicaid planning is what is requested. However, protecting assets can mean many things for seniors. It can mean protection for probate courts. It can mean protection for unwanted litigation. It could mean protection from stock market and interest rate fluctuations. The fact that someone moves...

5 people marked this answer as helpful

Trust fund usage

From a legal perspective, there are a number of things to do when drafting the trust. 1.)Trustee selection - make sure you trust the successor trustee, 2.) distribution of assets - are the assets distributed outright or held until age(s) of maturity, 3.) allocation of assets - are you giving the assets to loved ones, 4.) appoint a trust protector to make sure that the trust can be amended post death for changes in tax laws or other unforeseeable changes. All of these protections are not...

4 people marked this answer as helpful

Life Insurance

If this is your insurance policy, definitely call the insurance company and ask them to send you the beneficiary designation form and fill it out with your children as the primary beneficiaries. Many times, agents sell policies and just put "to the estate of" which is generally not what you want to do. Also, I highly recommend learning about living trusts and how to fund them properly. There is a good book out there by the author Henry Abts called "The Living Trust" which many clients of...

1 lawyer agreed with this answer

2 people marked this answer as helpful