New Florida Trust Law
The Florida legislature enacted a new trust law which has favorable asset protection features. The new statute codifies in the statutes the protective benefits of "spendthrift provisions" which limit the beneficiary's right to assign or pledge their interest in an irrevocable trust. There are some exceptions to spendthrift protection. The new trust code also adds protection to discretionary trust where the trustee may make discretionary distributions of income and principal to the beneficiary. The law states that a beneficiary's creditors cannot compel a trustee to make a discretionary distribution which may become subject to creditor attack. This protection applies to trusts in which the beneficiary serves as trustee with discretionary powers over his own trust share so long as distributions are subject to certain standards of discretion.
The new statute is effective in January, 2007. The statute then becomes applicable to new as well as previously settled trusts. There is a more detailed discussion of the new trust statute at my website: www.alperlaw.com, under Asset Protection Updates/New Trust Law.
posted by Jonathan Alper, asset protection and bankruptcy attorney, Orlando, Florida
Does Florida trust law provide for a statutory (business) trust as does Delaware trust law?
If so, please send links.
Michael Smith
USA-305-393-9141
I have been informally advised that I am an 'heir' in my recently deceased brother's trust. However, my sister-in-law and her attorney has taken the position that my sister-in-law is the "sole beneficiary" and "sole trustee" of the trust. My understanding is that she can not serve as both under Florida trust law.
If I am indeed an heir doesn't that necessarily mean that I am a beneficiary? If so, under Florida law doesn't that designate me a 'qualified beneficiary'?
How can I determine my legal status within the trust without hiring an attorney or relying on the word of my sister-in-law and her attorney?
Does Florida or US require a settlement of famly trust within a certain amount of time? For instance my parent's trust has not been settled for more than three years after their deaths. Appreciate your comments.
A friend of mine, is not married to her boyfriend of 8 years, they have had two children together, we (my husband, myself, and our two friends) were all talking the other night and he started talking about putting the house and property that is in his name alone, in a trust. He has a wife whom he married in another country, but also in Florida, how can this trust give her security?He claims it will be better for her and will ensure that she can keep the house, should anything happen to him. Yet he also says that he is the President of the trust, how can that protect her and her children? Please send answer to my email address. Thank you for your time and cooperation in this matter.
Should a residence be put in a revocable trust?
My parents created a living [intervivos] trust several years ago which I know has been amended. My father has recently died, however, my mother is still living. Is it possible for me to determine if I am still a remainder beneficiary and if so, do I have a right to receive a copy of the trust documents as well as an accounting of the trust assets while my mother is alive? Thank you.
My two brothers and I are beneficiaries of our mothers trust. We are all adults in our 50's & 60's. Our mothers husband (no relation to us) was named the trustee. Our mother died back in January. The trustee has check writing rights on the trust. He will not give account of his spending. He has not responded to several emails concerning the disposal of properties. We are seeking legal action to have him removed as trustee. The trust states that if he is no longer able or wishes not to be the trustee, me and one of my brothers will be co-trustees.
I was asked by my mother a few years back to be the trustee, but due to health problems I asked not to be named. I'm the oldest of the brothers. The seconded brother was also asked, but due to commandments to his ministry, he felt that he did not have time. My youngest brother did not have any interest in being trustee and was not asked.
We, the three sons, feel that the trustee is not looking after the affairs of the trust to the best interest of the beneficiaries. We feel that he is going to balk, when we ask him to resign, because in is a controlling individual and likes the power.
Is there an easy process to have the trustee removed and replaced?
From being a beneficiary, I own 10-15% of a property hat is actively listed to sell. I recently found out another beneficiary is living in the property, paying a ridiculously low rent, under-the-table and off paper. I was not notified, and only discovered this as a result of trying to check in on the property. This property is a condo, meaning the fees come out of all of our accounts, and would normally be rented at atleast twice the amount currently being "charged." What are my rights, owning 10-15%?
Any advice adhering to this would be greatly appreciated.
I am trying to pay off a property that is in a trust in Florida. The mortgage that is owed is small and the property is and has been in a living trust. The previous owner died and the lawyer is saying there is a probate issue to be sorted out before this can be paid off. I have a much needed and long awaited contract to sell this property and may lose it if I cannot pay the note timely. I thought the whole reason for the trust was to protect from probate.