Can LLC Operating Agreement Transfer Shares Upon Member’s Death?

Jon Alper Estate Planning

An earlier blog post addressed a question about directing ownership of a deceased LLC member’s membership interest . The post said that an LLC operating agreement cannot direct the inheritance of an LLC interest, and that each member should provide for inheritance in their will or living trust. A Florida court decision since that post holds that LLC operating agreements …

Living Trust Homestead Exemption

Gideon Alper Estate Planning, Homestead Exemption

When I am preparing a living trust for estate planning clients I am often asked to advise whether or not it is wise to title homestead properties in the name of the living trust. Trustmaker clients are concerned that conveying their homestead to their living trust may forfeit their Constitutional homestead exemption from creditor judgments. The Florida homestead exemption applies …

Florida Homestead Protection After Death

Gideon Alper Homestead Exemption

The Florida homestead is exempt from your creditors during your lifetime by virtue of the homestead provision of the Florida Constitution. But, what happens after you die? Can your creditors put a lien on your homestead once you are no longer living in the house after your death? One of my clients expressed concern that their parent’s creditors would find …

Do Florida Asset Exemptions Apply Only To Florida Residents?

Jon Alper Florida Exemptions

Assume a man resides in the state of Georgia, but works for several years in Florida for a Florida employer. During the time of employment he establishes a 401k plan at a Florida financial institution, and for investment, he buys an annuity from the same Florida institution. Later, he is sued in Georgia, and the Georgia court awards a money …

Florida Homestead Law in Probate

Gideon Alper Estate Planning

A common question that comes up at initial client meetings for living trust administration or probate concerns the treatment of the decedent’s homestead property. The heirs want to know if they can sell the parents’ homestead and whether a probate proceeding is required to handle the homestead. In most cases, these are families that used living trust planning to avoid …

Living Trusts Should Plan For Unforeseen Disabilities of Children

Jon Alper Uncategorized

When people create a living trust they usually do not plan for unforeseen change of circumstances. They assume that their family members’ current good health and with stable living situations will continue throughout their lifetimes. I recently consulted with a family that had to deal with unforeseen needs of a disabled child that was not anticipated when the parents drafted …

Revocable Living Trust and Florida Homestead Exemption

Gideon Alper Homestead Exemption

Yesterday a client wanted to know whether he would still qualify for the homestead exemption if his home was in a revocable living trust. As part of his overall estate plan, we decided to set up a living trust to protect certain assets from the creditors of his adult children. Once the trust was established, we advised that he deed …

Dissolution of a Writ of Garnishment in Florida

Gideon Alper Creditor Rights

One of our clients wanted to know how exactly a dissolution of a writ of garnishment in Florida would work. We already filed a motion to dissolve the writ of garnishment. The creditor’s attorney accepted the facts alleged in our motion and planned to file a Voluntary Dismissal of Writ of Garnishment. The filing of the dismissal was sent to …

Asset Protection in Post-Death Living Trust Administration

Jon Alper Estate Planning

Asset protection planning often continues after death, especially when a surviving spouse has judgements or is vulnerable to lawsuit.  The design of your estate planning determines whether your assets will be vulnerable to creditors of your surviving spouse or children. The typical living trust based estate plan for married couples the first spouse to die has left all their assets …