SPIEGEL & UTRERA, P.A.

LAWYERS

PAYMENT IS NOT REQUIRED

SPIEGEL & UTRERA, P.A.

LAWYERS

PAYMENT IS NOT REQUIRED

Individual
LivingTrust
$499.95

fee includes preparing your Trust documents: asset transfer, avoid probate, privacy for individuals and their beneficiaries.


Last
Will& Testament
$467.95

fee includes preparing your Last Will & Testament; you will specify how your assets will be distributed among your chosen beneficiaries.


Individual
LivingTrust
$499.95

Spiegel & Utrera, P.A.’s fee includes preparing the USA Trademark or Servicemark registration application. Required government filing fee is not included and due when your registration application is ready to be submitted.


STATE
TRADEMARK
or Servicemark
$279.95

Spiegel & Utrera, P.A.’s fee includes preparing the State Trademark or Servicemark registration application. Required government filing fee is not included and due when your registration application is ready to be submitted.


Welcome to our Planning&Succession section!
—PROTECTING TODAY PLANNING TOMORROW
FAQs & Points Of Interest
WHY
What is Intestate Succession?

If a person dies without a Last Will & Testament, their assets pass to their heirs in accordance with a formula determined by state law.

What is A Last Will & Testament?
A Last Will & Testament is a disposition of assets from a person to their heirs. Having a Last Will & Testament means a person has the freedom to choose who are their heirs, Personal Representative or Executor to administer their estate, what gifts are made and to who or what, who is a guardian of surviving children, who bears the tax burden and whether real estate and other assets may be sold with probate court proceedings. It is very important to insure the Last Will & Testament meets certain formalities so it is deemed valid.
Is A Last Will & Testament Necessary?

It’s very important that you have a Last Will & Testament to designate the Personal Representative, Executor or Executrix to insure your estate is managed properly. Also, you never know, things could change. People frequently underestimate their assets. Who would get your car and personal effects that may possibly have sentimental value? Furthermore, if you accidentally died, although your family would have a separate cause of action for wrongful death, with a survivor action brought on your behalf and which is considered to belong to the your estate, if you had a Last Will & Testament in place, any recovery would be distributed according to the terms of the Last Will & Testament

What’s a Simple Last Will & Testament?
A simple Last Will & Testament is one prepared for someone with a small estate where estate planning is not a significant concern.
What is Testate and Intestate?
If you have a Last Will & Testament to provide guidance as to your intent, it is testate. If there is no Last Will & Testament, it is administered by a statutory formula and it is called intestate.
How Are Wills & Testaments Contested?

Last Will & Testaments cannot be contested because an heir or potential heir thinks the Last Will & Testament is unfair or the decedent didn’t like the heirs. There has to be some kind of impropriety, such as that the Last Will & Testament didn’t have the proper legal formalities, such as execution without proper witnesses, notary, or other formal requirements, the Testator or Testatrix of the Last Will & Testament lacked mental capacity (i.e., was senile or suffering from dementia), the Testator or Testatrix of the Last Will & Testament was under undue influence of another person, the assets Last Will & Testament will be distributed in violation of state law, there is unclear, confusing, or ambiguous language in the Last Will & Testament, there is a breach of fiduciary duty by the Personal Representative, Executor or Executrix for failure to make proper or timely distributions, failure to make proper or timely accountings, failure to administer the Last Will & Testament in the manner required by the document, or self dealing, fraud and excessive compensation.

What is Probate?
Probate is the court-supervised process whereby debts and taxes of a decedent’s estate are paid before distributions are paid to heirs of the decedent. A Personal Representative, Executor or Executrix administers the estate.
What Assets Are Probated?
Generally all assets are probated, except for assets with named beneficiaries such as pay-on-death accounts, IRAs, 401(k) accounts, life insurance, joint tenancies and revocable living Trusts assets are not probated, generally all other assets are.
Summary Probate Proceedings?

Most states have enacted laws for the expedited probate administration of small estates in order to enable heirs to obtain property of the deceased provided certain requirements are met. As a result, small estates can be administered with less time and cost. If the deceased had conveyed most property to a trust but there remains some property, small estate laws may also be available.

What is a Forced Share?
The spouse of a decedent is entitled by law to receive a certain percentage of the decedent’s estate.
What is a Trust?
A Trust is an arrangement where money, real estate, or other assets are transferred from the settlor to be managed and administered for the benefit of another pursuant to the terms of the Trust.
What is a Revocable Living Trust?
It is where the Trust is created during the settlor’s or grantor’s lifetime. Generally, the revocable living Trust is created by a written document, known as a Trust instrument, and funding of the Trust should occur at the same time as the execution of the Trust instrument, or shortly thereafter . Most often the grantor or settlor, the creator of the Trust, and Trustee, the administrator of the Trust, are the same individual, and the grantor or settlor reserves the right to revoke or amend the Trust at any time.

The grantor or settlor is typically the primary beneficiary during his or her lifetime. At the grantor or settlor’s death, the Trust becomes irrevocable, and, after payment of taxes, expenses, and debts, the Trust assets are distributed to designated beneficiaries or allocated among new Trusts created at the death of the grantor or settlor under the Trust instrument.

PLANNING
Can Someone Hold Multiple Roles?

Yes, the same person may be the grantor or settlor, a Trustee, and a beneficiary (with perhaps additional Trustees and beneficiaries).

Advantages to a Revocable Living Trust?

The primary reasons to consider using a Revocable Living Trust have to do with ease of administration and to avoid probate. The Trust instrument typically provides that in the event of the grantor or settlor’s incapacity, such as mental illness or physical disability, a successor Trustee takes over the administration of Trust property. This means that a costly and public court proceeding to establish guardianship is avoided.

The main attraction of Revocable Living Trust is the avoidance of probate upon the grantor or settlor’s death. Probate is avoided because the Trust assets are owned by the Trust rather than the grantor or settlor. Also, if a grantor or settlor has properties in several states, the cost of probate administration is avoided because administration is consolidated with one Trust instrument.

The property held in the Trust will pass at the grantor or settlor’s death free of probate unless the Trust estate is to be distributed to the Personal Representative of the probate estate.

What are some other advantages?
  • The Trust can become irrevocable upon the grantor or settlor’s incapacity or incompetency, but become revocable upon the recovery of the grantor or settlor and perhaps allow the avoidance of guardianship proceedings;
  • The Trust can be used to segregate assets for many purposes such as second marriages where pre-marriage assets can be held in the event of a later divorce;
  • There may be some creditor protection for the assets held in the Trust, if the grantor or settlor is given only a limited power, not the power to revoke; and
  • Unlike a Last Will & Testament, the Trust agreement does not become a public document.
How is the Revocable Living Trust taxed?
Generally, during the grantor or settlor/Trustee’s lifetime, because of the Trust’s revocability, the grantor or settlor is considered to own the assets, the trust is a disregarded entity for tax purposes and is the grantor or settlor is taxed on any income (and entitled to any deductions) as though the Trust does not exist. At the grantor or settlor/Trustee’s death, the Trust is deemed a taxable entity separate from the settlor or grantor/Trustee and from the estate.
Who is a Trust Beneficiary?
It is the person or persons for whom the Trust is administered and intended to benefit. There are principal beneficiaries and income beneficiaries. Principal beneficiaries get direct distributions of a trust asst or the proceeds from the sale of a principal asset held in Trust. Income beneficiaries are entitled to a current return of income a Trust asset.
Who is a Trustee?
The Trustee administers the Trust subject to the parameters of a contract known as a Trust instrument. If you are a widow or widower, you may wish to have a son or daughter listed as Co-Trustee with either signature required. Or you may wish to serve as sole Trustee, with a son or daughter listed as Successor Trustee, to serve only if you become incapacitated or die. If that son or daughter is unable to serve years from now when needed, you will want to list several successors in order that they would serve. You will want the Trust never to be without a Trustee that you have chosen.

If you have no children, or your children cannot serve, or you wish not to use your children, you may choose any person even if not related to you. You may also choose an attorney or a bank with Trust Powers, although you should be aware of the yearly costs. However, in a large, complex estate, a banking institution with Trust Powers may have advantages that outweigh the costs. Should your spouse be a resident or non-resident alien you will be required to use a U.S. person if you wish to preserve the marital deduction for estate tax purposes. Your particular situation should be discussed on an individual basis.

What Are Co-Trustees?
A revocable living Trust can have more than one Trustees, known as Co-Trustees, so that the court doesn’t have to appoint a Trustee upon the death or incapacity of the sole Trustee. In most situations, you and your spouse will be Co-Trustees.
What is A Successor Trustee?
While Co-Trustees serve as Trustees at the same time, a successor Trustee takes over upon the death or incapacity or resignation of the then-serving Trustee. Generally, spouses will be Co-Trustees and then when both spouses are no longer capable of managing the assets, their child or children will serve as a Successor Trustee.
Can Beneficiaries Be Limited?
Yes. The Trust instrument could be drafted so that during the lifetime of the beneficiary, the Trustee could distribute to or for the benefit of the beneficiary as much as income and as much as principal as in the sole and exclusive discretion of the Trustee as is necessary for the health, welfare, support, and education of the beneficiary.
What is a Spendthrift Provision?
A spendthrift provision prevents creditors from attaching the interest of the beneficiary in the Trust before that interest (cash or property) is actually distributed to him or her. Most well drafted Trust instruments contain spendthrift provisions because such provisions protects the Trust and the beneficiary in the event a beneficiary is sued and a judgment creditor attempts to attach the beneficiary’s interest in the Trust.
How Do I Transfer Assets to the Trust?
You should transfer title to the Trust the way it normally would happen: with a deed for real property; a vehicle title for a car; or a bill of sale for personal property. If you have a mortgage, you should contact the lender to find out if they will permit the transfer. The transfer to the Trust will be effective and perfected when the deed is signed, documented and recorded.

A bill of sale is used to transfer most personal property. Anything not transferred to the Trust may be subject to probate. Because personal property may be purchased after the date of the bill of sale, periodic transfers would need to be made or purchase may be made directly by the trust with its cash, bank note or credit card.

Does the Trust Provide Asset Protection?
Generally, no. Assets are treated as owned by the grantor or settlor and subject to creditors. However, beneficiaries may be protected with spendthrift provisions.
Revocable vs. Irrevocable Living Trust
A revocable Trust is a Trust where the Trust can be modified, amended, or revoked; an irrevocable Trust is a Trust, which, by its terms, cannot be modified, amended, or revoked. What does this mean? While the Revocable Living Trust allows the grantor or settlor to retain some asset control, has flexibility and avoids the costs and duration of probate, the tradeoff is that the assets in the Trust do not avoid the estate tax. With an Irrevocable Living Trust the grantor or settlor’s control is ceded, but the estate tax is avoided.
MATTERS
Assets Protected by the Trust

The assets that are transferred to the Trust. Just drafting and executing a Trust is not enough: asset transfer documents need to be executed to perfect the transfer of the assets and insure insider control.

Fraudulent Revocable Living Trusts
  • Tax avoidance schemes marketed by promoters promise taxpayers that they can avoid paying taxes while not losing control of their assets and may involve the use of Trusts.
  • Generally, Trust income is taxable unless there is a specific exemption. However, a Trust may deduct distributions to its beneficiaries. Meanwhile, typically in abusive Trust schemes, there are improper deductions of these expenses and repeated shifting of remaining income to other Trusts in an effort to hide the money. As a result, there is a decrease in the amount of taxable income is underreported.
  • There are proper uses of Trusts for estate planning, but you have to be wary of Trust “shell games” where income is shifted and deductions are claimed for illegitimate expenses. It is essential you seek the guidance of a knowledgeable attorney
What is a Durable Power of Attorney?
The Durable Power of Attorney is a document you will keep in your possession and under your control, but you will tell your spouse and/or child that there is a Durable Power of Attorney authorizing them to act if you are alive, but incapacitated.

For example, if you are in a car accident and taken to the hospital, who will be able to get your car from the storage lot to where it is towed? If the car is titled in your name alone, your spouse or, if your spouse is out of town or in the same accident, your child or friend cannot sign your name to get the car released without specific written Durable Power of Attorney which states that it survives your disability.

You should have a Durable Power of Attorney for each spouse for the other spouse and, in case your spouse is deceased or also incapacitated, a second Durable Power of Attorney to a child or friend. Since some entities such as a car-tow lot may require only a simple Power of Attorney, you may want a regular Power of Attorney rather than a Durable Power of Attorney.

Without the Durable Power of Attorney, you would be required to have a conservator or guardian of your property appointed by the court, which is expensive and extremely cumbersome. However, there are situations when someone else may require a conservator or guardian be appointed by the court and you will want the conservator or guardian to be a family member rather than some stranger or professional guardian. The law allows you to make a pre-need designation of guardian.

Health Care Directives
An Advanced Health Care Directive, Living Will or Power of Attorney for Health Care Decisions is a person’s written indication of the person that makes health care decisions on their behalf, when to terminate life support and the types of treatments he or she wants to receive if he or she becomes ill and cannot communicate his wishes at that time. If you are lacking an Advanced Health Care Directive, Living Will or Power of Attorney for Health Care Decisions to provide guidance to family and health care providers as to your wishes, decisions about your health care may be made for you by a court-appointed guardian, your wife or husband, your adult child, your parent, your adult sibling, an adult relative, or a close friend. The individual making healthcare decisions for you may or may not be aware of your wishes concerning treatment restrictions. If you have an Advanced Health Care Directive, Living Will or Power of Attorney for Health Care Decisions and discuss it with your family and significant people in your life, it will better assure that your wishes will be carried out.
Pour-Over Last Will & Testament

The Pour-Over Last Will & Testament bequeaths assets you direct and the assets remaining are transferred to a Trust or Trusts so that the Trust grantor or settlor can maintain control over certain assets during their lifetime and then have it for the benefit of Trust beneficiaries upon his or her death.

For example, Billy Bob has a house, some land and a glittery diamond ring. He sets up a Trust for his son, Sam. When he sets up the Trust, he funds it with the land and the house. Billy Bob forgot to put the diamond ring in the Trust, but the Pour-Over Last Will & Testament provides that anything not specifically transferred during the lifetime of the grantor or settlor “pours over” into the Trust so the diamond ring becomes the property of the Trust upon his death.

What’s a Marital Exemption Trust?
In the past, the Marital Exemption Trust or A/B Trust allowed married persons to escape certain estate taxes. Now, the estate tax is being gradually phased out until 2010. Without further legislative action, the estate tax will be restored in 2011. Because of the legislative uncertainty, is therefore difficult to predict whether the Marital Exemption Trust would be useful. However, a judicious estate planner may want to have a Marital Exemption Trust if the estate tax remains.

The estate tax is levied by multiplying the gross estate (plus adjusted taxable gifts) by the estate tax rate. Then, amounts in excess of a unified credit ($2,000,000 in 2007 or $1,000,000 for each spouse) are subject to the federal estate tax. In the case of a married couple, each spouse is entitled to all of their unified credit and each spouse may pass to their children or others, tax-free, the full value of their applicable credit equivalent amount. Furthermore, when spouses leave their estates to a surviving spouse, the estate tax marital deduction is unlimited. However, the down side is that one spouse leaving their estates to the other pushes the value of the surviving spouse’s estate so it is beyond the credit equivalent.

This is avoided by using a Marital Exemption Trust or A/B Trust. Because the marital deduction is unlimited, some think that they can leave their estates to their spouse with no estate tax consequences. By failing to plan, the married couple Last Will & Testament have thrown away the deceased spouse’s unified credit ($1,000,000 for each spouse) and, the deceased spouse Last Will & Testament have stacked — up to an amount equal to the annual estate exclusion amount that could have passed tax-free — into the estate of the surviving spouse.

When both spouses establish credit bypass Trusts for each others’ benefit, under the terms of their Trust instruments, the first credit equivalent amount applicable in the year of death of their estate passes to the Trust. Generally, the Trust provides that all of its income is for the benefit of the surviving spouse, certain distributions of principal are allowed, and upon the surviving spouse’s death, the remainder passes to the beneficiary or beneficiaries tax-free.

The operative feature of a credit bypass Trust — and the reason it is not included in the estate of the surviving spouse — is that it is not considered property of the deceased spouse at the time of his or her death owned outright. Instead, the decedent may have an income interest for life in the Trust established by the other spouse.

What is a Gift?
A gift is made when you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. It also may be when you sell something at less than its full value or if you make an interest-free or reduced-interest loan.
What is the Gift Tax?
The gift tax applies to the transfer by gift of any property. The general rule is that any gift is a taxable gift. For estates of decedents dying, and gifts made, after 2006, the maximum rate for the estate tax and the gift tax for 2007, 2008, and 2009 is 45%.
Are there exceptions to the Gift Tax?

Yes, there are many exceptions. Generally, the following gifts are not taxable gifts:

  1. Gifts that are not more than the annual exclusion for the calendar year.
  2. Tuition or medical expenses you pay for someone (the educational and medical exclusions).
  3. Gifts to your spouse.
  4. Gifts to a political organization for its use.
What’s the Annual Gift Exclusion?
Currently it is $12,000. This means you can make gifts totaling that amount tax-free.
What is the Lifetime Exclusion?
You may give a substantial amount during your lifetime without ever paying a gift tax. As of 2008 the amount is $1,000,000.

The lifetime exclusion isn’t triggered until your gifts to one person in one year exceed the annual exclusion amount (currently $12,000). So for example, if you make a $15,000 gift in 2008, $3,000 of your lifetime limit will be expended.

Any dollar amount used out of your lifetime gift tax exclusion is deducted against the estate tax exclusion, which is $2,000,000 as of 2008 and $3,500,000 as of 2009. This means that if you use $250,000 of the limit by making gifts during your lifetime, you have reduced by $250,000 the amount that can be passed tax-free.

What is a Premarital Agreement?
The laws governing the validity of premarital agreements vary from state to state. In general, the agreements must be in writing and signed by the parties.

In most states, the parties must disclose their income and assets to the other party. This way, the parties will be apprised of the consequences of signing a premarital agreement. Sometimes it is difficult to make a precise statement of a party’s net worth, such as in the instance of a small business where it is difficult to ascertain the value of the business.

In order to be valid, an agreement must not be the result of fraud or duress. An agreement is likely to be invalid on the basis of fraud if the wealthier party deliberately misrepresents their financial condition. Also, if one person exerts excessive emotional trauma to force the other party to sign the agreement, a court also might declare the agreement to be invalid because of duress.

In order to avoid an appearance of duress and to give the parties ample time to consider the agreement, the agreement should be reviewed within a reasonable time frame by separate, independent attorney at law for each party. The greater the amount of time the parties have to consider the agreement, there is more of a likelihood a court would find the agreement to be voluntary.

The parties, particularly the less wealthy party, might be asked to sign a written statement reflecting their understanding and consent to the agreement. Alternatively, the signing of the agreement might be videotaped (or audio taped) with the parties providing oral statements of their understanding and consent to the agreement as well.

What is a Guardian?
If someone becomes incapacitated a Guardian may be appointed to make decisions concerning them personally or their property. A Personal Guardian tends to the personal care of the incapacitated individual, while an Guardian of the Property or Estate Guardian is the Guardian of a person’s estate (real estate, personal property, money, and the like). One person can be Guardian of both, or separate Guardians may be appointed.
WHY
What is Intestate Succession?

If a person dies without a Last Will & Testament, their assets pass to their heirs in accordance with a formula determined by state law.

What is A Last Will & Testament?
A Last Will & Testament is a disposition of assets from a person to their heirs. Having a Last Will & Testament means a person has the freedom to choose who are their heirs, Personal Representative or Executor to administer their estate, what gifts are made and to who or what, who is a guardian of surviving children, who bears the tax burden and whether real estate and other assets may be sold with probate court proceedings. It is very important to insure the Last Will & Testament meets certain formalities so it is deemed valid.
Is A Last Will & Testament Necessary?

It’s very important that you have a Last Will & Testament to designate the Personal Representative, Executor or Executrix to insure your estate is managed properly. Also, you never know, things could change. People frequently underestimate their assets. Who would get your car and personal effects that may possibly have sentimental value? Furthermore, if you accidentally died, although your family would have a separate cause of action for wrongful death, with a survivor action brought on your behalf and which is considered to belong to the your estate, if you had a Last Will & Testament in place, any recovery would be distributed according to the terms of the Last Will & Testament

What’s a Simple Last Will & Testament?
A simple Last Will & Testament is one prepared for someone with a small estate where estate planning is not a significant concern.
What is Testate and Intestate?
If you have a Last Will & Testament to provide guidance as to your intent, it is testate. If there is no Last Will & Testament, it is administered by a statutory formula and it is called intestate.
How Are Wills & Testaments Contested?

Last Will & Testaments cannot be contested because an heir or potential heir thinks the Last Will & Testament is unfair or the decedent didn’t like the heirs. There has to be some kind of impropriety, such as that the Last Will & Testament didn’t have the proper legal formalities, such as execution without proper witnesses, notary, or other formal requirements, the Testator or Testatrix of the Last Will & Testament lacked mental capacity (i.e., was senile or suffering from dementia), the Testator or Testatrix of the Last Will & Testament was under undue influence of another person, the assets Last Will & Testament will be distributed in violation of state law, there is unclear, confusing, or ambiguous language in the Last Will & Testament, there is a breach of fiduciary duty by the Personal Representative, Executor or Executrix for failure to make proper or timely distributions, failure to make proper or timely accountings, failure to administer the Last Will & Testament in the manner required by the document, or self dealing, fraud and excessive compensation.

What is Probate?
Probate is the court-supervised process whereby debts and taxes of a decedent’s estate are paid before distributions are paid to heirs of the decedent. A Personal Representative, Executor or Executrix administers the estate.
What Assets Are Probated?
Generally all assets are probated, except for assets with named beneficiaries such as pay-on-death accounts, IRAs, 401(k) accounts, life insurance, joint tenancies and revocable living Trusts assets are not probated, generally all other assets are.
Summary Probate Proceedings?

Most states have enacted laws for the expedited probate administration of small estates in order to enable heirs to obtain property of the deceased provided certain requirements are met. As a result, small estates can be administered with less time and cost. If the deceased had conveyed most property to a trust but there remains some property, small estate laws may also be available.

What is a Forced Share?
The spouse of a decedent is entitled by law to receive a certain percentage of the decedent’s estate.
What is a Trust?
A Trust is an arrangement where money, real estate, or other assets are transferred from the settlor to be managed and administered for the benefit of another pursuant to the terms of the Trust.
What is a Revocable Living Trust?
It is where the Trust is created during the settlor’s or grantor’s lifetime. Generally, the revocable living Trust is created by a written document, known as a Trust instrument, and funding of the Trust should occur at the same time as the execution of the Trust instrument, or shortly thereafter . Most often the grantor or settlor, the creator of the Trust, and Trustee, the administrator of the Trust, are the same individual, and the grantor or settlor reserves the right to revoke or amend the Trust at any time.

The grantor or settlor is typically the primary beneficiary during his or her lifetime. At the grantor or settlor’s death, the Trust becomes irrevocable, and, after payment of taxes, expenses, and debts, the Trust assets are distributed to designated beneficiaries or allocated among new Trusts created at the death of the grantor or settlor under the Trust instrument.

Can Someone Hold Multiple Roles?

Yes, the same person may be the grantor or settlor, a Trustee, and a beneficiary (with perhaps additional Trustees and beneficiaries).

Advantages to a Revocable Living Trust?

The primary reasons to consider using a Revocable Living Trust have to do with ease of administration and to avoid probate. The Trust instrument typically provides that in the event of the grantor or settlor’s incapacity, such as mental illness or physical disability, a successor Trustee takes over the administration of Trust property. This means that a costly and public court proceeding to establish guardianship is avoided.

The main attraction of Revocable Living Trust is the avoidance of probate upon the grantor or settlor’s death. Probate is avoided because the Trust assets are owned by the Trust rather than the grantor or settlor. Also, if a grantor or settlor has properties in several states, the cost of probate administration is avoided because administration is consolidated with one Trust instrument.

The property held in the Trust will pass at the grantor or settlor’s death free of probate unless the Trust estate is to be distributed to the Personal Representative of the probate estate.

What are some other advantages?
  • The Trust can become irrevocable upon the grantor or settlor’s incapacity or incompetency, but become revocable upon the recovery of the grantor or settlor and perhaps allow the avoidance of guardianship proceedings;
  • The Trust can be used to segregate assets for many purposes such as second marriages where pre-marriage assets can be held in the event of a later divorce;
  • There may be some creditor protection for the assets held in the Trust, if the grantor or settlor is given only a limited power, not the power to revoke; and
  • Unlike a Last Will & Testament, the Trust agreement does not become a public document.
How is the Revocable Living Trust taxed?

Generally, during the grantor or settlor/Trustee’s lifetime, because of the Trust’s revocability, the grantor or settlor is considered to own the assets, the trust is a disregarded entity for tax purposes and is the grantor or settlor is taxed on any income (and entitled to any deductions) as though the Trust does not exist. At the grantor or settlor/Trustee’s death, the Trust is deemed a taxable entity separate from the settlor or grantor/Trustee and from the estate.

Who is a Trust Beneficiary?

It is the person or persons for whom the Trust is administered and intended to benefit. There are principal beneficiaries and income beneficiaries. Principal beneficiaries get direct distributions of a trust asst or the proceeds from the sale of a principal asset held in Trust. Income beneficiaries are entitled to a current return of income a Trust asset.

Who is a Trustee?

The Trustee administers the Trust subject to the parameters of a contract known as a Trust instrument. If you are a widow or widower, you may wish to have a son or daughter listed as Co-Trustee with either signature required. Or you may wish to serve as sole Trustee, with a son or daughter listed as Successor Trustee, to serve only if you become incapacitated or die. If that son or daughter is unable to serve years from now when needed, you will want to list several successors in order that they would serve. You will want the Trust never to be without a Trustee that you have chosen.

If you have no children, or your children cannot serve, or you wish not to use your children, you may choose any person even if not related to you. You may also choose an attorney or a bank with Trust Powers, although you should be aware of the yearly costs. However, in a large, complex estate, a banking institution with Trust Powers may have advantages that outweigh the costs. Should your spouse be a resident or non-resident alien you will be required to use a U.S. person if you wish to preserve the marital deduction for estate tax purposes. Your particular situation should be discussed on an individual basis.

What are Co-Trustees?

A revocable living Trust can have more than one Trustees, known as Co-Trustees, so that the court doesn’t have to appoint a Trustee upon the death or incapacity of the sole Trustee. In most situations, you and your spouse will be Co-Trustees.

What is a Successor Trustee?

While Co-Trustees serve as Trustees at the same time, a successor Trustee takes over upon the death or incapacity or resignation of the then-serving Trustee. Generally, spouses will be Co-Trustees and then when both spouses are no longer capable of managing the assets, their child or children will serve as a Successor Trustee.

Can Beneficiaries Be Limited?

Yes. The Trust instrument could be drafted so that during the lifetime of the beneficiary, the Trustee could distribute to or for the benefit of the beneficiary as much as income and as much as principal as in the sole and exclusive discretion of the Trustee as is necessary for the health, welfare, support, and education of the beneficiary.

How Do I Transfer Assets To The Trust?

You should transfer title to the Trust the way it normally would happen: with a deed for real property; a vehicle title for a car; or a bill of sale for personal property. If you have a mortgage, you should contact the lender to find out if they will permit the transfer. The transfer to the Trust will be effective and perfected when the deed is signed, documented and recorded.

A bill of sale is used to transfer most personal property. Anything not transferred to the Trust may be subject to probate. Because personal property may be purchased after the date of the bill of sale, periodic transfers would need to be made or purchase may be made directly by the trust with its cash, bank note or credit card.

Does the Trust Provide Asset Protection?
Generally, no. Assets are treated as owned by the grantor or settlor and subject to creditors. However, beneficiaries may be protected with spendthrift provisions.
Revocable vs. Irrevocable Living Trust
A revocable Trust is a Trust where the Trust can be modified, amended, or revoked; an irrevocable Trust is a Trust, which, by its terms, cannot be modified, amended, or revoked. What does this mean? While the Revocable Living Trust allows the grantor or settlor to retain some asset control, has flexibility and avoids the costs and duration of probate, the tradeoff is that the assets in the Trust do not avoid the estate tax. With an Irrevocable Living Trust the grantor or settlor’s control is ceded, but the estate tax is avoided.
Assets Protected by the Trust

The assets that are transferred to the Trust. Just drafting and executing a Trust is not enough: asset transfer documents need to be executed to perfect the transfer of the assets and insure insider control.

Fraudulent Revocable Living Trusts
  • Tax avoidance schemes marketed by promoters promise taxpayers that they can avoid paying taxes while not losing control of their assets and may involve the use of Trusts.
  • Generally, Trust income is taxable unless there is a specific exemption. However, a Trust may deduct distributions to its beneficiaries. Meanwhile, typically in abusive Trust schemes, there are improper deductions of these expenses and repeated shifting of remaining income to other Trusts in an effort to hide the money. As a result, there is a decrease in the amount of taxable income is underreported.
  • There are proper uses of Trusts for estate planning, but you have to be wary of Trust “shell games” where income is shifted and deductions are claimed for illegitimate expenses. It is essential you seek the guidance of a knowledgeable attorney
What is a Durable Power of Attorney?

The Durable Power of Attorney is a document you will keep in your possession and under your control, but you will tell your spouse and/or child that there is a Durable Power of Attorney authorizing them to act if you are alive, but incapacitated.

For example, if you are in a car accident and taken to the hospital, who will be able to get your car from the storage lot to where it is towed? If the car is titled in your name alone, your spouse or, if your spouse is out of town or in the same accident, your child or friend cannot sign your name to get the car released without specific written Durable Power of Attorney which states that it survives your disability.

You should have a Durable Power of Attorney for each spouse for the other spouse and, in case your spouse is deceased or also incapacitated, a second Durable Power of Attorney to a child or friend. Since some entities such as a car-tow lot may require only a simple Power of Attorney, you may want a regular Power of Attorney rather than a Durable Power of Attorney.

Without the Durable Power of Attorney, you would be required to have a conservator or guardian of your property appointed by the court, which is expensive and extremely cumbersome. However, there are situations when someone else may require a conservator or guardian be appointed by the court and you will want the conservator or guardian to be a family member rather than some stranger or professional guardian. The law allows you to make a pre-need designation of guardian.

Health Care Directives
An Advanced Health Care Directive, Living Will or Power of Attorney for Health Care Decisions is a person’s written indication of the person that makes health care decisions on their behalf, when to terminate life support and the types of treatments he or she wants to receive if he or she becomes ill and cannot communicate his wishes at that time. If you are lacking an Advanced Health Care Directive, Living Will or Power of Attorney for Health Care Decisions to provide guidance to family and health care providers as to your wishes, decisions about your health care may be made for you by a court-appointed guardian, your wife or husband, your adult child, your parent, your adult sibling, an adult relative, or a close friend. The individual making healthcare decisions for you may or may not be aware of your wishes concerning treatment restrictions. If you have an Advanced Health Care Directive, Living Will or Power of Attorney for Health Care Decisions and discuss it with your family and significant people in your life, it will better assure that your wishes will be carried out.
Pour-Over Last Will & Testament

The Pour-Over Last Will & Testament bequeaths assets you direct and the assets remaining are transferred to a Trust or Trusts so that the Trust grantor or settlor can maintain control over certain assets during their lifetime and then have it for the benefit of Trust beneficiaries upon his or her death.

For example, Billy Bob has a house, some land and a glittery diamond ring. He sets up a Trust for his son, Sam. When he sets up the Trust, he funds it with the land and the house. Billy Bob forgot to put the diamond ring in the Trust, but the Pour-Over Last Will & Testament provides that anything not specifically transferred during the lifetime of the grantor or settlor “pours over” into the Trust so the diamond ring becomes the property of the Trust upon his death.

What’s a Marital Exemption Trust?

In the past, the Marital Exemption Trust or A/B Trust allowed married persons to escape certain estate taxes. Now, the estate tax is being gradually phased out until 2010. Without further legislative action, the estate tax will be restored in 2011. Because of the legislative uncertainty, is therefore difficult to predict whether the Marital Exemption Trust would be useful. However, a judicious estate planner may want to have a Marital Exemption Trust if the estate tax remains.

The estate tax is levied by multiplying the gross estate (plus adjusted taxable gifts) by the estate tax rate. Then, amounts in excess of a unified credit ($2,000,000 in 2007 or $1,000,000 for each spouse) are subject to the federal estate tax. In the case of a married couple, each spouse is entitled to all of their unified credit and each spouse may pass to their children or others, tax-free, the full value of their applicable credit equivalent amount. Furthermore, when spouses leave their estates to a surviving spouse, the estate tax marital deduction is unlimited. However, the down side is that one spouse leaving their estates to the other pushes the value of the surviving spouse’s estate so it is beyond the credit equivalent.

This is avoided by using a Marital Exemption Trust or A/B Trust. Because the marital deduction is unlimited, some think that they can leave their estates to their spouse with no estate tax consequences. By failing to plan, the married couple Last Will & Testament have thrown away the deceased spouse’s unified credit ($1,000,000 for each spouse) and, the deceased spouse Last Will & Testament have stacked — up to an amount equal to the annual estate exclusion amount that could have passed tax-free — into the estate of the surviving spouse.

When both spouses establish credit bypass Trusts for each others’ benefit, under the terms of their Trust instruments, the first credit equivalent amount applicable in the year of death of their estate passes to the Trust. Generally, the Trust provides that all of its income is for the benefit of the surviving spouse, certain distributions of principal are allowed, and upon the surviving spouse’s death, the remainder passes to the beneficiary or beneficiaries tax-free.

The operative feature of a credit bypass Trust — and the reason it is not included in the estate of the surviving spouse — is that it is not considered property of the deceased spouse at the time of his or her death owned outright. Instead, the decedent may have an income interest for life in the Trust established by the other spouse.

What is a Gift?
A gift is made when you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. It also may be when you sell something at less than its full value or if you make an interest-free or reduced-interest loan.
What is the Gift Tax?
The gift tax applies to the transfer by gift of any property. The general rule is that any gift is a taxable gift. For estates of decedents dying, and gifts made, after 2006, the maximum rate for the estate tax and the gift tax for 2007, 2008, and 2009 is 45%.
What’s the Annual Gift Exclusion?
Currently it is $12,000. This means you can make gifts totaling that amount tax-free.
What is the Lifetime Exclusion?

You may give a substantial amount during your lifetime without ever paying a gift tax. As of 2008 the amount is $1,000,000.

The lifetime exclusion isn’t triggered until your gifts to one person in one year exceed the annual exclusion amount (currently $12,000). So for example, if you make a $15,000 gift in 2008, $3,000 of your lifetime limit will be expended.

Any dollar amount used out of your lifetime gift tax exclusion is deducted against the estate tax exclusion, which is $2,000,000 as of 2008 and $3,500,000 as of 2009. This means that if you use $250,000 of the limit by making gifts during your lifetime, you have reduced by $250,000 the amount that can be passed tax-free.

What is a Premarital Agreement?

The laws governing the validity of premarital agreements vary from state to state. In general, the agreements must be in writing and signed by the parties.

In most states, the parties must disclose their income and assets to the other party. This way, the parties will be apprised of the consequences of signing a premarital agreement. Sometimes it is difficult to make a precise statement of a party’s net worth, such as in the instance of a small business where it is difficult to ascertain the value of the business.

In order to be valid, an agreement must not be the result of fraud or duress. An agreement is likely to be invalid on the basis of fraud if the wealthier party deliberately misrepresents their financial condition. Also, if one person exerts excessive emotional trauma to force the other party to sign the agreement, a court also might declare the agreement to be invalid because of duress.

In order to avoid an appearance of duress and to give the parties ample time to consider the agreement, the agreement should be reviewed within a reasonable time frame by separate, independent attorney at law for each party. The greater the amount of time the parties have to consider the agreement, there is more of a likelihood a court would find the agreement to be voluntary.

The parties, particularly the less wealthy party, might be asked to sign a written statement reflecting their understanding and consent to the agreement. Alternatively, the signing of the agreement might be videotaped (or audio taped) with the parties providing oral statements of their understanding and consent to the agreement as well.

What is a Guardian?
If someone becomes incapacitated a Guardian may be appointed to make decisions concerning them personally or their property. A Personal Guardian tends to the personal care of the incapacitated individual, while an Guardian of the Property or Estate Guardian is the Guardian of a person’s estate (real estate, personal property, money, and the like). One person can be Guardian of both, or separate Guardians may be appointed.

TRUSTS|WILLS—GENERATIONAL
—FAMILY PROTECTION—BY DESIGN—FORESIGHT —POSTERITY

“Where there’s a will, there’s a way, but with a trust, there’s a secure and timeless legacy.”

Anonymous

Wills and trusts play pivotal roles in safeguarding one’s legacy and ensuring that personal wishes are carried out effectively. A will provides a clear roadmap for the distribution of assets, appointing guardians, and articulating final wishes. On the other hand, trusts offer added layers of protection, facilitating efficient estate management, privacy preservation, and even strategies for minimizing tax liabilities. Together, wills and trusts provide individuals with the peace of mind that their hard-earned assets are directed according to their desires, offering a comprehensive and tailored approach to estate planning.

Note&Compare 

 

$167.95
+state gov filing fee

OUR PROMISE —  YOUR Complete Coverage and Protection


24hrfiling
More Services

A Limited Power of Attorney empowers a designated individual (attorney in fact) for specific tasks, like property transactions or business operations. This focused authority ensures precision in actions. Certain entities prefer special power of attorney for its specificity, and we can assist in crafting this crucial document for $167.95.

Read more!

 

$167.95
+state gov filing fee

OUR GOAL —  YOUR Complete Satisfaction and Understanding


24hrfiling
More Services
Unlike a regular Power of Attorney, the powers conferred by a Durable Power of Attorney persist even if you become disabled or lack the mental capacity to manage your own affairs. This document provides a proactive approach, enabling you to designate the individual who will take charge of handling your financial and legal matters in case of incapacity.

Read more!

 

$242.95
+state gov filing fee

OUR GOAL —  YOUR Complete Satisfaction and Understanding


24hrfiling
More Services
A Durable Limited Power of Attorney allows someone to act in your stead for a specific purpose or purposes, such as to purchase a specific property, execute a certain property, or operate a particular business. Thus, the limited power of attorney, as its name implies, restricts the actions of the attorney in fact to a particular chosen purpose.
Read more!

 

$467.95

OUR PROMISE —  YOUR Complete Coverage and Protection


24hrfiling
More Services
A Last Will & Testament serves as a vital legal document that articulates an individual’s wishes regarding the distribution of their assets to designated heirs upon their demise. This document empowers the testator with the freedom to appoint a trusted Personal Representative responsible for executing the terms of the will and overseeing the distribution of assets.
Read more!

 

$467.95

OUR PROMISE —  YOUR Complete Coverage and Protection


24hrfiling
More Services
A “Pour-Over Last Will and Testament” is a legal document that works in conjunction with a living trust. While a standard Last Will & Testament outlines how an individual’s assets should be distributed upon their death, a Pour-Over Will serves as a safety net for any assets that were not transferred into the living trust during the person’s lifetime.
Read more!

 

$167.95
+state gov filing fee

OUR PROMISE —  YOUR Complete Coverage and Protection


24hrfiling
More Services

A Limited Power of Attorney empowers a designated individual (attorney in fact) for specific tasks, like property transactions or business operations. This focused authority ensures precision in actions. Certain entities prefer special power of attorney for its specificity, and we can assist in crafting this crucial document for $167.95.

Read more!

 

$167.95
+state gov filing fee

OUR GOAL —  YOUR Complete Satisfaction and Understanding


24hrfiling
More Services
Unlike a regular Power of Attorney, the powers conferred by a Durable Power of Attorney persist even if you become disabled or lack the mental capacity to manage your own affairs. This document provides a proactive approach, enabling you to designate the individual who will take charge of handling your financial and legal matters in case of incapacity.

Read more!

 

$242.95
+state gov filing fee

OUR GOAL —  YOUR Complete Satisfaction and Understanding


24hrfiling
More Services
A Durable Limited Power of Attorney allows someone to act in your stead for a specific purpose or purposes, such as to purchase a specific property, execute a certain property, or operate a particular business. Thus, the limited power of attorney, as its name implies, restricts the actions of the attorney in fact to a particular chosen purpose.
Read more!

 

$467.95

OUR PROMISE —  YOUR Complete Coverage and Protection


24hrfiling
More Services
A Last Will & Testament serves as a vital legal document that articulates an individual’s wishes regarding the distribution of their assets to designated heirs upon their demise. This document empowers the testator with the freedom to appoint a trusted Personal Representative responsible for executing the terms of the will and overseeing the distribution of assets.
Read more!

 

$467.95

OUR PROMISE —  YOUR Complete Coverage and Protection


24hrfiling
More Services
A “Pour-Over Last Will and Testament” is a legal document that works in conjunction with a living trust. While a standard Last Will & Testament outlines how an individual’s assets should be distributed upon their death, a Pour-Over Will serves as a safety net for any assets that were not transferred into the living trust during the person’s lifetime.
Read more!

 

Individual Living Trust

Enables seamless asset transfer, avoiding probate hassles and ensuring privacy for individuals and their beneficiaries..

$499.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

An Individual Living Trust offers probate avoidance, control, and privacy in asset distribution during and after one’s lifetime, providing flexibility, ease of administration, and protection from creditors.
file now!

Why consider an Individual Living Trust?

The primary reasons to consider using an Individual Living Trust:

  • Avoiding probate: What does that mean? If an estate has to go through probate, the court determines what assets are part of the estate, the court marshals the assets of the estate, and then the court disposes of the assets in accordance with the Last Will and Testament or as provided in the state statutes. Such a probate process can be quite lengthy and expensive. With the Individual Living Trust, Probate is avoided because the Trust assets are owned by the Trust rather than the individual decedent.
  • Isolating Liability: Using multiple Individual Living Trusts for different family members, you can avoid spillover of liability to other family members. For example, Mother Smith, the matriarch of the Smith Family, sets up one trust for Daughter Smith and one trust for Son Smith, because she knows that the local police are staking out Daughter Smith’s Botox shop. The Internal Revenue Service is upset that Son Smith hasn’t filed his tax return since 1993. By isolating liability and using multiple Individual Living Trusts, Daughter and Son Smith’s issues won’t spillover and affect each other.

Joint Living Trust

Enables seamless asset transfer, avoiding probate hassles and ensuring privacy for individuals and their beneficiaries..

$599.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

Joint Living Trusts offer couples a flexible and efficient way to manage and distribute shared assets. By jointly establishing the trust, they can streamline the estate transfer process, avoid probate, and maintain privacy. This versatile estate planning tool allows for modifications during the couple’s lifetime, providing a strategic approach to managing shared financial affairs.
file now!
Why consider a Joint Living Trust?

 

  • Probate Avoidance: Joint Revocable Living Trusts effectively skip the probate process, resulting in significant time and cost savings. This is achieved by placing assets under the ownership of the trust, preventing the need for court intervention.
  • Liability Isolation: When multiple Joint Revocable Living Trusts are utilized for distinct family members, a protective barrier is established. This shields each family member from the legal issues and liabilities of others. For instance, a trust for Daughter Smith and a separate trust for Son Smith ensure that their respective legal matters remain independent.
  • Administration Ease: Joint Revocable Living Trusts offer streamlined administration, particularly concerning real estate. The trust structure facilitates the smooth transfer of real estate assets without incurring the costs associated with probate.
  • Revocability: The flexibility of revocability is a key feature. Individuals can make changes to the trust document while they are still alive and competent. This flexibility ensures that the trust remains aligned with evolving circumstances and preferences.
  • Privacy Preservation: Unlike the public exposure associated with a Last Will and Testament during the probate process, Joint Revocable Living Trusts provide a veil of privacy. The transfer of personal assets is kept confidential within the parameters of the trust document, shielding these details from public scrutiny.
  • Creditor Protection: Joint Revocable Living Trusts act as a shield against creditor claims. Beneficiary interests in the trust are protected, and creditors are unable to access these interests until actual distribution occurs, safeguarding the beneficiary’s money or assets.

Irrevocable Life Insurance Trust

An Irrevocable Life Insurance Trust (ILIT) serves as a strategic estate planning tool designed to own a life insurance policy, ensuring that the policy proceeds remain outside of your estate.

$667.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

Through annual transfers of a portion of family savings to the ILIT, these funds can be utilized to cover policy premiums. Moreover, the favorable tax laws governing such arrangements allow the amounts invested in the policy to accumulate free of income tax, facilitating the gradual growth of substantial value over time.
file now!

Why an A/B or Marital Exemption Trust?

  • Estate Tax Efficiency: An ILIT keeps life insurance proceeds outside of the estate, ensuring they are exempt from estate taxes.
  • Asset Protection: The ILIT shields cash value and policy proceeds from potential lawsuits and claims.
  • Annual Savings Transfers: Family savings can be annually transferred to the ILIT to cover policy premiums.
  • Tax-Advantaged Growth: Amounts invested in the policy accumulate free of income tax under favorable tax laws.
  • Wealth Accumulation: The ILIT facilitates the gradual build-up of substantial value over the years.
  • Legal Protection: Provides an extra layer of protection by safeguarding against potential legal actions and claims.
  • Customized Estate Plan: Our team can assist in formulating an estate plan tailored to your unique needs and goals.

Trust Termination Agreement

Trust termination becomes crucial in situations where the ongoing administration of the trust loses its practicality or relevance. The Trust Termination Agreement plays a pivotal role in this process, encompassing significant provisions to ensure a smooth transition.

$399.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

This comprehensive agreement includes the designation of successor trustees, distribution terms, accounting waivers (if appropriate), and other clauses that collectively protect the successor trustee. The agreement also addresses the distribution of personal property, funding values at the date of distribution, and the proposed final distribution.
file now!

Why consider a Joint Living Trust?

 

  • Successor Trustee Designation: Clearly outlines the designation of successor trustees to manage the trust after termination.
  • Distribution Terms: Specifies the terms and conditions governing the distribution of trust assets.
  • Protection for Successor Trustee: Incorporates clauses to protect the successor trustee throughout the termination process.
  • Personal Property Distribution: Addresses the distribution of personal property, ensuring clarity and fairness.
  • Funding Values at Distribution Date: Specifies the funding values at the date of distribution for accurate asset allocation.
  • Consent from Beneficiaries: Includes obtaining the consent of beneficiaries for the final distribution, fostering agreement.
  • Waivers of Accounting: Addresses waivers of accounting, if appropriate, to streamline the termination process.

Land Trusts or Easements

Land Trusts are occasionally used interchangeably with “conservation easement.” Legally and more precisely defined as an agreement where a tax-exempt not-for-profit corporation obtains property to restrict its use.

$667.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

This agreement aims to preserve the property’s natural, scenic, open, agricultural, or wooded condition, making it suitable habitat for fish, plants, or wildlife. Additionally, conservation easements may be enacted to maintain the historical, architectural, archaeological, or cultural significance of the property. The agreement typically includes prohibitions on various land uses, such as construction, road placement, signage, advertising, utilities, or any other structures on or above the ground. It further addresses concerns like dumping, removal of vegetation, excavation, and more.
file now!

Why consider a Joint Living Trust?

 

  • Conservation Easement Definition: Clearly outlines the legal definition of a conservation easement as opposed to a land trust.
  • Not-for-Profit Corporation: Specifies that a tax-exempt not-for-profit corporation typically oversees the conservation easement.
  • Preservation Objectives: Identifies the primary objectives of conservation easements, such as preserving natural habitats and cultural significance.
  • Prohibited Land Uses: Details the various land uses prohibited by the conservation easement agreement.
  • Surface Impact Restrictions: Specifies restrictions related to surface impact, including excavation, dumping, and removal of materials.
  • State Variations: Acknowledges that states may vary in their treatment of land trusts and conservation easements.
  • Alternate Term – Easements: Emphasizes that in some states, land trusts may be legally referred to as conservation easements.

Individual Living Trust

Enables seamless asset transfer, avoiding probate hassles and ensuring privacy for individuals and their beneficiaries..

$499.95
+more options available

OUR GOAL —  YOUR Success and Protection

An Individual Living Trust offers probate avoidance, control, and privacy in asset distribution during and after one’s lifetime, providing flexibility, ease of administration, and protection from creditors.
file now!

Why consider an Individual Living Trust?

The primary reasons to consider using an Individual Living Trust:

  • Avoiding probate: What does that mean? If an estate has to go through probate, the court determines what assets are part of the estate, the court marshals the assets of the estate, and then the court disposes of the assets in accordance with the Last Will and Testament or as provided in the state statutes. Such a probate process can be quite lengthy and expensive. With the Individual Living Trust, Probate is avoided because the Trust assets are owned by the Trust rather than the individual decedent.
  • Isolating Liability: Using multiple Individual Living Trusts for different family members, you can avoid spillover of liability to other family members. For example, Mother Smith, the matriarch of the Smith Family, sets up one trust for Daughter Smith and one trust for Son Smith, because she knows that the local police are staking out Daughter Smith’s Botox shop. The Internal Revenue Service is upset that Son Smith hasn’t filed his tax return since 1993. By isolating liability and using multiple Individual Living Trusts, Daughter and Son Smith’s issues won’t spillover and affect each other.

Joint Living Trust

Enables seamless asset transfer, avoiding probate hassles and ensuring privacy for individuals and their beneficiaries..

$599.95
+more options available

OUR GOAL —  YOUR Success and Protection

Joint Living Trusts offer couples a flexible and efficient way to manage and distribute shared assets. By jointly establishing the trust, they can streamline the estate transfer process, avoid probate, and maintain privacy. This versatile estate planning tool allows for modifications during the couple’s lifetime, providing a strategic approach to managing shared financial affairs.
file now!
Why consider a Joint Living Trust?

 

  • Probate Avoidance: Joint Revocable Living Trusts effectively skip the probate process, resulting in significant time and cost savings. This is achieved by placing assets under the ownership of the trust, preventing the need for court intervention.
  • Liability Isolation: When multiple Joint Revocable Living Trusts are utilized for distinct family members, a protective barrier is established. This shields each family member from the legal issues and liabilities of others. For instance, a trust for Daughter Smith and a separate trust for Son Smith ensure that their respective legal matters remain independent.
  • Administration Ease: Joint Revocable Living Trusts offer streamlined administration, particularly concerning real estate. The trust structure facilitates the smooth transfer of real estate assets without incurring the costs associated with probate.
  • Revocability: The flexibility of revocability is a key feature. Individuals can make changes to the trust document while they are still alive and competent. This flexibility ensures that the trust remains aligned with evolving circumstances and preferences.
  • Privacy Preservation: Unlike the public exposure associated with a Last Will and Testament during the probate process, Joint Revocable Living Trusts provide a veil of privacy. The transfer of personal assets is kept confidential within the parameters of the trust document, shielding these details from public scrutiny.
  • Creditor Protection: Joint Revocable Living Trusts act as a shield against creditor claims. Beneficiary interests in the trust are protected, and creditors are unable to access these interests until actual distribution occurs, safeguarding the beneficiary’s money or assets.

Irrevocable Life Insurance Trust

An Irrevocable Life Insurance Trust (ILIT) serves as a strategic estate planning tool designed to own a life insurance policy, ensuring that the policy proceeds remain outside of your estate.

$667.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

Through annual transfers of a portion of family savings to the ILIT, these funds can be utilized to cover policy premiums. Moreover, the favorable tax laws governing such arrangements allow the amounts invested in the policy to accumulate free of income tax, facilitating the gradual growth of substantial value over time.
file now!
Why an A/B or Marital Exemption Trust?

  • Estate Tax Efficiency: An ILIT keeps life insurance proceeds outside of the estate, ensuring they are exempt from estate taxes.
  • Asset Protection: The ILIT shields cash value and policy proceeds from potential lawsuits and claims.
  • Annual Savings Transfers: Family savings can be annually transferred to the ILIT to cover policy premiums.
  • Tax-Advantaged Growth: Amounts invested in the policy accumulate free of income tax under favorable tax laws.
  • Wealth Accumulation: The ILIT facilitates the gradual build-up of substantial value over the years.
  • Legal Protection: Provides an extra layer of protection by safeguarding against potential legal actions and claims.
  • Customized Estate Plan: Our team can assist in formulating an estate plan tailored to your unique needs and goals.

Trust Termination Agreement

Trust termination becomes crucial in situations where the ongoing administration of the trust loses its practicality or relevance. The Trust Termination Agreement plays a pivotal role in this process, encompassing significant provisions to ensure a smooth transition.

$399.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

This comprehensive agreement includes the designation of successor trustees, distribution terms, accounting waivers (if appropriate), and other clauses that collectively protect the successor trustee. The agreement also addresses the distribution of personal property, funding values at the date of distribution, and the proposed final distribution.
file now!
Why consider a Joint Living Trust?

 

  • Successor Trustee Designation: Clearly outlines the designation of successor trustees to manage the trust after termination.
  • Distribution Terms: Specifies the terms and conditions governing the distribution of trust assets.
  • Protection for Successor Trustee: Incorporates clauses to protect the successor trustee throughout the termination process.
  • Personal Property Distribution: Addresses the distribution of personal property, ensuring clarity and fairness.
  • Funding Values at Distribution Date: Specifies the funding values at the date of distribution for accurate asset allocation.
  • Consent from Beneficiaries: Includes obtaining the consent of beneficiaries for the final distribution, fostering agreement.
  • Waivers of Accounting: Addresses waivers of accounting, if appropriate, to streamline the termination process.

Land Trusts or Easements

Land Trusts are occasionally used interchangeably with “conservation easement.” Legally and more precisely defined as an agreement where a tax-exempt not-for-profit corporation obtains property to restrict its use.

$667.95
+more options available

OUR GOAL —  YOUR Success and Protection

This agreement aims to preserve the property’s natural, scenic, open, agricultural, or wooded condition, making it suitable habitat for fish, plants, or wildlife. Additionally, conservation easements may be enacted to maintain the historical, architectural, archaeological, or cultural significance of the property. The agreement typically includes prohibitions on various land uses, such as construction, road placement, signage, advertising, utilities, or any other structures on or above the ground. It further addresses concerns like dumping, removal of vegetation, excavation, and more.
file now!
Why consider a Joint Living Trust?

 

  • Conservation Easement Definition: Clearly outlines the legal definition of a conservation easement as opposed to a land trust.
  • Not-for-Profit Corporation: Specifies that a tax-exempt not-for-profit corporation typically oversees the conservation easement.
  • Preservation Objectives: Identifies the primary objectives of conservation easements, such as preserving natural habitats and cultural significance.
  • Prohibited Land Uses: Details the various land uses prohibited by the conservation easement agreement.
  • Surface Impact Restrictions: Specifies restrictions related to surface impact, including excavation, dumping, and removal of materials.
  • State Variations: Acknowledges that states may vary in their treatment of land trusts and conservation easements.
  • Alternate Term – Easements: Emphasizes that in some states, land trusts may be legally referred to as conservation easements.

Your Trust Matters To Us!

A trust is a legal arrangement designed to manage assets efficiently, where a trustee oversees and administers the assets for the benefit of specified beneficiaries. This arrangement allows for greater control, flexibility, and privacy in the distribution of assets, often extending beyond the individual’s lifetime. The trustee is tasked with adhering to the terms outlined in the trust document, ensuring the wishes of the trust’s creator, known as the grantor, are fulfilled.

In contrast, a last will and testament serves as a critical component of an individual’s estate planning. This legal document provides explicit instructions on how the individual’s assets and possessions should be distributed upon their death. It is a vital tool for avoiding potential conflicts and uncertainties that may arise in the absence of clear directives.

Having both a trust and a will is pivotal for a well-rounded estate plan. A trust facilitates the seamless transition and management of assets during the grantor’s lifetime and beyond, offering a degree of continuity and control. Meanwhile, a will acts as a final and legally binding expression of the individual’s intentions, ensuring that their wishes are respected and followed.

Together, these instruments offer a comprehensive strategy for managing and distributing assets, addressing financial, familial, and legal considerations. This dual approach helps individuals navigate the complexities of estate planning, providing a robust framework for the orderly transfer of assets and the protection of beneficiaries.

SPIEGEL & UTRERA, P.A.

LAWYERS

Here for you through & through

Please review and fill out carefully! One of our attorneys will be with you shortly!


ASSET|PROTECTION—ESSENTIAL
—BUSINESS PROTECTION—SEA TO SEA—DEPTH —DIRECT

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Trademark Services

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Lien Protection

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Contractor v. Employee

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“Upon filing your Trademark or Copyright Application with the Government, Spiegel & Utrera, P.A. will give you written confirmation of the filing of your Trademark or Copyright Application with the Government.”

Charging Order Protecting Entities — Business entities offer limited liability, protecting investors from business liabilities. However, creditors of LLC members or limited partners may theoretically force non-debtor partners into an involuntary partnership with the creditor.
Many state legislatures prevent creditors from seizing partnership interests. Instead, they allow a charging order, limiting recovery to the partner’s right to distributions. This protection is found in Charging Order Protected Entities (COPE), such as Limited Partnerships (LP), Limited Liability Companies (LLC), Limited Liability Partnerships (LLP), Limited Liability Limited Partnerships (LLLP), and Series LLCs.
LLC’s and COPE’s —- careful drafting of the operating agreement or partnership agreement prohibits distributions to the debtor member of the LLC or partner of the partnership as well as forbids a debtor of a partner in a partnership or member of an LLC from becoming an unwanted member of the LLC or partner of the partnership
Avoid forming a single-member LLC, except in Nevada. Charging order protection aims to shield non-debtor members or partners from being forced into partnerships or LLCs with the debtor’s creditor. Due to legal uncertainty, it’s presumed that single-member LLCs likely lack charging order protection.

 

Corporations are Not the Optimum
Can somebody take advantage of Asset Protection with a corporation? The sad fact is they can’t. A judgment against a stockholder of a corporation can result in judicial foreclosure of the stock of the shareholder/debtor, or “reverse piercing” of the corporate veil so that the corporation’s assets can be reached to satisfy the claim against the shareholder/debtor. Other types of business entities are not as exposed as the corporation, and can be subject to the protection of a charging order..
Federal trademark registration safeguards against imitators causing brand confusion and harm to your reputation. Spiegel & Utrera, P.A., boasts a track record of aiding clients in state trademark registration. Prior to proceeding, ensuring your unique trademark concept remains unclaimed is essential. An unmistakable brand symbol linked to your offerings holds immense value. Spiegel & Utrera are here to cover you.
A popular COPE is the Family Limited Partnership (FLP), a Limited Partnership where family members hold most or all of the ownership interest in a Limited Partnership, as it is an important vehicle for Asset Protection and Estate Planning. The FLP can be formed so that a husband and wife are each General Partners that handle the day-to-day operations of the family business or perhaps by a husband and an older son. Furthermore, the FLP has limited partners that invest, perhaps only nominally, in the FLP. Typically, the husband, wife and children are the limited partners as well.
After forming the FLP, all family assets can be transferred into it, including investments and business interests. After the transfers, rather than such assets being owned individually by the husband and wife, etc., the husband and wife will own a controlling interest in a business entity that owns the assets. The family members that are General Partners will have complete management and control over the affairs of the partnership and can buy or sell any assets they wish on behalf of the FLP. Furthermore, as General Partners the family members can decide either to distribute the proceeds from the sale of the assets or to have the FLP keep such proceeds.
An important feature of the FLP is Asset Protection. If an individual is sued and the plaintiff gets a judgment against the defendant, the plaintiff/judgment creditor can seize everything owned by the defendant/debtor.
An entity can more effectively manage, license, and transfer IP assets. It ensures that the rights to these assets are clearly defined, making transactions and negotiations with third parties smoother.
If a husband and wife plan wisely and are partners in an FLP where they transferred all their former personal assets to the FLP, the only asset individually owned is the interest in the FLP. A creditor cannot reach into the FLP and seize the investments and bank accounts of the FLP. The creditor has no rights to any property held by the FLP. Since title to the assets is in the name of the FLP and it is an individual that is a partner rather than the partnership itself which is liable for the debt, the partnership assets may not be taken to satisfy the judgment.

A creditor may apply to a court for a charging order against an individual partner’s partnership interest. When this happens, in the event of an FLP distribution, instead of the money going to the individual partner, the money goes to the judgment creditor until the amount of the judgment is satisfied. Cash distributions paid to the partner/debtor could, therefore, be taken by the creditor. This doesn’t mean that the judgment creditor is a partner in FLP, it means the judgment creditor receives the right to any distributions paid to an individual partner/debtor.

Charging Order Protecting Entities — Business entities offer limited liability, protecting investors from business liabilities. However, creditors of LLC members or limited partners may theoretically force non-debtor partners into an involuntary partnership with the creditor.
Many state legislatures prevent creditors from seizing partnership interests. Instead, they allow a charging order, limiting recovery to the partner’s right to distributions. This protection is found in Charging Order Protected Entities (COPE), such as Limited Partnerships (LP), Limited Liability Companies (LLC), Limited Liability Partnerships (LLP), Limited Liability Limited Partnerships (LLLP), and Series LLCs.
LLC’s and COPE’s —- careful drafting of the operating agreement or partnership agreement prohibits distributions to the debtor member of the LLC or partner of the partnership as well as forbids a debtor of a partner in a partnership or member of an LLC from becoming an unwanted member of the LLC or partner of the partnership
Avoid forming a single-member LLC, except in Nevada. Charging order protection aims to shield non-debtor members or partners from being forced into partnerships or LLCs with the debtor’s creditor. Due to legal uncertainty, it’s presumed that single-member LLCs likely lack charging order protection.

 

Corporations are Not the Optimum
Can somebody take advantage of Asset Protection with a corporation? The sad fact is they can’t. A judgment against a stockholder of a corporation can result in judicial foreclosure of the stock of the shareholder/debtor, or “reverse piercing” of the corporate veil so that the corporation’s assets can be reached to satisfy the claim against the shareholder/debtor. Other types of business entities are not as exposed as the corporation, and can be subject to the protection of a charging order..
Federal trademark registration safeguards against imitators causing brand confusion and harm to your reputation. Spiegel & Utrera, P.A., boasts a track record of aiding clients in state trademark registration. Prior to proceeding, ensuring your unique trademark concept remains unclaimed is essential. An unmistakable brand symbol linked to your offerings holds immense value. Spiegel & Utrera are here to cover you.
A popular COPE is the Family Limited Partnership (FLP), a Limited Partnership where family members hold most or all of the ownership interest in a Limited Partnership, as it is an important vehicle for Asset Protection and Estate Planning. The FLP can be formed so that a husband and wife are each General Partners that handle the day-to-day operations of the family business or perhaps by a husband and an older son. Furthermore, the FLP has limited partners that invest, perhaps only nominally, in the FLP. Typically, the husband, wife and children are the limited partners as well.
After forming the FLP, all family assets can be transferred into it, including investments and business interests. After the transfers, rather than such assets being owned individually by the husband and wife, etc., the husband and wife will own a controlling interest in a business entity that owns the assets. The family members that are General Partners will have complete management and control over the affairs of the partnership and can buy or sell any assets they wish on behalf of the FLP. Furthermore, as General Partners the family members can decide either to distribute the proceeds from the sale of the assets or to have the FLP keep such proceeds.
An important feature of the FLP is Asset Protection. If an individual is sued and the plaintiff gets a judgment against the defendant, the plaintiff/judgment creditor can seize everything owned by the defendant/debtor.
An entity can more effectively manage, license, and transfer IP assets. It ensures that the rights to these assets are clearly defined, making transactions and negotiations with third parties smoother.
If a husband and wife plan wisely and are partners in an FLP where they transferred all their former personal assets to the FLP, the only asset individually owned is the interest in the FLP. A creditor cannot reach into the FLP and seize the investments and bank accounts of the FLP. The creditor has no rights to any property held by the FLP. Since title to the assets is in the name of the FLP and it is an individual that is a partner rather than the partnership itself which is liable for the debt, the partnership assets may not be taken to satisfy the judgment.

A creditor may apply to a court for a charging order against an individual partner’s partnership interest. When this happens, in the event of an FLP distribution, instead of the money going to the individual partner, the money goes to the judgment creditor until the amount of the judgment is satisfied. Cash distributions paid to the partner/debtor could, therefore, be taken by the creditor. This doesn’t mean that the judgment creditor is a partner in FLP, it means the judgment creditor receives the right to any distributions paid to an individual partner/debtor.

ESSENTIALS

 

Sub Chapter S. Corporation

Includes preliminary name search, filing fees, attorney’s fees, corporate resolutions, corporate seal and book, corporate minutes, bylaws, IRS documentation, and stock certificates where applicable.

From

$185.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

A Subchapter S Corporation, or S Corp, is a special type of corporation in the United States that elects to pass corporate income, losses, deductions, and credits through to its shareholders for federal tax purposes. This election avoids the double taxation associated with regular corporations. S Corps have limited liability protection like traditional corporations but offer the tax benefits of pass-through entities, making them popular for small businesses.
file now!

FL

NY

CA

NJ

IL

NV

DE

 

Limited Liability Company

The Limited Liability Company (LLC) is a versatile business structure offering flexibility in taxation and limited liability protection for its members, known as “Members.”

From

$118.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

Depending on the number of owners and their election, an LLC may be taxed as a partnership, corporation (for multiple Members), or a sole proprietorship (for a single Member). This structure ensures that all Members enjoy limited liability for the company’s debts and claims, akin to shareholders in an S corporation, shielding them from personal liability. With the ability to accommodate various ownership structures, diverse capital contributions, and operational flexibility, LLCs stand as a powerful choice for entrepreneurs seeking a balance of liability protection and operational freedom.
file now!

FL

NY

CA

NJ

IL

NV

DE

 

Dual Class LLC

The Dual Class LLC is a specialized form that aligns with proposed IRS regulations, allowing it to be treated akin to a limited partnership for Federal Income Tax purposes. It features both active management-providing members (General Members) and more passive capital-contributing members (Limited Members).

From

$185.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

Establishing a Dual Class LLC requires a tailored Operating Agreement, distinguishing Class A for active management with a priority return tied to profitability, and Class B for capital-contributing limited members receiving a cumulative preferred return. In a one-member Dual Class LLC, potential Self-Employment (SE) tax savings are significant. For multi-member LLCs, SE tax savings vary based on individual participation, potentially reaching up to 100%.
file now!

FL

NY

CA

NJ

IL

NV

DE

 

Limited Partnerships

A Limited Partnership (LP) involves partners sharing profits and losses, with general partners overseeing operations and limited partners investing capital without extended liability.

From

$530.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

Enjoying flow-through tax treatment under Subchapter K of the Internal Revenue Code, Limited Partnerships are exempt from direct taxation, ensuring income is taxed only once. Limited partners generally escape liability for general obligations, and actions can be taken without control participation. Establishing an LP requires crafting a tailored Limited Partnership Agreement, compliant with Florida law. Qualified attorneys oversee the process to meet all requirements, providing a secure foundation for your Limited Partnership.
file now!

FL

NY

CA

NJ

IL

NV

DE

 

Limited Liability Partnership

An LLP provides professionals with personal liability protection while maintaining the flexibility and tax advantages associated with a partnership structure.

From

$134.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

A Limited Liability Partnership (LLP) is a business structure that combines elements of partnerships and corporations, providing partners with limited personal liability for the firm’s debts and liabilities. This structure is crucial for professionals like lawyers and accountants, as it shields individual partners from the malpractice or negligence of their colleagues. In an LLP, each partner’s liability is limited to their own actions, offering a level of personal asset protection not found in traditional partnerships. This feature makes LLPs vital for professionals seeking to mitigate personal risk while collaborating in a business venture.
file now!

FL

NY

CA

NJ

IL

NV

DE

 

Limited Liability Limited Partnership

Particularly valuable for professionals and investors seeking enhanced liability protection while preserving the advantages of a partnership, such as pass-through taxation and operational flexibility.

From

$134.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

A Limited Liability Limited Partnership (LLLP) is a business structure that combines the features of a limited partnership with the added benefit of limited liability for all partners. Similar to a Limited Liability Partnership (LLP), an LLLP offers personal asset protection, shielding partners from the business’s debts and obligations. A unique business entity that combines the features of a limited partnership with the additional advantage of limited liability for all partners involved. Much like a Limited Liability Partnership (LLP), an LLLP safeguards individual partners from the business’s debts and obligations, offering a crucial layer of personal asset protection.
file now!

FL

NY

CA

NJ

IL

NV

DE

 

Family Limited Partnership

A specialized business structure tailored for family-owned enterprises, combining the characteristics of a limited partnership.

From

$530.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

In an FLP, family members act as both general and limited partners, enjoying the benefits of centralized family control and strategic wealth management. This structure allows for the seamless transfer of assets between generations, fostering estate planning and minimizing estate tax implications. The significance of an FLP lies in its ability to facilitate family wealth preservation, provide asset protection, and serve as an effective tool for estate planning strategies. This makes the Family Limited Partnership a valuable option for families aiming to sustain and transfer their wealth across successive generations.
file now!

FL

NY

CA

NJ

IL

NV

DE

 

Sub Chapter S. Corporation

Includes preliminary name search, filing fees, attorney’s fees, corporate resolutions, corporate seal and book, corporate minutes, bylaws, IRS documentation, and stock certificates where applicable.

From

$185.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

A Subchapter S Corporation, or S Corp, is a special type of corporation in the United States that elects to pass corporate income, losses, deductions, and credits through to its shareholders for federal tax purposes. This election avoids the double taxation associated with regular corporations. S Corps have limited liability protection like traditional corporations but offer the tax benefits of pass-through entities, making them popular for small businesses.
file now!

FL

NY

CA

NJ

IL

NV

DE

 

Limited Liability Company

The Limited Liability Company (LLC) is a versatile business structure offering flexibility in taxation and limited liability protection for its members, known as “Members.”

From

$118.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

Depending on the number of owners and their election, an LLC may be taxed as a partnership, corporation (for multiple Members), or a sole proprietorship (for a single Member). This structure ensures that all Members enjoy limited liability for the company’s debts and claims, akin to shareholders in an S corporation, shielding them from personal liability. With the ability to accommodate various ownership structures, diverse capital contributions, and operational flexibility, LLCs stand as a powerful choice for entrepreneurs seeking a balance of liability protection and operational freedom.
file now!

FL

NY

CA

NJ

IL

NV

DE

 

Dual Class LLC

The Dual Class LLC is a specialized form that aligns with proposed IRS regulations, allowing it to be treated akin to a limited partnership for Federal Income Tax purposes. It features both active management-providing members (General Members) and more passive capital-contributing members (Limited Members).

From

$185.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

Establishing a Dual Class LLC requires a tailored Operating Agreement, distinguishing Class A for active management with a priority return tied to profitability, and Class B for capital-contributing limited members receiving a cumulative preferred return. In a one-member Dual Class LLC, potential Self-Employment (SE) tax savings are significant. For multi-member LLCs, SE tax savings vary based on individual participation, potentially reaching up to 100%.
file now!

FL

NY

CA

NJ

IL

NV

DE

 

Limited Partnerships

A Limited Partnership (LP) involves partners sharing profits and losses, with general partners overseeing operations and limited partners investing capital without extended liability.

From

$530.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

Enjoying flow-through tax treatment under Subchapter K of the Internal Revenue Code, Limited Partnerships are exempt from direct taxation, ensuring income is taxed only once. Limited partners generally escape liability for general obligations, and actions can be taken without control participation. Establishing an LP requires crafting a tailored Limited Partnership Agreement, compliant with Florida law. Qualified attorneys oversee the process to meet all requirements, providing a secure foundation for your Limited Partnership.
file now!

FL

NY

CA

NJ

IL

NV

DE

 

Limited Liability Partnership

An LLP provides professionals with personal liability protection while maintaining the flexibility and tax advantages associated with a partnership structure.

From

$134.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

A Limited Liability Partnership (LLP) is a business structure that combines elements of partnerships and corporations, providing partners with limited personal liability for the firm’s debts and liabilities. This structure is crucial for professionals like lawyers and accountants, as it shields individual partners from the malpractice or negligence of their colleagues. In an LLP, each partner’s liability is limited to their own actions, offering a level of personal asset protection not found in traditional partnerships. This feature makes LLPs vital for professionals seeking to mitigate personal risk while collaborating in a business venture.
file now!

FL

NY

CA

NJ

IL

NV

DE

 

Limited Liability Limited Partnership

Particularly valuable for professionals and investors seeking enhanced liability protection while preserving the advantages of a partnership, such as pass-through taxation and operational flexibility.

From

$134.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

A Limited Liability Limited Partnership (LLLP) is a business structure that combines the features of a limited partnership with the added benefit of limited liability for all partners. Similar to a Limited Liability Partnership (LLP), an LLLP offers personal asset protection, shielding partners from the business’s debts and obligations. A unique business entity that combines the features of a limited partnership with the additional advantage of limited liability for all partners involved. Much like a Limited Liability Partnership (LLP), an LLLP safeguards individual partners from the business’s debts and obligations, offering a crucial layer of personal asset protection.
file now!

FL

NY

CA

NJ

IL

NV

DE

 

Family Limited Partnership

A specialized business structure tailored for family-owned enterprises, combining the characteristics of a limited partnership.

From

$530.95
+more options available

OUR GOAL —  YOUR Complete Satisfaction and Protection

In an FLP, family members act as both general and limited partners, enjoying the benefits of centralized family control and strategic wealth management. This structure allows for the seamless transfer of assets between generations, fostering estate planning and minimizing estate tax implications. The significance of an FLP lies in its ability to facilitate family wealth preservation, provide asset protection, and serve as an effective tool for estate planning strategies. This makes the Family Limited Partnership a valuable option for families aiming to sustain and transfer their wealth across successive generations.
file now!

FL

NY

CA

NJ

IL

NV

DE

 

BUILD
INTENTLY

—PROTECT WISELY & ROBUSTLY

*Did you know 3 out of 5 entrepreneurs fall short in protecting their work?

CARE&SUCCESSION—THE PRESENT
—THE FUTURE—STRATEGIC—RESPONSIBILITIES —ORDERLY

Critical Components: health care directives and succession planning. Advanced Health Care Directives enable individuals to express medical preferences and designate representatives for decision-making during incapacity. Simultaneously, succession planning orchestrates asset transfer through wills, trusts (including FLPs and LLCs), power of attorney, living wills, and tax planning. This ensures individuals manage a seamless transition of their legacy to successive generations.

“Legal planning shapes care and succession, a meticulous artistry weaving compassion and continuity. Documents echo a tale of preparation, where care and legacy converge in life’s canvas.”

Key Instruments:

  • Wills and Testaments: Outline asset distribution and appoint guardianship.
  • Trusts (e.g., FLPs, LLCs): Manage and transfer family wealth.
  • Power of Attorney: Grant authority for financial and legal matters.
  • Living Wills: Provide guidance on end-of-life care preferences.
  • Tax Planning Strategies: Minimize tax implications for heirs.

Contract Consulting

Avoid costly mistakes, always, always, always have any type of Contract/Lease or otherwise legally binding agreement reviewed by an ….read more

GCC & RA

Our firm has what we call the “General Counsel Club”. Select this valuable service at the time of ordering your Trademark or Servicemark ….read more

TM Receipt*

Trademark or Servicemark Packages generally weigh approximately 2 pounds and are available for Pick up at our office or may be….read more

$167.95
+state gov filing fee

OUR GOAL —  YOUR Complete Satisfaction and Understanding


24hrfiling
More Services</>

An Advanced Health Care Directive, often referred to as a Living Will, Designation of Healthcare Surrogate, Designation of Pre Need Guardian, Proxy Directive, or Power of Attorney for Health Care Decisions (terminology varies by state), is a legal document in which an individual outlines their preferences for healthcare decisions in the event they are unable to communicate.

Read more!

 

$767.95

Private Annuity Advantages — 



More Services

The absence of tax payments from the asset transfer was the major advantage of this type of annuity agreement prior to 2006. After 2006, the transfer of the property must be considered a sale, requiring the recognition of a capital gain, if one exists, at the time of the transfer.

With the transfer of the property, the property’s value and all future appreciation are thereby removed from the annuitant’s taxable estate and owned by the obligor (usually in a trust). The private annuity effectively takes possession of the property.

If a private annuity trust is used for the purpose of bequeathing assets, the beneficiaries will receive annuity payments as directed. Assets obtained through inheritance are not taxable. The benefit in this scenario could be the sale of assets to the trust for simplifying an inheritance plan, leaving the trustee to manage operational payouts to the beneficiary or beneficiaries.

Learn more!

 

$167.95
+state gov filing fee

OUR GOAL —  YOUR Complete Satisfaction and Understanding


24hrfiling
More Services</>

An Advanced Health Care Directive, often referred to as a Living Will, Designation of Healthcare Surrogate, Designation of Pre Need Guardian, Proxy Directive, or Power of Attorney for Health Care Decisions (terminology varies by state), is a legal document in which an individual outlines their preferences for healthcare decisions in the event they are unable to communicate.

Read more!

 

The interplay between state and federal intellectual property (IP) laws in the United States is a complex and multifaceted legal landscape, particularly when it comes to trademark, servicemark, trade dress, and copyright protections. These areas of IP law involve a delicate balance between federal and state regulations, each serving distinct yet interconnected roles

The federal government, through the United States Patent and Trademark Office (USPTO), grants trademark, servicemark, and copyright registrations. Federal registration provides broad protection and exclusive rights to use a mark nationwide. Once registered, the mark holder can enforce their rights in federal courts.

 

Copyright law is exclusively governed by federal statutes. Registration with the U.S. Copyright Office is not required for copyright protection, but it offers several advantages, including the ability to sue for statutory damages and attorney’s fees in federal court. Federal copyright law covers a wide range of creative works, from literary and artistic creations to software and architectural designs.

While states don’t grant copyright protection, they may handle various copyright-related matters. For instance, if there’s a dispute over a copyright contract or an infringement case involving a state entity, these issues might be litigated in state courts. Additionally, some states may have specific copyright laws related to certain types of works, like state-produced materials.

Some states offer their own trademark registration systems, often referred to as “state trademarks” or “servicemarks.” While these registrations confer limited geographical protection within the state, they can be valuable for businesses primarily operating locally. However, state trademark rights are generally subordinate to federal trademark rights.

Some businesses, particularly small or local ones, may opt for state trademark registration. This process typically provides protection limited to the state in which it’s registered. For instance, if a bakery in New York registers its logo as a state trademark, it can protect its rights only within New York’s borders. However, this state-level protection can be valuable for businesses that operate primarily within a specific geographic area.

 

A servicemark, like a trademark, is indeed used to identify and distinguish the source of services rather than physical goods. Servicemarks protect names, logos, or other identifiers associated with services, helping consumers identify the source of those services. The primary difference between trademarks and servicemarks is the type of offering they protect—trademarks are for goods, while servicemarks are for services. The protection and registration process for both, whether at the federal or state level, operate on similar principles of preventing confusion and protecting the brand’s identity in the context of commerce.

Servicemark owners have the legal right to enforce their marks by taking legal action against unauthorized use or infringement. This enforcement can include seeking damages, injunctive relief, or other remedies to protect the servicemark’s integrity.

Life&Legacy 

 

SPIEGEL & UTRERA, P.A.

LAWYERS

Here for you through & through

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