Bite-Sized Bits of Knowledge
Estate Planning
Trust Disclosures: What You Need to Know about Notices and Accountings
Trust Disclosures: What You Need to Know about Notices and Accountings By: Barry E. Haimo, Esq.June 21, 2024 If you are administering a trust, there is certain information that you are required to provide to particular parties. This information is covered under an...
What (and Who) Is Involved in Managing Your Trust?
What (and Who) Is Involved in Managing Your Trust? By: Barry E. Haimo, Esq.June 24, 2024 Managing a trust can be a complicated job, which is why it is so important to make sure you choose the right trustee. There are a variety of skills required to make sure...
Trust Succession and Other Trustee Duties
Trust Succession and Other Trustee Duties By: Barry E. Haimo, Esq. June 20, 2024 If you are named as the trustee for someone’s trust, you probably understand that you have some specific duties that you are expected to carry out. What you might not know is that part of...
BBK Trust Protectors
Hi, welcome back to another dose of bite-sized Bits of Knowledge, where we give you meaningful information in a short amount of time. Today, we're going to talk about trust protectors. Trust protectors are also commonly referred to as trust advisors. Either way, we're...
BBK Trust: Corporate And Professional Trustees
What to Know about Corporate And Professional Trustees By: Barry E. Haimo, Esq.June 6, 2024 Understanding the distinctions between a professional trustee and a corporate trustee is crucial for effective trust management. Each type of trustee brings unique...
BBK: Trust Administration: What Can Go Wrong
What Can Go Wrong In Trust Administration By: Barry E. Haimo, Esq.May 30, 2024 Effective trust administration is crucial to ensuring that a trust is managed according to its terms and the law. However, several challenges can arise, potentially complicating the...
Directed Trustees and Other Possible Trust Parties
Directed Trustees and Other Possible Trust Parties By: Barry E. Haimo, Esq. May 25, 2024 While there are three main parties that are involved in every trust – the Creator, the Trustee, and the Beneficiary – those are not the only possible parties who might be involved...
Powers of Appointment: Situations Where You Might Use Them
Powers of Appointment: Situations Where You Might Use Them By: Barry E. Haimo, Esq. April 10, 2024 A Power of Appointment is a very powerful tool that you can include in a trust to provide additional flexibility if you don’t want to stay locked into the original terms...
Funding Your Trust: Does It Really Need to Happen Right Away?
Funding Your Trust: Does It Really Need to Happen Right Away? By: Barry E. Haimo, Esq. April 18, 2024 If you’re thinking to getting a trust and know other people who have set them up, chances are good that you have gotten the advice – likely unsolicited – that it is...
BBK: Trust Distributions
How the Grantor Sets Up Trust Distributions and How the Trustee Manages Them By: Barry E. Haimo, Esq.May 23, 2024 Without distributions, a trust is just a collection of assets sitting around that cannot be touched. Because of this, setting up and managing trust...
What Floridians Need to Know about Asset Protection
What Floridians Need to Know about Asset Protection By: Barry E. Haimo, Esq. May 1, 2024 There isn’t a person who exists who doesn’t want to protect their assets. You’ve worked hard for what you have — however much that is — and you want to make sure it doesn’t get...
What Floridians Need to Know about Asset Protection
[image] What Floridians Need to Know about Asset Protection By: Barry E. Haimo, Esq. May 1, 2024 There isn't a person who exists who doesn't want to protect their assets. You've worked hard for what you have -- however much that is -- and you want to make sure it...
How to Strengthen Your Estate Plan to Minimize Litigation
How to Strengthen Your Estate Plan to Minimize Litigation There’s more to thoughtful and strategic planning than plugging in names and variables. It’s a process. There are a lot of moving parts. Remember that planning involves probate, guardianship, estate, gift,...
Planning for Your Legacy: Big Picture Decisions and Issues
What you don’t know can hurt you – and your family and your business. Being prepared means having a plan to navigate life’s unforgiving uncertainties both during life and after death. We’re talking, of course, about estate planning, and it’s important to realize that...
Why People Fail to Plan – and What to Do for Your Plan
We’ve written in the past about the frustratingly high percentage of people who do not have an estate plan. People who, if something happened to them today, would leave their assets – their legacy – completely at the mercy of the law, with no personal say in what...
What You Need to Understand about Tax Basis
You already know that taxes are complicated. It’s why so many people pay to have professionals handle their taxes every year. But tax basis calculation is one of the concepts that people tend to have the most trouble understanding. Part of the problem is that this...
The Illusion that a Will Avoids Probate
Hi. Thanks for tuning in to another dose of bite-sized bits of knowledge, where we give you meaningful information in a short amount of time. Today we're going to talk about just one very narrow topic that we get all the time. I feel compelled to share with you. It's...
Do You Know the Biggest Florida Estate Planning Mistakes?
It’s sad but true: estate planning mistakes are incredibly easy to make. Planning your estate is a complicated process, with lots of potential pitfalls that you need to avoid. Worse, while there are certainly similarities and big rules that every estate plan must...
Estate planning to keep the money in the family
Keep Money in the Family By Engaging in Smart Estate Planning Thoughtful estate planning often includes accomplishing the objective of ensuring that your money and property actually goes where you want it to go. Quite often, that means keeping it in the family....
Life insurance in estate planning
Life insurance is important for income replacement, business buy-outs and succession and tax planning. There are many types of policies and a lot of minutiae that makes everyone but lawyers crazy (even the lawyers too). Understanding how...
Years of experience to share and teach
It's not good enough to just know the law or even to understand the terrain and landscape surrounding the law. It's critical to be able to communicate and explain the material in a digestible manner. It's critical (to us at least) that our...
Haimo Law Process
Not every firm focuses on estate planning and not every estate planning firm is competent to engage in business planning and business succession planning like we do. Our unique 3-step proven process also sets us apart as well. We take the...
What happens if you fail to plan ahead the default rules
The default rules kick in if you don't have a plan in place. That means that the state statute will determine your beneficiaries and fiduciaries. For a minority of families, it may be okay. But for most families, the default rules are...
High Level Laundry List of Problems We Solve
What you don't know CAN hurt you, your family and your business. Being prepared means having a plan to navigate life's unforgiving uncertainties both during life AND after death. It's also important to realize that planning is very much...
Welcome to Bite-Sized Bits of Knowledge
What you don't know CAN hurt you, your family and your business. Being prepared means having a plan to navigate life's unforgiving uncertainties both during life AND after death. Here's just a few benefits: • Control aspects of your...
