Firearms such as short-barreled rifle or shotguns, silencers or suppressors, and machine guns (i.e., Title II firearms) are regulated by the federal government as to their purchase, transfer and manufacture. Properly drafted Gun Trusts have been an effective estate planning technique to own and use Type II firearms for several reasons, including:
Florida Supreme Court Settles Probate Creditor Claim Conflict
By Jason Palmisano
On October 1, 2015 the Florida Supreme Court held in Jones v. Golden that if a creditor of a probate estate is reasonably ascertainable and they never received a copy of the notice to creditors from the personal representative of the estate then the creditor has two (2) years after the decedent’s date of death to file a claim against the estate.
Think Twice Before Adding Your Child to Your Bank Account
By Jason Palmisano
Adding a responsible adult child to mom’s bank account to give the child access to funds to pay bills and expenses for mom as she gets older seems harmless enough, right? After all, mom really needs the help and the account will now avoid probate since the child is a joint owner of the account. And mom did tell her child to divide the funds equally with his siblings after she passes (which, of course, the child assures her will happen).
New Florida Statute Permits UTMA Accounts To Age 25
A Uniform Transfers to Minors Act (UTMA) account is a custodial account established for the benefit of a minor. The property in an UTMA account belongs to the minor but is controlled by a custodian until the UTMA account terminates. An UTMA account created by an individual, or pursuant to the terms of a will or trust, terminates upon the minor attaining age 21. If a decedent’s will or trust did not specifically provide for the creation of an UTMA account, one may still be established but it will terminate when the minor attains age 18.
SEC Issues Investor Alerts
Have you, a family member, a client or a friend ever been approached to make an investment where you were not sure if the person soliciting you to invest was trustworthy? If so, you are not alone. In fact, in response to the increase in fraudulent investment schemes, the SEC has issued two investor alerts within the space of two weeks during June. These investor alerts, and other information available from the SEC and FINRA (the Financial Industry Regulatory Authority) provide guidance to help you avoid investing in fraudulent investment scams through unscrupulous individuals.