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YOU ARE DENYING YOUR BENEFICIARIES ASSET PROTECTION IF YOU THINK ALL TRUSTS ARE the SAME by Katherine A

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YOU ARE DENYING YOUR BENEFICIARIES ASSET PROTECTION IF YOU THINK ALL TRUSTS ARE the SAME by Katherine A CONTRIBUTING Voice YOU ARE DENYING YOUR BENEFICIARIES ASSET PROTECTION IF YOU THINK ALL TRUSTS ARE THE SAME By Katherine A. Barski, Attorney, Bogin, Munns & Munns, P.A. lanning how to leave your assets to your intended and maintenance. This is an beneficiaries is often as important as what assets ascertainable standard, yet flexible P you leave them. But understanding your options enough to allow the beneficiary to can be overwhelming and oftentimes, people are not even utilize the funds. advised about the various categories in which to structure The trust can provide that an inheritance. Most people think: “I have a trust; I’m the beneficiary can distribute avoiding probate, that is it.” among his or her descendants Using a revocable trust in estate planning can avoid either during life or at death. The probate and save time and money on administration beneficiary can also be granted at death. It also provides efficient management during lifetime incapacity. But the power to distribute to the generally, a trust is structured so that beneficiaries receive their inheritance outright beneficiary’s spouse or charities all at once or even in stages at certain ages. These trust plans fail to provide the if there are no descendants. If greatest gift of all – asset protection. no power is granted or if it is not Continuing protective trusts give the beneficiaries use and access to the exercised, the trust continues inheritance, while protecting it from divorce and other creditors. In today’s litigious along the bloodlines down to the society and with the prevalence of divorce, people are constantly seeking ways to beneficiary’s descendants or to your protect assets. While getting creditor protection for oneself can be very difficult and descendants. This is known as a oftentimes involves giving up control, such creditor protection can be readily given dynasty trust because it can benefit to beneficiaries after death through continuing protective trusts. not only your children but also With a typical protective trust, after someone’s death, the beneficiary’s share your grandchildren and further of the estate is set aside in a separate trust for the benefit of the beneficiary, descendants, as long as assets rather than just cutting a check for that beneficiary’s share. The beneficiary can remain in trust. be trustee (i.e. money manager) of his or her own trust, or the trustee can be an Divorce protection is a benefit independent party or institution. The trustee makes distributions to the beneficiary, of these trusts. Because many or on the beneficiary’s behalf, for the beneficiary’s health, education, support, beneficiaries blend inherited assets Continued on page 22 The first combined Anti-Aging, Holistic, and Family Nelson Kraucak, MD FAAFP Practice Clinic in The Villages, Central Florida Family Practice Alternative Medicine “We are committed to aid and promote the body’s innate 1501 N US Hwy 441, mechanisms to heal and achieve homeostasis for optimum Suite 1704, health by introducing and using natural approaches with The Villages, FL 32159 Aaron Perry, DOM innovating and cutting-edge technology.” Acupuncture Physician Licensed Massage • Regenerative therapies like stem cells, PRP, Amniotic fluids, Hours: Therapist prolotherapy, prolozone Monday – Thursday • Chelation, IV minerals, IV nutrients, heavy metal detox 8:00 am to 5:00 pm • Hormone replacement therapy, “make your own hormones” Friday Natalie Vincent, LMT • Treatment of chronic autoimmune conditions, allergies, arthritis, lupus, colitis 8:00 am to 12:00 pm Licensed Massage • Nutrient and antioxidant testing, know your mineral & vitamin levels Therapist www.HealthcarePartnersFL.com (352) 750-4333 20 FEBRUARY 2019 Estate Planning · Wills & Trusts · Probate Guardianship · Real Estate · Tax Planning Elder Law · Business Planning · Personal Injury YOU ARE DENYING YOUR BENEFICIARIES ASSET Wrongful Death · Nursing Home Abuse PROTECTION IF YOU THINK ALL TRUSTS ARE THE SAME By Katherine A. Barski, Attorney, Bogin, Munns & Munns, P.A. How can I How can How can I save money I avoid protect my assets by becoming a probate? from divorce and Florida resident? creditors? My knowledge and experience will provide you with the answers to give you peace of mind. Call today for a complimentary Estate Planning Consultation! 352.391.6Santa Fe Professional Center031 8564 E. County Road 466, Suite 102 The Villages, FL 32162 KATHERINE A. BARSKI, ESQ. Katherine A. Barski began her career with the Federal Government, clerking for the Federal District and Appellate Courts and working as a trial attorney with the U.S. Department of Justice. She then returned home to Florida where she has practiced for the past eighteen years in estate planning, probate and taxation. Her experience ranges from Medicaid planning to estate tax avoidance for taxable estates, and all aspects of planning and administration in between. She is the managing attorney for the Bogin, Munns & Munns, P.A. office in The Villages. Katherine also lives in The Villages and enjoys the active community lifestyle. More information about Katherine can be found on www.boginmunns.com. VILLAGE NEIGHBORS 21 with other assets of the marriage, involve those who make risky This type of planning should be divorce courts oftentimes partition investments or who have drug or drafted with flexibility and it is these assets between spouses. gambling issues, but oftentimes it important to address all possible Also, the spouse has access to the can be an unanticipated medical future contingencies given the assets during the marriage and catastrophe that forces someone into ongoing nature of these trusts. can spend the inheritance you left bankruptcy, or even a failed business. Powers can be given to remove or behind. By maintaining assets in a In addition, if a beneficiary does not add future beneficiaries, change Continued from page 20 fromContinued page continuing protective trust, rather have adequate insurance, litigation administrative provisions to address than distributing the assets outright, from an automobile accident or other future tax law revisions, and to the assets continue to be separate injury causing event can expose postpone or limit distributions if a and identifiable. They will not be personal assets to claims. future beneficiary is disabled and co-mingled and transformed into Finally, continuing protective receiving Governmental benefits. marital property. trusts provide tax protection in that Trusts offer benefits far beyond Keeping assets in trust minimizing time and and along the bloodline also costs of administration protects from the situation at incapacity and death. where a beneficiary dies, A protective trust can leaving his or her outright protect your estate from inheritance to a spouse, the creditors, including a who then remarries. If divorce, of the beneficiaries that surviving spouse has inheriting the estate. And children from another wealth can be kept along marriage, it is possible bloodlines. You earned, grew your assets that your child and protected your wealth inherited will be diverted during your lifetime, why from your blood heirs. not give your beneficiaries With the continuing and future generations protective trust, spendthrift the ultimate gift of a provisions will prevent a creditor protected dynasty beneficiary’s creditors from inheritance. ■ having access to the trust assets. estate and generation skipping tax Katherine A. Barski is an estate The beneficiary will be unable to exemptions are locked in and the planning and administration attorney pledge assets to secure a loan or inheritance can grow for generations at the Villages office of Bogin, Munns give away his or her interest in the without being subject to these & Munns, P.A., with over eighteen trust. Creditors cannot access the taxes in the future. The continuing years experience in wills, trusts, and trust assets because the beneficiary trust will be responsible for tax estates. For more information, call for will not own the trust assets. One on income that trust assets earn a complimentary consultation with might think creditor issues only annually however. Katherine at 352-391-6031. 22 FEBRUARY 2019.
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