TRUSTS & ESTATES - JULY 2004
  
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2 articles published in July 2004
Trusts & Estates Magazine

THE FROZEN T-CLAT
By Donald R. Tescher & Barry A. Nelson

FLORIDA HOMESTEAD TRAPS
By Barry A. Nelson & Kevin E. Packman

The Frozen T-CLAT

An innovative technique gives clients use of their assets even as they reduce transfer taxes and leave money to charity.

How would you like to offer your well-to-do clients an estate plan that eliminates or significantly reduces estate taxes and generation skipping taxes (GST) while providing the family with immediate use of the assets and creating a significant charitable legacy? This is not a pie-in-the-sky goal. It can be achieved by meshing disparate planning techniques.

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Florida Homestead Traps

Think twice before flying south to exploit favorable homestead and bankruptcy laws. Case law and proposed bankruptcy reforms may clip a few wings.

People should think carefully before deciding to move to Florida to take advantage of the state's favorable asset protection laws. Attorneys and advisors need to have some understanding of the potential traps clients may fall into as they try to benefit from the Florida homestead exemption.

Creditors have been successful in forcing the sale of a homestead, with the sales proceeds allocated between the debtor homeowner and his creditors as well as in attaching a homestead through a lien.

To uproot a family during a time of financial stress is difficult, but to do so only to discover the anticipated benefits are nonexistent is devastating. So carefully plan and consider all risks before making the move to this so-called "debtor's haven."

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