In this estate planning case study, Samantha dives into a real-life scenario where a teenage child was involved in a car accident, leaving their parents potentially vulnerable to lawsuits. They turned to Samantha for guidance and asset protection strategies.
These are the problems that came up in this particular estate planning case:
Problem #1: Timing Matters
The first challenge they faced was attempting to set up a trust after the accident had occurred. It’s crucial to plan for asset protection well in advance. In Florida, there is a law known as the Fraudulent Transfer Act that would affect this.
Problem #2: The Revocable Trust Misconception
Simply putting assets into a revocable trust might not offer the asset protection parents are seeking and the importance of considering alternative solutions.
Problem #3: Titled Cars and Parental Responsibility
Samantha highlights the significance of who holds the title for the vehicle and who signs off on a child’s driver’s permit, emphasizing the need to make wise decisions regarding assets and income distribution.
Problem #4: Insufficient Car Insurance Coverage
Insurance matters, especially when you have young drivers. Samantha discusses the necessity of having adequate car insurance coverage, including bodily injury protection and uninsured motorist coverage, to safeguard your financial well-being.
In this estate planning case study, Samantha explores real-world challenges and practical solutions for protecting your assets in the aftermath of unexpected events.
Don’t wait until it’s too late – take proactive steps to secure your family’s future.
Samantha Fitzgerald, Esq. is a seasoned attorney with over 24 years of experience. She’s a Florida Bar member, US District Court practitioner, US Tax Court advocate, and a Certified Public Accountant. Samantha’s Florida-based law firm specializes in estate planning, probate, and trust administration, offering the personalized service of a boutique firm and the resources of a larger one. Her law firm, SJF Law Group, serves clients statewide by offering convenient virtual appointments throughout Florida.
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