Articles Tagged with estate planning attorneys

by: Phillip B. Rarick, Esq.

Here is the good news/bad news I received from my bank today regarding my Paycheck Protection Program (PPP) Application:  The good news:  your application has been approved; the bad: the SBA is out of money and you must wait for Congress to refund the program!

Although I have heard of a few small businesses that have received funding I am guessing that most persons reading this letter have encountered similar frustrations. Note: if you have received funding, please so reply.

______ #1.      Trust Funding. After we signed your trust, we reviewed the funding of your trust and I gave you detailed Funding Notes.  Have you followed up on these instructions?   Funding is simply the transfer of your assets into your trust.    It is a good idea to annually review the funding of your trust. It is also advisable to annually sign a new assignment of assets into your trust, that will help sweep into the trust assets acquired to date.

______#2.       Successor Trustee. This is the person you have appointed to step into your legal shoes if you become incapacitated – in other words, one of the most important decisions you can make. Who have you appointed to take charge if you are incapacitated? What is the order of succession of trustees who will take over management of your financial affairs if you are unable to do so?    If you have any question whatsoever about your order of succession, please call the office.

______#3.       Transitions. Has there been a marriage, divorce, or separation of anyone named in your will or trust?    Has there been a birth or adoption of a child or grandchild?  If so, your estate plan may need to be amended.

Who is Impacted by this Decision:

Anyone with ownership interest in a single member Florida limited liability company (LLC).

Executive Summary:

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