Archive | Estate Planning

Estate Plan Tip: Spendthrift Trusts Protect in a Lawsuit-Crazy World

It used to be that spendthrift trusts were only written for cautious relatives to protect careless or financially-challenged from themselves. Traditionally they would be set up to keep the bulk of the assets out of the hands of the actual beneficiary. Then the trustee would prudently invest and manage the assets, distributing enough to the beneficiary to maintain a certain lifestyle. The goal was to prevent liquidation of the assets at one time, and ensure protection for the estate being handed down to multiple generations.

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Trusts of this nature are set up to help keep future benefits safe, unaffected by today’s bad investment or spending spree. Those receiving benefits from the trust have a built in regulator or governor to slow the flow of money.

However, protecting financially unaware from themselves isn’t the only benefit of a spendthrift trust. While this traditional purpose is just as important in today’s consumer-oriented world, you have a new reason to talk to your estate planning attorney about incorporating a trust into your plan:

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The Art of Estate Planning: Protecting the Art Collection

Estate Planning for Art

Estate Planning for Art – Picasso

The world of art is a beautiful and mysterious place, however navigating that world takes a lot more than simple good taste. Most of us buy what we like on a piece-by-piece basis, but what makes someone a collector is the talent he or she demonstrates in selecting and grouping their art. This process takes almost as much creativity as the art itself, and requires just as much attention.

From a trust and estate planning point of view, a quality art collection becomes greater than the sum of its parts, and can ultimately set the trend for future generations of art collectors. An admired collection may become much more than a personal passion – it can ultimately be an important part of a family’s legacy with all the pleasures and pains included.

One example we like at Oakstone Law is the Elkins family and the recent federal Fifth Circuit Court of Appeals case of Estate of Elkins v. Commissioner. If you are an art lover or know someone who is, pay close attention to how this unfolds:

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Oakstone Law
14710 Tamiami Trail N, Suite 102
Naples, Florida 34110
Tel: 239.206.3454