${site.data.firmName}${SEMFirmNameAlt}
Call Today for a Consultation
Toll Free: 800-495-9153
Local: 321-426-1848

Choosing who controls assets in an estate plan

Some people in Florida who are creating estate plans might assume that because they want their spouses and children to benefit from the wealth they have built up that they must leave them in charge of that wealth as well. They may believe this even if there are family conflicts or a lack of family expertise or interest in the assets that means they will not manage the assets properly.

Often, individuals who own a business and other assets fail to think about how they could divide up who controls assets and who benefits from those assets. A person may want to create a business succession plan that has qualified employees step into roles that keep the business running while his or her family members are still able to benefit financially. Professionals may be hired to manage other types of assets.

One man had a business he had inherited from his father and built up to be a valuable enterprise. He sold it for more than $50 million because he did not want to pass it on to his loved ones. His family already had some conflict, and he was afraid that managing the business would be too much for them. Had he considered separating who benefited from the business from who controlled it, he might not have had to relinquish his legacy.

People with complex estates may want to talk to an attorney about how to best create an estate plan that addresses issues such as these. Trusts may be one valuable tool in such a situation. With a trust, assets may be managed by a professional, but the creator of the trust can specify when distributions are made. Trusts can also be a way to help relatives who have special needs or might be irresponsible with large lump sums of money.

No Comments

Leave a comment
Comment Information

Consult Our Florida Lawyer for Veterans Aid & Attendance

Feel free to contact us and schedule an initial consultation where we can review your circumstances in an intimate setting and discuss how our Brevard County Elder lawyer can help you. Simply call Amy B. Van Fossen, P.A., locally at 321-426-1848 or toll free at 800-495-9153. We look forward to meeting you.

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Visit Our Office

Law Office of Amy B. Van Fossen, P.A.
1696 West Hibiscus Blvd
Suite A
Melbourne, FL 32901

Toll Free: 800-495-9153
Phone: 321-426-1848
Fax: 321-345-5417
Map & Directions

Review Us

We accept

VISA | MasterCard | American Express | Discover Network