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May 2012 Archives

Dueling wills in Gary Coleman estate

Readers in the West Palm Beach may remember Gary Coleman as the child star of the 1980s sitcom "Diff'rent Strokes." Now, two years after the actor's death, a recent court decision will have significant impact on how his estate will be administered. The litigation involved two different wills naming two different beneficiaries of the actor's probate assets.

Newfound advantages to family limited partnerships in Florida

In light of a recent tax court decision, West Palm Beach residents with substantial assets may want to take another look at limited family partnerships as an estate planning option for reducing tax liabilities.

Millionaire's daughter loses fight over gifts to dad's companion

The resolution of probate litigation involving the estate of a prominent Gainesville figure may serve as a reminder to West Palm Beach residents of the importance of clearly stating one's wishes in estate planning documents. In a case spanning more than two years, the daughter of a wealthy real estate developer and former mayor of Gainesville lost a probate dispute. She sought to block access to estate assets designated by her father for the benefit of a woman who had been his companion for more than 10 years.

How can trusts benefit Florida business owners?

Business owners in West Palm Beach may want to consider trusts for smooth succession and estate planning benefits. A well designed trust can offer tax breaks for beneficiaries and provide the grantor with a measure of certainty as to future ownership and management of a family-owned business.