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Old 04-30-2009, 08:47 AM
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GarySpicuzza GarySpicuzza is offline
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Join Date: Oct 2007
Location: Florida/PascoCounty/USA
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Default Radio Show leak, O-bomb-a=Renegade=LIKE Jen Dove.

Can't You See Jen Dove?

O-BOMB-A = Renegade

Estate Planning & Fixed Annuity Forum

The Financial Power Hour

1250 WHNZ Impact Radio

Estate Planning...
Trust vs Will?

Gary D. Spicuzza, Primary Agentabout this site
[FONT='times new roman', times, serif]It is recommended that all 5 pages of this site be read.[/FONT]
[FONT='times new roman', times, serif]This site is for informational purposes regarding Estate Planning, Fixed Annuities and the benefits of a Revocable Trust versus the problems and costs of a Last Will and Testament, including the Probate Court System in general and the state of Florida, in particular.[/FONT]
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[FONT='times new roman', times, serif]First let's define an Estate and Estate Planning.[/FONT]
[FONT='times new roman', times, serif]An Estate is the total property, real and personal, owned by an individual prior to distribution because of death through a Trust or Will. Real property is real estate and personal property includes everything else, for example, bank accounts, stocks, bonds, mutual funds, household items and cars are personal property. [/FONT]
[FONT='times new roman', times, serif]Estate Planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death.[/FONT]
[FONT='times new roman', times, serif]Trusts and wills coupled with Fixed Annuities are common ways in which individuals transfer their wealth to their children. Trusts, unlike wills, have the benefit of avoiding probate court, a lengthy and costly legal process that oversees the transfer of assets. [/FONT]
[FONT='times new roman', times, serif]Who does Estate Planning?[/FONT]
[FONT='times new roman', times, serif]It can involve the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. This includes the services of a variety of professionals, including a lawyer, accountant, financial planner, insurance advisor, banker and broker.[/FONT]
[FONT='times new roman', times, serif]In almost all cases it is an Insurance Agent who first educates clients in these matters, coordinates with an attorney for document preparation and advises the client on the wealth protection and transfer products available for their needs. [/FONT]
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[FONT='times new roman', times, serif]On the "Joint Owners" page, we discuss the financial dilemmas that can arise from jointly owning your home, real property, bank accounts, stocks, bonds, mutual funds and anything else of value with your adult children.[/FONT]
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[FONT='times new roman', times, serif]Finally, the Power of Fixed Annuities. Perhaps the most misunderstood financial instrument of all time. There isn't a better wealth protection and transfer investment vehicle than a Fixed Annuity. Please note emphasis on the word FIXED preceding the word annuity.[/FONT]
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[FONT='times new roman', times, serif]One myth to dispel at the outset is the fact that most people think, or are lead to believe, that a Will avoids Probate Court and is the simplest way to pass assets at death.[/FONT]
[FONT='times new roman', times, serif]Just the opposite is true, a Last Will and Testament guarantees your beneficiaries an expensive, lengthy and complicated trip through the Probate Court System when the Individual or when the "2nd" spouse dies. Generally between married couples there aren't any Probate Court problems when the first spouse dies. That's NOT because they had Last Will and Testaments, it's because they owned their assets as Joint Tenants.[/FONT]
[FONT='times new roman', times, serif]The adult children heirs of elderly individuals often get caught in the "Probate Court System" because Mom or Dad failed to realize and understand when their spouse died they no longer owned their assets as Joint Owners. They now own the assets as an Individual Sole Owner and that form of ownership always triggers Probate Court at death.

[/FONT][FONT='times new roman', times, serif]Skeptical, regarding the above myth? Please look up the word "probate" in your dictionary.[/FONT]
[FONT='times new roman', times, serif]Some very basic concepts to understand is the fact there are only three ways to transfer your assets upon death.[/FONT]
[FONT='times new roman', times, serif]1) by Will, (has to go through Probate Court.)[/FONT]
[FONT='times new roman', times, serif]2) by Contract, (i.e., a RevocableTrust, a business Buy-Sell Agreement, an Annuity Contract, a Life Insurance Policy, are all examples of "contracts" that DO NOT go through Probate Court. The proceeds of these contracts are paid directly to the named beneficiaries of the contract.[/FONT]
[FONT='times new roman', times, serif] 3) by Operation of Law, i.e., Joint Ownership or having no Will.[/FONT]
[FONT='times new roman', times, serif]Additionally one must understand there are only four (4) ways to own any type of property. Everything you've ever owned in your life has been owned and held in one of four ways.[/FONT]
[FONT='times new roman', times, serif]a) Sole Ownership,[/FONT]
[FONT='times new roman', times, serif]b) Joint Ownership,[/FONT]
[FONT='times new roman', times, serif]c) Corporate Ownership or[/FONT]
[FONT='times new roman', times, serif]d) a Trust.[/FONT]
[FONT='times new roman', times, serif]When you die your assets will be transferred to your heirs and beneficiaries by only one of three methods:[/FONT]
[FONT='times new roman', times, serif]1) No will, according to state law, through the Probate Court System.[/FONT]
[FONT='times new roman', times, serif]2) With a will, through the Probate Court System. [/FONT]
[FONT='times new roman', times, serif]3) Revocable Trust, directly to named beneficiaries, avoids Probate Court.[/FONT]

[FONT='times new roman', times, serif]Gary D. Spicuzza is the Insurance Agent-in-Charge of The Trust Group.[/FONT]
[FONT='times new roman', times, serif]Office Location: [/FONT]
[FONT='times new roman', times, serif]The Holiday Tower, 2435 U.S. 19, Suite 140, Holiday, FL 34691[/FONT]

[FONT='times new roman', times, serif]Office Telephone: 727-945-8599[/FONT]
E-mail: cic7@juno.com

Disclaimer: The Trust Group does not practice law. The Trust Group has relationships with properly licensed Florida attorneys. Any legal documents to be prepared or modified is done solely by attorneys properly licensed in the state of Florida.

Last edited by GarySpicuzza; 04-30-2009 at 09:05 AM. Reason: leaked to the press
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