spendthrift trust and LLC

What is the name of your state (only U.S. law)? Florida

My daughter will be 18 in October of 2009. I am her natural father and guardian of some money she received when her Mom died 7 years ago. I file all of her annual reports myself. I am looking for a sample petition to terminate the guardianship.

I also want to convert her restricted guardianship account into either a spendthrift trust or LLC but can't find any examples online for Florida. She is agreeable to my doing this.

I simply want some ideas and to know what can be included insofar as asset protection and the different ways the money can be distributed to her over time. Thanks for any help.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?

jordan2 said:

What is the name of your state (only U.S. law)? Florida

My daughter will be 18 in October of 2009. I am her natural father and guardian of some money she received when her Mom died 7 years ago. I file all of her annual reports myself. I am looking for a sample petition to terminate the guardianship.

I also want to convert her restricted guardianship account into either a spendthrift trust or LLC but can't find any examples online for Florida. She is agreeable to my doing this.

I simply want some ideas and to know what can be included insofar as asset protection and the different ways the money can be distributed to her over time. Thanks for any help.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?

Click to expand...

See your guardian attorney. He/she is the one to best advise you and to file the petition to discharge you as a guardian.

Thanks but I don't have an attorney and was hoping to do this by myself. What I really want is to read some "samples" of spendthrift trusts in Florida to get some ideas as to what I can and cannot do insofar as asset protection, distribution of the funds to my daughter over time and limited tax liability.

I agree with needing a real world attorney. Asset protection is a lot harder after. Blunt. But this is why people need to do this stuff before. Could be done, just gray area and thin line of any potential taxes evasion implications (could be viewed as illegal) and avoiding taxes (can be legal).

Thanks but I do not want to spend $250 per hour listening to an attorney tell about me about what can and cannot be done in a spendthrift trust or LLC. I would prefer to read about spendthrift trusts and LLC's first at my leisure so that I can feel a bit informed before discussing these things with an attorney. I have tried many different searches and just cannot seem to come up with anything for Florida and I know that trusts are different in different states.

other than the state of louisiana, trusts are basically the same in the rest of the states.

the differences pale in comparison to the similarities.

so read one from any other state, so you can get reasonably informed. then, if there is a difference on some topic in florida, you can discuss it. but at least you would enter the attorney's office, well informed.

TrustUser said:

other than the state of louisiana, trusts are basically the same in the rest of the states.

the differences pale in comparison to the similarities.

so read one from any other state, so you can get reasonably informed. then, if there is a difference on some topic in florida, you can discuss it. but at least you would enter the attorney's office, well informed.

Click to expand...

Not in this case, TrustUser, due to the fact that the OP is a court appointed guardian of estate.

jordan2 said:

Thanks but I don't have an attorney and was hoping to do this by myself. What I really want is to read some "samples" of spendthrift trusts in Florida to get some ideas as to what I can and cannot do insofar as asset protection, distribution of the funds to my daughter over time and limited tax liability.

Click to expand...

Unless the current statutes have changed, all guardians in FL must have an attorney. Furthermore, you must obtain a court order to allow you to put your ward's monies in a trust. This is your ward's monies who is to receive them upon you being discharged as guardian of estate upon your child's 18th birthday.

I have successfully resisted the laws in Florida requiring an attorney. Her money is in a restricted guardianship account at Merrill Lynch as required by law. I manage it and make all investment decisions and have done quite well with it, but no one has access to it. I file my daughter's annual reports as required by law on time and they are always approved. I even developed a program to do those reports with my Apple Macintosh computer. I did all of this with the "blessings" of the Guardianship judge who also advised me to move the money into a spendthrift trust or LLC when or before my daughter turns 18. I simply want some ideas of how spendthrift trusts are structured.

jordan2 said:

I have successfully resisted the laws in Florida requiring an attorney. Her money is in a restricted guardianship account at Merrill Lynch as required by law. I manage it and make all investment decisions and have done quite well with it, but no one has access to it. I file my daughter's annual reports as required by law on time and they are always approved. I even developed a program to do those reports with my Apple Macintosh computer. I did all of this with the "blessings" of the Guardianship judge who also advised me to move the money into a spendthrift trust or LLC when or before my daughter turns 18. I simply want some ideas of how spendthrift trusts are structured.

Click to expand...

Since when do judges not follow the law?

From FL Statutes: 744.441 Powers of guardian upon court approval.

(19) Create or amend revocable trusts or create irrevocable trusts of property of the ward's estate which may extend beyond the disability or life of the ward in connection with estate, gift, income, or other tax planning or in connection with estate planning. The court shall retain oversight of the assets transferred to a trust, unless otherwise ordered by the court.

I am determined to do this without paying an attorney if at all possible.

I have complied with Florida law in all I have done with respect to my daughter's guardianship account with the exception of retaining an attorney. I interpret the law to say that I have an obligation to protect my daughter's assets and increase them in value according to my financial expertise. I have done exactly that.

I have a court order authorizing Merrill Lynch to pay her estimated taxes each quarter as I submit the requests to them. If anything is due at the end of the year, I then submit the tax return to Merrill Lynch and they send a check to the IRS. She has been paying over $20,000 each year in taxes on her realized gains, dividends, interest and capital gains distributions.

I did have an attorney in the beginning but his fees were truly exorbitant and so I began to do everything on my own. I have submitted the annual reports for the past 6 years and simply ignore the part on the annual report that requires the signature of an attorney. Each report has been approved by the Court.

If I don't need an attorney to defend myself in a capital crime case, why should I have one to manage my child's money?

I am well educated in business. I am not so well educated in law but I am willing to invest the time to learn because I have been "burned" by more than one attorney. I almost went to prison once for a crime I did not commit so, hopefully, you can appreciate my position.

My daughter has also never been immunized or vaccinated as is "required" by the school system but I was successful in obtaining an exemption. I did this because of my "religious" beliefs. The point is that I am a "Constitutionalist," and will not be "bullied" by the "system."

Again, I am only looking for some samples of spendthrift trusts or LLC's in Florida or a checklist of what to include.

I want to set this up so that my daughter receives enough money for a 4 year college education at a nearby Christine College (about $25,000 per year.) She wants to be a missionary.

Afterwards, I want her to receive a certain percentage of the trust when she reaches different ages in her life, (ages 25, 30 and 35) and I want to remain the trustee to manage and invest the money. I am a disabled veteran, 62 years of age and have my own nest egg so I have no intention of using any of her money for myself. My daughter is very bright, but she is terrible at managing her money and she knows it, which is why she wants me to manage it for her.