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Wealth Preservation Update
Information You Can Trust
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November 2006
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Stuart R. Morris and the Morris Law Group were
recently featured in the Daily Business Review
under the Dealmakers column:
Boca Raton attorney helps family sell 40-acre
parcel
The Deal: The Boca Raton attorney
represented 40 Acre Farm LP and the London family
in a $31.8 million cash sale of a 40-acre parcel in
West Kendall to Woolbright Development and Master
Development, which plan to build a 300,000-square-
foot retail center.
Click here for the full reprint.
In other news, the Treasury Department has
introduced new regulations regarding Private
Annuities and the Private Annuity Trust. These
regulations would prohibit the deferral of gain on
sales involving Private Annuities and force immediate
recognition. Kindly contact us if you would like more
information.
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Opportunity Trusts™
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Morris Law Group has developed a trust called
an Opportunity Trust™. The unique design of
the trust provides the following benefits:
• the client is allowed to be the primary
trustee of the trust
• the client may control the trust’s
investments and distributions to others
• assets are protected from creditors of the
client and the creditors of any beneficiary
• the entire trust is excluded from estate
taxation for a minimum of 360 years in Florida
The trust allows the trustees to distribute any
amounts of income or principal to a pool of
beneficiaries composed of the client, the client’s
spouse and all of the client’s descendants. It may
also allow the client to add any beneficiaries in the
future.
During the term of the trust, the trustees may invest
in any investments they desire. The trust is a
separate taxpaying entity and the beneficiaries who
receive the income have it taxed at their income tax
rates. This could be beneficial when paying the
expenses of beneficiaries who are younger than 18
years old, as such beneficiaries’ tax rates may be
lower than older beneficiaries.
One possible scenario of an Opportunity Trust™
in use is as follows: A client has the opportunity to
acquire an investment that will require a contribution
of $250,000. The Opportunity Trust™ obtains a
$250,000 loan to purchase the investment. The
Opportunity Trust™ pays market interest rates
on the loan. When the investment later sells for
$1,000,000, the Opportunity Trust™ pays
$250,000 to the lender to pay off the loan and
retains $750,000. The trustee of the Opportunity
Trust™ now controls the remaining $750,000,
which is protected from creditors and is outside of
the estate tax system for at least 360 years.
As this technique is complex, kindly contact our
office for further information and explanation.
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The Greatest Compliment...
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We always appreciate referrals from our satisfied
clients and business partners to friends, family
members or business contacts. We welcome the
opportunity to serve the people you care about. Click
on the blue Forward Email at the bottom of the page
to send this newsletter to someone who will benefit
from our insights.
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Send Us Your Question!
We'd love to hear from you. Click here
Info@Law-Morris.com to submit comments or a
question for an upcoming issue of Wealth
Preservation Update.
This publication is intended for general information
purposes only. It is not intended to constitute
individual legal advice to any specific client.
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About Morris Law Group
Morris Law Group is an estate, asset protection and business planning boutique law firm that practices exclusively in estate and gift tax planning, wills and trusts, business structuring and succession planning, asset protection, probate, planning techniques for highly compensated individuals, and national and international tax planning. Morris Law Group is dedicated to helping individuals and families preserve their wealth for future generations, maximizing inheritances and minimizing taxes.
Founding partner Stuart R. Morris is experienced and accomplished in handling a diverse range of estate planning and asset protection needs. In addition to being a Certified Public Accountant, he is recognized by The Florida Bar as an expert in wills, trusts, and estates as well as elder law.
Tasha K. Dickinson heads up the Wealth Preservation Department. Licensed to practice law in both Florida and North Carolina, she is Board Certified in wills, trusts and estates. She serves on The Florida Bar's Probate Rules Committee and is also active in the Bar Association on the national, state and local level. Ms. Dickinson sits on the Board of Directors for the Palm Beach County Chapter of the Florida Association of Women Lawyers.
Gregory S. Bloshinsky leads the Trust and Estate Administration Department. He is a member of the State Bar of Florida, the Greater Boca Raton Estate Planning Council, the Elder Law Section and the Real Property, Probate and Trust Law Section of the Florida Bar and the American Bar Association. Mr. Bloshinsky employs a very hands-on representation style and tailors his services to each client’s special needs and circumstances.
Joanne H. Rogers joined Morris Law Group to practice exclusively in the area of her expertise, estate planning. In this role, she drafts complex estate planning documents utilizing cutting edge tax and estate planning techniques to reduce clients’ estate taxes and preserve their wealth. She also has extensive experience in the trust company industry.
Morris Law Group has earned the trust and respect of its clients by educating them on technical aspects of the law in an understandable manner, and by providing the highest level of personal and discreet service. Morris Law Group proudly offers highly skilled legal counsel with a keen understanding of individual, family, and business needs. Morris Law Group has achieved an AV® Peer Review Rating, the highest rating afforded, from Martindale-Hubbell. The firm has five offices strategically located throughout South Florida in Boca Raton, Aventura, Weston, West Palm Beach and Wellington to provide convenient service to clients in Palm Beach, Broward and Dade counties and from across the country.
Phone:
561.750.3850 / 800.353.3752
Fax: 561.750.4069
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