Published On: October 14th, 2012 | Author: Perry Law, P.C. | Category: Creditors' Rights Estate Planning and Probate Florida
The recent case of Morey v. Everbank, 93 So.3d 482 (Fla. 1st DCA 2012) highlights the importance of understanding proper estate planning when dealing with life insurance proceeds. In Morey the decedent purchased life insurance and named a revocable trust as the beneficiary. After the decedent’s death, the trustee sought to classify the life insurance proceeds as exempt from creditors’ claims under Florida Statute § 222.13(1). The Morey Court held that the mere fact that life insurance proceeds are payable to a trust does not deprive them of their exempt status, however, those proceeds then must be governed by the trust. In this case, the trust provided that those trust assets could be used to pay estate claims, and so they were at risk of creditors’ claims.
When faced with a difficult legal situation, you want to make certain you have the best representation and legal team in your corner. At Perry Law, our attorneys and support team are here to ensure you the most sound advice and legal counsel possible. Perry Law is a regional law firm with attorneys licensed in Arizona, Florida, Idaho, Oregon, and Washington. The firm represents over seventy years of combined legal experience.