Bacardi business plan

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Bacardi business plan

Conclusion Those drafting estate planning documents frequently hear that one objective of a parent who wants all or a portion of a child's inheritance to pass into a trust, rather than outright, is to prevent the child's spouse from reaching such assets in the event of divorce.

Beneficiaries of Florida trusts as well as their lawyers may be surprised that even when a discretionary trust is created to protect a child's inheritance, a former spouse may have rights as an exception creditor to reach trust assets that are protected from creditors, such as one holding a judgment resulting from a car accident, physician, or other professional malpractice or tort.

Attorneys advising their clients that a discretionary trust governed by Florida law will protect a child's inheritance in the event of divorce, should a spouse or former spouse obtain a judgment in the form of support against such child as a result of a divorce, may be misguided.

This article explores discretionary and spendthrift trusts under the Florida Trust Code.

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However, based upon the discussion below, the author believes Florida Statutes should be clarified to reflect whether Bacardi was intended to be followed when the Florida Trust Code was enacted in or whether Bacardi is on the "rocks" for bacardi business plan discretionary trust.

Divorced son Mark, a Florida domiciliary, who has a large support obligation to a former spouse, was a successful Florida residential homebuilder. As a result of the existing market downturn, Mark no longer has a source of income.

Mark used all of his assets to satisfy bank guarantees on land that he stockpiled for future development. The land lost significant value, and Mark settled with his mortgage lender by using all of his liquidity in exchange for a release.

Mark's father, Jack, a wealthy and elderly retiree, consults his adviser and asks whether the testamentary trust for Mark included in his existing estate plan could be reached by Mark's former wife who, as a result of Mark's inability to satisfy his unpaid alimony obligation to her, received a judgment against Mark in the form of support.

Jack states that when Mark was financially secure, Mark was making timely payments to his former wife. However, like many others, Mark's ability to satisfy his debts was significantly curtailed when the value of his real estate vanished along with his capacity to earn a living as a developer.

Jack is helping to support Mark hopefully temporarily and wants the comfort that upon Jack's death, Mark, and not Mark's former wife, would benefit from assets left in a discretionary trust for Mark. He was advised that Mark's wife would be considered an "exception creditor" and could reach Mark's trust if it was a spendthrift trust.

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Jack was advised that Mark needed a discretionary trust. Jack asked his adviser to explain the difference between a spendthrift trust and a discretionary trust and whether either of them would protect Mark against his wife's judgment.

bacardi business plan

A spendthrift trust is a trust "created with a view of providing a fund for the maintenance of another, and at the same time securing it against his own improvidence or incapacity for self-protection. When a trust includes a valid spendthrift provision, a beneficiary may not transfer his interest in the trust and a creditor or assignee of the beneficiary may not reach any interest or distribution from the trust until the beneficiary receives the interest A discretionary trust often contains a spendthrift clause.

A discretionary trust typically provides that distributions are "subject to the trustee's discretion whether or not the discretion is expressed in the form of a standard [an ascertainable standard] of distribution In a discretionary trust it is the nature of the beneficiary's interest rather than a provision forbidding alienation which prevents the transfer of the beneficiary's interest.

The rule stated in this [s]ection is not dependent upon a prohibition of alienation by the settlor; but the transferee or creditor cannot compel the trustee to pay anything to him because the beneficiary could not compel payment to himself or application for his own benefit.

In Bacardi, the former spouse of donor's son was granted alimony. This state has always had a strong public policy favoring the enforcement of both alimony and child support orders We have weighed the competing public policies and, although we reaffirm the validity of spendthrift trusts, we conclude that in these types of cases the restraint of spendthrift trusts should not be an absolute bar to the enforcement of alimony orders or judgments.

Florida's interest in the enforcement of these awards under certain limited circumstances is paramount to the declared intention of the donor and the restraint of a spendthrift trust. In not every case where someone is attempting to enforce alimony orders or judgment, however, will garnishment of a spendthrift trust be appropriate.

This enforcement alternative should be allowed only as a last resort. In this event, there would be no overriding reason to defeat the intent of the settlor. Florida courts have a variety of methods available to enforce alimony and child support.

When these traditional remedies are not effective, it would be unjust and inequitable to allow the debtor to enjoy the benefits of wealth without being subject to the responsibility to support those whom he has a legal obligation to support.Don't underestimate the hitmaker (and new face of Playboy), who talks to THR about life as Cuba's underground hero, why he hasn't talked to Kesha since rehab and how he came to own the pop culture.

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