You may have heard of a Revocable Living Trust and wondered what its purpose is. There are several reasons why you may want a Revocable Living Trust (RLT):
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At a time when many were struggling after World War II, my grandparents started a construction business. Through sheer grit and tenacity, they achieved the American dream. Their business continued to grow and it allowed them to achieve a life that had been a dream only a decade earlier. It seemed that they had done everything right, but they made one big mistake. They did not create an estate plan with a business succession plan, and that meant that their entire estate had to go through an expensive, lengthy probate proceeding that took several years.
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7-Eleven at 6348 Collins Avenue in Miami Beach (Google Maps, iStock)
Power Petroleum bought a Miami Beach 7-Eleven with a gas station for $11.25 million, the same amount as the listing price, the brokers said.
The Pompano Beach-based, family owned petroleum supplier bought the property at 6348 Collins Avenue from Ivelise Daily, as trustee of the Sarah D. Brito Revocable Living Trust.
Alejandro D’Alba and Scott Sandelin of Marcus & Millichap in Miami had the listing on behalf of the seller.
The buyer will rebrand it as a Mobil gas station, and the 7-Eleven is now shuttered, D’Alba said.
The 4,370-square-foot retail property includes the convenience store that had been in operation since 2009, according to D’Alba and Sandelin. It had historically high sales as it’s the only gas station-convenience store in this part of North Beach.