Florida sports fans may have heard of the generous provision that basketball coach Dean Smith made for about 180 former players. The coach used a revocable living trust to distribute $200 each to the players.
Because a trust provides privacy that a will does not, the public would not have become aware of the distribution if not for players posting about it on social media. It can be surmised that due to his choice of a trust that the North Carolina coach did not necessarily intend for his generosity to become public knowledge….
People who have individual retirement accounts sometimes wonder if they should be placed in a trust to make certain an intended beneficiary will receive the proceeds. This is not always necessary, as a person who has an IRA can name another as the beneficiary of it.
There are some circumstances that make placing an IRA in a trust a good idea, however. If the beneficiary is a minor child or an adult child who has special needs, setting up a trust and naming it as the beneficiary of the IRA may make sense….
Some Florida residents may be interested in setting up a trust for their beneficiaries. The type of trust that might be used varies. However, a trust is an effective way to care for loved ones if it is chosen carefully. An asset protection trust is one way the grantor could initiate trust planning so the assets intended for beneficiaries are protected. Such trusts are irrevocable, meaning that they cannot be revoked or altered. A third-party asset protection trust lets the grantor set up a trust that prevents creditors or ex-spouses from threatening the assets….
The idea of ceding control over certain parts of someone’s life may not seem like an attractive idea, but there are some cases where it is best to have an individual ready to represent them. If an individual is unable to manage their own business affairs or finances, such as due to a medical issue, the court may end up appointing someone to do this, which means that an individual could end up with a person they’ve never met making important choices for them….
When a person dies in Florida, either a designated executor or a person appointed by the court will serve as the decedent’s estate administrator. During the preparation of their wills, it is important for testators to be careful when choosing an executor for their estate in order to make certain the person is competent, able and trustworthy enough to carry out the tasks involved.
After an executor has been designated or one has been appointed by the court, the court will issue letters testamentary, which allow the person to administer the estate….