A living trust is a legal document that allows its creator, acting as the trustee, to hold title to assets inside of the trust. This may help those assets avoid probate, which may save thousands in legal fees and allow assets to be transferred much sooner. With a living trust, the grantor has the ability to revise it until he or she passes on. There are several other benefits that individuals may want to consider as well.
For parents with children, it may give them greater control over how and when their children have access to benefits inside of a retirement account or life insurance policy….
Florida music fans have likely heard about David Bowie’s death from liver cancer on Jan. 10. He passed away shortly after he turned 69 and released a new album. Although the details of Bowie’s estate plan have not been made public, it is known that Bowie had been interested in estate planning for some time.
Until the 1990s, Bowie struggled with his finances and nearly went bankrupt. A few years after he married Iman, Bowie pulled out of his financial trouble with the help of an investment banker….
People in Florida who are setting up trusts as part of their estate plan may be surprised to learn that these types of instruments have become much more intricate over the years. For example, there are new roles and positions possible in irrevocable trusts that were largely not used in the past.
In general, trusts used to have just a trustee and perhaps a co-trustee. Now, although laws vary from state to state, there may be many roles associated with a trust including an administrative or general trustee, a distribution committee and a trust protector….
Florida residents who are planning their estate might be interested in learning about health care advance directives. Besides expressing a person’s wishes for medical care in the unfortunate event they cannot speak for themselves because of a serious injury or illness, these legal documents have several other benefits, too.
When it comes to long-term health care needs, many people decide to plan for these needs once when they learn they have a life-threatening injury or illness. However, having health care advance directives is a good idea for healthy people to have in place, so that they can be prepared in case they one day become unable to think or speak for themselves….