Tagged: trust planning

…Nobody lives forever. This is why it is important that people in Florida have a proper estate plan in place just in case something unexpected occurs. When a person dies without carefully crafting an estate plan, his or her heirs may be subject to a variety of unnecessary costs. Hence, it is a good idea to periodically undergo an estate planning checkup in order to ensure everything is in place for proper estate administration at the appropriate time.

…There are various aspects to consider when estate planning. One of these factors may require considering the tax implications of planning an estate. This is especially pertinent to some people, since previous cuts to the estate tax are set to expire at the end of this year if Congress does not act to extend them.

…Planning one’s estate is an important endeavor, which should not be ignored. It is best to avoid procrastinating on making these decisions. Estate planning in Florida or elsewhere can come in many different forms. One form of asset protection which has seen an increase in popularity is using trusts. This method comes with a variety of advantages and useful qualities.

…A trust is a contract that specifies the terms in which a party is to control property or assets for the benefit of others, known as beneficiaries. The party or person in charge of the trust is known as the trustee. There are a variety of reasons and benefits to create trusts in Florida and elsewhere.

…People may chuckle whenever they read a headline about a multibillionaire deciding to leave their entire estate to their beloved dog or cat. But the truth is, trust planning for pets is becoming more and more common; particularly in Florida, where there is a significant elder population that enjoys the companionship that a pet can provide.