Boyes, Farina & Matwiczyk

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Tagged: trusts

New Changes To Florida’s Uniform Transfers To Minors Act

…The Uniform Transfers to Minors Act allows for a parent or other adult to create a custodial account for gifts, bequests, and other transfers of assets to a minor. In addition to money, a UTMA account can hold other types of assets for the minor, including real estate, royalties, fine art, and patents.

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What Is A Florida Power Of Attorney?

…Palm Beach County residents might be concerned about problems that could arise if they became incompetent or incapacitated. They want the peace of mind that comes from knowing that another person is authorized to handle things for them. The document to make this happen is a power of attorney.

Powers of attorney are legal documents that appoint another person as the agent with authority to act on behalf of the maker, or principal, of the power of attorney.

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Dividing A Florida Estate Equally Among Surviving Children

…While many parents wish to spread their estates equally among any adult children, this is often easier said than done. If one child earns more, it may be tempting to provide the other children with more money to protect their financial future. However, an unequal payout could lead to animosity between the surviving children.

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Basketball Players Receive $200 Each From Coach’s Trust

…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.

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IRAs And Trusts For Beneficiaries In Florida

…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.

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Protecting Assets For Beneficiaries

…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.

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How Gift Taxes Affect Estate Planning In Florida

When property is gratuitously transferred from one individual to another, it is considered a gift in the eyes of the government. This gift may be subject to the gift tax depending on how much the gift is worth and whether an individual has any of his or her gift tax exemption available.

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The Use Of Noncharitable Trusts

…As Florida residents may know, some states allow noncharitable trusts to protect certain assets for a limited time or in perpetuity. This type of trust might be useful to protect domestic assets or provide for a pet.

Noncharitable purpose trusts offer some features of other trusts, such as naming a trust protector with the ability to administer the trust in the way the grantor wishes.

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Estate Planning Pitfalls To Avoid In Florida

…Creating an estate plan allows for an orderly transfer of assets from generation to generation. It may also offer protection for those who are incapacitated and otherwise unable to make decisions. Still, there are issues to take into consideration when creating an estate plan to ensure that it meets the wishes of the person who creates it.

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Trust Options For Florida Estate Planning

…There are two main types of trust that an individual may choose from when creating an estate plan. The first type of trust is referred to as a living trust, and its terms may take effect while a person is still alive. Alternatively, a testamentary trust may be established, which is part of a will and takes effect after an individual passes on.

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