December 1, 2014
…Florida readers may wonder whether a will is sufficient to protect their assets for their heirs. Depending on a person’s assets and net worth, a trust may be a useful tool for estate-planning and asset protection. An individual with a net worth of $100,000 or more may benefit from a trust as long as at least one of the following conditions is met, according to a financial and trust planning expert.
November 14, 2014
…Florida residents may benefit from learning more about the general duties of estate administrators as described by the IRS. The estate administrator can be described as the legal representative appointed to act on the decedent’s behalf. Often times, this person is referred to as the executor and may be a lawyer, family member or surviving spouse.
November 5, 2014
…Individuals who want to plan their estates while retaining advanced control over the disposition of their assets can create living trust structures. Also known as inter vivos trusts, these estate planning tools accommodate those who want to manage their assets before their deaths. While the specifics vary from state to state, most people simply create formal declarations attesting to the nature of the trusts and the assets they hold.
October 2, 2014
…Estate planning can be a complicated process for many people. However, in can be helpful for some to separate the basic estate planning steps into two categories. The first considers the people who are involved in and benefit from the estate plan, and the second category focuses on the vehicles used to distribute the estate.
September 22, 2014
…While most estate planning attorneys may be in favor of a trust for all of their clients, it may not be the best estate planning tool. Each person must consider the cost as well as the alternatives to a trust before deciding to create one. In some cases, it may be easier to go through a simplified probate process.
August 29, 2014
…The ways that statutes are written still leave plenty of room for interpretation in any area of law. Estate laws in Florida are no exception to this rule. This seems to have been the case in a recent legal dispute between the Internal Revenue Service (IRS) and a family trust. The ruling could become relevant for some people’s trust planning strategies.
July 28, 2014
…There are various types of estate-planning tools available for those looking to plan ahead. For those who have chosen to utilize a trust as part of their estate-planning strategies, many may be wondering when would be an ideal time to create a trust in Florida. However, most legal experts agree that, once a person has decided on using a trust, there is no sense in waiting, since trusts can be amended if necessary in the future.
July 14, 2014
…There are many tools available for planning an estate. The ones a person in Florida chooses will depend upon one’s specific circumstances. Although having something is usually better than nothing, if one chooses the wrong estate-planning strategy, it could cause significant problems down the line. It appears that Lou Reed had chosen a less-than-optimal estate-planning strategy by ignoring his need for trust planning.
June 28, 2014
…Various estate planning tools are available to people looking to plan ahead. One of the most common estate planning instruments are trusts. A trust is a separate legal entity that will legally own possessions put into the trust account in Florida or in any other state. These assets are many times held on behalf of an intended beneficiary who cannot manage the assets for himself or herself.
October 16, 2013
…Two of the most important aspects to an estate plan is minimizing tax liabilities and ensuring that intended beneficiaries receive an individual’s assets after death. Keeping informed about the most recent changes to estate tax laws is essential for anybody in Florida or across the country. This will help individuals to make the right decisions when deciding how to administer their estates.