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 […]
New Legacy Contact Feature On Facebook
Florida users of social media may be interested to learn about the new legacy contact feature Facebook recently rolled out. Following years of criticism from family members about their inability to access deceased loved ones’ accounts, Facebook has developed a feature that allows those with a profile to designate someone who can control the account […]
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. Property that is […]
Estate Administration In Florida
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 […]
What A Power Of Attorney Does In Florida
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, […]
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 […]
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 […]
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 […]
Choosing Executor May Be Important To Estate Tax Planning
There are many aspects which a person must consider when designing an estate plan. One common concern that people have when making estate planning decisions is estate tax liability in Florida and in every other state. The law currently allows a spouse to gain his or her deceased spouse’s unused tax exemption amount through the […]
Wills Are Essential For Any Estate Plan In Florida
Planning an estate requires various legal documents which helps instruct an estate’s executor in properly allocating assets to intended heirs after a person passes away. Each legal document fulfills particular estate planning purposes in Florida or in any other state. Wills are legal documents which are particularly important for just about all estate plans. However, […]