American Adults Save Only Half Of Inheritance
A new national study conducted by researchers at Ohio State University’s Center for Human Resource Research found that adults who receive an inheritance save approximately half. The remainder is spent, donated or lost. For many retailers and others who stand to benefit from those who spend or mishandle monetary legacies, that statistic bodes well. But […]
Estate Planning: Death Doesn’t Make Appointments In Palm Beach
Death does not operate on a schedule. It doesn’t matter what plans we have set forth for a particular day, week or month – death usually does not make an appointment. The same is true for people in Palm Beach and all over the United States, all over the world for that matter. A recent […]
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 […]
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 […]
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 […]
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 Trustee Is Important When Creating Trusts In Florida
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 […]
Lou Reed Failed To Use Trust Planning Strategy
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 […]