A trust is used as a component of an estate plan to minimize estate taxes. It is a fiduciary arrangement that entrusts a third party, family member or trustee to hold the individual's assets. A special needs trust operates in the same manner. The difference is that it...
Estate Planning
Three commonly used Florida estate planning tools
You work hard to grow your assets and leave a financial legacy for your family and other heirs. When you have a sizeable nest egg that you want to ensure will be around after you are gone to provide financial support for beneficiaries, then you should look into the...
When to update beneficiary designations
Beneficiary designations may be an easily-overlooked part of estate planning for some people in Florida. People fill out these documents when they purchase a life insurance policy or set up a 401(k) or similar retirement plan and may forget about them even when...
Why a trust may be necessary for a relative with special needs
A special needs trust can be an important component of an estate plan for people in Florida who want to help support a loved one with special needs. People who are getting Medicaid or Supplementary Security Income benefits can only own a small amount in assets or they...
Estates and trusts might be able to claim certain deductions
For taxpayers in Florida and around the country, the passage of the Tax Cuts and Jobs Act ended their ability to claim certain deductions. However, the Internal Revenue Service recently published proposed regulations that clarify that estates and trusts are allowed to...
Why and how to create an estate plan
Many people in Florida may not have an estate plan. Without one, the state will decide what happens to a decedent's assets. An estate plan can also make the time after a person's death less difficult for family members. An estate plan is not something that can be done...
Why planning one’s estate is vital
Estate planning is about much more than simply making a will. Of course, the disposition of property is a key part of estate planning, but there are many more parts of an estate plan. Simply stated, not having an estate plan can cause stress and headaches for a...
How younger people can benefit from estate planning
An estate plan can be useful for anyone who is over the age of 18. Therefore, college students in Florida and throughout the country are encouraged to start building a plan that reflects their current needs. For instance, it may be a good idea for an individual to...
Even if families have a will they could use a trust
Families in Florida often believe that if they have a will in place that it is the end of the story as far as the distribution of the estate. However, they are often surprised to find out that probate is still needed. This can be avoided if there is a trust in place...
An AB trust may allow a surviving spouse to use trust property
In most cases involving estate taxation in Florida, the taxes are levied before the assets are passed to the beneficiaries. One way married spouses could avoid some of that tax burden is to establish an AB trust. An AB trust is an estate planning structure whereby a...
