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VanNess & VanNess, P.A.
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Understanding how a trust works

When a Florida resident creates a trust, there are three parties that are central to the document. The first party is the person who creates the trust who is referred to as the grantor. This person names a trustee to carry out provisions of the trust, and in some cases, the grantor can act as the trustee. Beneficiaries are the third party to a trust, and they are the people or entities who receive distributions from the trust.

Estate planning's impact on tax burdens

No matter how much Florida residents admired Prince, the IRS likely admires him even more. This is because his estate will pay a federal estate tax of 40 percent on an estate worth $200 million. That is on top of a 16 percent Minnesota estate tax, and the combined tax bills will reduce the value of his estate to about $88 million.

VanNess & VanNess, P.A.