A grantor trust is a specific type of trust that allows you to keep certain powers or benefits over the trust assets. Unlike other trusts, which the IRS treats as separate taxable entities, the IRS considers a grantor trust an extension of you for tax purposes. As a...
Making contributions to your favorite charities is possible even after death. Some people anticipate disputes to arise out of potential complications this could bring to asset division. However, you can employ strategies to ensure your charitable intentions won’t...
When an estate enters probate, the court appoints an administrator to manage transactions and carry out tasks on behalf of the deceased. As a legal representative, this person must complete various tasks regarding the estate. Their responsibilities usually include...
Trusts are a powerful tool for estate planning in Florida that can help you achieve your goals for passing on your assets to your loved ones. Here are some situations when you may want to consider a trust as part of your estate plan. You have minor children If you...
Retirement planning often overlaps with estate planning. Your age, how much money you have in your retirement account and they type of retirement you have can all play a part in the amount you will leave to your loved ones when you pass away. A living trust,...
A trust is one way for a loved one to distribute assets with certain conditions and provisions to be followed that is separate from a will. In many cases, however, there comes a time when provisions of a trust need to be modified. Below are two situations that...
Watching our loved ones age can be difficult. They can gradually go from being completely independent and caring for others to needing support themselves. Once they do need assistance, it can be challenging to comprehend how much help they actually...
Trust administration and relevant income taxes will be heard by the U.S. Supreme Court in 2019. Since residents of Florida generally pay no personal income taxes, the outcome of this case is of great importance to our state. The Florida personal income taxation policy...
One of the main reasons to create a solid estate plan is to make the vision you have for your legacy a reality. A key tool in estate planning is often some form of trust. Assets are accumulated in the instrument, and the subsequent distribution of that wealth occurs...
Pensions are largely a thing of the past. 401(k)s and Social Security are now foundational elements of a solid retirement plan. If you are among those in Florida with significant assets, establishing a trust is another legal tool for protecting wealth and maximizing...
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