Taxes can eat up a chunk of an estate before any distribution of assets to beneficiaries. Florida residents looking to ensure their beneficiaries receive all or most of the assets left to them will want to consider the many trust vehicles. These have typically been...
Trust Administration
The roles and responsibilities of an estate executor
There are several steps that a Florida resident must take when administering an estate or a trust. First, he or she should order at least 10 copies of a death certificate, which may be done in coordination with a funeral director. If probate is necessary, an...
Shedding some light on charitable remainder trusts – III
In today's post, we'll conclude our discussion of charitable remainder trusts, which are irrevocable trusts that not only facilitate philanthropic gestures, but also provide a steady income stream and considerable tax savings.Indeed, as we discussed last time, the...
Shedding some light on charitable remainder trusts – II
In our previous post, we began discussing how those people who find themselves in the enviable position of being able to give a considerable sum to their favorite charity may want to think twice about simply grabbing their checkbook and instead consider the advantages...
Shedding some light on charitable remainder trusts
Whether we realize it or not, the majority of us have favorite charities to which we prefer to lend our support. Indeed, some of us may make a small annual contribution to a particular animal shelter, school or center for the disadvantaged.What happens, however, when...
Fulfilling your duties as a trustee: What you need to know
Trustees serve an important role in the life of a trust. They manage trust property and fulfill the wishes of the trust creator (or settler), as outlined in the terms of the trust document.However, being a trustee is not easy. It involves complex legal requirements...
Proven experience in trust termination matters
If you learn that you have been named a beneficiary of a friend or family member's trust, chances are good you will experience a range of emotions. On the one hand, you may feel excitement and eagerness as to what you will do with your eventual windfall, while on the...
Explore all options when it comes to trust modification
While the execution of a comprehensive estate plan can sometimes prove to be an arduous task, any inconvenience or fatigue experienced are more than made up for by the peace of mind ultimately granted to those who choose to undertake this endeavor.That's because they...
What animal lovers need to know about pet trusts – II
Last week, our blog started discussing how statistics show that almost 90 percent of all pet owners here in the U.S. consider their animals to be members of the family and how this sentiment has prompted many to execute so-called pet trusts.To recap, 46 states,...
What animal lovers need to know about pet trusts
When it comes to caring for pets, many people spare no expense, meaning their dogs, cats, birds, horses or whatever animals they own always receive the very best of everything from food and veterinary care to grooming and toys.This level of devotion makes perfect...