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VanNess & VanNess, P.A.
Toll Free: 866-697-6221 Local: 352-436-4333 Over 100 years of combined experience

How to choose a trustee

Most Florida parents and others in the United States want to leave their children and grandchildren enough to live on. However, different people may have different beliefs when it comes to how much is enough for someone to live on. One way to help future generations manage their inheritance is to create a trust. Doing so may allow an individual to place specific parameters on how assets are used and when.

Duties of the trustee for an ILIT

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 designed for the purposes of protecting the decedent's wishes and protecting the estate from legal challenges. However, each type has certain requirements. A most important need in setting up an irrevocable life insurance trust is ensuring a responsible trustee understands the responsibilities.

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 administrator must generally wait until the court appoints that person to be the representative of the estate.

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 afforded by the creation of a charitable remainder trust. 

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 other hand, you may feel guilt and sadness over the prospect of someday losing a loved one.

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.

VanNess & VanNess, P.A.