There are a number of reasons for Florida residents to use a trust for estate planning purposes. Tax savings are clearly a benefit. By placing assets into an irrevocable trust it is possible to remove these same assets from the estate so that one's heirs won't have to...
Month: April 2014
Experts note that taxes are a “drag” on investment returns
The best way to prevent financial assets from being removed from one's estate is to put into place various tax savings strategies. One authority on financial planning stated that "most people don't think about how taxes affect their long-term portfolio."...
Daddy Loved You More…Even Though I Was The Good One
The following is based upon true stories I have heard through the years.To My Little Sister (the letter I wish I could send you):Growing-up with you and Mom and Dad in our family home from the mid-1950's to the 1970's, I truly believe that I properly and responsibly...
Testator’s reliance on legal form proves to be costly
One woman used what was called an "E-Z Legal Form" when creating her will in 2004. However, since the form did not contain a residuary clause, a pair of nieces who were not mentioned in the will inherited property that the testator failed to list in the...
The putting off of end-of-life decisions
While families often put estate planning matters off, the death of a loved one is almost never timely and it often catches family members unprepared. One sister had a 51-year-old brother who had access to the resources needed to put a plan into place. However, she was...
Estate planning errors can prove to be costly
One incentive to putting together a well thought out estate plan is to learn from the mistakes of others. Surprisingly, many of those mistakes are made by individuals that we would think would know better. In the circumstance of a former Chief Justice of the Supreme...
