Anyone who takes the time to sit down with a legal professional to execute a comprehensive estate plan should be commended for investing the necessary time, money and energy into ensuring that their wishes are followed and their loved ones are provided for in the...
Trusts
What types of trusts exist?
Most people are familiar enough with trusts to know that they can make very effective tools for reducing estate taxes and avoiding the Florida probate process.However, trusts come in countless shapes and sizes. For this reason, many people do get confused about what...
Avoiding life insurance pitfalls in estate planning: work with experienced counsel
Life insurance, as some readers may know, can be an excellent tool in estate planning. For instance, life insurance can be used to ensure one’s estate remains solvent by dedicating life insurance proceeds to paying creditors. One can use life insurance proceeds...
Are people too dismissive of the idea of executing a trust?
One of the more common questions to arise in the context of estate planning is whether a person really needs to consider executing a trust. While some of this inherent doubt can, of course, be attributed to the longstanding misconception that trusts are somehow...
Consider a living trust as opposed to certain other estate planning strategies
At the , there are a few strategies that we do not recommend when planning an estate. These strategies -- specifically, pay-on-death accounts, joint ownership of assets and beneficiary designations -- can expose an estate to a variety of...
With a will and a moderate estate, do you even need a trust?
Readers may have a misconception that trusts are an estate-planning vehicle only for the wealthy. In addition, since the federal estate tax exemption is over $5 million, some may regard the need for the tax-saving advantages of trusts as obsolete.First and foremost,...
Do earnings on an inherited asset implicate income taxes?
The act of receiving an inherited asset, whether it is real estate, investments or cash, generally does not trigger income tax. However, any subsequent earnings on that asset might be taxable. For example, interest or dividends payments might be subject to income tax....
Can estate law play a role in current financial planning?
Protecting one’s financial assets is about more than just investment strategy in the here and now. Our law firm recommends that individuals who are interested in planning for their future should make choices that include the areas of real estate, estate planning...
Dean Smith raises awareness of revocable living trust benefits
Some Miami residents may have read about former University of North Carolina basketball coach Dean Smith and his unique estate planning choices. Coach Smith passed away last month. But just this week, he made headlines when his former players started receiving checks...
Can an estate plan include planned giving?
Gifts can be an important part of an estate plan. In fact, an attorney that focuses on various types of revocable and irrevocable trusts might recommend including planned giving in a trust’s documentation.A recent article profiling the revocable living trust...
