Readers of this blog may have heard the term, living trust. Although it is an established option in estate planning, readers may have some questions about the control of assets and potential tax implications of this option. As background, keep in mind that a...
Trusts
Trusts are about more than restrictions
Although readers of this estate planning blog may have heard that trusts can be used to minimize taxes and preserve assets, it can always be helpful to provide specific examples. As a preliminary matter, there are benefits available even if an estate is below the...
Late actor’s estate utilized an irrevocable land trust
Although readers may have reservations about the permanency of irrevocable trusts, a recent story illustrates the benefit that this choice can provide.The context is one of tragedy: Robin Williams’ estate. Although the beloved Hollywood actor’s passing may...
Estate planning can even be addressed in prenuptial agreements
It’s never too early to start conversations about estate planning. In fact, a recent article suggests that estate planning might even begin before a couple gets married, concurrent with any prenuptial agreement discussions.There are several scenarios where it...
Trust instruments can supplement wills while avoiding probate
One of the most beneficial aspects of trusts is that they allow the grantor to establish guidelines and parameters that will endure long after he or she has passed. Unfortunately, not everyone may be aware of these options in estate planning. A recent example can...
Estate planning involves many common goals
An attorney that focuses on estate planning frequently hears certain common goals from clients. Perhaps the most obvious goal is for estate assets to pass to their designated heirs and beneficiaries, and to avoid unexpected results, entanglements or family...
More than a will may be required for thorough estate planning
Although estate planning is designed to effectuate the intentions of the grantor, sometimes it may take a helpful nudge from friends, children or other loved ones to start the discussion.In fact, a recent article indicates that around 70 percent of Americans may be...
Some inherited assets incur different tax treatment
Evaluating retirement needs against estate planning may require a balancing act. Potential estate assets may include retirement accounts, real estate and investments or securities. Yet with an array of estate planning instruments, such as wills and revocable and...
Modification of trusts and possible tax ramifications
Tax considerations often motivate individuals to create irrevocable trusts when it comes to estate planning purposes. We therefore wish to take every precaution when creating or modifying such a trust to make certain unintended tax consequences cannot be triggered.One...
Use of trusts for estate planning purposes
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...
