If you've taken the time out of your busy life to engage in estate planning, then you probably have specific ideas about what you'd like to happen with your property once you pass away. What you may not realize is that many of your Florida assets have to be probated...
Trusts
Common estate planning errors to avoid
One of the biggest estate planning error a person can make is not having a will or having one that is from out of state. The latter issue could affect people in Florida if they have moved there from a different state to retire and have not updated their will. Even if...
What is an irrevocable living trust?
One misconception about trusts is that only the extremely wealthy benefit from creating them. The truth is that trusts are a great estate planning tool for those in a wide range of situations. For example, trusts can help you ensure that your disabled child will...
Using a trust for a 529 plan
Many estate owners in Florida have 529 savings accounts that are used to put away money for the education of their children or grandchildren. Some may wonder if they should create a trust to hold such an account.In most cases, this is not needed. If the creator wants...
Reviewing trusts and other estate planning tools under SECURE Act
Strategies and tools that previously worked to protect Florida estates from taxes may be a liability under the new rules of the SECURE Act. In addition to the raising of the estate tax exemption limit to $11.4 million, Congress has changed the rules governing IRA...
What are spendthrift trusts?
Trusts are a tool many individuals, known as testators, use to protect the value of their assets and for passing money and other valuable items onto their heirs. Most testators set up trusts to ensure that their assets are protected from ending up in the hands of...
A living trust becomes irrevocable after you pass away
If you create a living trust, you still have a lot of freedom. You can typically revoke the trust or make alterations as you see fit. This could include adding more assets to the trust or removing assets as you need them.This is often attractive to those who do not...
Steps in revoking a revocable trust
A person who has a revocable trust as part of an overall estate plan can revoke that trust at any time. However, the process may not be a simple one. A Florida resident who decides to change an estate plan in this way may want to consult an attorney to ensure that the...
Key considerations for successful estate planning
When people in Florida think about planning for the future, there are a number of concerns that people may have in mind. Estate planning is an important process that allows people to pass on their assets to their beneficiaries, and there are a number of key legal...
What are the main reasons to avoid probate?
If you have recently started to research estate planning, you may have started to notice that a huge emphasis is placed on attempting to avoid probate. Probate is a court-supervised process that essentially ensures that all assets within an estate are distributed...
