Although your Last Will and Testament will likely serve as the foundation of your estate plan, a comprehensive estate plan should include far more than just a Will. A well thought out estate plan can help you achieve a wide range of goals and objectives by incorporating the right estate planning tools and strategies. While no two estate plans are identical, there are some commonly utilized tools … [Read more...] about What Revocable Trusts Can, and Cannot, Do For Your Estate Plan
In 2010, multimillionaire Floridian John Goodman was involved in a drunk driving accident that resulted in him running a stop sign, crashing into another car, and causing the death of a 23-year-old man. The 48-year-old Goodman recently adopted his 42-year-old girlfriend as his child. The question is, why? To answer this question, we have to look back to when Mr. Goodman established an irrevocable … [Read more...] about To Protect Fortune After Drunk Driving Death, Man Adopts Girlfriend As His Daughter
A revocable living trust and an irrevocable living trust are quite different, and, because of those differences, an estate plan that utilizes the wrong trust may be significantly impaired. Do you understand the purpose of the irrevocable living trust? The following questions and answers will help those who are just delving into the world of estate planning to understand the unique aspects of the … [Read more...] about Three Questions About the Irrevocable Living Trust
When people in Florida create an estate plan, they often include one or more trusts as a part of that plan, and naturally have questions about how they choose a trustee for those trusts. Choosing a trustee, as with any part of the estate planning process, is something that takes time and consideration to do properly. While there is no single answer to how best to choose a trustee, and who the … [Read more...] about Basic Questions About Estate Planning – How do I choose a Trustee?
Understanding how to fund a trust is essential for anyone creating an estate plan in the Port St. Lucie, Florida area. Funding a trust is simply the terms attorneys use to describe the process of taking an individual's property and transferring it into the trust's name, so the trust becomes the new owner. The trust funding process is essential if you want to get the most out of the trust, and … [Read more...] about How to Fund a Trust: 3 Methods
In last week's blog post in our ongoing series on basic questions about estate planning, we looked at trusts, but we didn't ask many questions about the trustee. Today we're going to do just that. A trustee is someone who plays a vital role in any estate plan, regardless of the type of trust you create. Understanding why the trustee is so important, what responsibilities that person has, and what … [Read more...] about Basic Questions About Estate Planning – What is a Trustee?
If you have ever considered creating or using a revocable living trust but don't know much about them, we have developed this brief list of tips to help you out. Revocable living trusts are one of the best estate planning tools you can choose to create. To help give you a better idea why revocable living trusts are so useful and what they can do for you, keep these tips in mind. Revocable Living … [Read more...] about Revocable Living Trust Tips
When you create a living trust in Florida you give yourself some specific, and significant, benefits that simple property ownership does not convey. The property you place into the living trust can avoid probate. It will also pass to your heirs under the terms you set out, and do so privately. A living trust can also help you in the event you become incapacitated by allowing someone else to manage … [Read more...] about Living Trust in Florida: Simple Errors You Want to Avoid
A lot of people first visit an estate planning attorney’s office without really knowing a lot about trusts and other estate planning elements. In Florida, this is very common, and it’s not something you need to worry about. What you do need to worry about, however, are the common myths and misperceptions about a lot of estate planning tools that are floating around out there. One of these myths … [Read more...] about Do I Really Need a Trust in Florida?
People in Florida who create an estate plan will often include a revocable living trust, also known as an RLT, as a key piece of that plan. If you don’t know much about these types of trusts, they afford some significant legal protections that simple property ownership does not. For example, when you create an RLT and transfer some of your property to the trust, you get to determine how to … [Read more...] about Common Questions About the Property in RLTs