A trust operates on some very simple principles that, even though they are easy to meet and understand, allowed you to provide yourself and your estate with some substantial legal protections and benefits. The most difficult part of deciding to create a trust is sitting down and determining what trust is best for your purposes. Whether you choose a revocable living trust, various kinds of … [Read more...] about Managing a Trust With a Schedule of Assets in Florida
Getting The Most Out of Your Living Trust
When people create an estate plan that includes a revocable living trust, they must then take the time to properly fund the trust. Funding a trust means transferring the property you own to the trust’s name so the trust becomes the new legal owner. Your estate planning lawyer will give you specific instructions on how to transfer different kinds of property, but you can expect to include the … [Read more...] about Getting The Most Out of Your Living Trust
Some Common Questions About GRATs
Question 1: What is a GRAT? GRAT stands for grantor retained annuity trust, a specific kind of irrevocable trust that holds some substantial benefits for financial and estate planning purposes. As an irrevocable trust, a GRAT is something that should only be created after careful consultation with your attorney. Question 2: How does a GRAT work? The basic elements of a GRAT are very simple. … [Read more...] about Some Common Questions About GRATs
Is a Charitable Remainder Trust Right For You? 3 Questions
Question 1: What is a charitable remainder trust? A charitable remainder trust, commonly abbreviated as CRT, gives you the opportunity to take an appreciating asset, such as an investment portfolio or real estate, and transfer it into a source of lifetime income. At the same time the trust allows you some significant tax benefits. Question 2: How does the trust work? When you create a CRT you … [Read more...] about Is a Charitable Remainder Trust Right For You? 3 Questions
Creating the Living Trust is Only the First Step
A good revocable living trust allows you to transfer your property outside of the clunky, and often costly, probate process. Yet creating a living trust, while beneficial, is only the first steps in its effective use. The next step is to transfer your assets to the trust, a process known as funding. While your attorney will walk you through the specifics of the funding process there are several … [Read more...] about Creating the Living Trust is Only the First Step
Using the Intentionally Defective Trust: 3 Facts You Should Know
Fact 1: Defective doesn’t mean Ineffective Despite the name, an intentionally defective grantor trust can be a very useful estate planning tool. The intentionally defective trust, often abbreviated as IDGT, will not be able to help you reduce your income tax liability, but it will allow you to shelter some of your assets for estate tax purposes. This is why the trust is known as defective, … [Read more...] about Using the Intentionally Defective Trust: 3 Facts You Should Know
If You Made Your Own Trust You Need to Talk to a Lawyer
The growing popularity of websites that promote do-it-yourself legal guides and services has led to many people to choose to create their own trusts without the advice of a lawyer. You’re never legally obligated to hire a lawyer whenever you want to create any type of legal document, including a trust, but you should always have any self-made documents reviewed by your attorney. Here’s why. “This … [Read more...] about If You Made Your Own Trust You Need to Talk to a Lawyer
Considerations in Choosing a Trustee
If you are considering establishing a trust, as a part of that, you'll need to choose a trustee. This is an important decision and should not be made lightly. If you are in the throes of choosing a trustee, you should take into account some important considerations. The first thing you need to do is understand exactly what is entailed in being a trustee. It is not a position that ends quickly, … [Read more...] about Considerations in Choosing a Trustee
A Few Basic Questions About Trusts
Beginning the estate planning process is often daunting for people who have little knowledge of the field. For many people, creating one or more trusts is an important step in creating a good estate plan, which is why it’s vital to understand what a trust is and how it works. If you don’t understand why you are doing something, you should always speak to your attorney and ask him or her to explain … [Read more...] about A Few Basic Questions About Trusts
What to do When You Want to Change The Terms of Your Testamentary Trust
When you create a last will and testament you might direct for the creation of a testamentary trust. These trusts can serve a wide range of purposes, but are often used when someone wants to leave property to someone else yet have that property managed by a more responsible person, such as when a grandparent is leaving property to an underage grandchild. At some point, however, you may decide that … [Read more...] about What to do When You Want to Change The Terms of Your Testamentary Trust
