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September 2014 Archives

Common misconceptions about trusts

Florida residents may find a recent article concerning myths surrounding the use of trusts helpful for estate planning. Many people do not consider trusts when planning their estates due to wrong ideas about trusts. One prevalent misconception is that trusts are only for the rich and that people who are not wealthy do not have enough assets to make the expense of trust creation worthwhile. Although legal expenses are usually higher than those associated with preparing a will, savings are realized in the avoidance of probate later. If a relative or trusted friend is able to be trustee, the administrative expense is further reduced.

Estate planning is for everyone

Making arrangements, prior to death, that outlines who will receive property after the owner passes away is the basic concept of estate planning. The estate plan allows an individual to dictate how those valuables are to be passed on after their death. If this matter is not addressed before a person's demise, the state laws of intestacy will govern the distribution of assets, which may not comport with the owner's wishes. Regardless of the amount or nature of property involved, it is advisable for most Florida residents to properly plan in advance.

The best and worst assets to keep in a Florida estate plan

Good estate planning includes knowing which assets are worth holding in the estate and which might best be sold prior to passing on. In many cases, the decisions to hold onto or sell certain assets are based on tax incentives. Generally, it is a good idea to keep assets that have appreciated in value, such as stock or collectibles. However, it is a better idea to sell stocks or other assets that have depreciated.

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