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Trusts Archives

Special needs trusts avoid probate and protect crucial funding

According to the Centers for Disease Control and Prevention, more parents every year are facing the prospect of caring for a disabled child for the rest of their lives. While the number of disabled children increases, so do the rates of Alzheimer's, meaning that it is more likely that those parents caring for their children may themselves become disabled and need around-the-clock care. Such parents in Florida may understand that it is especially critical to provide for their children for the long run without jeopardizing their eligibility for government benefits or dealing with probate delays.

A living trust may be best option for blended family

Families are complex, even in the most traditional circumstances. However, when families include divorce, remarriage and step children, certain factors may need a little more consideration. For example, holidays, finances and schedules all require more thought and planning to avoid complications. Another area which may need more attention is estate planning. While some families in Florida may do fine with a simple will, a blended family may find that a living trust offers more options.

Trust leaves family confused, fighting heated probate dispute

One purpose of creating an estate plan is to make one's wishes clear, especially regarding family assets. In Florida, such assets may include real estate, investments and/or a family business. However, if a parent expects to create a legacy with those assets, it is wise to make sure the trust is clear and the beneficiaries are aware of the terms it holds. One group of siblings wasted time and money in probate because their father's trust failed to address important details.

Living trust useful for managing, distributing assets

More than 50 percent of American adults lack basic wills. Unfortunately, not having an estate plan in place typically means people in Florida and elsewhere cannot dictate what happens to their assets when they die. Although having a will can be an important part of having an estate plan, a living trust can also be an essential estate planning tool.

Understanding how to use a trust to manage estate taxes

Figuring out the best way to handle your estate so that your descendants are untroubled by an excessive tax burden can be difficult. Not only do estate tax laws change from state to state, but they have also changed several times at the federal level during the last ten years. If you are looking at planning your estate, here is what you need to know about whether or not you should use a trust, as well as what the limitations on trusts are.

Top benefits of establishing a trust

Estate taxes affect thousands of Americans every year, taking a big bite out of the inheritance you might otherwise be leaving behind to take care of your spouse or children. While these taxes are not the same everywhere, moving specifically to find a place where they are less likely to impact you is not usually feasible. On top of that, there is the problem of the federal estate tax, which kicks in if you exceed its threshold and does not change from state to state.

Living trust may be handy for parent with child with disabilities

Florida estate planning can seem like a daunting task, but it can be especially challenging for parents whose children have disabilities. They may be worried about who will take care of their disabled children and where their children will live. A living trust may be a helpful estate planning tool in these circumstances.

Estate planning important when dealing with vacation home

Making plans for one's estate is an activity that is often avoided simply because people prefer not to discuss topics related to death. However, without an estate plan, one's assets in Florida may not end up in the intended hands. One asset that is important to pass down correctly through estate planning is the vacation home.

Living trust can be set up for pets

Cats and dogs have the potential to live for two decades, while horses can live for three. Since nearly 66 percent of Americans, including people in Florida, own pets, not considering these pets in estate plans would be an oversight. A living trust can be a helpful estate planning tool for a person who has invaluable pets.

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