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February 2015 Archives

How gift tax applies to an irrevocable trust

Florida residents who have established irrevocable trusts for their beneficiaries may be interested in a recent Internal Revenue Service Private Letter Ruling that affects whether contributions to an irrevocable trust are subject to federal gift tax. The ruling, which was released on Feb. 13, concluded that a trustor's contribution is not a completed give and was not subject to federal gift tax.

Placing life insurance in a trust

Life insurance is a way many Florida residents may choose to take care of their beneficiaries when they no longer can. Yet, without forethought, insurance policies may be subject to estate tax and creditor levies. It may be beneficial to consider the implementation of a irrevocable life insurance trust.

Power of attorney basics in Florida

A power of attorney allows a person to choose another individual to act on their behalf. A power of attorney may apply only to certain aspects of life such as medical decisions or selling a home but is also able to cover all aspects of decisions if the person who is grating the power becomes incapacitated. Establishing power of attorney may be one part of ensuring that life decisions are managed as planned.

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