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Trusts Archives

Setting up a living trust? Think about your personal items

Before you know it, the time comes to think about the future of your hard-earned money and cherished personal possessions. As you sit down to create a list of the unique items you want to pass to your children, grandchildren and other loved ones, you figure you'll just add it to the living trust that you'll be creating the following week. That document should protect all your assets. Sounds simple, right?

Using trusts to avoid probate and taxes

Most Florida residents know it is a good idea to make a will so their final wishes are known and the probate process is less painful for their estate and heirs, but a will does not protect most assets from a loss in value and taxes. This is where trusts come in. There are many types of trusts that can be created in an estate plan to help preserve and protect assets.

The importance of naming the right successor trustees

Many Florida residents want to establish living trusts so that they can manage their assets while they are still living and pass them in a streamlined manner after they die. When people are engaged in trust planning, they should think carefully about who to choose to serve as their successor trustees.

My child has debts. Will the assets I leave go to his (or her) creditors?

In the United States, the incomes of younger individuals have declined for decades, while the incomes of older folks - their parents, in many cases - have increased. According to Vice Media, salary growth for people in their twenties "has been well below the national average" since the 1980s. As a result, individuals who've grown up during this period tend to have more debts and financial liabilities than those who came before.

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.

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