As the Estate tax exemption continues to increase, fewer and fewer American families are subjected to the death Taxes. On the other hand this is creating a real problem with probate fees. Since fewer families are concerned with estate taxes, the overlook the fees associated with probate.
There are many techniques used to avoid the need for assets to be subjected to probate. These include: Joint accounts, payable on death designations, beneficiary designations, and Florida Revocable Trust . There are many issues that determine which of the methods is best for your particular situation.
With the increase in divorces and numbers of families with children from outside the current marriage, the Florida Revocable Trust often offers the best flexibility. It is important to evaluate a clients objectives, the risks associated with each method, and the costs.