Attorney-in-Fact: The person selected to have the authority to act on the behalf of a principal. An attorney-in-fact can be any adult that the principal selects. (He or she need not be a Florida lawyer.) Typically, people appoint an attorney-in-fact in a power-of attorney, granting the attorney-in-fact the power to…
Annual Gift Tax Exclusion: Each person has an annual gift tax exclusion of $12,000 annually free of gift tax if it is a gift of a present interest such as cash, tickets to Jacksonville Jaguars football game that are currently being given or a new car. If you are not…
Summary A Florida revocable trust can be a helpful estate planning tool. It retains flexibility while the grantor is alive and has capacity and allows for them to name a trustee who will handle their affairs if they were to loose capacity or when they die and helps avoid probate…
Testamentary Trusts A testamentary trust in Florida is formed through a provision in a will and does not come into existence until a person dies. It does not help if someone becomes incapacitated although hopefully that person will have a power of attorney to handle their financial affairs otherwise a…
5. How do you name a trust? Revocable Trusts A revocable trust usually includes the following information: (1) The specific name of the trust, (2) The date that the trust was executed/created, (3) The name of the trustee, (4) The title of the word trustee An example is: the John…
3. What Are some disadvantages of Florida Revocable Trusts Re-Registration of Property and Changes to Beneficiary Designations In order for the trust to ensure the continuity of management of the assets and Florida probate avoidance the trust must be funded through a process of retitling assets of the estate. Depending…
2. What are the general advantages of revocable trusts? Continuity of Management During Disability Creating a Florida revocable trust is probably the best way to ensure that your property remains available to be used for your benefit, should you become physically or mentally incapable of managing your own affairs. While…
FLORIDA REVOCABLE TRUST STRUCTURE A Florida revocable trust is created when an individual (typically called the grantor in Florida but also known as settlor, or trustor) signs a trust agreement naming a person(s), a corporation, or both to administer the trust (the trustee or corporate trustee). In Florida and many…
1. What is a Florida revocable trust? A Florida Revocable Trust is a trust that is prepared by a Florida Grantor or sometimes know as a Settlor who is domiciled in Florida and the trust can be altered, amended or revoked. A revocable trust may also be known as a…
A new problem has begun to surface in Florida Estate Planning. What happens if you use email, or other online services? Will your loved ones be able to act upon your behalf if you are incapacitated or unable to act on your own?