Here is a summary of an interesting article on Florida Living Trusts: 1) Florida Estate Planning To Avoid Probate Costs. A Florida living trusts can help eliminate the cost and delay of probate. 2) What About Taxes And Asset Protection In My Florida Living Trust. No Tax Benefit. Florida living…
Florida Estate Planning Lawyers often build a Florida estate plan around two basic strategies: The first takes advantage of the unified credit. (This credit eliminates the estate tax on the first $2 million, 2007 and 2008, this credit rises to $3.5 million in 2009. There is no estate tax in…
Clients often ask Estate Planning Attorney’sfor a Florida will or a Florida Living Trust. The seldom ask for a will and a trust even though in most cases this is what they need. Clients who want to skip probate and avoid the fees and delays associated with establishing and administrating…
Everyone in Florida seems to be going crazy to setup a Florida living trust. Often we find ourselves asking why does this client need a living trust. In most cases they don’t, but if clients are looking for privacy, to save time or money on probate or have assets in…
Often clients ask about Do it yourself living wills, wills, trusts, and other components of estate planning. I read an interesting post by an Estate Planning Attorney and although they are not in Jacksonville Florida their advice and commentary is very relevant. Basically with a will, you don’t often get…
In Florida estate planning a person can leave money in trust for the care of an animal. As of July 1, 2007 Florida Statute 736.0408 replaced the previous statute 737.116 which was effective from April 23, 2002 until June 30 2007. The new Florida Statute states: (1) A trust may…
In Florida a Successor Trustee is the person or institution named in the Revocable Trust agreement or other trust agreement who will assume control of the trust if the original trustee dies, resigns, or becomes unable or unwilling to act. There can be several layers of back-up trustees that take…
Florida Spendthrift Trust: A trust established to provide a fund for an individual that includes a provision intended to secure it against that person’s lack of caution and protect it against the claims of creditors. A person can typically prevent against their own creditors but they can achieve some asset…
In Florida a Revocable Trustcan be amended and revoked, by the grantor who established the trust. This trust may become irrevocable and no longer amendable when the grantor of the trust dies or becomes permanently incompetent. Living Trust also known as Revocable Trust of Revocable Living Trust: A trust that…
In Florida wills, Florida Trusts, and Florida Estate Planning it is important to deal with Pretermitted children. Make sure your Florida Estate Planning Attorney and the estate planning documents deal with them or you can have unexpected results. A Pretermitted Child A child by birth or adoption who became a…