A Florida Power of Appointment is a right given to another in a written instrument, such as a will or trust that allows the other to decide how to distribute your property. The power of appointment Can be a general power of appointment if it places no restrictions on who…
In Florida Estate Planning, Florida Guardianship Proceedings, and Florida Probate cases it is often necessary to setup a full or plenary guardianship. Guardian: an adult appointed by a surviving parent in his or her will or by a court, who is responsible for a minor child or legally incapacitated person’s…
In Florida Probate, if an individual acquired assets while living in a community property state, those assets, their proceeds, and income received from the assets may be subject to a different distribution than assets or income that was acquired while living in a non community property state such as Florida.…
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…
4. What are the general myths about Florida revocable trusts? “Revocable Trusts Save Taxes.” Revocable trusts do not save income taxes or estate taxes. Typically during the life of the grantor the tax id of the grantor is used and any tax flows through to the grantor at his rates.…
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…