Articles Posted in Estate Planning

St. Augustine trustors establish a Florida Trust may have numerous objectives in mind. Trust assets can benefit several beneficiaries; a trust may help you avoid the probate process by funding the trust during your lifetime; and Florida trust funds can be managed by professionals. Professional management of the trust is important if the beneficiary is a minor or a mentally incompetent adult, or useful when the beneficiaries are not experienced with investing money or managing property.

In Connecticut, a man who was appointed trustee by a probate court, began to embezzle trust funds from his grandmother’s trust leaving her without enough money to live on. The grandson trustee’s transactions of investments to benefit the trust, were actually in violation of the established rules of the trust. Needless to say, the grandson is no longer trustee, and may be looking at jail time. Florida has laws that can make actions like these a crime against the elderly.

Establishing a Florida Revocable Trust is an important estate planning tool for many people regardless of their net worth. It is however, vital to speak with a St. Augustine Estate Planning Lawyer who can give invaluable advice as to your choice of trustee and successor trustee as well as the various duties, powers and limitations of the trustee.

Florida pet lovers are part of the estimated 71.4 million households that have at least one pet. according to an article published in the Chicago Sun-Times. Jacksonville animal lovers spend lots of time and money caring for their pets, but what happens to these beloved creatures when their owner passes away?

If you have not made an arrangement with a family member or friend your pet may end up in an animal shelter or worse. People create Florida Wills to provide for their families and there is a growing trend to create pet trusts. Remember the very wealthy Leona Helmslely, she left millions to care for her maltese poodle. Make arrangements by speaking with a Pet Trust Attorney, so the person you designate to take your dog or cat or other animal, will have the adequate funds to look after your pet.

If you love and cherish your dogs, cats and pets than make sure they are cared for should you pass away before them. The Florida Trust Code has provided for a pet trust which allows you to ensure that your animal alive during your lifetime is taken care of even after you are gone. If you want to discuss having a trust created to ensure that you have left appropriate funds for the future care of your beloved pet, call a Jacksonville Estate Planning Firm.

Prepare your Will! It’s easy, it’s affordable and it doesn’t involve giving up anything sweet.

We are all guilty of procrastinating when it comes to having our Florida Will prepared, make this a priority for 2011. Once you make the decision, you will be able to rest assured that when you pass (hopefully many years from now), your family will be provided for according to the provisions you have made.

If you die without a valid will you are said to have died “intestate”, and the

The Tulsa Estate Planning Blog reported that The 2010 Tax Relief Act creates a unique opportunity to make gifts through December 31, 2010 that are not subject to the generation-skipping transfer tax. This is because, under the new law, the tax rate is zero for any generation-skipping transfer made in 2010. Beginning January 1, 2011, the tax rate for these transfers will be 35%. In two short years the rate goes back to 55%.

Money can be taken from an existing multigenerational trust, declared subject to the 2010 GST tax, and deposited in a new trust for grandkids’ benefit, with the GST tax now pre-paid at a 0% rate.

Under the tax deal, each person’s lifetime exemption from gift, estate and GST tax will be “unified” at a hefty $5 million in 2011 and 2012.

For those of you who want to read the Reid-McConnell Tax Relief bill for more details on what is actually in it follow this link

For the summary download this document.

Whatever the extent of your Jacksonville property or assets, it is important to have your Florida will drawn up. If you die before you make a will, the State of Florida intestacy succession laws will distribute your property for you. It is important to consult with a Jacksonville Estate Planning Attorney to ensure that your will is prepared in accordance with Florida Statutes.

To be valid in Florida, your will must meet certain requirements:

• Legal age
• Testamentary capacity (of sound mind and body)

Forbes.com has reported that no price has been set for the Astros, but Drayton McClane Jr., has decided to sell the team for estate planning purposes. The team is worth a reported 455 Million and could create a tax bill of more than 200 Million dollars.

While the proposed changes to the estate taxes will help many people, it will still create major problems for larger estates. If you want to discuss your estate and what options you may have to reduce estate taxes or probate costs and delays, you should contact a Jacksonville Estate Planning Lawyer to discuss your circumstances and goals.

It has been widely reported that the extension of the Bush Tax Cuts is being recommended by Obama in addition to agreeing to a new estate tax of 35% on assets in excess of 5 Million dollars but no one is reporting on what will happen with the loss of stepped up basis. For many Americans the loss of stepped up basis could cost more than if there was a lower estate tax exemption.

The bill is reported to be submitted to congress today so we should know soon what we are dealing with. Either way it will cause many American families to have to revisit their estate planning and life insurance needs over the next few months.