Category Archives: Trust Planning
Assigning A Trustee For A Loved One’s Special Needs Trust
If you are caring for a loved one with special needs, you may worry about what will happen to them if you are no longer able to provide their necessary care. The decision of who will take care of their health, living, and financial needs is a very serious one. Fortunately, there are tools… Read More »
Three Reasons Many Trusts Fail
If you have a Florida estate plan, it may include a trust. A trust is a legal document into which assets are placed to be distributed to beneficiaries in the event the grantor (person who created the trust) passes away. Trusts are important estate planning tools that allow loved ones to avoid the probate… Read More »
Third Party Vs. Self-Settled Special Needs Trusts
Special Needs Trusts (SNTs) are a special type of trust used to protect a person’s ability to continue receiving needs-based government benefits, primarily Medicaid and Supplemental Security Income (SSI). Because a beneficiary of such programs cannot legally more than a specified amount of assets, it is often necessary to create a SNT to ensure… Read More »
Does A Revocable Trust Have To Pay Federal Income Tax?
Revocable trusts are the simplest form of trusts used in estate planning. A trust is a legal arrangement whereby a grantor transfers certain assets to a trustee, who then holds those assets for the benefit of certain beneficiaries. In the typical revocable trust, these are all the same person. That is to say, if… Read More »
Land Trust: What Is It And What Are The Benefits?
Many Floridians are setting up Land Trusts for their properties in the Sunshine State. But what is a Land Trust, and can you benefit from creating it as part of your estate plan in Florida? If you are considering setting up a Land Trust in Florida, consult with a St. Petersburg trust planning attorney… Read More »
Irrevocable Life Insurance Trust (ILIT): What is It and What Are the Benefits?
When preparing an estate plan, many Floridians wonder whether it makes sense to create an Irrevocable Life Insurance Trust (ILIT). You need to understand what an ILIT is in order to know whether it is worth creating one. While an ILIT can be a critical trust planning tool, creating an Irrevocable Life Insurance Trust… Read More »
How to Make Sure Your Beloved Pet Is Cared for After Your Death
For many people who are older and whose kids have long moved away, their pets become their most important companions. Loyal and kind, owning a pet offers people the benefit of companionship as well as health benefits. Most Americans own a pet. To be sure, according to the National Pet Owners Survey, as of… Read More »
Should you name a trust as IRA beneficiary?
An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The answer: possibly. IRA benefits The benefit of an IRA is that your contributions can grow and compound… Read More »
Educate your children on wealth management
If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about… Read More »
At your own risk: The pitfalls of DIY estate planning
There’s no law that says you can’t prepare your own estate plan. And with an abundance of online services that automate the creation of wills and other documents, it’s easy to do. But unless your estate is small and your plan is exceedingly simple, the pitfalls of do-it-yourself (DIY) estate planning can be many…. Read More »