Florida Land Trust: Another Form of Property Ownership

In previous articles, we have looked at different ways to own property in Florida. For example, you may own real property as the sole owners, as tenants in common and as joint tenants with right of survivorship. The Florida land trust is another form of property ownership you may want to consider. But why? Property Owned by a Florida Land Trust May Be Protected from Liens and Civil Judgments Someone who loses a Read More

Do Trusts Pay Income Taxes?

Trusts consist of a grantor, a trustee, and at least one beneficiary. The grantor creates the trust, then funds it by transferring assets to it. We may not think of trusts as profit centers, but some trusts do generate income. This, of course, leads to the question, “Do trusts pay income taxes?” Whether they do or do not depends on several factors, starting with the type of trust involved. Simple Trust vs. Complex Read More

What Happens When You Decant a Trust?

An irrevocable trust is structured to make it difficult, if not impossible, to alter. Naturally, this sometimes results in an inflexibility that may become frustrating. Trusts sometimes lose their effectiveness or no longer meet the needs of the beneficiaries. In the past, the trustee of an irrevocable trust typically would have been unable to adjust the terms of the trust. However, when you decant a trust, you may Read More

Getting Married? Make Your Estate Plan Reflect Your New Life

Whether it is your first time or your third, marriage has a profound effect on your life. Many things may change from your address to your estate planning goals. While planning your wedding and honeymoon, take some time to make your estate plan reflect your new life. It’s important for the future of your new spouse and your children and other loved ones. New Spouse – and Old First, the old. How your previous Read More

7 Pets That Inherited Fortunes

Pets are often a big part of our families. In fact, some people refer to themselves as pet parents or speak of their pets as if they were their children. It’s important to care for our animal friends, and this is true even after we have passed on. Some people set up pet trust while others name their devoted pets as beneficiaries in their Wills. Seven lucky pets that inherited fortunes continued to live a good life Read More

Is it Time to Update Your Trusts?

Years ago, Blake added a special needs trust, a revocable living trust, and a qualified terminable interest property (QTIP) trust to his estate plan. He knew he should review his estate planning and his trusts every so often, but just never seemed to have the time. When Blake passed away recently, his family was left with a messy probate situation. Assets had been bought and sold, some heirs had predeceased Blake, Read More

Would a Family Incentive Trust Work for Your Family?

Parents tend to worry about their children’s behavior. As children become adults, those worries change from wondering if the kids did their homework to hoping they will make sound financial decisions. One way to encourage fiscally responsible behavior is through a family incentive trust. But, what can this trust do that a parent’s chore charts and withheld allowance did not? What is a family incentive trust? Like Read More

Wealth Transfer Strategies for Baby Boomers

Baby boomers – an iconic slice of American history. Making up almost 20% of the United States population, baby boomers are reaching retirement age in large numbers. As they retire and eventually pass away, they stand to pass on more than a good name or a quirky family legend. In fact, baby boomers are expected to transfer up to $68 trillion in wealth to their heirs in the coming decades. In this article, we will Read More

Myth Busting: 3 Beliefs About Trusts That Just Are Not True

Myths have abounded in the world since ancient times. However, over time myths have evolved from stories about Zeus and Poseidon to commonly-held-though-inaccurate beliefs about our modern life. Even a serious field like estate planning has not escaped the formation of myths. In this article, we will set out ‘myth busting’ three beliefs about trusts. #1 - Trusts are only for the wealthy. It’s true that some Read More

What You Can Learn from Celebrity Trusts

Between the paparazzi and social media, we often know more about celebrities than we care to. In fact, they are so far removed from your life, you may feel that there is nothing to be learned from their trials and triumphs. However, sometimes we can learn what not to do especially in terms of their estate planning. In this article, we will explore what you can learn from celebrity trusts. Establish Trusts as Read More