Dynasty Trusts: Sharing Your Wealth with Future Generations

Over the years, George and Marla had built a real estate empire. Now, their deepest desire was to make sure their children and future descendants benefitted from their work. While discussing their estate planning goals with their lawyer, they learned about dynasty trusts. If sharing your wealth with future generations is a consideration, you, too, might benefit from a dynasty trust. Building an Enduring Legacy with Read More

Can You Serve as Trustee of Your Own Trust?

You may be thinking of adding a trust to your estate plan. Maybe you have already added a trust to your estate plan. Either way, choosing the trustee of your own trust can be a difficult decision to make. Articles about qualities to look for may help ease your decision making, but what if you want to serve as the trustee of your own trust? Trusts, 101 In general, a trust will consist of the following: A Read More

Trust Strategies for Effective Wealth Preservation

Wealth preservation is a hot topic right now. People are concerned about protecting their assets to provide for retirement and to protect their children’s inheritance. Some may find trust strategies for effective wealth preservation by consulting with their estate planning attorney. What is wealth preservation? Though the concept sounds simple – preserving wealth – the execution of wealth preservation strategies Read More

Trusts that Transfer Wealth

If you have built and/or acquired substantial assets over your lifetime, chances are you want to enjoy their fruits before passing them on to loved ones. Gifts are one way to share the wealth.  In addition, trusts that transfer wealth may reduce your taxable estate with some added benefits. Besides transferring wealth, you may be able to make charitable contributions and provide for future generations. Charitable Read More

Revocable vs. Irrevocable: Trusts for Tax Reduction

Every trust has a purpose. Avoiding probate and asset protection are common reasons for establishing a trust. Every trust is also either revocable or irrevocable. When choosing trusts for the purpose of tax reduction, it’s critical to understand the difference between revocable and irrevocable trusts. Revocable vs. Irrevocable – Some Basic Differences The biggest and most basic difference is that revocable trusts Read More

Ways Your Minor Child Can Inherit

People usually want their property and assets to go their spouses and children. However, what do you do when your child is under age 18? Are there ways your minor child can inherit if you die before they reach their majority? Fortunately, estate planning can address this situation to make sure your child receives the inheritance you want them to have. A Minor Child May Inherit with or Without a Will Wills are one Read More

Florida Gun Trust: Do I Need a Lawyer?

If you are a gun owner, you’ve probably heard of a Florida gun trust. You may know exactly what it is used for but may be wondering if you need a lawyer to help set one up. Continue reading to learn more about gun trusts and how your lawyer can help you avoid running afoul of federal law. The National Firearms Act of 1934 As amended, the NFA requires that certain firearms be registered with the federal government, Read More

3 Reasons to Establish a Revocable Living Trust

Estate planning tools offer unique and useful benefits. Wills provide a way to distribute a person’s estate after their death. Trusts, including revocable living trusts, provide another way for individuals to accomplish their estate planning goals. Before deciding to establish a revocable living trust, consider why you might want to use a revocable living trust. Incapacity Unlike a Last Will and Testament, a Read More

How Can a Spendthrift Provision Protect Your Heirs?

The thought of leaving a nice inheritance for your loved ones may bring a smile to your face. However, for some, it may cause a few worry lines instead. When you take a realistic look at your heirs, do you see any who may not benefit from a lump sum inheritance? If so, can a spendthrift provision protect your heirs? What is a spendthrift provision? It’s part of a document, a trust for example, that protects money Read More

Standalone Retirement Trusts and Your IRA

Trusts generally consist of a grantor or settlor, a trustee, and at least one beneficiary. Every trust also has another characteristic – a purpose. Trusts may be established to save taxes, protect assets, provide for someone with special needs, or distribute wealth to current and future generations. For Standalone Retirement Trusts, the purpose is to serve as beneficiary for qualified retirement funds, including Read More