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...
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...
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...
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...
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...
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...
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...
Perhaps you are new to estate planning. Or you prepared a plan years ago and need to revise it. Estate plans typically include a Will, a durable power of attorney, and a medical power of attorney. Many people also include a trust, a revocable trust and/or an irrevocable trust. If you are wondering, “should I use...
Joe had very clear ideas about where his property should go after he passed away. Fortunately, he put together an estate plan that stated his wishes. However, he was concerned about how his firearms would be transferred to his son. In addition to a Will, general durable power of attorney, and medical power of attorney, Joe...
Choosing the right tool often requires specific knowledge. You have to know what you want to accomplish and what the tool can do. When preparing your estate plan, you have a number of tools from which to choose, including revocable and irrevocable trusts. Both offer advantages and disadvantages. However, in a direct, head-to-head face off –...