How Do You Fund A Living Trust?
A living trust only works if you transfer your assets to the trust. The process of retitling your assets in the name of the trustee of your living trust is referred to as “funding the…
Estate planning is a legal process involving preparing documents and strategies to manage and distribute a person’s assets after their death, ensuring their wishes are honored and minimizing tax burdens. It typically includes creating a will, setting up trusts, designating beneficiaries for retirement accounts and life insurance policies, and establishing durable powers of attorney and healthcare directives.
Estate planning also involves strategies to reduce or eliminate estate taxes and to avoid probate, the legal process of distributing assets, which can be lengthy and costly.
Amending a Florida Living Trust
Our estate planning clients usually want to know how they can change their living trust during their lifetime if their family situation or goals change. We explain to them that you can always amend, or…
What Is a Dynasty Trust?
What Is a Dynasty Trust? A dynasty trust is an estate planning trust that provides estate tax savings and asset protection throughout multiple generations. As with any Florida trust arrangement, a dynasty trust is a…
What Is the Difference Between a Lady Bird Deed and a Trust?
A lady bird deed, also known as an enhanced life estate deed, is a real estate planning tool that allows you to transfer property to automatically a beneficiary upon your death while retaining control and…
Difference Between a Will and Trust in Florida
The main difference between a will and a trust in Florida is how they handle the distribution and management of your assets. While a will becomes effective only after you die, a trust takes effect…
Transferring S Corporation Stock into a Living Trust
An S corporation (S Corp) is a type of corporation that meets specific Internal Revenue Code requirements, offering the benefits of pass-through taxation to its shareholders. This means profits and losses can be passed through…
Florida Living Trusts and Income Taxes
Florida living trusts are legal arrangements where a person’s assets are managed by a trustee for their benefit during their life and then transferred to beneficiaries after death. Income generated by the assets in the…
Does a Living Trust Avoid Estate Taxes?
A living trust does not completely avoid estate taxes, but it can help reduce them. Assets in a living trust are still considered part of your estate for tax purposes. Certain types of trusts can…
Should Married Couples Use a Joint Trust or Separate Trust?
What Is a Joint Living Trust? A joint living trust is a trust agreement that incorporates the testamentary wishes of both spouses in a single document. The joint living trust agreement provides terms and conditions for…
Does a Living Trust Protect Your Assets from a Lawsuit?
A living trust does not protect your assets from a lawsuit. A living trust is a “self-settled” trust, which means the person who creates and funds the trust is also a trust beneficiary. Florida law states that…