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Trust Administration Archives

Lifetime gift to children, grandchildren and trust administration

Planning for the future can sometimes seem like a daunting task. One thought that crosses many people's minds is, "how will I take care of loved ones once I am gone?" Trusts can help to ease some of that worry and stress by beginning discussions and making plans for trust administration. The way assets are transferred or managed can have a huge impact on the financial benefit for loved ones.

What does funding a Florida trust mean?

Many Florida residents are likely aware that planning for the future is essential in the modern world. Whether trying to figure out how to send the kids to college, or how much you'll need for retirement, planning for your financial future can make a huge difference when tomorrow comes. Of course, eventually, we all run out of tomorrows, but planning may be necessary even for that time. This is the area of estate planning, where you determine how you would like to distribute your possessions and assets among those you care about once you gone.

Florida's adult adoption law can affect trust administration

Since adoption and trust administration are governed by Florida state law, every state handles these issues a little differently. One may not initially think that an issue of family law would impact issues in trust administration, but the two have crossed paths in Florida more than once. Recently a FL appeals court handed down a decision concerning adult adoption and its impact on trust administration. This isn't the first time decedents have been impacted by an issue of family law, according to court records.

Trusts considered 'tax shelter', can help minimize taxes

With Tax Day looming, many Lakeland residents will ask themselves how they save more money. Everyone would prefer to keep their cash in their pocket, so it is wise to look at options to consider how one could avoid giving more of their money to the government in the form of taxes. Trusts have been called a 'tax shelter' thus insulating one's assets from tax implications one may otherwise experience without a trust.

An overview of testamentary trusts

Of the many different estate planning tools that Florida residents can consider, trusts are becoming a very popular choice. While there is nothing wrong with setting up an estate plan in which a will is the bedrock document, there are some people who find that establishing a trust is a better option. But, as those among our readers who are familiar with previous posts here know, there is a wide variety of trusts to consider. One popular option is known as a "testamentary trust."

Taking the right steps after creating a trust

Nowadays there are many people in Florida who are realizing that establishing a trust might be a preferable option when it comes to estate planning. Most people know that, for the most part, establishing a trust is a great way to avoid the probate process when it comes to the distribution of assets upon death. There are many different types of trusts to consider, from revocable to irrevocable trusts, as well as charitable trusts and testamentary trusts, just to name a few. However, many of our readers may not realize that just the act of setting up a trust isn't enough to get things done. It is important to take the right steps in the immediate aftermath.

What are the duties of a Florida trustee?

Many Floridians, including residents of Polk County, may choose to create a trust as part of their overall estate plan. Creating a trust naturally involves nominating a trustee to handle the ongoing obligations of trust administration. Unlike the personal representative named under a will, a trustee's obligations can continue for years or even decades.

The pro and cons of naming a loved one as trustee

As recent posts have explained, many times, a resident of Polk County, Florida, who decides to use a trust as his or her estate planning vehicle will want to name a trusted loved one as his or her trustee. While this decision is often based on affection, it should be backed up by a careful evaluation of whether or not a family member or close friend would actually make the best trustee.

What are the limits of a revocable trust?

The revocable trust is a common estate planning instrument in Florida. In a revocable trust, the person creating the trust, known as the grantor, transfers ownership of assets to the trust. When the grantor passes away, the trustee will distribute the trust assets to the beneficiaries. Because the trust, not the grantor, owns the assets at the time of his or her death, the assets are not part of the grantor's estate and do not go through the probate process. This can be advantageous because probate can be a lengthy and expensive legal proceeding.