When someone is entrusted with the administration of another's trust or estate, a fiduciary relationship is created between the person or entity who is doing the administration and those for whom the trust or estate was created and those who will benefit. Under Florida law, the fiduciary - in this case the administrator or trustee - is responsible for holding, managing, and distributing assets that ultimately belong the beneficiaries of the trust or estate. The fiduciary, therefore, has a legal obligation, or duty, to act carefully and in the best interests of the beneficiaries.
When a Polk County resident decides to put together an estate plan, trusts may enter the picture if they work well with the person's asset situation and estate planning goals. Lots of people associate trusts with pampered rich people, but the reality is that trusts can be key to many people's estate plans. But what exactly is a trust? This blog post will provide a brief introduction to trusts and what they do.
A few months ago, we discussed what trusts are and the various options that are available to those wishing to use a trust for estate planning purposes. How exactly are trusts used for estate planning? And does a trust eliminate the need for a will? This blog post will discuss the mechanics of trusts and estate planning.
Lakeland residents have probably heard that trusts can be great estate planning tools. But, what exactly is a trust? This blog post will provide some basic information about trusts.
A trust can be a useful part of a Florida estate plan. Trusts may sometimes seem intimidating, but they have several beneficial uses, including reducing estate taxes, protecting assets from creditors and the management of estate assets. And, while trusts are normally associated with wealthy individuals, trusts can be a helpful component of any estate plan.
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.
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.
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.
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.
Floridians may find themselves named as the executor of a trust. But, even if this was planned, they may still have questions about just what an executor is their responsibilities.