Estate Planning

What are the benefits of placing your retirement assets into a revocable trust?

Working Americans may contribute significant assets to their individual retirement accounts over their lifetime.  With so much wealth becoming concentrated in IRA accounts, it is worth considering placing your IRA funds within a trust.  An IRA trust is a revocable living trust that is designed to be the beneficiary of your IRA assets upon your death.  This type of trust can come with several key benefits, including protection from the beneficiary’s creditors and the ability to spread out distributions.  Our Read more . . .

In all of the decisions that come in the estate planning process, you may wish to breeze through things like selecting who will be the executor of your estate. However, this is an important choice that merits some time and consideration. The executor is charged with overseeing the entire estate during the probate process. These are serious responsibilities that must be handled with great care. Some people wish to just select a friend or family member for the role of executor.
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You may, like many others, have a family member or loved one that has special needs due to a physical or mental disability. You may also wish to leave him or her an inheritance or provide them with monetary assistant and want to make a provision for that during the estate planning process. The problem arises due to the fact that an inheritance may be counting as income for the purpose and may thus jeopardize any government benefits your loved one with special needs either currently receives or may receive in the future. This, however, is not an insurmountable obstacle. The problem can be avoided through the use of a special needs trust.
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One of the first questions that those setting off on the estate planning process will often ask their attorney is: “Do I need a trust?”  While most of us recognize the need for a Last Will and Testament, much confusion swirls around the concept of trusts and when they are needed.  Trusts accomplish many purposes that a will cannot, but they are not needed for every situation.  Our Tampa, Florida estate planning lawyers discuss the uses of trusts and how to determine whether a trust is the right estate planning tool for you.

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What are the benefits to leaving money for my child in an education trust?

The costs of a college education are ever rising.  According to the College Board, the average cost of tuition for the 2017-18 school year was $34,740 at private colleges across the country and $9,970 for state residents.  Education is one of the greatest single expenses a parent will occur, so starting to save early is imperative.  One option for parents is to Read more . . .

Do I still need a will if I create a revocable living trust?

Revocable living trusts have become a popular estate planning tool in recent years.  Trusts offer several major advantages over a traditional Last Will and Testament, but they may not be right for every person.  Below, our Tampa estate planning lawyers review some of the advantages and disadvantages of revocable living trusts.
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Can a trust be the beneficiary of my IRA?

Individual retirement accounts have become a significant asset for most Americans. According to the Investment Company Institute, Americans hold over $9.2 trillion in individual retirement accounts (IRAs). Over 43 million people own IRAs and these accounts have an average balance of over $100,000. With such significant wealth in IRAs nationwide, it becomes critical for IRA holders to plan for the transference of their assets to their heirs.

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Will a fill-in-the blank will be enforceable in Florida?

In the digital era, it is easy to find almost anything you search for online.  Those seeking to create their own will online will find no shortage of standard form type wills.  The problem with the web, however, is that anyone can post nearly anything.  As such, a supposed Florida will found on the internet might be completely invalid per state law.  Websites like LegalZoom offer more assurance than the standard form will and could comply with the law, but nonetheless these do-it-yourself wills suffer from some major shortcomings.
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Is a will the only estate planning document I need?

There are a lot of misconceptions swirling about estate planning.  For the nearly half of all Americans who do not have an estate plan, estate planning myths can negatively impact your ability to create a thorough end of life plan.  Our Tampa estate planning lawyers dispel some of the most common estate planning myths below.
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What is the best way to pass down my valuable hard assets like antiques, jewelry, or art?

Some assets are easier to include in your estate plan than others.  Liquid assets like cash, stocks, and bonds can fairly easily be placed in a trust for distribution upon your death or equally split among children or grandchildren in your will.  So-called “hard” or illiquid assets, or those which are not easy to liquefy or set a value to, can be far more difficult to distribute. Hard assets could potentially include artwork, antiques, property, or jewelry.  These assets may be of unknown value and may not be included in an inventory list of one’s assets.
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How should I include my second home in my estate plan?

With its sunshine and warm temperatures, Florida is the ideal second home for so-called “snow birds,” or those who live in colder states, but come down to Florida every winter.  Every year, Florida will welcome between 900,000 to one million seasonal residents during the winter months.  Most snowbirds own a second home in Florida.  While many snowbirds already have an estate plan in place, not all snowbirds will have taken into account their second out-of-state home.  Probate is controlled by state law, with your state of residence taking control over property owned within it. Owning a second home and living part time in a different state creates estate planning concerns that are best addressed with an experienced estate planning attorney.

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