If you are looking to set up a trust or have been asked to be a trustee for someone else, you should understand what is required of a trustee in Florida. This position is far more than one of honor as it carries with it significant fiduciary duties and even potential liability. According to the National Paralegal College, a trustee is entrusted with carrying out the wishes of a deceased person as stipulated. In Read More
SETTING UP A SPECIAL NEEDS TRUST
Like other Florida parents, if you have a child with a severe disability, you may have understandable concerns about how you can provide financially for your child after you die. Even if social services or disability funds are available, there can be a need for additional sources of income for a disabled person. According to the Pacer Center, there is a specific type of trust that can be created just for this Read More
HOW PROBATE WORKS IN FLORIDA
There are many elements to consider when setting out to begin estate planning in Florida. Certainly identifying where or to whom your assets and personal belongings will go once you die is a critical piece of this puzzle. However, that is not all that estate planning is or should be about. Understanding the process via which your estate is handled after you did can impact what types of estate planning tools you Read More
UNDERSTANDING CHARITABLE REMAINDER TRUSTS
When embarking on estate planning, Florida residents have many choices to make and factors to consider. In addition to providing for one’s heirs, leaving assets to a charitable organization is a common thing for people to outline in a trust. There are multiple vehicles that allow for this and charitable remainder trusts are one of those options. According to Investopedia, these trusts are irrevocable and tax Read More
CHOOSING THE RIGHT TYPE OF WILL
Estate planning can be a daunting exercise for some people in Florida. However, starting out with a good understanding of what options are available and how they differ can go a long way toward simplifying the process. When the choice to create a will versus a trust is made, the next step is to learn about the different types of wills available. According to the Florida Bar, a will is defined as a directive that Read More
HOW DOES A POWER OF ATTORNEY WORK?
Like most people in Florida, you may have heard of a power of attorney. But, do you fully understand what it is and what it can do? This document can provide you or your loved ones with important abilities in the face of unforeseen circumstances. It essentially allows one person to make important decisions on behalf of another person when that person is unable to do so. The National Caregivers Library notes that a Read More
HOW CAN A SPECIAL NEEDS TRUST HELP YOU?
If you have a minor or adult child with a disability, you no doubt have concerns about how to provide financially for your child now and after you die. Like other Florida parents, you may have heard about special needs trusts and how they can help in these situations. Understanding how these trusts, also referred to as supplemental care trusts, work is important for you. The Pacer Center is a resource for families Read More
WHAT ARE COMMON ESTATE PLANNING MISTAKES?
If you are like many other Florida residents, you might think that having a will or a trust is not necessary if you are still relatively young. Maybe you have been meaning to draft an estate plan but just haven’t gotten around to it yet. Whatever your hurdle, it is worth making estate planning a priority. The reality is that everyone can benefit from a properly created estate plan whether your estate is large or Read More
BENEFITS OF A TRUST OVER A WILL
When it comes time to discuss estate planning options, Florida residents may wish to investigate creating either a trust or a will. Both types of documents give people the ability to stipulate in writing their wishes for how assets should be handled after they die. However, the way in which a trust does this is different than the way in which a will does this. OnTheMoneyRadio.org indicates that trusts may be more Read More
WHAT CAN A HEALTH CARE PROXY DO IN FLORIDA?
According to Florida law, you may appoint someone to make health care decisions for you in the event that you become incapacitated. The law states that if you have not completed an advanced directive to designate such a person, or if you are developmentally disabled, then one of the following may be judicially appointed to be your health care proxy: Your adult child Your spouse Your Read More
