There are multiple steps involved in establishing a trust. If you plan to include this option in your estate plan, consider assessing your situation first. You may face significant decisions concerning the trust, such as who can be your trustee. Some might already...
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Estate Planning
Estate planning challenges for blended families
A blended family presents a unique set of estate planning challenges not commonly encountered in traditional nuclear families. It’s always complicated to think about how your assets will be distributed after your death, but the intricacies multiply when stepchildren,...
Estate planning considerations for single parents
With the entire burden of caring for your family resting on your shoulders as a single parent, it’s crucial to have a comprehensive estate plan to ensure that your children will be looked after. Your estate plan will likely be more than just a basic document....
How can planned gifting impact someone’s estate?
Giving gifts to loved ones can be a major source of joy. Many people actually enjoy giving gifts more than they enjoy receiving them. For this and a host of other reasons, many older adults who have accumulated substantial personal resources intentionally arrange to...
Should I discuss my estate plan with my family?
Movies and television would have us think that no one can know the contents of someone’s will until they’re deceased. Everyone gathers around for the big reveal that’s full of surprises. Dramatic will readings belong in Hollywood. When it comes to real life, there are...
How do I know if I should add a guardian to my estate plan?
Finishing your estate plan gives you a sense of relief. It is one of the most important things you can do for yourself and your family. However, as you grow older and your family grows, so too should your estate plan. One of the big considerations is whether you need...
Is a living will the same as a will and which do you need?
When you begin estate planning, you may hear terms or phrases that sound much alike. You may assume similar-sounding terms are alternate ways of saying the same thing, but there are usually critical differences to understand. For example, some believe the phrase,...
What is the difference between estate and trust administration?
In financial planning and asset management, the terms estate and trust are frequently used interchangeably. However, they represent distinct legal entities with unique purposes and functions. To fully grasp the nuances of trust and estate administration, it’s crucial...
Do Florida estates need to reserve funds for estate taxes?
When someone dies, whatever property they solely own becomes their estate. Their vehicle, their house, their furniture and their other assets may all contribute to the total value of their estate. Those assets will generally need to pass through probate court before...
Why do I need to worry about probate?
Probate is not only time-consuming but also a lot of work. The person you name as an executor or personal representative will need to inventory all your assets and file the supporting documents with the probate court. They need to communicate with the creditors of...