People drafting wills usually include terms explaining who should inherit from their estate. They can also designate individuals to hold authority as personal representatives or guardians of minor children. People who take the time and energy to draft estate planning...
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Wills And Trusts
How to handle family conflict in trust administration
Managing a trust can be challenging enough on its own. But when family drama enters the picture, things can get complicated fast. You might be a trustee or a beneficiary watching emotions run high, old conflicts resurface and expectations clash. This is very real and...
Why waiting to get a will or trust could hurt you
It’s very common for people to wait to draft a will or create a trust. In fact, roughly two-thirds of all Americans do not have an estate plan at this time. One of the major reasons they provide, when asked why they haven’t done any planning, is that they are going to...
How does an incentive trust work?
There are many ways to use a trust as part of an estate plan. This gives the grantor a chance to set certain goals for the beneficiary. The trustee is then in charge of deciding if these goals have been met and making the appropriate distribution. Anyone can create an...
Interesting facts about trusts and taxes
Trusts are more than just tools for wealthy individuals. When used the right way, they can offer a range of tax advantages that benefit families at many income levels. Trusts can also ensure your assets are managed and distributed according to your wishes. Here are...
2 reasons to leave assets in a trust
When you’re making an estate plan, you can sometimes leave assets to people directly. If you have $100,000, you can just name one of your adult children as the beneficiary. The estate executor will transfer the money to them while distributing the rest of the assets...
3 places to check for a will after a loved one dies
Despite the intense grief that accompanies an individual’s passing, the people closest to them often need to address practical issues. They need to secure property, communicate with creditors and prepare for probate proceedings. What happens during estate...
What are dynasty trusts in Florida?
People who are setting up an estate plan have to determine how to get their beneficiaries the assets they want them to have. Some people use wills, but these have to go through the probate process and can be challenged. Another option is to use a trust to pass the...
How a special needs trust can protect a beneficiary
Some people create trusts because they want to prevent their loved ones from fighting. Others hope to streamline their eligibility for benefits as they age or to protect their estates from taxes. In some cases, concerns about a beneficiary are what inspire the...
Do trusts need to be assigned EINs by the IRS?
An Employer Identification Number (EIN) is a unique tax identification number issued by the Internal Revenue Service (IRS) for business entities, estates and trusts. Whether a trust needs an EIN depends on its structure and how it is taxed. While some trusts require...