Even though it is important for virtually everyone in Florida to have an estate plan, many people still think that they do not have enough wealth to warrant creating one. This is especially true when it comes to trusts. The less-than-accurate negative association of young adults living off inherited wealth makes some want to avoid the topic of trusts altogether. In reality, a trust can be a very useful estate planning tool.
A trust can play a unique role in estate planning. Unlike a will, a trust can provide important tax benefits while also allowing the creator of the trust -- the grantor -- to ensure that his or her wishes are fully upheld even after death. Revocable trusts are fairly common, but irrevocable trusts are often looked over despite a number of benefits.
No two people in Florida are alike, so there cannot be any type of one-size-fits-all approach to estate planning. What works for one person might not be the best fit for another. This is why it is important for individuals to consider whether wills or trusts best suit their estate planning needs. Wills might be more well-known, but trusts also offer a lot of benefits.
Most Florida parents approach estate planning with their children in mind. Whether they are selecting guardians for their minor children or working out an inheritance for their adult kids, leaving behind a legacy is important. That legacy becomes even more important for parents of children with special needs. In these situations, a trust might be especially useful.
Many people in Florida feel as if creating a will is sufficient for their estate planning needs. However, in most cases a more comprehensive approach to estate planning is best. Incorporating things like living wills, powers of attorney and trusts can help achieve the best possible protection and benefits possible. Living trusts are particularly popular in this regard.
The period of time following a loved one's death is often filled with overwhelming emotions. You will probably still be in the middle of the grieving process when it is time to handle your loved one's will and estate. To make matters more complicated, you and your family might not be happy with the will or may even suspect that it is not even valid. In such cases, you need experienced help on your side.
It might be difficult to find a Florida family that has not been affected by addiction in some fashion. These families often struggle with addressing the difficult line that runs between enabling a loved one and providing sometimes necessary support. Things can get even more complicated during estate planning, but an incentive trust can help ease some people's worries.
A comprehensive estate plan is essential. While most people in Florida understand that they need a will and maybe a power of attorney or two, not everyone realizes what a trust can do for them. Some trusts can be either revocable or irrevocable, which provide different benefits depending on what a person needs most.
A solo ager is a person who does not have children. Typically, a person will rely on one's children for assistance with managing personal affairs as he or she ages. In the event that a person in Florida does not have a child who can help, that individual may wish to take another approach toward long-term care planning.
In light of recent news about tax law changes, some people are worried about how the changes could affect future plans, but a survey shows that even more people are concerned about family issues. Due to the changing and expanding nature of families, estate planning has become more of a challenge for some individuals. A thorough look at the needs and values of a family can help a person plan for his or her needs and wishes in regard to his or her Florida estate.