Are Assets in a Living Trust Taxable?

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Are Assets in a Living Trust Taxable?

One of the many reasons people create living trusts is to maximize their assets’ value by avoiding taxation. However, not all living trusts will protect your assets in these situations, so it is important to understand the differences between a revocable and irrevocable trust. Below is quick overview of the main categories of living trusts […]

Florida Governor Rick Scott Vetoes Electronic Wills Act

The Electronic Wills Act for Florida was slated to go into effect on July 1. However, Governor Rick Scott vetoed the bill July 26, days before it would have been made law. The act would have allowed for the use of remote technology to help in notarizing and witnessing a last will and testament. It […]

What to Consider When Estate Planning in a Second Marriage

When you’re in a second marriage, your estate planning process may look a little different than it does for couples who have only been married once. Both spouses in a second marriage might already have children from prior relationships. In addition, each spouse may have brought assets into the marriage that the spouse wants to […]

Estate Planning Considerations for Single Parents

Being a single parent comes with many responsibilities that often go beyond what married people experience. One of the biggest sources of stress for single parents is the constant worry of what would happen to their children if they were to pass away or suddenly become unable to raise them. There are several estate planning […]

What Happens if the Beneficiary of a Will Has Passed Away?

If one of the beneficiaries of your will dies before (or shortly after) you do, it can be difficult to determine who inherits the property. There are a number of factors that influence this determination: Survivorship: Survivorship requirements determine the amount of time a beneficiary must live after your death to be able to inherit […]

The Most Common Mistakes Made When Creating Trusts

As you create your trust, you should be mindful of some common mistakes that could either invalidate the trust or interfere with its effectiveness. The following are a few of the most common mistakes people make when creating a trust: Lack of intent: You must demonstrate your intent to create the trust for the mechanism […]

Talk with Your Family About Your Estate Plan to Avoid Potential Conflicts

When a loved one passes away, it’s somewhat common for conflicts to arise among beneficiaries regarding the deceased’s estate plan. In many of these cases, the conflict could have been avoided if the deceased had talked through the estate plan with his or her family in advance. The most common issue is that children or […]

Be Sure to Leave Behind Access Information for Your Online Accounts

In today’s digitally driven society, we must consider more than just our physical assets when crafting our estate plans. It’s not enough to plan out what you want to have happen to our online accounts after we pass — we also must provide our estate administrators with access information to all our accounts to ensure […]

How to Revoke a Last Will and Testament

You may choose to revoke a last will and testament at any time and for any reason you wish. After all, your will and its contents are entirely under your control. In general, you should review your will every year or two, and also check it any time you have a major change in your […]

Tips for Protecting Your Estate Planning Documents from Potential Disasters

As part of your plans to prepare for potential disasters that tend to hit Florida, such as hurricanes, tropical storms, floods and tornadoes, you should make sure all your important documents are kept in a secure location. This will ensure that all your documents will remain secure and undamaged, and that your estate administrator and […]