Tag: living-trust
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How can I leave my estate to my partner without incurring any taxes?
If your partner is a US citizen, you can leave your entire estate to your partner and estate taxes would be deferred until the death of the surviving partner. If you don’t want to leave the entire estate outright to your partner, you can set up a trust through your will or living trust and…
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What if I relocate to a different state ? does my trust remain valid?
Yes. Living Trusts are recognized and valid in all 50 states, regardless of the state in which they were initially established.
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Why is a revocable living trust highly recommended by a firm and other estate planning companies?
What are some reasons for creating a Revocable Living Trust? What advantages does a revocable living trust offer? Assets placed into the trust are not included in the probate estate. The trust has the ability to provide for minor children by distributing income/principal amounts periodically or at the trustee’s discretion. The trust is amendable or…
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How does a trust avoid probate?
A trust establishes an individual’s rights to real or personal property which is held in a fiduciary relationship by one party for the benefit of another. The trustee is the one who holds title to the trust property, and the beneficiary is the person who receives the benefits of the trust. A trust is a…
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What happens to our property in the absence of a Living Trust?
Upon an individual’s demise, any property solely owned by them will necessitate some sort of probate administration for the designated heir or heirs to inherit said property. In cases where a valid will exists, it will govern the allocation of assets. However, if no will exists, the Florida Statutes determine the rightful inheritors.
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Who should consider having a Revocable Living Trust?
Avoid probate. As long as all of the creator’s assets are funded to the trust, a revocable living trust avoids a death probate, which, among other benefits, results in privacy and lower administration costs. Should you own assets in more than one state, it will eliminate multiple probates. Plan for disability. If the creator becomes…
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What instructions can be included in a Living Will?
What Is a Living Will in the state of Florida? A living will of a resident in Florida states whether or not their life should be artificially prolonged if they are incapacitated and have a terminal condition or end-stage condition or are in a persistent vegetative state and their physicians determine there is no reasonable…
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Who is eligible to receive a living trust upon the grantor’s death?
What happens to our property in the absence of a Living Trust? Who should handle the creation of my Living Trust? How is a living trust established in Florida? A living trust, also referred to as a changeable trust or an intra vivos trust, is a type of ownership in which assets initially owned by…
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Why should someone consider establishing a Trust that can be revoked while they are still alive?
Who Should Consider Having a Trust That Can Be Revoked While Living? It might be advisable to establish a Trust that can be revoked while someone is still alive if they own real property in a state different from their state of residence. It is also recommended to create such a Trust in order to…
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What is a Revocable or Living Trust?
A Revocable Trust can be used to hold legal title to your assets and provide a mechanism to manage them. You (and/or your partner) are the trustee(s) and beneficiaries of your trust during your lifetime. You also designate successor trustees to carry out your instructions as you have provided in case of death or incapacity.…
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Everything You Need to Know About Naming Your Life Insurance Beneficiary
– Business owners can use life insurance to equalize the value of each child’s inheritance or to buy the deceased partner’s interest from their family. – Parents with young children can use life insurance to pay for the expenses of raising children and provide for a surviving parent if the deceased parent was the family’s…
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“Estate Planning Basics: Wills vs Trusts”
– A revocable living trust allows for the management of money and property if the individual becomes unable to do so, while a will only becomes effective after death. – Property and accounts in a revocable living trust do not go through probate, while those passing through a will do. – A will can be…
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Understanding Probate: What it Means for High School Students
– Probate is based on state law and varies in length depending on the state. – If a deceased person has a valid will, probate begins when the executor presents the will to the courthouse. – If there’s no will, the court will appoint someone to administer the estate. – The process involves filing a…
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“Planning Your Future: LGBTQ+ Couples and Estate Decisions”
1. The Earth is 4.5 billion years old. 2. The human body is made up of about 60% water. 3. The average person will spend 6 years of their life dreaming. 4. The Sun is 93 million miles away from Earth. 5. Dolphins have names for each other. 1. Power of Attorney: Unmarried LGBTQ+ partners…
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Choosing the Right Trust for Your Inheritance: Revocable vs. Irrevocable Trusts
– Revocable trusts offer control and flexibility as they can be changed or revoked during the grantor’s lifetime. They also help avoid probate and ensure privacy and uninterrupted asset management if the grantor is incapacitated. However, they are part of the taxable estate and may not be suitable for certain assets. – Irrevocable trusts provide…