Summary A Florida revocable trust can be a helpful estate planning tool. It retains flexibility while the grantor is alive and has capacity and allows for them to name a trustee who will handle their affairs if they were to loose capacity or when they die and helps avoid probate…
Testamentary Trusts A testamentary trust in Florida is formed through a provision in a will and does not come into existence until a person dies. It does not help if someone becomes incapacitated although hopefully that person will have a power of attorney to handle their financial affairs otherwise a…
5. How do you name a trust? Revocable Trusts A revocable trust usually includes the following information: (1) The specific name of the trust, (2) The date that the trust was executed/created, (3) The name of the trustee, (4) The title of the word trustee An example is: the John…
A durable power of attorney is to provide a mechanism for reducing a person’s estate by making gifts of his or her assets. A similar objective in a smaller, nontaxable estate may be to make the principal eligible for Medicaid planning or assistance. In either case, it is prudent, and…
For an understanding of Estate Planning you might read an article for some background. Mark A. Cline has written an article about the value of trusts for Megayacht news online where he talks about Trusts not only being for wealthy individuals. I am not sure any people who are not…
A firm in Dallas has created a program to help widows deal with financial planning. They state that the average age of a widow in America is 56 and that offen estate planning was not created to provide for widows as they need. They do a preliminary evaluation and work…
Florida law specifically authorizes Spendthrift provisions in a revocable living trust or irrevocable trust. A spendthrift clause in a trust prohibits transfers of a beneficiary’s interest in the trust. In some jurisdictions, all income interests are automatically given limited spendthrift protection meaning that they cannot be transferred by a beneficiary…