A trust can be used to manage estate taxes, shelter assets from creditors and pass on wealth to future generations. A family trust is a specific type of trust that families can use to create a financial legacy for years to come. There are several benefits to creating one, although not every family necessarily needs one. If you’re curious about where this type of trust might fit into your family’s estate plan, here’s what you need to know.
Did Little Richard Have a Smart Estate Plan?
Little Richard was 87 when he died, which means the pop revolution he helped popularize — rock and roll itself – is now old enough to collect Social Security.
What Is a Florida Advance Directive, and Why You Need This Document?
To put it bluntly, what if you were in a serious accident or were suddenly rushed to the hospital with COVID-19 symptoms or another life-threatening illness, and you were unable to make health care decisions for yourself?
Do Florida Beneficiaries of a Will Get Notified?
In most instances, a will is required to go through probate to prove its validity. Investopedia’s recent article entitled “When the Beneficiaries of a Will Are Notified” explains that there are exceptions to the requirement for probate, if the assets of the diseased are below a set dollar amount. This dollar amount depends on state…
Are My Beneficiary Designations Trouble for My Heirs?
Most consumers are familiar with the beneficiary designation form they complete when opening an IRA or 401(k). The form designates who receives the asset, if the account owner dies. However, these forms can create confusion, unintended bequests and family turmoil, if not adequately monitored.
When Should You Have ‘The Talk’ with Your Kids?
An immature or troubled child could try to misuse your money or goad you into handing over assets you might need later. Complicated family dynamics, or just your desire for privacy, may make you hesitant to open up.
How Do I Start My Jupiter Estate Plan?
Estate planning design and implementation is not only complex but can be highly emotional. Therefore, it’s important to have a basic understanding of the estate planning process, before approaching a professional.
How Does a Special Needs Trust Work?
When parents start the planning process for a child with special needs, they usually work under the perception that if they create a special needs trust (SNT), the child will be taken care of and the needs will be met.
Steps to Take When a Loved One Dies
When a member of your family dies, you could be left to pick up the financial pieces. Finding all the information you need can be challenging.
Do I Need an Estate Plan with a New Child in the Family?
If you have children or are expecting one, you may also want to take the three big estate planning steps that we did.