Many Florida residents may not fully understand many of the options available to them when estate planning. On the other hand, some parties may have heard of certain tools but believe that they do not need them, like trusts. Really, this option could benefit anyone depending on the details of the particular estate.
No one wants to think about the possibility of dying while their children are still young. Nevertheless, prudent Florida parents will set aside their emotions and figure out the most effective way to provide for the financial needs of their children, plan for their education and ensure they are well cared for if this sad event occurs. For many, including trusts in their estate plans is the most appropriate method.
It is not easy to make decisions for the future, especially if a person is young, healthy and unmarried. Single adults often overlook the need to have a strong estate plan in place because they feel that it is not necessary. However, through trusts, wills and other types of documents, they can secure their own interests and the interests of their beneficiaries in case of a serious medical situation or unexpected death.
Every Florida family has different estate planning needs and goals. In some situations, leaving assets through a will is sufficient, but there are other tools available that can help a person achieve his or her goals for beneficiaries and heirs long after passing. One way to do this is through trusts. This specific option allows a person to set aside and protect assets for a specific use.
Few families in Florida or elsewhere in the country are untouched by the opioid epidemic. Drug overdose is now the number one cause of death for those younger than 50 in the United States. Drug addiction has no demographic, and families of all backgrounds are watching loved ones struggle with the powerful hold of heroin, prescription drugs and other substances. Because of this added complication when it comes to estate planning, many include trusts among their documents.
Establishing a revocable living trust is a wise move for many in Florida who are planning their estates. Revocable trusts protect assets from taxes and probate and allow heirs to benefit from the assets according to the trustee's directives. However, establishing a trust is only the first step. Assets are not covered by the terms of the trust if the trustee does not fund them to the trust.
The thought of losing a beloved pet is almost too difficult for most people to bear. However, few pet owners consider what may happen if their animal companions should outlive them. Countless pets end up in shelters and worse when their owners pass away without establishing a plan for the care of their pets. Fortunately, thorough estate plans can include trusts to provide for surviving pets.
One thing Floridians may be concerned about is the possibility of part of their estate going somewhere other than to their loved ones when they die. For one, they might be worried about some of their estate getting siphoned off by estate taxes. What estate taxes can estates in Florida be subject to?