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?