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Protecting Your Legacy
For more than 35 years, individuals, families and businesses in Florida have relied on our law firm for help. You can too, call today for a free initial consultation.

December 2015 Archives

Managing a multi-generational trust

Florida residents who have managed to achieve a certain level of financial success may be concerned with the long term planning of their estate. It is possible, with a certain level of foresight and attention, to provide a standard of living for future generations long after the owner has passed away through the use of a trust.

The importance of reviewing trusts

Shrewd Florida residents often revisit important estate planning documents like trusts and health care directives on a regular basis to see if alterations should be made in light of evolving laws or changing family situations. It's especially important to examine the provisions of trusts regularly as these arrangements may become inefficient for tax purposes over time or list individuals who can no longer be relied upon among the trustees.

Estate planning tax rates and exclusions in 2016

Florida residents concerned about tax exposure often revisit their important estate planning documents on a regular basis to see if revisions have been merited by changes in the federal tax laws. Some individuals feel that their estates are unlikely to ever be valuable enough to warrant such comprehensive tax planning, but rising real estate values could make these arguments seem less convincing as time passes.

Advantages of a Totten trust

All Florida adults should consider making an estate plan, and for some, a Totten trust may be a good solution. A Totten trust is especially useful if someone wants privacy in their financial planning. With a Totten trust, a bank account is set up on behalf of a beneficiary that the owner deposits money into. At any time, the account can be closed or the owner can withdraw money from it. The beneficiary does not have to know about the existence of the account.

Putting conditions on an inheritance

People in Florida who are involved in planning for the distribution of their estates after they die may have to navigate some difficult family relationships. One problem that may arise is that people want to leave assets to a child, for example, while disliking the child's spouse. While it may be tempting to put the condition on the inheritance that the child must divorce the spouse, there may be better options.

Protecting Your Legacy
For more than 35 years, individuals, families and businesses in Florida have relied on our law firm for help. You can call today for a free initial consultation.

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