When individuals are deciding who will inherit from their estates, it is important to consider a series of questions. The first question to answer is how much should go to heirs and how much should go to charity. Once that ratio has been determined, it may be worthwhile to talk to all beneficiaries to let them know how much they can expect to receive.
Many recent celebrity deaths have shown the importance of proper estate planning. Most of the time, a parent creates a trust for his or her children to help secure their futures, and this has the added benefit of providing privacy for the children. Robin Williams set up a trust for his three children, but one of the trustees had to petition the court to appoint another trustee because the other original trustee passed away. This brought the documents into the public eye, eliminating any of the privacy that the documents created.
A bypass trust has long been a tool of choice for Florida couples who wish to defend their combined marital estate from encroachment by taxation. Recent legislative alterations regarding the marital deduction have made the bypass trust capable of sheltering even more than before.
Many Florida residents find it difficult to contemplate end of life decisions, but addressing these issues can provide you with peace of mind while protecting your estate and safeguarding your legacy. Failing to have an effective estate plan in place could leave your assets vulnerable and increase your tax exposure, and it may also lead to conflict among your heirs.
Estate planning in Florida should include regular evaluation of assets to determine which should be held and which should be liquidated. It may be surprising, but some assets are not worth holding and trying to preserve for children and grandchildren while others should be held as long as possible. In some cases, value for the heir is much less than for the benefactor, making it important to rank both good and bad assets during estate planning.