Trusts are tools that many in Miami are encouraged to involve in their estate planning due to the control that they offer over a person's assets. Not only do they allow an estate to avoid having to go to probate upon one's death, but they also permit one to stipulate who will handle their financial affairs and medical decision-making should they lose the ability to do so. Granting a trustee or another party such authority empowers that individual to assume control of one's property in predetermined circumstances. Knowing this, one should think carefully about what stipulations he or she chooses to include in a trust instrument.
Appointing a guardian is a great way to ensure that you and your family are taken care of if you ever become incapable of making decisions on your own. If you are preparing to take this important step and assign a guardian in Florida, there are a few things to keep in mind. We at the Law Offices of Frye and Vazquez can help you ensure that you follow all rules and regulations as you plan for the future of your family.
It is always difficult to see your loved one assigned to be the ward of a professional guardian in Miami. Yours and your loved one’s lack of a personal relationship with the guardian is likely the main source of your reservations. Stories of professional guardians abusing the authority entrusted to them are out there, which may be perceived as an implication that they can operate with impunity. Yet are there ways for you to monitor a guardian’s actions?
Your entrepreneurial pursuits in Miami have hopefully yielded a significant windfall for you and your family, and provided people in the local community with jobs. Yet what happens to your business after you are gone? If you have earned significant personal assets, your estate could be subject to the federal estate tax. Many small business owners in your same position come to us here at The Law Offices of Frye and Vazquez, P.L. concerned that their having to pay the estate tax will force the sale of their companies. Should you be sharing this same concern?
When it comes to trusts, there are various issues that those creating an estate plan may have to take into consideration, such as how their assets will be distributed and which trust is the best option. At the Law Offices of Frye & Vazquez, we are also aware that some trustors in Miami, as well as beneficiaries, may struggle with issues related to the age of beneficiaries.