It can sometimes be problematic for people in Florida to locate all the assets of an estate after a family member or loved one passes. Often, the decedent will have several different accounts and property held in different states or by different means of ownership. There are a few steps that can be taken to locate the decedent's assets.
Estate executors are required to file and pay any taxes due on an estate within nine months of the death of the estate owner. If more time is needed, a six-month extension can be obtained by filing the proper forms. The taxes are exacted on the gross estate, which includes any and all property owned by the decedent at the time of his or her death. In addition to real estate, bank accounts and stock, this also includes any real property owned outside of the United States and any interests in property.
As a Florida resident who has a disabled child or adult in your life, you will likely face unique estate planning considerations that differ considerably from those faced by your peers. In addition to getting your own affairs in order, you will likely also need to consider the future needs of your disabled loved one when working on your estate plan. At Frye & Vasquez, P.L., we recognize that many people facing similar circumstances choose to create special needs trusts, and we have helped many clients accomplish this and other similar estate planning objectives.
If a beneficiary has a substance abuse problem, it may be necessary to design a trust that takes this fact into account. Parents and grandparents in Florida must first choose what type of role the trust will play. For instance, it could simply be a means of providing resources to help support the basic needs of the beneficiary. It could also be a tool used to help pay for rehab or other recovery efforts.
Floridian residents have a lot to figure out when looking into trusts. Not only are there many different types of trusts, but each one suits a different need and purpose. At the Law Offices of Frye & Vazquez, P.L., we strive to help you find the type of trust that suits your situation the best. Today, we'll take a look at some of the most common trusts.
Floridian residents have the option of setting up trusts in order to benefit an individual, several people, or even an entire organization or the general public. There may be some limitations on who can be a beneficiary, however.
Florida residents who plan on being revived at some point in the future may want what is called a revival trust. It can ensure that there is money and resources available to live on in the event that cryonics proves to be an effective way to beat death. If a person undergoes the cryonics process, his or her body is placed into a bottle called a cryostat.
Parents in Florida looking to provide financial peace of mind for their children sometimes set up an irrevocable trust with the assumption that the funds will be used responsibly by the time they are accessible. Unfortunately, this is not always the case. It's not unusual for a trust holder to become frustrated with an adult child with no real ambition to seek meaningful employment due to the anticipation of a trust fund "kicking in" when they reach a certain age.
When it comes time to begin the estate planning process in Florida, there are many options to consider. A will, power of attorney and medical directives are just some of the common instruments that may be part of a comprehensive estate plan. Another possibility is what's termed a revocable trust, which allows the person who creates the trust (grantor) to alter or cancel provisions.
If you have recently lost a close friend or loved one, you may have been named the administrator of the estate. Although you may be going through an array of different emotions at losing a loved one, estate administrators are responsible for tying up the estate’s loose ends and ensuring the property included in the last will and testament is property distributed to the heirs to which they were intended. There are many responsibilities associated with becoming an estate administrator. It is critical that you are aware of these tasks so that you can perform your duties to the best of your ability.
When creating an estate plan, it is important to think of ways you can pass on your inheritance without having to pay a host of taxes on your assets and possessions. Once you pass on, all of the things you have worked hard to amass, including your life insurance benefits, are distributed to the beneficiaries that are named in your last will and testament. There are however, ways that taxes can affect the overall amount of the life insurance policy and what is left to distribute to beneficiaries.
Estate plans are important for a number of reasons, such as protecting the way in which one’s assets are split up among those they love and finding some peace of mind in knowing that these matters will be handled properly in the future. Everyone is in a different position when it comes to estate planning, whether someone has a vast amount of wealth or a relatively modest income, has a large family or is unmarried with no children, etc. Moreover, those who run a small business have additional issues to take into consideration.