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February 2020 Archives

Trusts offer options for future flexibility and tax protection

When planning for the future, people in Florida may choose to create a trust to pass on their assets because of the higher level of flexibility, control and privacy that it provides. Trusts can be structured in many different ways, and they can provide funds to multiple generations before the principal funds are distributed, if they are ever distributed individually. When people receive benefits from a trust, they may be unsure how to handle the tax consequences. After all, many people choose to create trusts because of their potential to minimize estate tax consequences for the beneficiaries.

Dividing tangible items in an estate

One challenge that families in Florida may face after the death of a loved one is dividing tangible items within an estate. These are items that are often unique and may not be easily sold. Some may only have sentimental value, such as photo albums. Many families deal with this by taking turns selecting items, but another family had a unique solution.

Complications may arise from do-it-yourself wills

Some Florida residents may think about how they want to provide for their loved ones after they die. There are a number of estate planning options that may help in this regard, including wills, trusts, and powers of attorney. Some people may opt for a do-it-yourself option, downloading pre-printed forms and filling in the blanks in order to create a will. These may be valid, but there are other concerns that may arise.

Conservatorships may benefit physically, mentally disabled

Florida families with an adult member who is unable to take care of himself or herself may wonder if a person can be designated to handle their affairs. Conservatorships are often the perfect solution in these cases. In a conservatorship, a conservator is designated to make decisions and care for the conservatee.

Using trusts to protect assets in an estate plan

A trust protector can play an important role in keeping assets safe from threats such as lawsuits. Florida parents often use a trust protector when they create a living trust for a child and make the child the trustee. Placing assets in the trust can also protect them from a spouse. Often a sibling may be appointed as protector to step in if necessary.

Common estate planning errors to avoid

One of the biggest estate planning error a person can make is not having a will or having one that is from out of state. The latter issue could affect people in Florida if they have moved there from a different state to retire and have not updated their will. Even if the will was made in-state, it needs to be reviewed and potentially updated periodically.

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  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
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  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
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