As a Florida resident who is figuring out how you want your estate distributed, you may also be looking into the possibility of setting up trusts. Today, the Law Offices of Frye & Vazquez, P.L., will discuss the option of setting up a charitable trust.
Timeshares are often an excellent way to maintain vacation homes for a fraction of the price of purchasing or leasing a condo. However, many people in Florida have discovered that these properties are sometimes difficult to sell when no longer necessary.
When making estate planning decisions, many people might wonder whether a will or trust is better. However, these are different tools for estate planning and are often needed together to ensure one's wishes are met after passing away. Florida residents might like to know more about using wills and trusts when estate planning.
Parents of special needs children may wonder how their sons or daughters will be cared for after they pass. Fortunately, there are steps that Florida residents and others can take to make sure that family members with disabilities are accounted for in an estate plan. The first step in the process is to create a letter of intent. In this letter, individuals can provide a list of medications, passwords to financial accounts and anything else that could make caring for a disabled family member easier.
Under existing laws, the owner of an IRA can make a child the beneficiary of the account instead of a spouse. Because the younger beneficiary will have a longer life expectancy than the spouse, the required minimum distribution will be less and the IRA can continue to grow. This has been referred to as the 'Stretch IRA" concept. The Setting Every Community Up for Retirement Enhancement Act of 2019 is poised to change that.
Many people in Florida have pets that are treated like members of the family. Some of these residents love their furry friends so much that they may want to account for them in an estate plan. This can prevent a pet from being sent to a shelter or left alone at home without food or water. Ideally, money and other resources will be allocated to a pet through a trust.
Florida residents like you may be contemplating how you want to handle your end-of-life matters. You may wish to avoid the complications of probate, and you have options that can allow you to do that. We at the Law Offices of Frye & Vazquez, P.L., are here to help.
Some people in Florida who are creating an estate plan might think it is just about figuring out where they want their money and other assets to go, but estate planning can be much more complex than that. One of the most complicated aspects of estate planning is not the financial part but the human element.
Trusts can be an extremely powerful and useful tool for estate planning, potentially saving your surviving family members from the lengthy and often expensive process of probate. However, you may be reluctant to create a trust because of a perceived stigma. At the Law Offices of Frye & Vazquez, we believe that the stigma may stem from a lack of understanding that causes misconceptions in the public.
As a resident of Florida, you have multiple options available for how you can have your assets handled after your passing. Naturally, you wish to ensure that your loved ones have as little trouble as possible when dealing with matters of said assets. We at the Law Offices of Frye & Vazquez, P.L., are here to help by explaining some of the benefits a living trust may provide you with.