Many people find, as they accumulate a significant estate, that they become more and more interested in exploring their options for including charitable giving in their estate plan. One of the most versatile and useful forms of charitable giving in estate planning is funding a charitable trust with some of your assets. While the specifics will vary according to your circumstances and desires for the trust, charitable trusts are not only a great way to leave your impact on a cause you care for, they also provide some excellent tax advantages.
If you've spent any time at all researching estate planning, you have come across the concept of trusts. Trusts are one of the cornerstones of modern estate planning, and there are many kinds of trust that may be used depending on your circumstances and the goals you hope to achieve.
When it comes to creating a living trust, there is no "magic" that makes it work correctly or imbues it with legal authority. If it's so simple, why should you need a lawyer to help you create it at all? Can't you just find the requirements and create one yourself?
Living trusts have become an important component of east planning over the last several decades, but their popularity often overshadows their usefulness. If you are considering setting up a living trust, take a moment to consider whether it is truly the best estate planning tool for your particular needs.
When creating a trust, appointing a capable and reliable trustee to manage the underlying assets is one of the most important steps in the process. However, expectations often do not reflect real-world performance on the part of a trustee. In many cases, it becomes necessary to remove a trustee. This can be a difficult process, because the court will need to see clear justification for altering the terms of the trust, and will have to be petitioned by either the creator of the trust or the beneficiaries for the there trustee's removal.
Living trusts are a very popular tool used by many people to help preserve their assets and avoid probate, and this is well known. But what exactly is a living trust, and how does help an individual avoid probate?
When considering estate planning options, Florida residents commonly evaluate the pros and cons of developing a will versus a trust. In some cases, people utilize both of these documents. But, beyond this initial issue is yet another one for people interested in trusts. That issue is whether or not to create a revocable trust or an irrevocable trust.
If you or a family member is interested in setting aside money toward the education of your children, grandchildren or other heirs, a living trust or an irrevocable trust can provide you with some options. Educational clauses can be created and put into trusts and they can work in different ways based upon your wishes or the needs of the circumstances.
Florida residents have many options to consider when developing future estate plans. Many people choose to utilize trusts for this purpose. CNN Money explains that there are two primary types of trusts. In contrast, a testamentary trust can be outlined as a provision of a will and then become effective upon death. An inter-vivos truss, also referred to as a living trust, takes effect upon creation even while the person is still living.
Given that there are a large number of estate planning services to choose from, it is important that you have a clear understanding of the different processes that are available and how they function. For instance, you may be considering establishing a trust fund of some sort, but may be confused about the two types that are offered. Provided below is a brief introduction to testamentary and inter vivos trusts, as well as an explanation of their similarities and differences.