Like many people, you may equate the concept of estate planning with creating a plan for the distribution of your estate assets after your death to ensure that loved ones are provided for in when you are gone. This is certainly understandable as that is one of the primary functions of the average estate plan. [ ] The post Vero Beach Living Trust Lawyers How a Living Trust Can Help with Incapacity Planning appeared first on Kulas Law Group.
If you work hard throughout your lifetime, save frugally, and invest wisely, you undoubtedly want the assets you manage to accrue as a result to benefit your family, both over the course of your lifetime and when you are gone. Unfortunately, there are numerous ways in which that simple hope could go unfulfilled – particularly [ ] The post Vero Beach Living Trust Lawyers: Using a Trust to Keep Assets in the Family appeared first on Kulas Law Group.
If you’re thinking about estate planning in any serious sort of way, then chances are that you’ve considered a trust at some point in your deliberations. As living trusts have grown ever more flexible in their ability to meet a variety of estate planning needs, they’ve become essential components of many people’s long-term end-of-life and [ ] The post Seven Reasons You Need a Living Trust Lawyer appeared first on Kulas Law Group.
Like most people, you probably would rather avoid spending any time thinking about or planning for your own death. In fact, those thoughts are so discomforting that fewer than half of the adults in the United States have even bothered to create a simple will. The problem is, as it always has been, that death [ ] The post How a Living Trust Benefits People Just Like You appeared first on Robert J. Kulas.
A trust is one of the most popular additions to any comprehensive estate plan. Before you can decide if a trust is right for you estate plan, however, you need to understand how they operate and which type of trust is best for which type of estate planning goal. For example, when should you use [ ] The post When Should I Use an Irrevocable Living Trust? appeared first on Robert J. Kulas.
When you sit down to create, or review, your estate plan you will likely have more than one estate planning goal in mind. Though the most important of those goals may be to ensure that your loved ones are well provided for when you are gone, you may have secondary goals that are also important to you. Your Last Will and Testament, while crucial to your overall plan, has its limits. To accommodate for the limits of your Will you may decide to include a living trust (or several) in your estate plan. Though a living trust can be used to help fulfill a virtually unlimited number of estate planning goals, there are some common uses for a living trust. Testamentary vs. Living Trusts Although there are a seemingly endless number of specialized trusts you may choose to use, all trusts are first divided into two basic categories – testamentary and living trusts. A testamentary trust is a trust that does not become active until the death of the Settlor, or creator, of the trust. A living trus
Most people creating an estate plan in Florida will utilize a revocable living trust as a way to manage and control their property. As with all trusts, a revocable living trust requires you to create a new legal entity that can own property. After creating the trust, you will then go through the process of transferring all of your personal property into the trust’s name. When many people hear about this last part of the trust creation process, they balk. After all, won’t transferring your property to a trust mean that you lose control over it? Why would you want to create something that results in you no longer being in control of your personal property? To help alleviate some of these fears, let’s take a closer look at how a living trust in Port Saint Lucie Florida works and why it actually improves your ability to control your property. Benefits of a Living Trust in Port Saint Lucie Florida A living trust allows you important benefits that you otherwise wouldn’t normally ha