What is the Difference Between a Supplemental Trust vs Special Needs Trust?
Video Summary
What is the difference between a Supplemental Trust and a Special Needs Trust? Well, I’m not real sure just what you mean by Supplemental Trust, but I’m assuming it’s a Trust whereby the trustees directed to supplement the income or for the benefit of the beneficiary and they have discretion to give the money to the beneficiary and then the money is later dispersed to that person. Usually at a particular age, there may be some definition as far as giving them the income from the Trust or a specific amount, or it can be simply discretionary on the part of the trustee until the beneficiary reaches a certain age. Many times, you do this for your children so that they don’t receive it at age 18 whenever they become adults. You say you want the trustee to hold it until such time as they’re 25 and use the money up until that time for their health, education, and maintenance so that they can pay for their college education, and then you can direct that a portion of it be dispersed at 25 or whatever age you would like. You can send it out on an incremental basis. Whereas a special needs trust is whenever you have someone who has special needs, and the money is not ever dispersed to the beneficiary since it would disqualify them from any state programs or federal programs where they’re receiving benefits. And so that money must be used independently and so it’s not used for the benefit of the special needs person. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos
How Much Can You Leave Beneficiaries Without Facing Estate Tax?
Video Summary
How much can you leave a beneficiary without them having to pay any estate taxes, or rather the estate having to pay any estate taxes? The federal limitation is now up to over $12 million, so you can leave them up to $12 million and not have any federal estate taxes. As far as your estate’s concerned, in Florida, they’ve done away with estate taxes, so the total that you can leave without any federal estate taxes to all the beneficiaries of your estate is anything up to about $12 million. In fact, that goes up every year, and right now it’s a little bit over that amount. So, if you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Taxes, Videos
How Are Creditors Handled in Probate?
Video Summary
How creditors handled in a probate estate? Whenever probate, whenever an estate is being probated, the personal representative files a notice in the newspaper called a Notice to creditors, who starts a creditor’s period of running for a period of three months. Personal representative also responsible for sending out the notice to creditors to any reasonably ascertainable creditor, and that is an obligation of the personal representative and needs to do somewhat of a search to determine who the creditors are. The creditors then have to file their claim within three months of the date of the notice to creditors. If a creditor files a claim after the three month period and has not received the notice to creditors, you give them notice and then they have 30 days in which to expand the time in order to be able to file their claims. All claims are barred after a two year period, so if the decedent died more than two years ago, then there are no claims that can be filed or all the claims are barred. Also, there’s special provisions as far as sending a notice to the state of Florida in the event the person was receiving Medicaid received death certificate. Call me at (727) 847-2288.
- Published in Estate Planning, Probate, Videos
Do I Need a Trust For My Child With Special Needs?
Video Summary
Do I need a Trust for my child who has special needs? The answer to the question is, yes, you do. If you plan on leaving any money, or the child is to receive any money for their benefit. The purpose of the Special Needs Trust is to have a independent party called the Trustee to hold any money for the benefit of the special needs child and not require them to using the money that would disqualify them, disqualify the special needs from any entitlement from the state or federal agency. So, if you want to provide for a child with special needs, you need to have a Special Needs Trust and have that money be held by trustee and specifically provide that the money is not used in any way that would disqualify the special needs child from any entitlements from state or federal programs. If you have any questions about a special needs trust, you may call me at (727) 847-2288.
- Published in Estate Planning, Videos
What Property Can Go Into a Living Trust?
Video Summary
What property can be transferred into a Living Trust? Any real estate can be conveyed to the trustee of your Living Trust as long as the people who own it sign a deed, conveying it to the trustee. The conveyance needs to be to the trustee, not to the trusts. Since the Trust is simply a written document, it’s not advisable to transfer your homestead property into the Trust because it has any number of protections, and so it’s best to treat that separately and can be addressed so that it doesn’t have to go through probate, but any property can be transferred into a Living Trust. If you have any questions, well give me a call. My phone number is (727) 847-2288.
- Published in Estate Planning, Videos