Video Summary

Does a Living Trust avoid Estate Taxes? The answer to the question is no, it does not, and that right now the Estate Tax limitation for the federal government is up over $12 million. And if you’re a resident estate of Florida, when you pass away, there is no Estate Taxes. The time that you would be subject to Estate Taxes if you’re a resident of Florida is if you own any real estate or the Trust owns any real estate outside the state of Florida then wherever the real estate situated may be subject to taxation. Many people set up a Living Trust to avoid probate, and if all the assets are titled in the name of the Trust, then it’s properly set up, then you can avoid probate. A simpler way of avoiding probate is how to retitle your assets so that they automatically pass to whoever your beneficiaries are. You have any questions about how to set your state up to avoid probate, give me a call at (727) 847-2288.

 

Video Summary

Can I use my mother’s power of attorney after her death to close her bank account? No, you cannot. Powers of attorney terminate at death so you’re not able to use the power of attorney to close your mother’s bank account. If you have any questions, give me a call at (727) 847-2288.

Video Summary

What laws or other factors are considered when distributing assets within the Trust? The Trust document indicates who the beneficiaries are, what portion of the Trust or amount they are to receive from the Trust when they’re supposed to receive the Trust, and it’s up to the Trustee to administer the Trust. As far as that’s concerned, many times the Trustee is to hold the money, must invest it or whatever to, so it just doesn’t sit there and doesn’t accumulate any income, and then he is obligated to distribute the money pursuant to the provisions of the Trust. The Florida statutes outline the duties of the Trustee and what his fiduciary or responsibilities are and when he should do that. So, the Trust instrument determines the factors involved as far as distribution of Trust assets. If you have any questions, give me a call at (727) 847-2288.

 

Video Summary

What information do you share about me with other beneficiaries? What details can I receive about the other beneficiaries from you? Well, whenever you’re administering an estate, you’d address would show in the pleading. So that is shared with not only the other beneficiaries, but it is pretty much public record as far as the probate proceedings concerned. Other than that, well, no other information is really shared. The Executor or a Trustee would require that you give them your social security number if you were to receive any money or particularly any income from the Estate or the Trust. So pretty much the only thing that is shared with the beneficiaries is their addresses, which shows up whenever you’re administering the Estate or Trust as far as your address is concerned. But other than that, none of your information is about you, is shared. In fact, the Executor Trustee may not have any of that information, and if so, it’s certainly not up to them to share it with anyone else. If you have any questions about this, give me a call at (727) 847-2288.

Video Summary

What laws or other factors are considered when distributing assets within the Trust? The Trust document indicates who the beneficiaries are, what portion of the Trust or amount they are to receive from the Trust when they’re supposed to receive the Trust, and it’s up to the trustee to administer the Trust. As far as that’s concerned, many times Trust, the trustee is to hold the money, must invest it or whatever to, so it just doesn’t sit there and doesn’t accumulate any income, and then he is obligated to distribute the money pursuant to the provisions of the Tust. The Florida statutes outline the duties of the trustee and what his fiduciary or responsibilities are and when he should do that. So the Trust instrument determines the factors involved as far as distribution of Trust assets. If you have any questions, give me a call at (727) 847-2288.