Business owners in Florida may feel as if they have either to pass down their companies to their children or sell them. However, it may be possible to allow future generations to benefit from the success of a business even if they aren't the ones running it. Those who own a company may want to first determine if their children are qualified to run the business.
Of the many trust options you have, revocable and irrevocable trusts are oftentimes popular for their ability to help families avoid probate proceedings. Both irrevocable and revocable trusts have their advantages.
Trusts can be a popular vehicle for people in Florida looking to plan for the future and direct the use of their assets. By setting up trusts, people can benefit from avoiding probate and set up clear plans for the disbursement of their funds. However, creating the trust itself is only the first step for people to take when they want to take this route as part of their estate plans. Funding the trust is essential in order for it to operate properly.
Charitable trusts may be ideal for Florida residents who want to ensure that their favorite charities are able to benefit from some of the wealth they have accumulated. Donors can also take advantage of the tax incentives charitable trusts can provide. However, it is important that individuals who want to use the trusts be aware of how they differ from other types of trusts.
Going through a divorce in Florida is always difficult, particularly when support and custody issues are thrown together with marital property division. For this reason, it is easy to overlook something as important as estate planning during a marriage dissolution. In many cases, spouses who know or assume that they are beneficiaries of an estate plan will stay silent on this issue, perhaps hoping that everything will stay the same after the divorce is finalized.