If you are considering creating a trust to help manage your assets, you have to decide whether you want the trust to hold your assets while you are alive or if you want the trust to become active upon your death.
Florida residents who hesitate to create estate plans are not alone. The American Association of Retired Persons reports that more than half of U.S. adults do not have an estate plan in place. However, putting off this task can mean no plan will be in place for becoming incapacitated, the care of minor children or the distribution of assets. All adults should consider the following benefits to estate planning.
It's important for all Florida adults, even those who don't have children or any close relatives, to have an estate plan. In addition to addressing what happens to property and assets after death, an estate plan could cover many issues directly related to the creator.
Succession planning is important for business owners in Florida and throughout the country. This can be true whether an owner plans to sell a company or transfer it after death. There are multiple ways in which a business can be sold. The first method is to sell it outright for cash or assets. If the company is sold for fair market value, there is no need to pay gift or estate tax.
In a world getting more globalized, people from Florida are increasingly investing in foreign assets, such as large olive groves in Turkey, mansions in Europe and yachts on the Seine. Those investors have to know how they should structure the ownership of their assets in order to optimize estate and tax planning.