Retirement may seem like one of the best times of your life. You now have the time to experience all aspects of life that you may have been unable to due to your work duties and other life responsibilities. However, with age and retirement also comes additional planning and paperwork for the life events ahead. Learn more about trusts and your estate planning options: [ Ссылка ]
While there are several forms of “trusts”, the most common is known as a living trust. When you enter into a living trust, one person or entity holds legal title to property for another person, (known as the beneficiary). You can be the trustee of your own living trust, and maintain control over all the property held in that trust. A “living trust” is created during your lifetime, rather than at the time of your death. Its primary benefit is to allow your family to avoid the expense and delay of probate after your death.
If your net worth is under $75,000 when you die, the probate process is relatively quick and straightforward. Chances are good that if you have a will, that will suffice. Your BCN Trust Attorney will help you determine if it’s in your best interest to have a Living Trust.
Living Trusts do not take the place of a will. Property is not included in your living trust, and another method will be used to distribute to relatives per Florida law.
Some trusts can actually help reduce your tax liability. Your BCN Law Firm attorney will discuss all of this with you, explain your options and help you make the best choices for your situation.
