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Estate Planning

Monday, September 24, 2018

Do You Own Rental Property? How Proactive, Comprehensive Estate Planning Can Help


Do You Own Rental Property?

How Proactive, Comprehensive Estate Planning Can Help

A comprehensive estate plan should address all of your assets. For most people, an estate plan must include three common categories: (1) your home; (2) financial accounts, like your checking and savings account; and (3) personal property. Other types of assets - such as life insurance, retirement funds, and annuities - should also be considered as part of your estate plan. 

If you own rental property, however, your estate plan will be more complicated because there are some unique considerations.

 

Rental Property & Estate Plans

It is no surprise that one of the risks of being a landlord of commercial or residential property is the threat of lawsuits.


Read more . . .


Monday, September 17, 2018

Estate Planning When Not All of Your Kids are in the Family Business


Estate Planning When Not All of Your Kids are in the Family Business

 

Owning your own business can be a great endeavor that takes a lot of passion and drive. Many small business owners focus on the day-to-day management and growth of the business, rather than thinking about a time when he or she may not be in the business. This is a far too common mistake.  Future plans for your enterprise are even more important when one child works in the business but the others do not. Keeping the peace among your children after you are no longer able to participate in the business requires careful balancing of your estate plan.
Read more . . .


Monday, September 10, 2018

Why Joint Tenancy Should Not Be the Go-To Plan for Newlyweds


Why Joint Tenancy Should Not Be the Go-To Plan for Newlyweds 

 

If you are recently married or have been married and are acquiring additional assets, know that you have options when it comes to how the property will be titled. And, although joint tenancy seems like an easy and convenient choice, it may not work as well as you would think. 

 

What is Joint Tenancy?

After getting married, it is common for couples to take title to one another’s bank accounts, brokerage accounts, personal property, and other assets as joint tenants with rights of survivorship (JTWROS). An asset that is titled as JTWROS is owned by at least two people with each party (or tenant) having an equal right to the asset. Each tenant is also afforded survivorship rights in the event one of the other tenants passes away.
Read more . . .


Tuesday, September 4, 2018

Why a Spendthrift Trust Can Be a Great Solution for Your Heirs


Why a Spendthrift Trust Can Be a Great Solution for Your Heirs

 

There are many tools that can be used when putting together your estate plan. One such tool is a trust. 

 

A trust is a fiduciary arrangement, established by the “grantor,” which gives a third party (known as a trustee) the authority to manage assets on behalf of one or more persons (known as a beneficiaries).  Since every situation is different, there are different types of trusts to ensure the best outcome for each beneficiary. One type of trust, known as a spendthrift trust, is commonly used to protect a beneficiary’s interest from creditors, a soon-to-be ex-spouse, or his or her own poor management of money.
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Monday, August 27, 2018

Financial Planning. Tax Planning. Legacy Planning. Estate Planning


Financial Planning. Tax Planning. Legacy Planning. Estate Planning - 

How many plans do I need?!

 

Most folks have at least heard of an estate plan. But fewer realize that a simple will is not enough to prepare for your future.
Read more . . .


Thursday, August 23, 2018

How to Choose a Trustee


How to Choose a Trustee

When you establish a trust, you name someone to be the trustee. A trustee is someone who "holds" property for the benefit of another. By "holds" we mean a trustee does what you do right now with your financial affairs - collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records, and generally keep things organized and in good order. In actuality, the trustee has legal title to the property, but as stated above, it is for the benefit of another and according to the terms of a trust.

 

The Key Takeaways


Monday, August 13, 2018

How to Pick a Trustee, Personal Representative, and Agent


While the term fiduciary is a legal term with a rich history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, personal representatives, and agents are all examples of fiduciaries. When you pick trustees, personal representatives, and agents in your estate plan, you’re picking one or more people to make decisions in your and your beneficiaries’ best interests and in accordance with the instructions you leave. Luckily, understanding the basics of what each of these terms means and what to consider when making your choices can make your estate plan work far better.

 

Trustee

A revocable living trust is often the center of a well-designed estate plan because it can be the best strategy for achieving most individuals’ goals.


Read more . . .


Tuesday, August 7, 2018

Retirement Planning for Business Owners


Retirement Planning for Business Owners

 

For many employees, saving for retirement is usually a matter of simply participating in their employer’s 401(k) plan and perhaps opening an IRA for some extra savings.

But, when you’re the owner of a business, planning for retirement requires proactivity and strategy. It’s not just the dizzying array of choices for retirement accounts, there’s also planning for the business itself. Who will run the business after your retirement? Additionally, your estate plan must integrate into your retirement and business transition strategy.

Owners of businesses (like employees and everyone else) want to make sure they will have enough money in retirement.


Read more . . .


Monday, July 30, 2018

How to Leave Your Life Insurance and Retirement Plan to Your Minor Children


How to Leave Your Life Insurance and Retirement Plan to Your Minor Children

 

Your children are your pride and joy. It is no surprise that at some point or another, every parent likely becomes concerned about who will care for a minor child or children if one or both parents die or are incapacitated. From a financial perspective, many parents turn to life insurance in an effort to take care of their family in the event of death. While it is true that life insurance is a particularly helpful financial tool to protect your loved ones, it is just as important to consider how to leave the proceeds to your minor children. Beyond this, you should also take into account how to incorporate your retirement money (IRAs and 401(k)s), another common, significant asset into your overall estate plan.
Read more . . .


Monday, July 23, 2018

Does a Dynasty Trust Make Sense for Your Family?


Does a Dynasty Trust Make Sense for Your Family?

 

In 2017, NBA team owner Gail Miller made headlines when she announced that she was effectively no longer the owner of the Utah Jazz or the Vivint Smart Home Arena. These assets, she said, were being placed into a family trust, therefore raising interest in an estate planning tool previously known only to the very wealthy­–the dynasty trust.

 

Dynasty Trusts Explained

 

A dynasty trust (also called a “legacy trust”) is a special irrevocable trust that is intended to survive for many generations. The beneficiaries may receive limited payments from the trust, but asset ownership remains with the trust as long as state law allows it to remain in effect.
Read more . . .


Monday, July 16, 2018

Are Your Documents Following the Same Script? Basics of Beneficiary Forms and Estate Planning


Are Your Documents Following the Same Script? Basics of Beneficiary Forms and Estate Planning

 

In the event of your untimely death, the manner in which your beneficiaries - or those people who receive your assets from your estate - are determined is highly dependent on how your property is titled. 

 

Generally, property with title includes vehicles, boats, airplanes, real estate, bank accounts, savings bonds, life insurance policies, retirement accounts, and stock certificates. If you die without a will or a trust and haven’t used any beneficiary or transfer on death options, state law will determine who inherits property with a title. On the other hand, property without a title, such as jewelry, antiques, art, and even your digital assets are usually provided for in your will or trust, and if you don’t have one typically goes to your heirs at law. As you can see, who you have listed as a beneficiary - and not having a beneficiary designation at all - can have serious implications for your family after you have passed away.
Read more . . .


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From our office in Gainesville, the estate planning firm of White, Crouch & Mills, P.A. advises and represents clients in communities throughout Alachua County, Marion County, Levy County, Putnam County, Clay County, Bradford County, Union County and Gilchrist County in North Central Florida. Call us at 352-372-1011 or contact the firm by email to arrange an initial consultation with us today.



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