With the prospect of a reduced federal estate tax exemption looming in the near future, taxpayers are considering tax-mitigation strategies that capitalize on today’s record-high exemption. Asset protection, or protection from potential lawsuits, is also top of mind in today’s litigation prone landscape. For these reasons, spousal lifetime access trusts—or “SLATS”— in Florida are fast […] Read more
Irrevocable Trust Florida
PLANNING AHEAD FOR LIKELY FEDERAL ESTATE TAX INCREASES Since the Tax Cuts and Jobs Act (TCJA) took effect in 2018, federal estate taxes have been deemphasized in estate planning. The TCJA more than doubled the federal estate tax exemption—from $5.49 million to $11.18 million. As a result, only about one in 1,000 deceased Americans have […] Read more
Trusts are a great tool for accomplishing a vast range of financial goals. They can help reduce tax liability, avoid the expense and inconvenience of probate, establish or maintain eligibility for government benefits, or any number of other specialized objectives. Indeed, a robust familiarity with trusts is an integral component of any experienced estate planner’s […] Read more
There are a lot of questions and general confusion about the differences between revocable living trusts and irrevocable trusts, which are the two primary types of trusts, and in this article I will explain the key differences by discussing the definitions, uses, benefits and drawbacks of each. Defining a Revocable Living Trust A “living trust” is […] Read more
