The use of trusts is an essential tool in estate planning.  Trusts provide flexibility in arranging a client’s property for present and future disposition that otherwise may not be available.  The fliexibility provided by using valid trusts may be said to be limited only by the objectives of the estate owner.  Often these objectives are conflicting and subject to alternate solutions that offer both advantages and disadvantages.  For example, an estate plan designed primarily for tax savings may not produce the most desirable disposition of the property.  Tax considerations constitute an important phase of sound estate planning but should not control all decisions.  The use of trusts in estate planning is not limited to large estates that produce more complex tax considerations.

A trust will assure that the property will be used for the benefit of the beneficiary who the client wishes to favor without interference of the spouse of that beneficiary.

A trust will relieve the beneficiary from the burden of property management.

A trust will protect against the dissipation of the trust’s assets by limiting the interest of the beneficiaries and granting the trustee discretionary powers of distribution through spendthrift provisions.

A trust will allow you to control the ultimate disposition of the trust property by creating life estates with remainder interests.

A trust will allow you to retain uniform management and control of business interests or real estate.

A trust will avoid probate on the death of the life beneficiary.

For more on the use of living trusts and how they might be best used by you and your family, please contact the estate planning and asset protection experts of Wild Felice & Pardo, PA at 954-944-2855 or via email at info@wfplaw.com.  Let us protect what you value most.

All property held by spouses as tenants by the entirety or as joint with right of survivorship will be deemed to be one-half (1/2) owned by each spouse regardless of which spouse furnished the consideration.  Thus only one-half (1/2) of such property will be included in the estate of the first spouse to die.  Caution: only one-half (1/2) of the joint property will receive a step up in basis, thereby possibly causing increased capital gains taxation.  Regarding jointly owned property by non-spouses, the property will be included in the estate of the first person to die, unless the survivor can prove contribution.

Joint ownership of assets is not ideal during life and poses many problems in the administering of an estate.  A better way to manage your assets is through a Revocable Living Trust.  For more on how to eliminate the need for Probate and reduce the estate tax burden your family will suffer when you die, please contact the South Florida estate planning attorneys of Wild Felice & Pardo, PA at 954-944-2855 or via email at info@wfplaw.com.  Let us protect what you value most.

http://njtoday.net/2010/05/03/the-five-most-important-estate-planning-documents/

The above link is an article written by Wells Fargo Financial Advisors.  It is a must read for every American.