ESTATE PLANNING HELPS SINGLE PARENTS PROTECT THEIR CHILDREN
CAN ESTATE PLANNING HELP SINGLE PARENTS PROTECT THEIR CHILDREN ?
Yes, all parents want to protect their children, but the chances of a couple dying at the same time is rare. Thus, a single parent especially a single parent of a minor child needs estate planning in Miami Beach, Florida more than most people. Even if you have a teenager or an adult child, proper estate planning in Miami Beach, Florida should also be done to protect those children in the case of your death.
WHO WILL BE YOUR TRUSTEE?
The trustee will be the person to replace you in the case of your death or incapacity. I recently received a call from a single mother who wants to put her sisters in charge, one and then the other as an alternate, if needed, to look after her daughter and assets until her daughter turns 25 and 30 years of age, should she pass away before then. She is young and healthy and is seeking peace of mind knowing her plans are in place.
WHAT ASSETS CAN YOU PUT IN A REVOCABLE TRUST?
Any assets can be placed into a revocable trust. For example, if this single mom owns three real estate properties, life insurance, bank accounts and investment accounts, all of this can be placed into her trust while she is alive and well and she is the trustee in control. This is a great way for her to her plan because she has a young daughter, and thus, would not want her to inherit too much, too soon.
HOW ARE THESE TRANSFERS TO TRUST DONE? IS IT COMPLICATED?
No, the process is relatively simple. The life insurance has the trust listed as a beneficiary while she is a minor. As she matures the assets can be transferred to her name, but her mother may want to protect her interests and keep all assets in the trust until she turns the chosen ages of 25 and 30. These age determinations are made on a case by case basis depending on the client’s specific situation. Bank accounts and investments can be held directly in the name of the trust as the owner.
HOW IS REAL ESTATE TRANSFERED?
For real estate, transfer deeds are done and recorded with the trust as the owner of the property. Homestead can still be applied for and accepted as long as the requirements are met. When the real estate properties and all assets are properly transferred, the need for a probate attorney in Miami or Broward County disappears.
WHY SHOULD YOU USE ALLY M. GLASER, PA TO HANDLE YOUR WILLS AND TRUSTS, ESTATE PLANNING IN MIAMI BEACH, TRUST ADMINISTRATION, AND MIAMI-DADE AND BROWARD PROBATE MATTERS?
As a Miami Beach Estate Planning, Wills and Trusts, Trust Administration, and Probate Attorney in Miami Beach with over twenty years of experience and both a Psychology and Law degree, I handle these matters with care and sensitivity. I am familiar and comfortable with both the Broward County and Miami-Dade probate court system and know how to get things done. Call or email me today to discuss your Estate Planning, Wills and Trusts, Trust Administration, and Broward or Miami-Dade County Probate matters. I am happy to help you and your loved ones.