ESTATE PLANNING IN MIAMI BEACH,FL-WHY IS FUNDING MY TRUST SO IMPORTANT?
Funding your trust is so important. If your estate planning attorney created an irrevocable trust, it must be funded to achieve the tax saving goals. If your estate planning attorney creates a revocable trust, it too must be funded so that your assets avoid Miami probate court involvement.
WHAT IS FUNDING A TRUST?
Funding a trust is simply putting assets into the trust. For example, if you are single and your estate planning attorney in Miami Beach, FL creates a revocable trust, please go to your bankers and investment advisors and change the owners of your account from you personally to your trust. You will remain the trustee and have total control of these assets just like you do now.
WHAT HAPPENS IF I DO NOT FUND MY TRUST?
It depends, if you are married and all assets are held jointly, you should be fine. Upon the death of the first spouse, all assets should be transferred so nothing is left in their own name. If you are single, and own assets in your name alone or married with separate assets, these assets should all be placed into your trust.
HOW DO I MOVE MY REAL ESTATE ASSETS INTO MY TRUST?
Unlike bank accounts and investments which merely require paperwork, transferring real estate into a trust requires a deed. Once the deed is signed and recorded, you can request that your homestead exemption in Florida continues and all will be good. You even have the same powers to sell, rent, and repair your home. Thus, putting your home in a trust is a benefit without any drawbacks.
WHY SHOULD YOU USE ALLY M. GLASER, PA TO HANDLE YOUR WILLS AND TRUSTS, ESTATE PLANNING IN MIAMI BEACH AND MIAMI-DADE AND BROWARD PROBATE MATTERS?
As a Miami Beach Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach with over twenty-five years of experience and both a Psychology and Law degree, I handle these matters with knowledge 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. Additionally, because I do both estate planning and probate law, I am familiar with the challenges of each and provide my clients with additional protections. Call or email me today to discuss your Miami Beach Estate Planning, Wills and Trusts and Miami-Dade County Probate matters. I am happy to help you and your loved ones during this important process.