THYNES

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So far THYNES has created 49 blog entries.

Who May Act As Trustee Or Successor Trustee?

The choice of a trustee is extremely important, and may have tax consequences. You can name almost anyone as your trustee. Unlike the appointment of a personal representative of a probate estate, a trustee does not have to live in Florida or be related to you. You can name yourself or any other individual (subject [...]

By | 2018-03-01T19:33:55+00:00 March 1st, 2018|

Who Pays Federal Income Tax On Trust Income?

In most instances, the revocable trust is ignored for federal income tax purposes during the grantor’s lifetime. The income and deductions are reported directly on your individual income tax return. The trust will use your social security number as its tax identification number. A revocable trust becomes a separate entity for federal income tax purposes [...]

By | 2018-03-01T19:33:05+00:00 March 1st, 2018|

Does The Trust Provide Protection From Creditor Claims?

In Florida, the trust assets are not protected from the claims of your creditors. During your lifetime the assets in a revocable trust are treated as owned by you, and subject to the claims of your creditor as if you owned them in your personal name. If the trust assets remain in trust after your [...]

By | 2018-03-01T19:32:23+00:00 March 1st, 2018|

How Are A Decedent’s Creditors Satisfied At Decedent’s Death?

Florida’s trust law does not have a specific procedure for identifying and paying creditors at death. The creditors have up to 2 years from the decedent’s death to file claims against the estate. The trustee may be reluctant to distribute the trust assets to the beneficiaries until he or she is satisfied that all claims [...]

By | 2018-03-01T19:31:12+00:00 March 1st, 2018|

How Do I Know If My Assets Are Properly Titled To My Revocable Trust?

The account statement, stock certificate, title or deed will make some reference to the trust or to you as trustee. You might also elect to fund your trust by naming the trust as a beneficiary of life insurance or other similar arrangements. Your attorney and financial advisor may assist you with the transfer of assets [...]

By | 2018-03-01T19:29:56+00:00 March 1st, 2018|

How Does A Revocable Trust Avoid Probate?

A revocable trust avoids probate by effecting the transfer of assets during your lifetime to the trustee. This avoids the need to use the probate process to make the transfer after your death. The trustee has immediate authority to manage the trust assets at your death; appointment by the court is not necessary. The “funding” [...]

By | 2018-03-01T19:28:12+00:00 March 1st, 2018|

How Is The IRS Involved At A Decedent’s Death?

The decedent’s death has two significant tax consequences: It ends the decedent’s last tax year for purposes of filing the decedent’s federal income tax return, and it establishes a new tax entity, the ‘estate.’ The personal representative may be required to file one or more of the following returns, depending upon the circumstances: The decedent’s [...]

By | 2018-03-01T19:27:18+00:00 March 1st, 2018|

What Are The Estate’s Obligations To Estate Creditors?

One of the primary purposes of probate is to ensure that the decedent’s debts are paid in an orderly fashion. The personal representative must use diligent efforts to give actual notice of the probate proceeding to ‘known or reasonably ascertainable’ creditors. This gives the creditors an opportunity to file claims in the decedent’s probate estate, [...]

By | 2018-03-01T19:25:30+00:00 March 1st, 2018|

Why Does The Personal Representative Need An Attorney?

A personal representative should always engage a qualified attorney to assist in the administration of the decedent’s probate estate. Many legal issues arise, even in the simplest probate estate administration, and most of these issues will be novel and unfamiliar to non-attorneys. The attorney for the personal representative advises the personal representative on the rights [...]

By | 2018-03-01T19:24:53+00:00 March 1st, 2018|

Whom Will The Court Appoint To Serve As Personal Representative?

If the decedent had a valid will, the judge will appoint the person or institution named by the decedent in that will to serve as personal representative, as long as the named person or bank or trust company is legally qualified to serve. If the decedent did not have a valid will, the surviving spouse [...]

By | 2018-03-01T19:24:16+00:00 March 1st, 2018|