THYNES

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So far THYNES has created 48 blog entries.

What Happens To A Decedent’s Revocable Trust At Death?

If the decedent had established what is commonly referred to as a “Revocable Trust,” a “Living Trust” or a “Revocable Living Trust,” in certain circumstances, the trustee may be required to pay expenses of administration of the decedent’s probate estate, enforceable claims of the decedent’s creditors and any federal estate taxes payable from the trust [...]

By | 2018-06-27T02:37:37+00:00 June 23rd, 2018|

General Overview Of Revocable And Irrevocable Trusts

One way to think about a trust is that the trust itself is a book of instructions. A grantor authors the trust, and provides instructions concerning the use of the grantor’s assets while the grantor is alive, including who is permitted to access the trust assets, and what will occur at the grantor’s incapacity and [...]

By | 2018-06-27T02:19:05+00:00 June 17th, 2018|

Some Suggestions Concerning Wills

Marriage does not cancel a will in Florida, but a spouse acquired after the execution of your will may receive the same portion of your estate that he or she would have received had you died without a will (at least one-half).   If you have moved to Florida from another state, it is wise [...]

By | 2018-06-27T02:44:16+00:00 June 14th, 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 | 2018-06-27T02:25:11+00:00 June 11th, 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 | 2018-06-27T02:23:50+00:00 June 5th, 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 | 2018-06-27T02:22:19+00:00 June 3rd, 2018|

Ten Reasons For Updating Your Estate Plan

Your plan hasn’t been updated to take into account the never-ending Estate Tax changes. Currently a single person can leave up to $5.6 million, and a married couple can leave up to $11.2 million, free of estate tax.  Over the years, the estate tax exemption has gone from $600,000 per individual (in 2000) to its [...]

By | 2018-06-27T01:59:59+00:00 June 1st, 2018|

What Is A Qualified Income Trust (QIT)?

If an individual’s income is over the limit to qualify for Medicaid long-term care services (including nursing home care), a Qualified Income Trust (QIT) allows an individual to become eligible by placing income into an account each month that the individual needs Medicaid. The QIT involves a written agreement, establishing a special account, and making [...]

By | 2018-06-27T02:54:12+00:00 May 28th, 2018|

What Are Probate Assets?

Probate administration applies only to probate assets. Probate assets are those assets that were owned in the decedent’s sole name at death, or that were owned by the decedent and one or more co-owners and lacked a provision for automatic succession of ownership at death. For example: A bank account or investment account in the [...]

By | 2018-06-27T02:31:15+00:00 May 22nd, 2018|