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Florida Complex Will with Credit Shelter Marital Trust for Large...

Miami-Dade Florida Complex Will with Credit Shelter Marital Trust for Large Estates

Name: Miami-Dade Florida Complex Will with Credit Shelter Marital Trust for Large Estates
Brand: US Legal Forms
Rating: 4.8 (445 reviews)

Category:

Florida Wills - Complex

State:

Florida

County:

Miami-Dade

Control #:

FL-COMPLEX2

Format:

Instant download

Description

This Complex Will with Credit Shelter Trust for Large Estates form is a complex Will designed to enable a couple to maximize the amount of property that can pass free of estate taxes. The Will leaves the maximum tax free amount allowed (i.e. 1,000,000.00 as of 2001) to a trust and the remainder of property to the surviving spouse. All of the property passing to the Spouse is estate tax free. Therefore, no estate taxes are due at the death of the first Spouse. Since the trust has 1 million dollars that can pass to the children tax free, the surviving spouse can also leave 1 million to a similar trust or children and thereby enable 2 million dollars instead of 1 to pass to the children estate tax free. Income from the trust can be disbursed to the surviving spouse and children.

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How to fill out Miami-Dade Florida Complex Will With Credit Shelter Marital Trust For Large Estates?

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FAQ

A marital trust is an irrevocable trust that lets you transfer a deceased spouse's assets to the surviving spouse without incurring any taxes. The trust also protects assets from creditors and future spouses the surviving spouse may encounter.

The big advantage of a living trust over a will is that it streamlines the property transfer. After you're gone, the assets in the trust will be distributed to your heirs without the court's involvement ? which means no probate. Your loved ones will receive their inheritance faster and with less hassle.

A will does not go into effect until after you die, whereas a living trust is active once it is created and funded. This means that a trust can provide protection and direct your assets if you become mentally incapacitated, something a will is unable to do.

There are three types of marital trusts: a general power of appointment, a qualified terminable interest property (QTIP) trust, and an estate trust. A martial trust protects the assets and benefits of a surviving spouse and children.

The Cons. While there are many benefits to putting your home in a trust, there are also a few disadvantages. For one, establishing a trust is time-consuming and can be expensive. The person establishing the trust must file additional legal paperwork and pay corresponding legal fees.

Credit Shelter Trust vs Marital Trust - Is a Marital Trust the Same as a Credit Shelter Trust? No. A Marital Trust is a type of Credit Shelter Trust. You and your spouse can use a Marital Trust to pass assets to a surviving spouse, children or grandchildren.

Pros and Cons of a Will vs. Living Trust With a WillWith a Living TrustPrivacyAll Estate administration filings are public record. Exposes family to Unscrupulous solicitors and greedy heirs.Privacy preserved. Living trusts are not public record. Everything is kept in the family.8 more rows

Generally speaking, a marital trust is a specific allocation to the surviving spouse without too many strings attached. The family trust is more intended for the living children of the spouse who died first. Usually, the family trust is the money used as a last resort.

Drawbacks of a living trust The most significant disadvantages of trusts include costs of set and administration. Trusts have a complex structure and intricate formation and termination procedures. The trustor hands over control of their assets to trustees.

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The returns filed for such estates need not report the value of most assets transferred in a manner that qualifies for the marital or charitable deduction. 1. Is a living trust revocable or irrevocable?The "Miami Institute" is widely recognized as the premier estate planning program in the country. Basic ground rules and exceptions explained. North Miami Beach, FL 33160. Trust planning is a key part of most estate plans and opens up a wider range of possibilities for asset protection and wealth preservation here in Florida. Wills, Trusts, Gifts, and Estate Planning . Execute new wills (and trusts) in Florida and reflect Florida as the place of residence;. 7. File federal income tax return showing Florida address with. Louis S. Harrison has long been recognized as one of the premier estate planning attorneys in the country.

Louis S. Harrison, is a family-owned firm in North Miami Beach with over 30 years experience. Fidelity Investments, FRS. Miami. A complete and comprehensive estate planning service that offers comprehensive assistance in planning, drafting, recording and administering estate trusts. The Fidelity Estate Planner, 727 NW 7th St., Miami, FL 33137. Florida-based estate planning firm specializes in a wide variety of services including Estate Planning Counseling (a process which enables you to review and develop a financial plan for your estate×, Estate Planning and Administration, Estate Planning and Administration, Business Organization Planning and Business Planning, and Estate Planning For Business and Investment Planning. Covington & Burning, 8. Prepare, prepare, for probate and prepare for probate, because the estate plan is where you actually get your estate.

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The materials in this section are taken from public sources. We disclaim all representations or any warranties, express or implied, as to the accuracy, authenticity, reliability, accessibility, adequacy, or completeness of any data in this paragraph. Nevertheless, we make every effort to cite public sources deemed reliable and trustworthy.

Miami-Dade Florida Complex Will with Credit Shelter Marital Trust for Large Estates

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How to fill out Miami-Dade Florida Complex Will With Credit Shelter Marital Trust For Large Estates?

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Form Rating

Form popularity

FAQ

What is a marital trust?

What is better a will or a trust?

What is the purpose of a marital trust?

Why is trust better than a will?

What are the different types of marital trusts?

What are the disadvantages of putting your house in a trust?

What is the difference between a credit shelter trust and a marital trust?

What are the pros and cons of a will versus a trust?

What is a marital trust in Florida?

What are the disadvantages of a trust?

Interesting Questions

What is a Miami-Dade Complex Will?

What is a Credit Shelter Marital Trust?

Who would benefit from a Miami-Dade Complex Will with Credit Shelter Marital Trust?

What are the advantages of using a Credit Shelter Marital Trust?

Can a Credit Shelter Marital Trust be funded with both community and separate property?

What is the tax-exempt limit for a Credit Shelter Marital Trust?

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