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Under state law, these four conditions must be met in order for a Florida will to be considered legally valid: The will maker or testator must be at least 18 years old. The willmaker must be of ...
If a revocable living trust is used as a part of an estate plan, the key to probate avoidance is ensuring that the living trust is "funded" during the lifetime of the person establishing the trust. After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust.
The Florida Department of Elder Affairs (DOEA) is the Florida government agency focused on senior citizens. As described in the Older Americans Act , it is the state's unit on aging. It oversees the Office of Public and Professional Guardians (OPPG [ 1 ] ).
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
Insurance trust: In this kind of irrevocable trust, a life insurance policy is an asset. The trustee becomes the holder of the policy and upon the trustor’s death, pays all necessary taxes on ...
The SBA manages 25 different investment funds and trust clients. Trusts are investment responsibilities allowed under law and established pursuant to trust agreements or other forms of consent with individual clients. Three of the SBA's 25 funds are government investment pools that contain the assets of a variety of clients. Twenty-two clients ...