Category Archives: Trusts
Does the Trustee File Tax Returns For a Trust?
If you wonder “does the trustee file tax returns for a trust,” the answer is yes! Trustees play a leadership role in the administration and management of a trust. Filing taxes is one of the many jobs a trustee must complete. Here in Naples, Florida trust lawyer James Nici can help a trustee understand… Read More »
Tell Me About Charitable Trusts
Charitable trusts are legal entities designed to support charitable causes. They allow individuals to donate assets, such as cash or property, while retaining some control over how the funds are used. Charitable trusts offer tax benefits and are a powerful way to leave a lasting impact on the causes you care about. Including one… Read More »
What is a Trust Fund Baby?
The term trust fund baby brings to mind the stereotype of rich, spoiled young people who live off a trust set up by wealthy parents or a rich uncle. The stereotype is of entitled individuals with no work ethic. However, not all trust fund recipients fit this stereotype. In fact, most do not. Rather,… Read More »
What is a Fiduciary Relationship?
A fiduciary relationship is one in which one party, called the fiduciary, has the legal duty to act in another party’s best interests. The fiduciary is expected to put the needs of the other party first. There are many different types of fiduciaries in Florida, including bankers, financial advisers, lawyers, doctors, and accountants. Examples… Read More »
What is a Trustee for a Trust?
Trusts are a popular estate planning tool. Before you decide whether to include a trust in your Naples estate plan, it is important to have a clear understanding of the three parties involved in a trust, which include the grantor, the beneficiary, and the trustee. The grantor is the individual who creates the trust,… Read More »
Benefits of a Revocable Trust
A revocable trust is a type of trust that can be changed or revoked by the grantor (the person who creates the trust) at any time. Many individuals chose to include a revocable living trust as part of their Naples estate plan because of their many advantages. Below are seven benefits of having a… Read More »
What is Trust Administration in Florida?
Florida trust administration is the process by which a trustee executes a trust’s terms and manages the assets within a trust. It is not court-supervised. The trustee is given certain powers and responsibilities under Florida law. Trust administration can be complicated, so if you are a trustee, it is helpful to reach out to… Read More »
Real Estate Can Be Put in a Trust
Trusts are valuable estate planning tools that have many different uses. Without the help of a attorney well versed in trusts, it can be difficult to know when to use a trust, what type of trust to create, and what property to transfer into the trust. One question that often arises is whether you… Read More »
What is a Charitable Remainder Trust?
A charitable remainder trust (CRT) is a type of irrevocable trust that creates an income stream to a named beneficiary (yourself or other named beneficiaries) for a specified term of up to 20 years or the life of one or more beneficiaries. At the end of that period, the remaining assets in the trust… Read More »
What is a Special Needs Trust or Supplemental Needs Trust?
Simply put, anyone who has a disabled child or family member can benefit from the use of a supplemental needs trust. A supplemental needs trust, sometimes also referred to as a special needs trust or an SNT, allows a family to provide additional assets to the disabled individual without endangering the benefits the disabled… Read More »