Trust Administration

What Should the Surviving Spouse Do to Avoid Personally Paying Penalties and Interest to the IRS?

March 17, 2017 by

The headline above could have easily read “A surviving spouse is personally liable for payment to the unpaid creditors of her late spouse’s estate.” Here, the unpaid creditor is the IRS.

Federal and Florida laws include priority rules that ...

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Trust Administration Costs

September 29, 2014 by

Trust administration is the process where the successor trustee pays a deceased person's taxes and debts and then transfers the remaining trust assets to the beneficiaries according to the instructions provided in the trust document. Unlike probate, there is ...

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Zsa Zsa Gabor’s Guardianship Battle Could Have Been Avoided With A Living Trust or a Financial Power of Attorney

September 9, 2013 by

A properly funded living trust or a financial power of attorney may be used to avoid guardianship. For healthcare decisions, you should have an advanced directive (also called a living will) and a healthcare power of attorney. A living ...

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Living Trust Funding: Steve McNair’s Estate Didn’t Gain Any Yardage

September 3, 2013 by

Former NFL quarterback, Steve McNair, did not have a will when he passed away. He left behind a wife and four children. Without any estate planning documents to give guidance, there could have been a conflict because two of ...

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