TRUSTS
TRUSTS
What is a Trust?
A Trust serves as a vital tool for managing and protecting assets, offering privacy and dignity to an individual’s personal affairs both during their lifetime and after passing. At Constant Law, P.A., we recognize the importance of establishing trusts to ensure seamless asset management and avoid probate complications.
Contact us today to speak with an experienced estate planning attorney at (863) 457-3253 or contact us online. We assist clients throughout Hillsborough, Polk, Highlands, and Osceola counties.
Types of Trusts for Estate Planning in Florida
When creating a trust, the trustor designates a trustee to hold and administer assets for the benefit of beneficiaries. This legal arrangement allows for clear directives on asset distribution, reducing the likelihood of disputes or uncertainties. By transferring assets to a trust, they are effectively removed from the estate, potentially minimizing inheritance or estate taxes. Trusts prove beneficial in various scenarios, such as providing for minor children in the event of a parent’s premature passing or establishing a Florida Special Needs Trust to support individuals with unique requirements.
Let Constant Law, P.A. assist you in establishing a trust tailored to your specific needs and objectives, ensuring peace of mind for you and your loved ones.
In Florida, various types of trusts cater to different needs and objectives, each offering unique benefits and considerations:
- Revocable Living Trust: This trust allows the trustor to retain control over assets during their lifetime and make amendments or revoke the trust if desired. It typically becomes irrevocable upon the trustor’s death, avoiding probate and ensuring efficient asset distribution.
- Irrevocable Trust: Once established, this trust cannot be modified or revoked by the trustor. Assets transferred to an irrevocable trust are typically removed from the trustor’s estate, offering potential tax benefits and creditor protection.
- Special Needs Trust: Also known as a Supplemental Needs Trust, this trust is designed to provide financial support to individuals with disabilities without jeopardizing their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI).
- Charitable Trust: This trust allows individuals to donate assets to a charitable cause while retaining certain benefits, such as income tax deductions. Charitable trusts can be structured to provide ongoing support to charitable organizations or create a legacy for philanthropic endeavors.
- Asset Protection Trust: Designed to shield assets from creditors and legal claims, this trust can offer peace of mind to individuals concerned about potential lawsuits or financial liabilities.
- Testamentary Trust: Created within a will and established upon the trustor’s death, this trust allows for the distribution of assets to beneficiaries according to the trustor’s wishes.
- Land Trust: Commonly used for real estate investments, this trust holds title to real property while providing privacy and facilitating efficient transfer of ownership interests.
Understanding the different types of trusts available in Florida is essential for crafting an estate plan that aligns with your goals and circumstances. Consult with a knowledgeable estate planning attorney at Constant Law, P.A. to determine the most suitable trust structure for your needs and objectives.
