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A Florida Trust Is Not Just For The Wealthy
When you think of trust and estate planning, do you think they are only for the ultra-wealthy? If so, you should think again. Trusts are for anyone who wants to help their loved ones avoid the costs and stress of probate. Further, trusts can be helpful for blended families and can also help minimize estate taxes in certain situations. But the truth of the matter is that not everyone needs a trust. We will sit down with you, review your assets, your situation and your goals before helping make you the best decision that is right for your family. Give us a call at 727-835-5502 and we'll set up an appointment for you to talk to us. We'll help you find the most effective and most affordable estate planning options so that our work matches your goals.
Many Types of Trusts that Can Benefit You/your Heirs
- A-B Trusts
- Revocable Living Trusts
- Charitable Remainder and Lead Trusts
- Irrevocable Trusts
- Special Needs Trusts
- Spendthrift Trusts
- Irrevocable Life Insurance Trusts
There is no "one size fits all" when it comes to setting up a trust. Trusts can be very complex and must be established with great care. At DeLoach & Hofstra we take the time necessarily to understand your wants and needs and only then do we create a customized estate plan which may be a trust or a will that is uniquely suited for you. Don't be fooled into thinking that creating a trust is a good DIY project or that you even need a trust in the first place. Advice and counsel for setting up a trust in Florida is critical.
Types Of Trusts In Florida
Trusts are a great estate planning tool, but they can be complicated. There are several different ways of setting up a trust so it is important that you work with an experienced will and trust attorney so that you get competent advice that will ensure that your trust will work exactly as you planned.
Revocable Trusts
A revocable trust is a very flexible way for you to do estate planning. In a revocable trust you will have the ability to make changes as long as you are alive and mentally competent. You don't need anyone's permission and can change it any time. Usually, revocable trust becomes an irrevocable trust when you pass.
Irrevocable Trusts
An irrevocable trust cannot be changed without the permission of the beneficiaries. Although an irrevocable trust may seem inflexible, there are many reasons you may choose this option. An irrevocable trust essentially removes the trust assets out of the trust owner's estate so he or she will be free of tax liability of the income generated by the assets.
Gifts & Charitable Trusts
Gift Trusts and Charitable trusts are a great way to support worthwhile charities. If you create a gift or charitable trust in most cases you retain the income from the assets within the trust as long as you live. There are several tax advantages in creating a gift or charitable trust.
Special Needs Trust
A special need trust, sometimes called a supplemental needs trust, allows a person with a mental or physical disability to have an unlimited amount of assets held in trust for his or her benefit. If the special needs trust is properly drafted, the assets held in the trust may not be considered for the purposes of qualification for some government benefits. This will allow the person to have full access to benefits while still being able to use the trust funds for other needs.
Pet Care Trust
A pet care trust allows you to arrange for the care of your pets should something happen to you. Without a plan, your pet could be one of the thousands that enter animal shelters each year when their owner dies or becomes incapacitated.