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Revocable And Irrevocable Trusts
Setting up a trust in Florida, while complicated, can save your family time and money, as well as the other matters a trust can cover. A Florida revocable trust allows you to retain full control of the trust during your lifetime while avoiding probate upon your death. An irrevocable trust in Florida may be useful in certain situations, such those with estate tax concerns and creditor protection issues such as nursing home care.
Attributes of a Revocable Living Trust
- The assets in a revocable living trust are not protected from the high costs of nursing home care or your creditors.
- Revocable trusts allow you to change the trust in any way during your lifetime
- The Trustee of the trust manages the assets for you. You are typically the first trustee.
- Upon your death or incapacity, the successor trustee (more likely a family member) manages the assets
- Assets held in avoid probate upon your death, potentially saving your family time and money.
Why would I need an Irrevocable Trust?
Most trusts we create are revocable and changeable during your lifetime. There are a few times that irrevocable trusts can be useful, such as for advanced tax planning and Medicaid planning. Further, trusts can become irrevocable upon your death. Here, a trust can be created for young children, irresponsible children and children with special needs. We will take our time and review your assets and goals and help you decide what trust is for you.
Food For Thought: Factors That Make A Living Trust A Good Choice
- The size of your estate – the more money you have, the more helpful a trust can be
- You are concerned about who would manage your affairs upon your incapacity
- If you own real estate in different states
- If you expect your heirs to be disgruntled, a trust can be helpful
Choose An Experienced Florida Trust Attorney
Florida estate planning is an often overlooked part of preparing for the future and the security of your family. If you have given thought to preparing your estate by creating either a trust or will but have postponed taking any action, call us today for a free initial consultation. We can help you assess your present situation, future needs, and your wishes. With proper estate planning, your future and the future of your family is not left to chance. Contact us and we'll assist you plan for the future.