Seminole Trusts Attorney
Trusts serve a number of critical functions within a Florida estate plan. A trust can help you pass assets to your beneficiaries without the need for probate. A trust can also help you shield your assets against certain creditor claims. A trust can even help you legally reduce your current and future tax obligations to the government.
There are a number of different types of Florida trusts that might benefit your own estate and financial planning needs. Our Seminole trusts attorney can help you decide which trusts may be right for you. Knudsen Law is a full-service Florida estate and probate firm that advises clients in preparing and administering a wide range of revocable and irrevocable trusts.
What Is a Trust?
To put it simply, a trust is a legal arrangement involving three parties:
- The settlor, who creates the trust and funds it with assets;
- The trustee, who holds and manages the trust’s assets;
- The beneficiary, who is entitled to receive the income and/or principal of the trust.
In Florida estate planning, the most commonly used form of trust is a revocable living trust. This is where the settlor retains the right to amend or revoke the trust at any time during their own lifetime. In most cases, the settlor is also the initial trustee and beneficiary. Upon the settlor’s death, a successor trustee assumes control of the trust and distributes any remaining assets to the beneficiaries named in the trust documents.
The main benefit of a revocable living trust is that it allows you to transfer assets without the need for probate. But if you are looking to protect your assets or potentially reduce your tax burden, you may wish to consider one or more irrevocable trusts. An irrevocable trust cannot be changed once created. But since you legally surrender control over any assets placed in an irrevocable trust, it is generally not considered part of your own taxable estate or subject to personal creditor claims against you.
There are other Florida trusts designed to hold specific types of property. For example, you can create a gun trust, which enables you and other individuals to jointly own and use firearms subject to federal regulations. You can also create a qualified personal residence trust, which is designed to help you keep your home within the family.
Contact Our Seminole Trust Lawyers Today
Keep in mind, all trusts involve a certain amount of time and expense, not just to create but also to administer. So it is important that you carefully weigh all the potential benefits and costs before implementing any form of trust. A qualified Seminole trusts attorney can walk you through the various options and, if you decide to proceed, make sure that all necessary trust documents are properly drafted to comply with applicable federal and state laws.
If you would like to know more about Florida trusts and how they might benefit your own estate planning, contact Knudsen Law today at (727) 398-3600 to schedule a consultation.
