Why Trusts Are Established
Under Florida law, a trust is a legal instrument that empowers a trustee to manage property for the benefit of a beneficiary or beneficiaries. Trust funds are sometimes created to avoid or minimize probate and, in other instances, avoid or reduce tax burdens as allowable by law. Individuals may also establish trusts for asset protection purposes, to protect their assets from creditors of the beneficiaries, or when they are concerned about the age or decision-making abilities of a beneficiary.
Whatever your goals, and no matter how complex your estate, the attorneys at VanNess & VanNess, P.A., can advise you about a variety of comprehensive, sophisticated estate planning options. The following types of trusts can be set up to meet your needs and serve the interests of beneficiaries, including:
- Revocable living trusts
- Single-person trusts
- Joint trusts
- A-B credit shelter trusts
- Marital trusts
- Family trusts
- Gift trusts
- Irrevocable trusts
- Charitable trusts
- Trusts for minor children
- Special-needs trusts
- Asset protection trusts
- Dynasty (generation-skipping) trusts
- Pet trusts
The Benefits Of Establishing A Trust
As we learn about your estate planning goals, VanNess & VanNess, P.A., can advise you about other estate planning strategies to avoid guardianship, probate, contested trusts and estate litigation to avoid or minimize estate taxes, and to ensure proper distribution to your intended beneficiaries.
When you think about your beneficiaries, you should consider whether distributions should be made to them outright or in a further trust. In making this decision, you should, at a minimum, consider the beneficiary’s age, health, financial status (good or bad) and marital status. These considerations and others will play a role in deciding whether you make distributions outright to the designated beneficiary or put the money into a trust for that beneficiary for his or her own good and/or protection. As part of our comprehensive estate planning practice, we offer trust modification and trust termination services to our clients as well.
One of the primary benefits of a trust over a will is that its objectives are carried out without the involvement of the probate court and associated expenses. Trusts also ensure that your assets and distributions to your beneficiaries remain private. Trusts allow beneficiaries to avoid the burden of probate and, in some cases, minimize state and federal estate taxes.
Discuss Your Options With An Attorney
With more than 100 years of collective experience, our team is fully prepared to advise you on establishing the trust or trusts that best meet your needs and the needs of your family. To schedule an appointment, call our Crystal River office toll free at 866-697-6221 or 352-436-4333. You can also send us a confidential message using our secure online form. Our lawyers serve clients throughout Citrus County, central Florida and the surrounding area.