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Posts tagged "irrevocable trust"

Florida revocable living trusts

While people may have heard of a revocable living trust, they may not be exactly certain of what the term means or how such a trust functions. Trusts may generally be divided into two broad categories, including revocable living trusts and irrevocable trusts.

Trusts can be useful estate planning tools

While a will may serve the estate planning needs for most people, it may not be sufficient for everyone. Some individuals want or need more control over the distribution of their assets than a will can provide. In those situations, a trust can be a helpful tool. Some people may think that trusts only exist for the wealthy. However, a trust can be useful regardless of wealth. Anyone who wishes to specifically guide or control their assets may benefit from having a trust.

Trusts and estate planning in Florida

There are many different types of trusts that a person may establish. The trusts may be divided into two broad categories. Revocable trusts allow people who set them up to control the trust assets. These trusts can be amended or terminated at any time. Irrevocable trusts instead own the assets and are able to avoid estate taxes. Changes cannot be made to irrevocable trusts without the intended beneficiaries' consent to the proposed changes.

How estate planning provides peace of mind

Many Florida residents find it difficult to contemplate end of life decisions, but addressing these issues can provide you with peace of mind while protecting your estate and safeguarding your legacy. Failing to have an effective estate plan in place could leave your assets vulnerable and increase your tax exposure, and it may also lead to conflict among your heirs.

Understanding the involvement of parties in living trusts

While the issue of an estate plan may seem like a decision for a later time in one's life, Florida residents of all ages may benefit from considering the importance of having a will or living trust in place. One of the primary interests in forming a living trust is the ability to limit or eliminate the potential for a probate process. During probate, a will becomes a matter of public information, an issue that could allow sensitive information about one's last wishes to be aired in public. With a living trust, however, these matters can be handled privately.

Differences between revocable and irrevocable trusts

A trust can be an effective way to avoid probate and transfer assets seamlessly to heirs, reduce estate taxes and give a family privacy. However, there are some things Florida residents need to take into consideration before they set up a revocable or irrevocable trust.

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L. Bruce Swiren, P.A., Attorney at Law Free Initial Consultations
877-806-7949 407-287-5137

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Protecting Your Legacy
For more than 35 years, individuals, families and businesses in Florida have relied on our law firm for help. You can too, call today for a free initial consultation.

Posts tagged "irrevocable trust"

Protecting Your Legacy
For more than 35 years, individuals, families and businesses in Florida have relied on our law firm for help. You can call today for a free initial consultation.

Meet Our Team of Attorneys

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

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Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters.