Living Trust

Living Trust – For some individuals, a Living Trust is the most practical way for them to avoid probate, plan for incapacity, and distribute assets upon death.  Trusts may also be used to benefit a disabled person with special needs without affecting their government benefits such as Medicare or Medicaid.

Our law firm represents clients throughout the Pinellas County-St. Petersburg/Clearwater-Tampa Bay, Florida area to assist them in creating trusts for individuals and their families.

Revocable and Irrevocable Living Trusts 

Under Florida law their are many different types of Trusts, and we will consider your goals and assets to recommend the Trust best suited to your needs. Living Trusts can be either revocable or irrevocable.  A revocable trust is usually preferable since it allows you, as the Grantor, to amend, revoke or terminate any aspects of the trust during your lifetime.  An irrevocable trust does not permit the Grantor the same ability to make changes after it has been created.

 

The main reasons for your to consider setting up a Living Trust are:

1.  Probate Avoidance. A fully funded Living Trust will avoid the fees, and delays associated with a probate administration, saving your estate the expenses of paying from three to six percent of your assets.

2.  Management of assets during any period of your incapacity. In the event that you become incapacitated, your Trust Agreement will provide the name or names of the persons or financial institutions you want to handle the management of your assets. The decision as to who will manage your assets will be made by you, and not by a Court.

3.  Confidentiality.
The details of your assets and beneficiaries named in your Living Trust are kept confidential and not made a matter of public record upon your death, as they are in a probate administration.

4.  Protection for your family.
  You may include provisions for distribution in your Trust Agreement that are to be withheld after your death until your beneficiaries reach a certain age rather that requiring distribution in full at age eighteen (18).

5. Minimization of estate taxes. If the Federal estate tax laws go back into effect in 2013, many Florida families will again be affected by estate taxes. Living Trusts can be used to reduce or eliminate any estate taxes due.

Please contact our office to schedule an appointment with
Michael W. Porter, Esquire.

Phone (727) 327-7600