Trusts are a valuable tool in estate
planning, especially in Florida. By establishing a trust, you can protect your
assets, reduce estate taxes, and ensure that your assets are distributed
according to your wishes, all while avoiding probate.
Benefits
of a Trust in Florida:
●
Avoid Probate: Assets held in a trust don’t go
through probate, saving time, court costs, and maintaining privacy.
●
Asset Protection: Certain trusts can protect
assets from creditors and lawsuits, which is particularly beneficial in
Florida.
●
Estate Tax Reduction: While Florida doesn’t
have a state inheritance tax, a trust can still help minimize federal estate
taxes.
●
Provide for Family Needs: Trusts allow you to
specify conditions for distributing assets to beneficiaries, such as age or
achievements.
Types
of Trusts in Florida: There are different types of
trusts that serve unique purposes:
- Revocable Trusts – Flexibility to change terms during your lifetime.
- Irrevocable Trusts – Often
used for asset protection, these trusts generally can’t be modified once
established.
- Special Needs Trusts – Provides for a loved one with special needs without affecting
their eligibility for benefits.
Trusts offer many benefits for estate
planning in Florida. Consult with an estate planning attorney to determine
which type of trust best suits your needs and to ensure it complies with
Florida law.
Contact Martha Mendez today by calling 786-636-8938 or by email: [email protected] to discuss your contract needs.
