Estate planning involves deciding who will inherit your assets, care for your loved ones, and carry on your legacy. Having a trust as part of your estate plan offers a range of advantages that alleviate concerns about the future. These legal documents provide peace of mind by safeguarding your assets and distributing them according to your wishes.
There is a wide array of trust options to accommodate the unique needs, goals, and circumstances of individuals and families. At Legacy Law Associates, we work closely with clients to create a customized plan that meets those objectives. A trust may be right for you if you want to avoid probate, minimize estate taxes, prioritize asset protection, engage in charitable giving, or provide for a loved one’s special needs. Whatever your wishes are, our attorneys are dedicated to establishing your legacy exactly as you envision it.
Common Types of Trusts are:
- Revocable Living Trusts– This is a popular choice for individuals who wish to avoid probate by transferring assets to a trustee during their lifetime. Therefore, there is no transfer of property after death. The advantages are that it can be changed or rescinded during your lifetime, and it protects the trust owner and beneficiaries’ privacy. A disadvantage of this type of trust is that your assets are not protected against creditors and are countable for Medicaid planning.
- Irrevocable Trusts– This type of trust is not easily altered or revoked after it is established. The owner of the trust loses complete control over their assets, so it is a powerful tool against creditors and estate taxes. Furthermore, assets in an irrevocable trust are not counted when applying for Medicaid. A change in the trust can only occur if all the beneficiaries are in agreement and the court orders the change through a trust modification or termination.
- Charitable Remainder Trusts (CRT)– If you wish to leave part or all of your estate to a charity, this may be the right choice. Charitable trusts offer tax incentives while allowing the trust owner to receive monies for the remainder of their lifetime and their beneficiaries after death. This type of trust is irrevocable.
- Special Needs Trusts– For individuals who have loved ones with special needs, this trust holds funds for disabled people without disqualifying them from receiving Medicaid or Supplemental Security Income (SSI.) They are designed to enhance the quality of life for a disabled individual for expenses not covered by government programs. This type of trust is irrevocable.
The above is a sampling of trusts available. There exists a wide range of trusts to accommodate every need. Examples are Testamentary Trusts, Asset Protection Trusts, AB Trusts, Generation-Skipping Trusts, Life Insurance Trusts, Spendthrift Trusts, and QTIP Trusts. Depending on the circumstances, an individual may benefit from setting up multiple trusts. Due to the complexity of estate planning, having an experienced law firm to guide you is paramount.
The Road Ahead with Legacy Law Associates: What You Can Expect:
- An in-depth consultation to understand your assets, liabilities, family dynamics, and objectives for your estate
- A comprehensive suite of estate planning services to fulfill your needs
- Precise and accurate documents that comply with current laws and are enforceable, without ambiguities
- Knowledgeable counsel to help you minimize potential estate and inheritance taxes
- Relationship building for ongoing services to review and revise your estate plan through life’s transitions
- Guidance with beneficiary designations for your assets to ensure they align with your plan
- A client-centered approach to prioritize your best interests
- Responsiveness to your questions and concerns
Legacy Law Associates: Tailoring Trusts to Your Unique Needs
Estate planning and trusts are not just legal documents but the cornerstones of a secure and prosperous future for you and your loved ones. The experienced legal team at Legacy Law Associates is here to guide you every step of the way.
Contact Legacy Law Associates at (386) 252-2531 to schedule a confidential appointment at our Daytona Beach, Florida, office.