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Trusts Lawyers in Orlando, Florida
A trust is an estate planning structure that can permit you to pass wealth on to a spouse, a child, or to beneficiaries. Trusts have important benefits over Last Wills and Testaments. For example, when wealth is passed on to beneficiaries through a trust, the trust doesn’t have to go through probate. This can save your beneficiaries money and time when you pass away. Because the property and assets in a trust don’t have to go through probate, a trust is also a more private way to pass on property and assets to your heirs. Trusts can confer certain tax benefits and can give you more control about how your assets are to be distributed when you pass away. However, a trust can also be more costly than a will, so a trust might not be appropriate for all estate planning needs. Legal Counsel, P.A. employs a trust lawyer in Orlando, Florida who can help you with your estate planning and help you determine whether a trust is the right estate planning structure for you. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
What are the Benefits of Using a Trust for Estate Planning?
There are many benefits to using a trust for your estate planning needs. When it comes to estate planning, a proper estate plan may include a Last Will and Testament in addition to a trust. Legal Counsel, P.A. employs a trust lawyer in Orlando, Florida who can help you determine which estate planning structures are right for you. What are some of the benefits of using a trust?
- Because the property and assets in a trust don’t need to go through probate, these assets won’t be on the public record. By avoiding the probate process, you not only protect your family’s privacy, but you can also avoid some of the court fees, attorney fees and costs associated with probate.
- Avoiding Probate. Avoiding probate has the added benefits of avoiding conflicts among heirs, at least as far as the property and assets in the trust are concerned. If you own property in more than one state, your heirs may need to go through probate in multiple states. A trust can help your beneficiaries avoid this complex probate process.
- Assets can be more quickly passed to heirs in a trust than when your beneficiaries have to go through the probate process.
- Tax Benefits. The tax benefits of having a trust can be complex, but with proper planning, you can protect your beneficiaries from certain tax burdens, or structure your trust in a way to maximize tax benefits for your loved ones. If you are married, you may also be able to use a trust to take advantage of certain tax benefits conferred to married couples.
- Greater control over the distribution of your assets. If you are passing assets on to children and want to protect your family’s wealth by spacing out the timeframe in which your loved ones receive their wealth, a trust can be structured to do this. With a Last Will and Testament, your loved ones might receive all your wealth at once. With a trust, you can ensure that your wealth is distributed to your heirs at regular intervals. For example, if you don’t want your children inheriting your wealth before a certain age, a trust can structure the timeframe during which your children inherit your wealth, regardless of when you pass away.
These are just some of the benefits of establishing a trust. However, a trust may not be right for all estate planning needs. Legal Counsel, P.A. employs trust lawyer in Orlando, Florida who can take the time to review your situation and help you determine which estate planning structure will best for you and your family. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
Kinds of Trusts
There are different kinds of trusts you can set up. With a revocable trust, you as the trust maker can also be the primary beneficiary, meaning that you can continue to enjoy access and control over your property and wealth. With a revocable trust, you can designate beneficiaries who can receive the trust if you pass away. Irrevocable trusts cannot be undone and are generally used by the very wealthy to pass on wealth and to decrease their tax burdens. Trusts can serve many purposes. In addition to avoiding probate, you can establish a trust to care for a disabled loved one or family member. In some cases, if a disabled individual receives an inheritance, he or she could run the risk of losing access to certain government disability benefits. With a properly-established trust, a disabled loved one can enjoy access to a stream of income to care for incidental needs, while also still keeping his or her government insurance and government benefits. With so many trust options to choose from, which trust is right for you and for your family? Legal Counsel, P.A. employs a trust lawyer in Orlando, Florida who can review your situation and help you select the best possible trust structure for your needs. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
Let Legal Counsel, PA Help You With Your Trust
The way you structure your trust and the trust you select can have major implications when it comes to taxes and when it comes time to pass on your wealth to your heirs. Trusts can afford you a great deal of control over how you pass on your wealth, but it can be helpful to have a lawyer on your side helping you establish the trust and structuring the trust so that it can benefit you and your family best. Having a lawyer serve as your trustee can also have certain benefits. While you don’t have to have a lawyer serve as your trustee, your trustee has a legal responsibility to manage your assets properly. Legal Counsel, P.A. can serve as your trustee and can also help you establish a trust for your estate planning needs. A trust may not be able to pass all your property and assets on to your heirs, so you may need a combination of a Last Will and Testament and trust when planning your estate. Legal Counsel, P.A. employs a trust lawyer in Orlando, Florida who can help guide you with establishing a trust and assisting you with all your estate planning needs. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.