What is a Trust?
A trust is a legal arrangement that places assets under the stewardship of a trustee on behalf of designated beneficiaries. By creating a trust, you gain control over how, when, and to whom your assets are distributed. Trusts often help streamline estate administration, reduce tax burdens, and prevent the delays and public exposure associated with probate.
Types of Trusts We Offer
Our firm provides a range of trusts tailored to various estate planning objectives:
- Revocable Living Trusts: Grants flexibility to revise or revoke the trust during your lifetime.
- Irrevocable Trusts: Offers enhanced asset protection by removing assets from your taxable estate, potentially reducing estate taxes.
- Special Needs Trusts: Ensures continuous support for a loved one with disabilities without compromising their eligibility for government assistance.
- Charitable Trusts: Allows for meaningful contributions to charitable causes, possibly providing tax benefits and a lasting philanthropic footprint.
Revocable Living Trusts
A revocable living trust is ideal for those who want ongoing oversight of their assets while simplifying the inheritance process. You can modify or end the trust if circumstances change. Following your passing, trust assets transfer directly to beneficiaries, bypassing probate and protecting their privacy.
Irrevocable Trusts for Asset Protection
Irrevocable trusts remove assets from your ownership, providing a shield against creditors and potentially lowering estate taxes. Our attorneys help ensure these trusts adhere to Florida law and align with your long-term asset preservation goals.
Special Needs Trusts for Loved Ones
By creating a special needs trust, you can maintain essential financial support for a family member with disabilities without affecting access to public assistance programs. This careful planning ensures that beneficiaries receive needed resources while safeguarding their eligibility for government aid.
Charitable Trusts for Legacy Planning
A charitable trust enables you to blend your philanthropic values with your family’s future security. Whether it’s a charitable remainder or lead trust, this approach helps direct funds to causes you care about, while still offering financial advantages to your beneficiaries.
Why Work with a Trust Attorney?
Forming a trust involves significant legal and financial considerations. Our attorneys assist by:
- Customizing Trust Parameters: Drafting trusts that mirror your distinct goals and family conditions.
- Confirming Legal Compliance: Verifying that documentation meets the standards of Chapter 736 of the Florida Statutes to prevent future disputes.
- Advising on Tax Implications: Offering insights on strategies to minimize estate and gift taxes, preserving more wealth for heirs.
Frequently Asked Questions
How much does it cost to create a trust?
The expense of establishing a trust depends on its complexity, type, and associated attorney fees. Consulting with a Tamarac-based estate planning attorney provides a clearer estimate tailored to your holdings and objectives.
What assets can be placed in a trust?
A variety of assets—real estate, bank accounts, investments, insurance policies, and personal property—can be transferred into a trust. Proper funding ensures these assets remain aligned with your directives and are administered smoothly.
Can I select a professional trustee instead of a family member?
Yes, you may appoint a professional trustee, such as an attorney, financial advisor, or corporate trustee, if doing so better suits the complexity of your estate or provides the level of expertise and impartiality you desire.
Is it possible to modify a trust if circumstances change?
If you have a revocable living trust, you can adjust or revoke it at any time during your life. Irrevocable trusts generally cannot be altered once established, offering less flexibility but potentially stronger protections.
Do I need a lawyer to create a trust?
While you can attempt to create a trust using online tools, consulting with an experienced estate planning attorney ensures the trust is properly drafted, complies with all legal requirements, and accurately reflects your wishes.
Looking to Secure Your Future with a Trust?
Reach Out to Kelley Grant & Tanis Today | Explore Our Trusts, Probates & Estates Services
About Tamarac
Tamarac, Florida, incorporated in 1963, emerged from a planned residential development into a diverse and community-oriented city of over 73,000 people. Initially designed as a retirement haven, Tamarac expanded its appeal through strategic growth, integrating family-friendly neighborhoods and commercial districts. The Tamarac Community Center and Caporella Aquatic Center exemplify the city’s commitment to providing recreational facilities that encourage active lifestyles and foster community connections.
