What is a Trust?
A trust is a legal relationship where assets are transferred to a trustee, who manages them for the benefit of chosen beneficiaries. This tool allows for better control over how and when assets are distributed. Trusts can help bypass the probate process, offer tax advantages, and preserve confidentiality. In Florida, trusts have become a cornerstone of estate planning, providing long-term security for families.
Types of Trusts We Offer
Our firm provides a range of trust options, tailored to meet different goals:
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Revocable Living Trusts: Retain control and flexibility during life, while ensuring assets transfer outside of probate.
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Irrevocable Trusts: Move assets out of your taxable estate, adding protection against creditors and reducing estate taxes.
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Special Needs Trusts: Provide for loved ones with disabilities without affecting eligibility for government benefits.
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Charitable Trusts: Support nonprofits while creating tax benefits and preserving a family legacy.
Revocable Living Trusts
Revocable living trusts are useful for clients who want flexibility during their lifetime. They can be updated, amended, or dissolved as circumstances change. When you pass away, assets in the trust are distributed directly to beneficiaries without court involvement. For Palm Bay families, this can simplify inheritance of homes, retirement accounts, and other significant assets.
Irrevocable Trusts for Asset Protection
Irrevocable trusts provide strong protection by permanently moving assets outside of your estate. These trusts may help reduce estate tax liability and shield wealth from potential legal claims. Our attorneys help Palm Bay clients establish irrevocable trusts that comply with Florida statutes and achieve long-term financial security.
Special Needs Trusts for Loved Ones
A special needs trust ensures financial support for a family member with disabilities while maintaining access to government programs like SSI and Medicaid. These trusts cover supplemental expenses without jeopardizing benefits. We assist Palm Bay families in drafting special needs trusts that provide security and peace of mind.
Charitable Trusts for Legacy Planning
Charitable trusts enable you to leave a lasting contribution to causes you value while receiving possible tax advantages. Whether supporting local charities or larger organizations, charitable remainder and lead trusts can balance philanthropic goals with family needs. Palm Bay residents often use these trusts to reinforce both community support and family legacies.
Why Work with a Trust Attorney?
Trust creation involves more than filling out forms—it requires strategic planning and legal compliance. Our attorneys assist by:
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Drafting Customized Terms: Tailoring trust language to meet specific family and financial needs.
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Ensuring Compliance: Preparing documents that adhere to Chapter 736 of the Florida Statutes.
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Tax Planning Guidance: Helping reduce estate and gift taxes through proper structuring.
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Supporting Trustees: Offering advice for ongoing administration and recordkeeping.
Frequently Asked Questions
How does a trust help families in Palm Bay?
Trusts simplify inheritance, reduce probate involvement, and ensure privacy. They also provide control over how assets are distributed to beneficiaries.
Can a trust protect assets from creditors?
Yes. Certain trust structures, like irrevocable trusts, can shield wealth from creditors and legal disputes. We recommend the right option based on your situation.
How is a trust different from a will?
A will only takes effect after death and must pass through probate. Trusts can manage assets during your lifetime and transfer them directly, bypassing probate court.
Do I need a lawyer to set up a trust?
While it’s possible to draft a trust on your own, working with an attorney ensures it meets Florida legal standards and achieves your intended goals.
What happens to my trust if I relocate?
Most trusts remain valid if you move, but new state laws may affect administration. We review and update documents to ensure continued compliance.
About Palm Bay, Florida
Palm Bay, the largest city in Brevard County with over 120,000 residents, sits along Florida’s Space Coast. The city is known for its access to Turkey Creek Sanctuary, outdoor recreation, and its proximity to the aerospace industry. Families here value thoughtful financial planning to protect both residential and investment property. Creating a trust in Palm Bay allows residents to secure their future, reduce probate complications, and ensure their intentions are honored.
