Trust Creation Services in Florida
Trusts are essential mechanisms for organizing and safeguarding your assets, ensuring both financial stability and peace of mind. At Kelley Grant & Tanis, our attorneys are all active members of the Florida Bar, assisting clients throughout the state in establishing trusts tailored to their specific financial objectives and family circumstances. Our experienced legal team guides you through each stage of the trust creation process, ensuring your assets are managed and distributed according to your wishes.
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What is a Trust?
A trust is a legal arrangement where a trustee manages assets on behalf of designated beneficiaries. This structure allows individuals to protect and direct the distribution of their assets, making trusts a fundamental component of comprehensive estate planning. Trusts offer advantages such as tax efficiency and shielding assets from the probate process.
Types of Trusts We Offer
Our firm provides a range of trust options, each designed to address different estate planning needs. Key types of trusts include:
- Revocable Living Trusts: Offers adaptability, allowing you to manage and modify the trust during your lifetime.
- Irrevocable Trusts: Provides substantial asset protection by transferring ownership out of your estate, safeguarding assets from creditors.
- Special Needs Trusts: Created to support loved ones with disabilities without affecting their eligibility for government benefits.
Revocable Living Trusts
A revocable living trust is ideal for individuals who wish to maintain control over their assets while avoiding the probate process. This type of trust allows you to amend its terms or dissolve it entirely during your lifetime. Upon your passing, the assets within the trust are distributed directly to beneficiaries, bypassing probate and ensuring privacy.
Irrevocable Trusts for Asset Protection
Irrevocable trusts are commonly utilized in estate planning to protect assets from creditors and reduce estate taxes. By transferring assets into an irrevocable trust, individuals remove them from their taxable estate, establishing a reliable layer of protection. Our attorneys assist clients in forming irrevocable trusts that meet their asset protection goals while complying with Florida law.
Special Needs Trusts for Loved Ones
Planning for a family member with special needs requires careful consideration. Special needs trusts provide for beneficiaries with disabilities without jeopardizing their eligibility for government assistance programs. Our attorneys help clients establish these trusts to ensure that loved ones receive the necessary care, with funds allocated for their specific needs.
Charitable Trusts for Legacy Planning
A charitable trust enables clients to support causes they care about while potentially receiving tax benefits. We assist clients in creating charitable remainder and lead trusts, allowing them to contribute to charitable organizations while still providing for family members, thereby establishing a meaningful legacy.
Why Work with a Trust Attorney?
Establishing a trust involves important legal decisions that affect the future of your assets and beneficiaries. Our attorneys provide valuable support by:
- Customizing Trust Terms: Drafting tailored trusts that align with your specific goals and financial requirements.
- Navigating Legal Requirements: Ensuring all trust documents comply with Chapter 736 of the Florida Statutes to prevent future issues.
- Advising on Tax Implications: Helping reduce estate and gift taxes to preserve more of your wealth for beneficiaries.
Frequently Asked Questions
What are the key benefits of a revocable trust in Hollywood?
A revocable trust provides flexibility, allowing you to make changes as your circumstances evolve. It also helps in avoiding probate, ensuring a smoother and more private transfer of your assets to beneficiaries.
Can an irrevocable trust help with estate tax reduction in Florida?
Yes, irrevocable trusts can significantly reduce estate taxes by removing assets from your taxable estate. This strategy helps preserve more of your wealth for your beneficiaries.
How does a special needs trust differ from other trusts in Florida?
A special needs trust is specifically designed to provide for a beneficiary with disabilities without affecting their eligibility for government assistance programs. This ensures that they receive the necessary support without compromising their benefits.
Is professional trustee management necessary for my trust?
While not required, having a professional trustee can ensure that your trust is managed efficiently and per legal standards, providing added peace of mind for you and your beneficiaries.
What steps are involved in setting up a trust with Kelley Grant & Tanis?
Our process involves evaluating your financial situation, defining your goals, selecting the appropriate trust type, drafting the legal documents, and ensuring compliance with Florida laws. We work closely with you to create a trust that meets your specific needs.
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About Hollywood
Hollywood, Florida, is a thriving city with a population of over 153,000 residents. The city is known for its expansive beaches, including Hollywood Beach, and an incredible arts district. Hollywood’s economy is supported by sectors such as tourism, healthcare, and education. The city offers numerous parks and recreational facilities, providing residents with ample opportunities for outdoor activities and community engagement. Additionally, Hollywood hosts several local events and festivals that gives its residents a place to connect.
