Trust Creation Services in Florida
Choosing to establish a trust is a strategic method for managing and safeguarding your assets, ensuring both financial stability and peace of mind. At Kelley Grant & Tanis, our attorneys are committed members of the Florida Bar, dedicated to assisting clients throughout the state in creating trusts tailored to their unique financial goals and family circumstances. Our experienced legal team guides you through each phase of the trust creation process, ensuring your assets are handled 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 oversee the distribution of their assets, making trusts a fundamental component of comprehensive estate planning. Trusts offer benefits such as tax efficiency and shielding assets from the probate process.
Types of Trusts We Offer
Our firm provides a variety of trust options, each designed to address different estate planning needs. Key types of trusts include:
- Revocable Living Trusts: Provides flexibility, allowing you to manage and modify the trust during your lifetime.
- Irrevocable Trusts: Offers substantial asset protection by transferring ownership out of your estate, safeguarding assets from creditors.
- Special Needs Trusts: Established to support loved ones with disabilities without affecting their eligibility for government benefits.
- Charitable Trusts: Enables clients to support charitable causes while potentially receiving tax benefits.
Revocable Living Trusts
A revocable living trust is ideal for individuals who wish to retain 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 frequently 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, creating a dependable layer of protection. Our attorneys help form irrevocable trusts aligned with your 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 loved ones receive essential care, with funds allocated for their specific needs.
Charitable Trusts for Legacy Planning
A charitable trust allows clients to support causes they care about while potentially receiving tax benefits. We assist clients in creating charitable remainder and lead trusts, enabling them to contribute to charitable organizations while still providing for family members, ultimately establishing a meaningful legacy.
Why Work with a Trust Attorney?
Creating a trust involves critical legal decisions that impact the future of your assets and beneficiaries. Our attorneys provide valuable support by:
- Customizing Trust Terms: Drafting tailored trusts that align with your specific objectives and financial requirements.
- Navigating Legal Requirements: Ensuring all trust documents comply with Chapter 736 of the Florida Statutes to avert future complications.
- Advising on Tax Implications: Helping reduce estate and gift taxes to preserve more of your wealth for beneficiaries.
Frequently Asked Questions
How much does it cost to create a trust?
The cost of creating a trust varies based on complexity, the trust type, and attorney fees. In Lauderhill, consulting with a local estate planning attorney can provide an accurate estimate tailored to your property holdings and financial goals.
What assets can be placed in a trust?
Many types of assets can be placed in a trust, including real estate, bank accounts, investments, life insurance policies, and personal property. For Lauderhill residents, properly transferring titles and updating beneficiaries ensure assets are managed according to your instructions.
How do I choose a trustee for my trust?
Choosing a trustee is crucial. Options include an individual (family member or friend), a professional trustee (such as an attorney or financial advisor), or a corporate trustee. Consider reliability, financial skill, and the ability to follow your directives when selecting a trustee.
Can I set up a trust if I own property in multiple states?
Yes, you can set up a trust even with property in multiple states. However, it’s essential to consider the laws of each state where assets are located. Consulting with an attorney experienced in multi-state estate planning is advisable.
How do I fund my trust?
Funding a trust means transferring asset ownership to the trust. This may involve changing property titles, designating the trust as an account beneficiary or owner, and assigning valuable personal items through a written assignment. Properly funding the trust ensures your assets are administered per your wishes.
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About Lauderhill
Lauderhill, Florida, was officially incorporated in 1959 and has steadily developed into a dynamic city of over 73,000 inhabitants. Initially planned as a residential community, Lauderhill broadened its appeal through infrastructure growth and commercial development. Two major landmarks include the Central Broward Regional Park & Stadium and the Lauderhill Performing Arts Center are both fantastic examples of recreation, the arts, and community engagement.
