Trust Creation Services in Florida
The process of establishing a trust is a strategic approach to managing and safeguarding your assets, ensuring both financial security and peace of mind. At Kelley Grant & Tanis, our attorneys are committed members of the Florida Bar Association, 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 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 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 diverse range 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, establishing a dependable layer of protection. Our attorneys assist clients in forming irrevocable trusts that align with 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 allows clients to support causes they are passionate 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, thereby 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 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: Assisting in reducing estate and gift taxes to preserve more of your wealth for beneficiaries.
Frequently Asked Questions
How does establishing a trust benefit residents of Melbourne?
Establishing a trust in Melbourne allows for seamless management and distribution of your assets, helping you avoid the probate process and maintain privacy. Additionally, trusts can provide tax benefits and ensure your beneficiaries receive their inheritance in a structured manner.
Can a trust protect my assets from legal disputes in Florida?
Yes, certain types of trusts, such as irrevocable trusts, can shield your assets from creditors and legal disputes. Our attorneys can help you identify the most effective trust structure to safeguard your assets based on your specific needs.
What is the probate process, and how does a trust help avoid it?
Probate is the legal process of validating a will and overseeing the distribution of a deceased person’s assets. It can be lengthy and public. A trust allows assets to pass directly to beneficiaries without going through probate, ensuring a faster and more private transfer.
Do I need a lawyer to set up a trust?
While it is possible to create a trust without legal assistance using online services or templates, consulting with an experienced estate planning attorney ensures that the trust is properly structured, complies with state laws, and accurately reflects your wishes.
Can I change or revoke my trust after it’s created?
If you have a revocable living trust, you can modify or revoke it at any time during your lifetime. However, an irrevocable trust generally cannot be changed or revoked once established, providing stronger asset protection.
Looking to Secure Your Future with a Trust?
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About Melbourne
Melbourne, Florida, was officially incorporated in 1919 and has grown into a wonderful city of nearly 86,000 residents. Originally established as a resort town, Melbourne expanded significantly with the growth of the aerospace and technology industries, contributing to its economic prosperity. Landmarks such as the Brevard Zoo and the Historic Rossetter House Museum are great examples of cultural experiences located in the area. As well, the Florida Institute of Technology is a massive part of the educational landscape of Melbourne.
