Trust Lawyers in Altamonte Springs, Florida
The trust lawyers in Altamonte Springs, Florida at the Law Offices of Brett D. Bevis, PLLC can assist you with estate planning and trust formation. When it comes to estate planning, the establishment of a trust can be a powerful tool for protecting assets and property, and for passing on your legacy to heirs. A trust may be able to help you reduce your tax obligations, remove property or assets from your estate, help you establish your legacy’s charitable aims, protect your legacy by managing how your assets are spent and used after you pass away, protect disabled relatives when it comes to receiving government aid, and a trust may allow your heirs to avoid the costly and stressful probate process. A trust can protect your family’s privacy because when an estate goes to probate, the assets and information can end up on the public record. The establishment of a trust can also protect your estate from creditors, if you don’t have any outstanding judgements. There are many benefits to establishing a trust, including the fact that the trust is overseen by a person who has a fiduciary duty to you or to your trust’s beneficiaries.
Yet, the establishment of a trust might not be right for everyone. A trust, unlike a will, may require ongoing maintenance fees and may be more costly to establish. That said, many individuals have unique financial needs that are best met by the establishment of a trust. Do you have questions about whether establishing a trust is right for you? Reach out to the trust lawyers in Altamonte Springs, Florida at the Law Offices of Brett D. Bevis, PLLC today. Our trust law firm can review your situation, help you understand your options, and assist you with your trust.
Types of Trusts
There are many different types of trusts and these trusts serve different purposes. The trust lawyers in Altamonte Springs, Florida at the Law Offices of Brett D. Bevis, PLLC can assist you with the formation of the right trust for your needs. Here are some commonly used trust types:
- Revocable Trust. If you plan to pass on your assets through a trust instead of a will, a revocable trust might be the option to use. This option helps your family avoid probate and can protect the privacy of your estate. The benefit of a revocable trust is that you can remove property from the trust, as needed.
- Irrevocable Trust. Unlike a revocable trust, property cannot be removed or changed from an irrevocable trust. An irrevocable trust has the benefit of removing assets from your estate or ownership, which could have positive tax benefits, or can protect property in a marriage or divorce.
- Charitable Trust. If you plan to give assets or money to charity, one way you can do this is through the establishment of a charitable trust. These trusts may have the added benefit of helping you or your beneficiaries avoid gift taxes.
- Special Needs Trust. If your loved one receives special needs benefits from the government, and you have money or assets you’d like him or her to inherit, it is important to carefully consider how you’ll pass those assets on. If a person who receives government disability benefits inherits money, this could put him or her at risk of losing these benefits. One way to avoid this issue is to establish a special needs trust. The government allows for special needs individuals to have a trust from which they can draw money to meet certain needs, like luxuries that might not be covered under Social Security disability. The money in a special needs trust can be used to pay for eyeglasses, entertainment, trips, or other needs that may not be covered under disability benefits.
These are just some of the trust structures that may be available to you and your family. A trust can also be used to protect your legacy from young heirs or heirs with whom you have a concern about their money or spending habits. The trust lawyers in Altamonte Springs, Florida at the Law Offices of Brett D. Bevis, PLLC may be able to help you with creating a trust and finding the right trust structure for your family’s needs.
It is Never Too Soon to Begin Estate Planning
The unexpected happens when we least expect it. It is never too early to begin estate planning. Many trust options are flexible, giving you the benefits of a trust, while still giving you access to assets to your estate. Every family’s estate planning and trust planning needs are unique. Contact the trust law firm at the Law Offices of Brett D. Bevis, PLLC in Altamonte Springs, Florida today to begin your estate planning today. We can help you find a trust solution that works for you.