Offices Conveniently Located in Broward, Palm Beach, Martin, St. Lucie, Lee, Orange, Hillsborough, & Duval Counties

florida-trust-attorneyOur Florida trust attorney works closely with clients to ensure their estates are managed effectively during their lifetime. A carefully drafted estate plan offers peace of mind and lessens emotional hassle and distress for beneficiaries later.
Our estate planning attorneys can guide you in creating and understanding the advantages of having a Trust, such as avoiding the probate process, reducing or avoiding federal estate taxes, and protecting distributions to heirs of previous marriages.

Contact Fleysher Law if you need assistance creating a Trust. Our estate planning attorney can advise you on your options, helping you decide what’s best for you. Reach us at 954-484-9987 to schedule a free consultation protected by an attorney-client relationship.

A Florida Trust Attorney Can Ensure Your Assets Are Properly Handled

a-trust-attorney-can-ensure-your-assets-properly-handledIn Florida, Trusts are a rapidly growing area of the law. Our experienced Florida trust lawyer offers legal services on estate planning, managing our client’s estate during life, and disposing of their estate at death.

Using wills, trusts, and other estate planning documents can be very beneficial as it ensures the proper handling of your estate assets. Advance directives such as a health care proxy and power of attorney are also helpful.

Assets held by the trustee can be utilized to pay for the educational and medical needs of the benefactors. Our Florida estate attorney can make Trusts a separate legal entity or a component of your will. At times, it may be essential to use Trusts to minimize estate and income taxes and avoid the Florida probate process.

What Does a Florida Trust Lawyer Do?

Estate planning attorneys often serve as co-trustees or trustees to provide continued legal counsel in estate management. A dedicated, unbiased, and experienced trust administrator is crucial for implementing the directions outlined in the trust.

Our Trust lawyers can assist will all aspects of Trust planning and other asset protection options. Here’s what you can expect when working with our legal team:

  • Establishing living trusts, family limited liability companies, or irrevocable life insurance trusts.
  • Establishing private foundations or charitable entities.
  • Handling trust accounting, such as preparation and filing all necessary state and federal tax forms.
  • Preparing medical powers of attorney and powers of attorney.
  • Administering yearly reviews regarding trust administration for compliance with applicable regulations and laws.
  • Advising on asset allocation, independent investment advisor selection, and investment performance.

What Is a Trust?

what-is-trustTrusts are fiduciary agreements allowing a trustee to hold assets on behalf of beneficiaries. As a legal tool, many grantors use trust as a way to protect their assets from hefty tax implications. A trust requires three essential elements: a trustee, trust assets, and beneficiaries.

Benefits of Creating a Trust as Part of Your Estate Plan in Florida

There are many reasons why you should consider drafting a trust when estate planning. Here are some of the most common benefits of creating trust:

  • Avoid Probate. Assets willed to beneficiaries generally bypass the probate process. This process is usually time-consuming and expensive. Avoiding probate can help save money and time for your heirs.
  • Privacy. A Trust helps protect your privacy. Trust enables you to avoid probate, so your estate’s value, estate contents, and beneficiaries are all kept out of public records.
  • Tax Advantages. Some types of Trusts allow for the transfer of assets out of the estate, effectively reducing gift and estate taxes.
  • Protect Assets from Creditors. Due to the estate’s change of ownership, transferring assets out of the estate can restrict creditors’ access to them.
  • Control of Assets. Since you can specify the terms of your trust, you can decide who will receive your assets, and they will receive these after you die.
  • Children as Beneficiaries. In a Trust, you can name your children as beneficiaries of your life insurance policy.

Types of Trusts

types-of-trustWe listed below the most common types of Trusts. We also explain each in detail, so you will know which kind of trust suits your needs.

Revocable Trusts

This type of trust can be revoked or changed after it has been signed for any reason, at any time, so long as the grantor is still alive and deemed mentally competent.

Irrevocable Trusts

Irrevocable trusts can’t be revoked or changed after it has been signed, and the terms can’t be amended, modified, or terminated without the permission of the grantor beneficiaries. This type of trust may seem not a good idea, but it can be beneficial in some circumstances. Most grantors who set up Irrevocable Trusts do so for tax considerations. Moreover, it can also protect against creditors and lawsuits.

Living Trusts

A living trust is a form of trust you establish during your lifetime. Unlike wills which take effect after your death, living trusts are effective even if you’re still alive. This estate planning document will make your assets challenging to access by other entities, but it could still end up in your creditors’ hands during your lifetime.

Asset Protection Trusts

These types of trusts are another option to protect your assets from creditors. These can be costly to establish, but they are the most iron-clad tool if you are concerned about judgments or threats against your estate.

Discretionary Trusts

These types of trusts create an effective shield between the trustees and beneficiaries. A discretionary trust is used when the trustee distributes principal or income from the trust at the trustee’s sole discretion. There are no regulatory or mandatory distributions. Creditors cannot force the trustee to distribute trust funds, and the creditor only has the privilege to attach to the trust funds once the trustee decides to make a distribution.

Testamentary Trusts

Testamentary trusts are also known as “Trust Under Will” or a “Will Trust.” A testamentary trust is created inside a grantor’s “last will and testament.” The grantor’s last will may incorporate an instruction to the trustee on how they wish their assets to be distributed.

Supplemental Needs Trusts

This type of trust is created to benefit a mentally and physically disabled person under 65 who needs lifelong care. It is a way to provide financially without compromising eligibility for supplemental government aid (Medicaid). There are three types of special need trusts, which you will choose depending on your type of need and circumstances.

Joint Trusts

A joint trust is the best option for two people wanting to create a Trust together. A married couple will significantly benefit from this. In this type of trust, both partners can retain control over the assets during their lifetime. And upon the other partner’s passing away, the surviving partner will automatically become the trustee.

Blind Trusts

In a blind trust, the trustee is anonymous until after the grantor’s death. The person appointed as trustee will have complete discretion over all trust assets and distribution. Opting for a blind trust is an excellent choice if you expect conflicts of interest.

There are still many other types of Trusts. Talk to a Florida Trust Attorney if you want to know all of them.

  • Charitable Trusts
  • AB Trusts
  • Insurance Trusts
  • Spendthrift Trusts
  • QTIP Trusts
  • Credit Shelter Trusts
  • Auto Trusts
  • Marital or “A” Trusts
  • Bypass or “B” Trusts
  • Generation-skipping trusts
  • Grantor Retained Annuity Trust (GRAT)

Living Trust: A Great Way to Avoid the Probate Process

A living trust is an excellent way to bypass the expensive and time-consuming probate process. The probate process will typically run over three months after a person dies. Living Trusts avoid probate by allowing the trust’s settlor to transfer assets into the trust while they are alive. It is much like a Will so that the trust’s settlor can decide where the property goes while they are still alive. Once the trust’s settlor dies, the trustee will handle the distribution of the assets according to the trust. Going to the Probate court is unnecessary for any Trust assets.

Why Choose Fleysher Law to Handle Your Trust Creation Needs

why-choose-the-law-office-of-emil-fleysherFleysher Law is a law firm that protects our clients’ legal rights and handles their cases with respect and dignity. We have been assisting numerous clients with their estate planning needs. We help our clients understand the law and give them the correct information they need to address any legal situation confidently.

When you call Fleysher Law, you will be connected with a Florida attorney with experience handling similar cases to yours. We treat each case individually and tailor our approach to meet our clients’ specific needs.

Contact us to schedule a confidential consultation and let our experienced Florida trust lawyer help you feel comfortable with your legal matters.

Florida Trusts FAQs

How much does it cost to establish a Trust in Florida?

The cost of establishing a Trust in the state of Florida depends on how you decide to create it. In general, an online program won’t cost you more than a few hundred dollars, but you won’t receive comprehensive support for your estate planning needs.

In contrast, hiring an attorney will cost more, but it ensures that you receive customized legal support for your needs.

Should I put my house in a Trust in Florida?

Yes. Putting your house in a trust is avoiding probate upon your death. It can save money and time upon your passing, guaranteeing the beneficiaries will bypass probate and receive their fair share of the asset following the decedent’s wish.

How much does a trust attorney cost?

For creating a basic estate plan with a revocable trust in the neighborhood, we typically charge between $1,000 and $2,000 (depending on if there is a homestead, investment property, etc.).

Do I need an attorney to create a Trust?

Much like a Will, you can create trust on your own. However, you will benefit from the niche knowledge of our estate planning attorney. Your attorney can evaluate your goals and assets to recommend the best course of action. Having a Florida Trust Lawyer on your side ensures that your wishes are carried out.

Do you need a Florida trustee for a Florida Trust?

Yes. One of the most critical tasks for a trustee is to keep the trust’s beneficiaries informed. Their duty to keep the beneficiary informed goes beyond providing enough information, and they must also provide a copy of the actual trust upon reasonable beneficiaries’ request.

Contact the Florida Trust Lawyers at Fleysher Law for a Free Consultation

florida-trust-lawyerCome to think of these questions. What will happen to you, your investments or businesses, and your loved ones if you become disabled? Do you have a plan for somebody to look after you or handle your legal and financial affairs? Will that person have the essential directions or instructions backed by relevant legal documentation to do so? As your Florida Trusts lawyer, we can help you make sense of these tough questions.

Contact Fleysher Law to speak with a Florida Trusts attorney for a free consultation. Reach us at 888-354-3981.