FORT LAUDERDALE TRUST LAWYERS
Setting up a trust allows an individual to establish specific terms on how certain assets are managed and distributed. Trusts serve many purposes; for instance, they can help provide care for children, provide income to individuals with disabilities, and help reduce/avoid estate taxes and probate. The State of Florida has specific laws on establishing trusts; it’s important these are correctly followed to avoid legal issues and maximize benefits of your trust. As a result, it’s vital to work with an experienced attorney in setting up your trust.
The estate planning lawyers at Di Pietro Partners have decades of experience in setting up trusts for clients in Florida. Furthermore, our attorneys have substantial court experience for matters involving probate and trust litigation; therefore, we understand the importance of a well written, legally sound trust.
If you’re looking to set up a trust or have other estate planning needs, contact us at our main office in Fort Lauderdale, FL. 954-712-3070
If you have legal issues involving probate and trust litigation anywhere within the State of Florida, call us at 800-712-8462
Types Of Trusts
Establishing a trust has many benefits as opposed to relying solely on a will. While wills are important in any estate plan, trusts provide additional flexibility in protecting assets, minimizing estate taxes, avoiding probate, and more. There are many different variations of trusts; however, trusts are commonly categorized in two ways; “revocable” and “irrevocable.” In simple terms, a revocable trust can be altered or canceled by the grantor while an irrevocable trust cannot be canceled or changed without the consent of beneficiaries. With that said, below are some of the most commonly used trusts in the State of Florida.
Living Trust – The living trust is the most commonly used type of trust. Although this trust can technically be set up as either revocable or irrevocable, it’s most often set up as a revocable trust and is commonly referred to as simply the “Revocable Trust,” or “Revocable Living Trust.” Simply put, this document dictates how certain assets should be managed during someone’s life and distributed after death. Formally transferring assets to a trust prior to death is a process known as “funding,” hence, the commonly known term, “trust fund.” This process is vital in minimizing or avoiding probate.
Testamentary Trust – The testamentary trust is actually created within a will. As a result, this is commonly known as a “testamentary will,” “trust under will, or “will trust.” Since the testamentary trust is set up in a will, it does not take effect until after death. This trust allows more flexibility in an estate planning strategy in several ways. For instance, it can help reduce/avoid estate taxes.
Other Types Of Trusts – Although the aforementioned trusts are the most commonly used and adequately serve estate planning needs for most individuals, there are many other types of trusts for more specialized/specific needs. One additional type is a “charitable trust” in which someone uses a trust fund to provide a gift to a charitable organization while still receiving benefits themselves. Other more specialized trusts include, but are not limited to: grantor trusts, Florida gun trusts, special needs trusts, etc.
Contact Our Trust Lawyers Today
The Law Firm of Di Pietro Partners, LLP is located in Fort Lauderdale. The estate planning lawyers at our firm serve clients all throughout Broward County as well as the surrounding areas of Miami, and Palm Beach County. Additionally, we handle cases involving probate and trust litigation anywhere within the State of Florida. Whether your estate planning needs are general or complex, our attorneys are well equipped to assist you. Contact the trust lawyers at Di Pietro Partners for a free and confidential consultation today.