What types of estate planning trusts are available in Palm Beach?
Palm Beach, FL - Many people move to Florida to enjoy their twilight years in the pleasant climate of the Sunshine State. This may be a good time to consider your options concerning your assets and what happens to them when you pass away. If you’ve been wondering about this, you may want to contact knowledgeable estate planning lawyers in Palm Beach to help you make the right decision. You can just go in and prepare your will, or you can choose among some more modern types of estate planning options.
In Florida, you can choose between various types of trusts and each comes with certain benefits.
Revocable living trust
This type of legal document allows you to place some or all of your assets in a trust. During your lifetime you can manage the trust as you see fit and amend it at any time. You can also choose a trustee to take over once you become incapacitated or you pass away. You can include provisions on who gets to make healthcare decisions for you should you become incapacitated. This type of trust can help your heirs avoid probate and some of the estate taxes.
Irrevocable Trust
This type of trust offers more tax benefits, but as the name says it is irrevocable, so you won’t be able to change it. You will have to consult with seasoned Florida estate planning lawyers before setting up this type of trust to make sure you won’t regret it.
Another benefit is that there are no income taxes on any revenue generated by the assets in an irrevocable trust, which is not the case with a revocable living trust.
Charitable Trust
As the name indicates, you can set up such a trust to make sure some of your assets, such as real estate or financial accounts, get transferred to the charity of your choice after your death. Your heirs won’t be able to touch any assets you place in a charitable trust, as they are no longer yours from a legal point of view. They belong to the trust and the trustee appointed by you can manage them after your death.
Special Needs / Supplemental Trust
Experienced estate planning lawyers can help you set up such a trust if you want to make sure a disabled member of your family will be provided for after your death. There are two advantages to setting up a special needs trust.
First of all, the assets (the money, for instance) are in a trust, so they are not in the beneficiary’s name. This will help them to remain eligible for Medicaid or other government benefits, while still having some extra income for their needs.
Another important aspect is that you can appoint a trustee to administer the assets and oversee their spending. This can be very helpful if your loved one has a condition that would prevent them from administering the assets in their trust.
Pet Care Trusts
For many people, a pet is their best friend. Sometimes, the only friend they have left and it can be heartbreaking to think that your beloved cat or dog might end up in a shelter once you’re gone. Pet care trusts are becoming mainstream these days and your lawyers can help you make sure your pet is well provided for after your death. You can name a caretaker for your pet and the trust will send them monthly payments so that your four-legged friend can be safe and happy for the rest of their life.
