Trusts Law Firm in St. Petersburg, Florida
Trusts are legal structures that permit a third party to hold property or assets for a beneficiary or for beneficiaries. Baby Boomers’ Barrister is a trusts law firm in St. Petersburg, Florida that can assist you with establishing a trust that may be able to help your family avoid certain estate tax obligations, avoid the probate process, and assist you with protecting your assets and property so that your wishes can be honored. Why would your family choose to use a trust instead of a will? Here are some of the main reasons why families use a trust over a will:
- With a trust your family can avoid the probate process, court fees, and the time involved in taking a will to court. Because assets in a trust aren’t passed on to heirs through the probate process, you can pass on assets and money to heirs privately. The probate process involves taking your will to court, which means that the contents of your estate and the names of your beneficiaries could end up on the public record.
- A trust also gives you greater power in stating where your money and assets will go after death and to what purpose your money and assets can be used. A trust can be established to ensure that some of your wealth goes toward charitable giving or to causes you believe in. Another benefit of establishing a trust is that it allows you to pace how money will be paid to beneficiaries. For example, if your children are young and you are concerned that they might not manage your money or an inheritance properly, a trust can be established to pay your beneficiaries over time, or to limit how much money your children receive right away. If you are concerned that your heir’s creditors might affect your legacy, a trust may also be able to protect you.
- With a trust, you have far greater control about how your money is used, when it is paid out, and who will have access.
A trust may not be right for every family or for every financial situation. Trusts can be more costly than a will, however for some families, the cost of establishing a trust is outweighed by the benefits. Do you have questions about whether a trust is right for you or for your family? Do you need help establishing a trust? When it comes to estate planning, it is never too soon to act. In these uncertain times, more baby boomers, individuals, and people over age 60 are considering their estate planning options. Reach out to the Baby Boomers’ Barrister, a trust law firm in St. Petersburg, Florida today. We can help.
Different Types of Trusts
What are the different types of trusts? Which types of trusts are typically used for estate planning purposes? Here are some trust types and their benefits:
- Revocable Trust. The main purpose of a revocable trust is to avoid probate and maintain control of your assets during your lifetime. Revocable trusts allow you to name a successor trustee, who will distribute assets to your beneficiaries without the need for probate when you pass away. Revocable trusts are often referred to as “living trusts.” The benefit of a revocable trust is that you can change the trust at any time you want.
- Irrevocable Trusts. With an irrevocable trust, you cannot change the trust once it is established. These trusts can protect assets from creditors or transfer assets to a disabled loved one without losing access to benefits like Medicaid. If you have a very large estate, an irrevocable trust can also protect your heirs from certain estate taxes. If you work in a profession where you may be at risk of lawsuits, an irrevocable trust can shield some of your assets from creditors, ensuring that you’ll have a legacy should you pass away. However, you may not be able to establish an irrevocable trust to protect assets from creditors or lawsuits if a lawsuit is already in process or if creditors are already seeking payment.
- Marital Trust. With a marital trust, your surviving spouse gains access to the trust if you were to pass away.
- Credit Shelter Trusts. If your estate is very large, a credit shelter trust can help you and your spouse take advantage of estate tax exemptions.
These are just some of the kinds of trusts that you may be able to establish. But there are also different trusts available for different financial situations. For example, there are charitable trusts, generation-skipping trusts, and irrevocable life insurance trusts. Some of these trusts allow you to specify that your money go to charity and also to your beneficiaries. Other types of trusts protect your assets from estate taxes. Have questions about your estate planning options and about which trust might be right for you and your family? The trust lawyer at the Baby Boomers’ Barrister in St. Petersburg, Florida is here for you. We can review your family’s situation and guide you on what your next steps should be.
Contact the Baby Boomers’ Barrister for Your Trust Estate Planning Needs in St. Petersburg, Florida
Baby Boomers’ Barrister is a trust law firm in St. Petersburg, Florida that can help you with your various estate planning needs. We can review your situation, help you understand the various options available to you, and assist you with the next steps. In these uncertain times, more people are looking to plan their estates. Many families who choose to establish a trust also need assistance with a will because a trust may not always protect or cover all assets. When it comes to estate planning, every family’s needs will be unique. Contact the Baby Boomers’ Barrister, a trust law firm in St. Petersburg, Florida today.