Largo Trusts Attorney
At Preservation Law Firm, we help our valued clientele secure their family’s future through thoughtful, proactive estate planning. Central to our efforts is creating and managing all kinds of trusts. These legal tools can protect assets from numerous liabilities and reduce estate taxes. Not only that, but trusts can eliminate the need for probate and enable the smooth transfer of assets and property.
If you are interested in creating a trust or are looking for advice on managing or altering an existing one, turn to our Largo trusts lawyer, Adam Rauman. He is a highly experienced legal professional with a unique background in finance and business law. This combination of experience enables him to skillfully preserve our clients’ legacies and safeguard beneficiaries’ interests.
To learn more about Preservation Law Firm and our services, call (727) 955-3872 or connect with us online. We offer free consultations, which we can conduct virtually for your convenience.
Types of Trusts in Florida & How They Work
A trust is a fiduciary arrangement that allows one party (the trustee) to hold assets on behalf of another party (the beneficiary). The trust's creator (the grantor) can dictate how and when the assets are distributed to the beneficiaries, making it a powerful tool for estate planning.
There are several types of trusts that serve different purposes. We explore them below:
Revocable
Revocable trusts are popular, as they allow the grantor to make changes or cancel the trust anytime during their lifetime. This type of trust also allows assets to pass directly to beneficiaries without going through probate, saving time and expenses. Additionally, placing assets in revocable living trusts can help you qualify for government programs like Medicaid.
Irrevocable
Irrevocable trusts are designed to be permanent (hence the name). Once you put assets in this kind of trust, they are no longer under your control. This is advantageous in many ways. Irrevocable trusts can minimize estate taxes, shield your estate from creditor claims, and allow you to transfer assets outside of probate. However, the trade-off is that you cannot change the trust once it has been created.
Testamentary
Testamentary trusts are a specific kind of revocable trust. You can establish one through your will, so it goes into effect after you pass. You can also specify how and when the assets are distributed in their will. This type of trust can be used to manage assets for minor beneficiaries or adults with special needs.
Special Needs
If you or a loved one have special needs that require ongoing financial support, establishing a special needs trust is optimal. It can allow you or a loved one to benefit from assets without jeopardizing eligibility for government benefits.
When Is the Right Time to Create or Update a Trust?
The best answer to this question is: Now. None of us can predict what will happen years or months from the current moment, and it is always better to be prepared than caught off guard. If you have assets and property you want to protect for your family’s future, the right kind of trust can do just that.
As for altering a trust, the answer depends on your circumstances. You may want to consider updating your trust if you have experienced a significant life change, such as divorce, marriage, or the birth of a child. Additionally, changes in tax laws or your financial situation may warrant trust revisions.
Frequently Asked Questions About Trusts
Do I need a trust if I already have a will?
- A will and a trust serve different purposes. A will dictates how your assets are distributed after you pass away, while a trust can help manage assets during your lifetime and after your death. A trust also avoids probate, making the process faster and more private. Depending on your estate planning goals, you may benefit from having both.
Can I change or cancel my trust?
- This depends on the type of trust you create. A revocable trust can be changed or canceled at any time while you are alive. An irrevocable trust, however, is generally permanent and cannot be easily modified once it is established.
How long does a trust last?
- A trust can last as long as needed, depending on how it is structured. Some trusts are designed to distribute assets immediately after the grantor's passing, while others may continue for generations, managing and distributing assets according to specific terms.
What happens if I don’t fund my trust?
- If you don’t transfer assets into your trust, it won’t serve its purpose. Assets that are not in the trust will likely go through probate, which is what most people try to avoid by creating a trust in the first place. Properly funding your trust ensures it functions as intended.
Can I put my house in a trust?
- Yes, you can transfer your home into a trust. This can help your beneficiaries avoid probate and may provide additional legal or tax benefits depending on the type of trust you choose. However, transferring real estate to a trust should be done carefully to avoid unintended consequences, such as affecting mortgage terms or property taxes.
Who should I name as my trustee?
- Your trustee should be someone responsible, financially savvy, and capable of carrying out your wishes. Some people choose a trusted family member, while others prefer a professional trustee, such as an attorney or financial institution, to ensure neutrality and proper management.
Will a trust protect my assets from creditors?
- An irrevocable trust can help protect assets from creditors since the assets are no longer considered your personal property. However, a revocable trust does not offer the same protection because you still have control over the assets.
How Our Largo Trusts Lawyer Can Help You
Our trusts lawyer at Preservation Law Firm is a distinguished legal professional who takes pride in helping clients achieve estate planning goals and get the peace of mind that comes with knowing their most important affairs are in order. What this looks like varies from one case to the next.
However, some general things our attorney may do for you include the following:
- Explain the benefits of different kinds of trusts and offer guidance on preserving your estate for yourself and future generations.
- Draft, review, and finalize custom documents that adhere to Florida and federal law
- Help you transfer assets to trusts quickly and efficiently, working to overcome any challenges that arise in the process
- Advise you on amending or terminating existing trusts when necessary
- Updating trustee, beneficiary, and power of attorney designations to reflect changes in your life and wishes for your estate
Get trusted guidance on your trust
Need help setting up or updating a trust? Contact us now at (727) 955-3872 for a free consultation.
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Compassionate Probate and Estate Planning GuidanceAttorney Rauman approaches every case with empathy, guiding clients through complex processes like probate and estate planning with clarity and care.
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Financial Expertise Meets Legal Insight
With 15 years as a licensed financial advisor and over a decade as an attorney, Adam blends deep financial knowledge with sharp legal skills to deliver comprehensive solutions.
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Passion for Legacy PreservationAttorney Rauman's mission is to ensure his clients’ wishes are honored, their families protected, and their legacies preserved for generations to come.
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Free Consultations AvailableWe believe that protecting your legacy should start with understanding your unique needs. That’s why we offer free consultations to discuss your goals and explore the best path forward.