Protect Your Assets with the Right Attorney
Carsandra D. Buie is an experienced general practice attorney located in Seminole County, Florida. Attorney Buie provides affordable legal services for her clients throughout Seminole County, Brevard County and Volusia County, Florida.
If you need help protecting your assets for the future, attorney Buie has many years of experience representing Florida clients with establishing trusts and wills. If you need a lawyer’s assistance for issues related to probate, estate planning, wills, or trusts, our law office provides high quality representation and excellent customer service for all clients
Understanding Florida Trusts
A trust fund is an estate planning tool which holds your assets in a trust to be managed by a Trustee. Determining if a will or a trust is best for you will depend on your individual situation. Trusts were once only used by the wealthy but trusts are now available to those of all income levels and asset values. With a trust, you can include provisions that appoint a person of your choice to handle your medical and financial decisions should you become unable to do so.
Trusts cover property that is transferred (funded) to the trust, or where the trust is the named beneficiary of an account or policy. If an asset is not funded to the trust it will not be covered.
It is very important to work with an estate planning lawyer to make sure that the trust is properly funded. By consulting an experienced trust lawyer, such as attorney Buie, you will ensure that your assets are correctly titled or the beneficiary is properly designated. The law seeks to ensure the transferring of assets to your trust and that the assets are properly owned at the time of your incapacity or death.
Important information on trusts:
- Trusts do not require your family to go through probate court.
- A trust may cost more up front to create than a will, but the total costs may make a trust less expensive than a will in the end.
- A trust fund can reduce the amount of estate tax paid and secures specific instructions on how assets will be passed on to a minor child in the event of a parent’s death.
How Do Trust Funds Work?
- The Trustee is a person that holds and manages the assets in the trust. This chosen person is someone you have a good relationship with and who is willing and able to oversee the trust. If there is not a suitable Trustee within your personal network, you may choose a corporate, Trustee, your attorney, or a professional with trust management experience.
- The beneficiary is the person or entity you wish to receive the trust assets.
- Once placed in a trust, the assets do not belong to you. They belong to the Trust and are managed by the Trustee. Because you no longer own these assets, you are not required to pay income tax on money generated by those assets. These assets can also be exempt from estate tax and gift taxes.
Florida Revocable Living Trust
A Florida revocable living trust is a legal form created by the Grantor into which assets are placed with instructions on who will benefit from them. A revocable living trust can be altered or revoked at any point during the Grantor’s life. Once the Grantor dies, a revocable trust becomes irrevocable.
Have Questions About Trusts? Speak to an Attorney
You can create a trust to reserve money for specific purposes such as nursing home care for an incapacitated spouse or a loved one. Meet with attorney Carsandra D. Buie to discuss your options on establishing the right trust for you and your family. Call our office at 800-219-3297.