Tampa Trusts and Estates Lawyer Dedicated to Protecting Your Financial Interests
Estate planning guidance you can count on
When you have assets to pass on to your loved ones, protecting those assets from unnecessary government interference, taxes and unwanted beneficiaries is important, regardless of the size of your estate. At Westchase Law, our Tampa, FL trusts and estates attorney helps you develop a sound strategy for your estate and execute it in accordance with Florida law.
Types of trusts allowed in Florida
There are several different types of trusts for you to choose from when deciding what to do with your estate. A trust is a legal document that gives beneficiaries the right to specific property. Our Tampa trust administration attorney explains the pros and cons of each option and helps you tailor your estate plan to meet your individual needs and goals. Some types of trusts to choose from include:
- Living trusts. A living trust allows you to avoid probate at the time of your death because a trustee is assigned as the owner of your property. Living trusts enable you to avoid probate court, estate taxes and creditors by assigning payment to your beneficiaries over time. Or, payments can be designated to be paid for certain events or necessities.
- Revocable trusts. A revocable trust allows you to modify the trust and its beneficiaries as previously unanticipated circumstances arise. Revocable trusts must be used with caution, as the assets are still taken into consideration when applying for Medicaid and may render you ineligible for Medicaid benefits. Our knowledgeable staff ensures you understand the differences between revocable and irrevocable trusts in order to determine what is best for your situation.
- Irrevocable trusts. The drawback of an irrevocable trust is that it cannot be changed once it has been executed. The benefit of these trusts is that you can avoid interference with certain types of government programs, i.e. Medicaid, with these trusts.
- Special needs trusts. A special needs trust ensures that your disabled loved one has money available without preventing access to government benefits like Medicaid or Supplemental Security Income.
Before you begin the process of making plans for your estate, speak with our knowledgeable Tampa trusts and estates lawyer. We develop sound legal strategies to give you peace of mind in knowing that your assets are protected and will be distributed to your selected beneficiaries.
What protections do trusts provide?
Trusts protect your estate on two fronts. Most importantly, a well-executed estate plan in Florida enables your beneficiaries to avoid expensive estate taxes. On the other hand, trusts protect beneficiaries from themselves. Because the trust becomes the owner of the property held within the trust, you can protect your home and money from other liabilities. We help you develop a carefully planned strategy for your estate that prevents creditors from taking the trust if beneficiaries file for bankruptcy, and protects your beneficiaries from unwisely using the trust’s assets.
Contact an accomplished Tampa trusts and estates attorney today for a free initial consultation
Having a sound estate plan eases the burden on your loved ones and ensures your wishes are carried out. The estate attorney and skilled staff at Westchase Law in Tampa help you develop an effective estate plan suited to your needs. For a free initial consultation, call us at 813-534-0719 or contact us online.