Trust Creation
Professional
Trusts
Attorney -
Lawyer,
providing experienced
Development of Estate Trust
legal
services in Lakeland,
Winter Haven,
Bartow,
and Polk County Florida.
A
Trust is
broadly defined as setting up a form of transferring
property or assets while you are still living, which
remains in effect in the event of your passing. A Trust
can be an important tool in estate planning which may
keep part, or all of your estate out of probate in the event of your
passing.
A Trust may be in
affect while you or living, or commence at the time of
your passing.
A Trust is often the best
method to provide for the needs of a beneficiary who
will need continuing supervision due to age, disability,
other special needs, or lack of financial
sophistication.
When a Trust is set up, a
Trustee must bee appointed to Administor the Trust. If
you so choose, you may be the Administor of the Trust.
However, if you do this, it is always wise to specify an
alternative Trustee to ensure the Trust is protected in
the event of your passing.
Joseph A. Morrison,
an experienced Trust attorney & lawyer, assists
Lakeland, Winter Haven, Bartow, and Polk County Florida
residents with legal issues and disputes regarding
various types of Trusts and other estate law matters.
We are committed
to providing each of our Trust clients with the highest
standard of legal representation while using every
available resource to protect your legal rights,
options, and interests. Contact
The
Law Office of Joseph A. Morrison to schedule a confidential legal consultation.
Just as with an
estate administrator, a Trustee is legally responsible
in ensuring the act in the best interest of the
beneficiary of the Trust.
There are two kinds of Inter Vivos Trusts: revocable and
irrevocable.
-
Revocable Trust:
often
referred to as "living" trusts, the donor maintains
complete control over the trust and may amend,
revoke or terminate the trust at any time.
-
Irrevocable Trust:
cannot be
changed or amended by the donor. Any property placed
into the trust may only be distributed by the
trustee as provided for in the trust document
itself. Irrevocable trusts are most often used by
high net worth clients in a effort to reduce their
taxable estate while still maintaining some control
over the assets.
Testamentary Trust:
is created by a will, and it does not
come into existence until your passing. Such a trust
has no power or effect until the will of the donor is
probated. A testamentary trust will not avoid the need
for probate and will become a public document, as it is
a part of the will.
Supplemental Needs
Trust:
is used to
enable the donor to provide for the continuing care of a
disabled spouse, child, relative or friend. The
beneficiary of a specially-drafted supplemental needs
trust will have access to the trust assets for purposes
other than those provided by public benefits programs.
In this way, the beneficiary will not lose eligibility
for benefits such as Supplemental Security Income,
Medicaid and low-income housing. A supplemental needs
trust can be created by the donor during life or be part
of a will.
Credit Shelter Trust:
is a way to
take advantage of the estate tax exemptions. The amount
that may be sheltered has changed considerably over the
past decade and is expected to continue changing into
the future. For this reason, is you already have a
trust, it is wise to review the provisions with an
attorney at least once every several years.
Even though a
Trust is typically not subject to the probate process,
these are still occasions when a trust may und up being
disputed in trust litigation.
Click here to read about
trust litigation.
We urge you to be proactive when it comes to your legal
rights by seeking the legal advice and representation of
an experienced trust attorney or lawyer.
If need to draft, set up, amend,
protect, or dispute a Trust in Lakeland,
Winter Haven, Bartow, and the Polk County Florida area,
make sure your legal rights are protected by seeking the
legal advice of an experienced Lakeland trust attorney &
lawyer by contacting
The
Law Office of Joseph A. Morrison.
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