The majority of adults in the United States have no documents in place for their end-of-life planning. If you pass away before your will or other estate planning documents are complete, your loved ones may have a difficult time addressing your estate and final wishes without official documentation of your preferences. If you are one of the few who have plans and documents in place, you may be wondering what else you can do to prepare.
A trust provides an extra layer of protection and preparation that many people do not consider. Different trusts will meet different needs and determining which one is right for you is something our lawyers can help you with. Irrevocable trusts are useful for tax planning and are often implemented to lessen or avoid gift tax or estate tax.
Whatever your reasons for wanting this type of trust, atCause Law Office will be at your side to help you reach your estate planning goals.
Benefits of an Irrevocable Trust
Aside from the overall benefits of establishing a trust, like the option of stipulating the conditions for asset distribution, an irrevocable trust is an excellent option if you want to limit your tax liability. Why might someone want to do this? There are plenty of reasons that people choose to go this route, with some of the more popular being to save money, protect assets from creditors, avoid probate, and qualify for government programs.
Are long-term care costs at the forefront of your mind when you consider trust preparation? Do you want to save your beneficiaries from costly capital gains tax? An irrevocable trust, if set up correctly, can accomplish this and more. With our knowledge and decades of experience, we can create a plan that works for you in the present and the future.
Amending an Irrevocable Trust
If the word irrevocable is putting you off and making you feel intimidated by the permanence, put that out of your mind. Florida does allow this document to be changed and updated if the right conditions are met. The person who created the trust cannot make unilateral decisions to modify it, but if the beneficiaries agree with the adjustments, it is possible to change an irrevocable trust. There are some instances in which court approval may be required, but this is something we can address with you if the time comes.
A skilled attorney can also create a trust that includes provisions for potential amendments, allowing these modifications to take place more seamlessly. However, there are certain circumstances that cannot be included in the terms of the document. If you have questions or concerns about the terms of your irrevocable trust, we are more than happy to assist you in coming up with a workable solution.
Your trust should be tailored to suit your needs, as well as meet the legal requirements in Florida. This can be complicated to accomplish, but our team is up to the task. We can be reached at 727-477-2255 when you’re ready to start planning your irrevocable trust.