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Clearwater Estate Planning & Probate Attorney
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Clearwater Trusts Attorney

Many Florida residents hear the word “trusts” and assume that you need to be a multimillionaire to even consider having one. The truth is that trusts are a common part of estate planning for people of all incomes and net wealth. A trust is simply a legal tool that enables you to pass assets to your loved ones outside of the normal Florida probate process. This can not only save time and money when it comes to settling your estate, it can also help your family maintain its privacy, as trusts are not subject to the same public scrutiny as a will.

So while trusts are something that every Pinellas County resident should consider having, it is important to seek out qualified legal advice before making a decision. A Clearwater trusts attorney can explain the potential benefits and drawbacks to you and assist you in preparing the necessary documents should you choose to move forward. William Rambaum is a Florida Bar Board Certified Elder Law Specialist with over 35 years of experience assisting clients with their trust needs. Whether you are looking to create a simple revocable trust for estate planning purposes, or a more complex trust designed to legally protect your assets, he can review your situation and advise you on the best course of action.

What Are the Different Types of Florida Trusts?

With any trust, there is a grantor (also called a settlor), a trustee, and a beneficiary. In a revocable living trust, you can fulfill all three of these roles during your lifetime. By placing assets into a revocable trust, you retain control over them, and upon your death a successor trustee takes over and distributes the remaining trust property as directed in your trust instrument. Trust property is not considered part of the original grantor’s probate estate, so it does not pass under the terms of your will or state inheritance laws.

Revocable living trusts are, however, just one kind of estate planning trust. Some other common types of trusts that may be useful to you and your family include:

  • Irrevocable Trusts
  • Charitable Remainder Trusts
  • Special Needs Trusts
  • Spendthrift Trusts
  • Life Insurance Trusts
  • Medicaid Asset Protection Trusts

Many of these trusts offer additional tax and legal benefits that are not available with revocable living trusts. For example, a revocable trust does not shield your assets from most creditor claims. A properly structured irrevocable trust, in contrast, can offer asset protection. Along similar lines, placing your assets in a Medicaid Asset Protection Trust can help you legally reduce the amount of property you own so that you may qualify for Medicaid benefits to pay for nursing home care.

Contact Clearwater Trusts Attorney William Rambaum Today

Having a trust does not eliminate the need for a will or other key estate planning documents. And any trust must be carefully drafted, funded, and managed to avoid potential legal and tax problems down the road. Our Clearwater trusts attorney will be happy to sit down with you and answer any questions you might have on this subject. Call William Rambaum today at 727-781-5357 to schedule an appointment.

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