Fleming Island Trusts Attorney

Let Our Firm Help You Create a Trust to Protect Your Assets & Loved Ones

Trusts are an important part of estate planning. They can help you avoid probate, protect your assets, and ensure your loved ones are taken care of after you pass away. At Owenby Law, P.A., we can help you understand the different types of trusts and how they can benefit you and your family. Our Fleming Island trusts lawyers can help you create a trust that meets your unique needs and goals.

Call (904) 770-3141 or contact us online to speak with our team today.

What is a Trust?

a trust is a legal arrangement where one party (the trustor or grantor) gives another party (the trustee) the right to hold assets or property for the benefit of a third party (the beneficiary). Trusts are versatile and can serve various purposes, such as asset protection, estate planning, or charitable giving.

In Florida, as in most states, there are several common types of trusts:

• Revocable Trust (Living Trust): This trust can be modified or revoked by the trustor during their lifetime. It allows the trustor to manage assets and designate beneficiaries while they're alive, and typically becomes irrevocable upon the trustor's death.
• Irrevocable Trust: Once established, an irrevocable trust generally cannot be altered or revoked by the trustor. This type of trust can offer certain tax benefits and asset protection since the assets are no longer considered part of the trustor's estate.
• Charitable Trust: Created for charitable purposes, this trust allows assets to be donated to charity while potentially providing the trustor or beneficiaries with tax benefits.
• Special Needs Trust: Designed to provide for individuals with disabilities without disqualifying them from government assistance programs, such as Medicaid or Supplemental Security Income (SSI).
• Asset Protection Trust: A trust established to shield assets from creditors or legal claims. In Florida, certain types of asset protection trusts can provide significant protection against creditors.
• Testamentary Trust: Created through a will and takes effect after the trustor's death. Assets are transferred into the trust upon the fulfillment of certain conditions outlined in the will.
• Marital Trust: Commonly used in estate planning to provide for a surviving spouse while minimizing estate taxes.
• Generation-Skipping Trust: This trust allows assets to be passed on to grandchildren or later generations while avoiding estate taxes that would apply if the assets were passed directly to the grandchildren.

Each type of trust has its own unique benefits and drawbacks. Our Fleming Island trusts attorneys can help you understand the different types of trusts and determine which one is right for you.

Benefits of Creating a Trust

Creating a trust in Florida offers several benefits, depending on your specific circumstances and goals:

• Probate Avoidance: Assets placed in a trust usually bypass the probate process. This means that upon the trustor's passing, the assets held in the trust can be distributed to beneficiaries without going through the often lengthy and costly probate court proceedings. This can lead to quicker distribution and reduced administrative expenses.
• Privacy: Trusts provide a level of privacy that a will does not. When a will goes through probate, it becomes a public record. Trusts, however, generally remain private documents, keeping details about the assets, beneficiaries, and distributions out of the public eye.
• Control and Flexibility: Trusts allow for detailed instructions on how assets should be managed and distributed. Trustors can specify conditions for distributions, such as age milestones for beneficiaries to receive their inheritance, ensuring assets are managed responsibly.
• Asset Protection: Certain types of trusts, like irrevocable trusts, can protect assets from creditors or legal claims, offering a level of security for your wealth.
• Tax Efficiency: Trusts can be used as a tool for estate tax planning. They may help minimize estate taxes by removing assets from the estate or taking advantage of tax exemptions and deductions.
• Planning for Incapacity: A revocable living trust allows for the seamless management of assets if the trustor becomes incapacitated. The designated successor trustee can step in and manage the trust assets without the need for court intervention.
• Specialized Goals: Trusts can serve specific purposes, such as providing for individuals with special needs (special needs trust), supporting charitable causes (charitable trust), or preserving assets for future generations (generation-skipping trust).

These benefits make trusts an attractive option for individuals seeking to manage and distribute their assets efficiently, maintain privacy, protect wealth, and exercise control over how their assets are managed during their lifetime and after their passing.

Why Choose Us?

At Owenby Law, P.A., we understand the importance of securing your legacy and protecting your assets. Our dedicated team of Fleming Island trust lawyers specializes in crafting and modifying trusts tailored to your unique needs. Whether you're looking to establish a trust, amend an existing one, or ensure your estate plan aligns with your evolving circumstances, we're here to guide you through the complexities of trust law.

With our expertise and personalized approach, we aim to empower you to make informed decisions, providing peace of mind knowing your assets are safeguarded for the future. Trust us to help shape your legacy and safeguard your loved ones' financial well-being.

Contact us today at (904) 770-3141 to schedule a consultation.