St. Augustine Trusts Attorney

Helping Families & Individuals Set Up, Administer & Litigate Trusts

Trusts are a highly effective and versatile estate planning tool. They can be used to avoid probate, protect assets from creditors, and minimize estate taxes. They can also be used to provide for a special needs loved one and ensure that your minor children are cared for if you are no longer able to do so.

At Owenby Law, P.A., we have extensive experience helping clients set up, administer, and litigate various types of trusts. Our St. Augustine trust lawyers are also highly skilled in the areas of asset protection and estate tax planning. We can help you create a solid estate plan that will protect your assets and your best interests, both now and in the future.

Get in touch with us today to learn more about our St. Augustine trust services. Call (904) 770-3141 or contact us online to request a consultation.

Common Types of Trusts

A trust is a legal arrangement in which one party (the trustor or settlor) transfers assets to another party (the trustee) for the benefit of a third party (the beneficiary). Trusts are established for various purposes, including estate planning, asset protection, and the management of financial affairs. The terms of the trust are outlined in a legal document called the trust deed or trust agreement.

In Florida, as in many other jurisdictions, there are several common types of trusts. Here are some of them:

• Revocable Living Trust: Allows the trustor to maintain control over their assets during their lifetime. It can be modified or revoked by the trustor. A revocable living trust avoids probate for the assets held in the trust.
• Irrevocable Living Trust: Cannot be easily modified or revoked by the trustor. It provides potential tax benefits and asset protection. Irrevocable trusts are often used for charitable giving, Medicaid planning, or minimizing estate taxes.
• Testamentary Trust: Created through a person's will and only comes into effect after the person's death. This allows for the distribution of assets over time or for specific purposes.
• Special Needs Trust (SNT): Designed to provide for individuals with disabilities without jeopardizing their eligibility for government benefits. This allows for the management of funds to enhance the quality of life for the person with special needs.
• Charitable Remainder Trust (CRT): Allows the trustor to donate assets to a charitable organization while retaining an income stream for themselves or other beneficiaries.
• Charitable Lead Trust (CLT): Provides income to a charitable organization for a specified period, after which the remaining assets go to non-charitable beneficiaries.
• Marital Trust: Created to provide for a surviving spouse. This trust can qualify for the marital deduction, which may reduce estate taxes.
• Credit Shelter Trust (CST) or Bypass Trust: Designed to make use of the estate tax exemption for both spouses. It minimizes estate taxes by dividing the estate between a surviving spouse and the trust.
• Dynasty Trust: A long-term trust that spans multiple generations, intended to preserve wealth and minimize estate taxes.

Benefits of Establishing a Trust

Here are some common advantages associated with creating a trust:

• Probate Avoidance: Assets held in a trust can often bypass the probate process, leading to a faster and more private distribution of assets after the trustor's death.
• Privacy: Unlike wills, trusts generally do not become public record, providing a greater degree of privacy for the trustor and beneficiaries.
• Asset Management and Protection: Trusts can be effective tools for managing and protecting assets. For example, an irrevocable trust may shield assets from creditors or legal judgments.
• Incapacity Planning: Revocable living trusts can provide for the management of assets in the event the trustor becomes incapacitated, avoiding the need for court-appointed guardianship.
• Flexibility: Trusts offer a high degree of flexibility in terms of how assets are managed, distributed, and utilized for the benefit of beneficiaries.
• Tax Planning: Certain trusts, such as irrevocable trusts, can be used for estate tax planning, helping to minimize tax liabilities and maximize the inheritance passed on to beneficiaries.
• Special Needs Planning: Special needs trusts allow individuals to provide for a loved one with disabilities without jeopardizing their eligibility for government assistance programs.
• Control Over Distribution: Trustors can dictate specific conditions or timelines for the distribution of assets to beneficiaries, ensuring that the assets are used in a manner consistent with their wishes.
• Continuity of Management: Trusts provide a seamless transition of asset management and distribution in case of the trustor's death or incapacity, avoiding delays and uncertainties.
• Family Wealth Preservation: Dynasty trusts, designed to last for multiple generations, can help preserve family wealth by minimizing estate taxes and providing ongoing financial support.
• Avoidance of Forced Heirship Rules: In some jurisdictions, trusts can be used to bypass forced heirship rules, allowing individuals to distribute their assets according to their preferences rather than legal mandates.
• Charitable Giving: Charitable trusts, such as charitable remainder trusts, enable individuals to support charitable causes while receiving income or tax benefits during their lifetime.
• Marital Deduction: Marital trusts can help maximize the use of the marital deduction, reducing estate taxes by providing for a surviving spouse.

Do I Need a Lawyer to Set Up a Trust?

While you are not required to work with a lawyer to set up a trust, it is highly recommended. Establishing a trust involves several complicated legal processes. A mistake could result in the trust not being enforced or the assets not being protected. A St. Augustine trust lawyer will have the knowledge and experience to help you navigate the process and ensure that your best interests are protected.

Why Choose Owenby Law, P.A.?

At Owenby Law, P.A., we understand that every client has unique needs and goals. When you choose to work with our firm, we will take the time to get to know you and develop an in-depth understanding of your situation. We will then help you create a solid estate plan that is tailored to your specific needs and goals.

Our St. Augustine trust lawyers are highly knowledgeable and skilled in this area of law. We will provide you with the compassionate legal guidance you need and deserve. You can rely on us to be there for you at every stage of the process, from drafting your trust to administering it to litigating any disputes that may arise.

Contact us today at (904) 770-3141 to schedule a consultation with one of our experienced trust attorneys in St. Augustine.

Trust Lawyer Jacksonville, FL

Owenby Law, P.A. Is Ready to Guide You Through the Process

Sometimes a simple will is not enough to accomplish the wishes of a testator with regard to his or her estate. For instance, if the parent of a minor child dies before that child reaches adulthood, typically the other parent will assume all responsibility for that child. But what happens if both parents are killed in the same accident and the child is left parentless? Jacksonville estate planning lawyers will often form a trust or multiple trusts to achieve things that a will cannot. We at Owenby Law, P.A. can help you establish a trust that reflects your specific wishes.

The Basic Concept of a Trust

While there are many terms associated with trusts (testamentary, living, revocable, irrevocable, etc.), the basic concept involves the grantor selecting a third party, either the fiduciary or trustee, to manage funds for a beneficiary. For instance, a parent may select an uncle to manage a child's funds until he or she is old enough to take on the responsibility. The uncle is not able to use the funds for his personal needs.

The trust is used to meet the child's requirements, such as:

• Education

• Medical expenses

• Transportation

Although the concept of a trust is simple, the documentation required to execute one should be prepared by an experienced attorney who is familiar with probate and estate planning. Our firm has more than 20 years of experience in establishing trusts for Florida clients.

What Are the Benefits of Establishing a Trust?

A trust can serve several purposes. For instance, assets that are placed in a trust will not be subject to probate. By avoiding probate, your family and loved ones will not have to deal with the process of petitioning the court to take care of your estate. Also, by not having to probate an estate, a trust can provide a great deal of privacy as your estate plan is contained in the trust rather than a will, which would be subject to probate.

The Difference Between Trusts & Wills

Any property not in a trust can be disposed of in accordance with a will. The property disposed of by a will must be probated. Probate effectively transfers title of property from a decedent to a beneficiary, and the will designates which beneficiary receives what property. If you are unsure of how you want certain tangible property to be disposed of, a Separate Writing Memorandum can be completed after your will. However, it is important to remember that the list prepared in the Separate Writing Memorandum would not constitute a will or codicil to a will.

What Are the Tax Implications of Trusts?

Inheritance and estate taxes can be onerous. In addition to being a useful tool to estate planners, certain types of trusts can be used to legally shelter assets. With a living trust, the principle is transferred to the beneficiary while the grantor is still alive. Because of this, these assets are not taxed in probate. Owenby Law, P.A. can explain the various types of trusts and their tax implications. In addition, we can help you determine whether the trust that you establish should be revocable or non-revocable and the tax implications associated with this decision as well.

Steps to Setting Up a Trust

1. Decide how you want to set up the trust

2. Create a trust document

3. Sign and notarize the agreement

4. Set up a trust bank account

5. Transfer assets into the trust

6. For other assets, designate the trust as beneficiary

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.

Orange Park Trust Attorney

Leading the Way in Drafting & Protecting Trusts

At Owenby Law, P.A., we are committed to helping you draft an effective and legally sound trust. We are also committed to helping you protect your existing trust from attack.

To do so, our team will review your trust and make any necessary changes to ensure it is up to date. We will also work diligently to minimize any potential future challenges to your trust.

Contact our firm today to schedule an appointment with an experienced Orange Park trust lawyer.

What is a Trust and Why Do You Need One?

A trust is a legal entity that holds and manages assets for the benefit of one or more individuals or entities. It is an essential tool in estate planning because it allows you to control the distribution of your assets and provide for your loved ones even after you are no longer able to do so. There are several types of trusts, each with its own advantages and purposes, and our Orange Park trust lawyer can help you determine which one is right for you.

The following are the common types of trusts available for your estate plan:

• Revocable Living Trust: This type of trust allows you to retain control of your assets during your lifetime while providing for their seamless transfer to your beneficiaries upon your passing.
• Irrevocable Trust: Once established, this trust cannot be altered or revoked. It is often used for asset protection and estate tax reduction.
• Special Needs Trust: Designed to provide for loved ones with disabilities without disqualifying them from government benefits.
• Charitable Trust: Allows you to support charitable causes while enjoying certain tax benefits.
• Testamentary Trust: This trust is created within your will and only becomes effective after your passing.
• Family Trust: A family trust can provide for the financial needs of family members and protect family assets.

The Importance of Proper Trust Administration

Proper trust administration is crucial to ensuring that the assets held in the trust are managed and distributed according to your wishes.

Our Orange Park trust lawyer can assist you with:

• Trust Funding: Transferring assets into the trust.
• Record-Keeping: Maintaining detailed records of trust activities.
• Investment Management: Prudent investment of trust assets.
• Distributions: Carrying out the trust's provisions for beneficiaries.
• Tax Planning: Minimizing tax liabilities associated with the trust.

We understand that the trust administration process can be complex and time-consuming, which is why our experienced team is here to guide you every step of the way.

Modifying Trusts

As life circumstances change, you may need to modify the terms of your trust to reflect these changes. Owenby Law, P.A. can assist you in modifying your trust to ensure it continues to meet your objectives. Whether you need to update beneficiaries, change trustees, or make other adjustments, our legal team is well-versed in the legal requirements and procedures for trust modifications.

Trust Disputes and Litigation

Trust disputes can arise when beneficiaries, trustees, or other parties involved in the trust disagree about its administration. Our firm is skilled in trust dispute resolution, and we work diligently to resolve conflicts through negotiation or, when necessary, through litigation in the Florida courts.

Why Choose Us?

Estate planning and trust administration require careful consideration and expert legal guidance. Owenby Law, P.A. is your dedicated Orange Park trust lawyer in Florida, ready to assist you in securing your legacy and providing for your loved ones. We are here to provide you with peace of mind, knowing that your assets and wishes will be protected for generations to come.

Here are several reasons to hire our firm:

• Expertise: Our team of experienced attorneys specializes in estate planning and trust administration, making us your top choice for all your trust-related legal needs.
• Local Knowledge: Our in-depth knowledge of local laws and regulations ensures that your trust is customized to meet the specific needs of our clients in the area.
• Personalized Solutions: Every individual's financial situation is unique. We take the time to understand your specific circumstances and design a trust that aligns with your goals and objectives.
• Comprehensive Services: We offer a full range of trust-related legal services, including trust creation, administration, modification, and dispute resolution.

Don't leave the future of your estate to chance. Call Owenby Law, P.A., your trusted Orange Park trust lawyer, at (904) 770-3141 to schedule a consultation and get started on securing your family's future today.