Coral Springs Trust Attorney
Many times, estate planning will reveal the need to create a trust. This can happen for various reasons, but regardless of how you came to this conclusion, the most important next step is ensuring that you set up a trust that meets your exact needs. A Coral Springs trust attorney can help you ensure that your trust is set up correctly so you can rest assured that your future plans are secure.
At Rosenberg Law Firm, our attorneys are dedicated to protecting our clients’ best financial interests. We can help you better understand the complexities of different types of trusts and create the best estate plan for your needs. Your Coral Springs trusts attorney will protect you and your interests now and in the future.
Why Choose the Attorneys at Rosenberg Law Firm?
- Our firm has over 20 years of legal experience and is dedicated to helping our clients navigate complex estate planning matters, including the establishment of trusts.
- Our attorneys are determined to protect our clients’ best interests. We will carefully assess your situation and help you understand whether a trust is right for you.
- Our firm believes in open, honest communication. You will always be able to ask questions, raise concerns, and receive important case updates.
What Is a Trust?
A trust is a legal arrangement in which one person becomes the nominal owner of something of value (money, real estate, etc.) on behalf of another person so that the asset may be used for a beneficiary when certain requirements are met. The person holding the asset is known as a trustee, and the person setting up the trust is the Settlor or Grantor.
What Are the Reasons for a Trust?
For many reasons, a trust may be the best tool to call upon in your estate planning. While trusts can be especially useful for those with high-income estate planning needs or special needs planning for adult-dependent children, trusts are not limited to these situations. Here are some of the most common reasons to use a trust:
- Provide safe and secure future assets for an underage beneficiary
- Provide long-term financial security for a dependent adult child with special needs
- Provide a maximum usage of your estate tax benefits per person
- Ensure that assets are not distributed via probate
- Maintain beneficiary’s ability to qualify for public programs
What Are the Different Types of Trusts in Florida?
There are many different types of trusts that you can choose from, including living trusts, irrevocable trusts, and charitable trusts. Different trusts offer different benefits. A lawyer from Rosenberg Law Firm can assess your situation and help you make the right decisions for your future.
Revocable Living Trusts
These are one of the most common types of trusts in Florida. A revocable living trust is established while the Settlor is still alive. The Settlor establishes this trust and can amend or even revoke it at any time. When the Settlor dies, his or her assets are passed to the beneficiaries named in the trust.
The main benefit of a revocable living trust is that it can help you avoid probate. The probate process can be lengthy and stressful, and establishing a living trust can help you dispose of your assets without your family needing to go through the court system.
Additionally, a living trust can set aside assets in the event that you become sick, disabled, or otherwise incapacitated. A revocable living trust can also help your family minimize estate taxes, which can pose a significant financial burden.
Many people wish to leave some of their assets to charities and non-profits. In these situations, they may create charitable trusts to set aside assets for these organizations, as well as their beneficiaries. A charitable trust can greatly reduce estate taxes, which makes them particularly attractive to Florida residents.
As the name implies, an irrevocable trust cannot be altered or changed once the Settlor establishes it. The Settlor transfers assets into the trust and loses ownership over them; instead, the assets become the property of the trust. Irrevocable trusts can help protect beneficiaries from both probate and estate taxes.
Because irrevocable trusts cannot be changed, they are not commonly used among Coral Springs residents. There are many reasons why an irrevocable trust may be beneficial, such as the following:
- Planning for Medicaid expenses
- Protecting assets from creditors
- Planning for gift and estate taxes
Testamentary trusts are established to set aside assets for certain beneficiaries. However, the beneficiary cannot access these assets until a certain time. For example, if you want to leave a certain amount of money for your grandchildren but do not want them to access these assets until they turn 21 years old, a testamentary trust can be helpful.
What Are the Requirements for Setting Up a Trust?
Many people will wonder if they need an attorney for trust planning. The short answer is that a wills lawyer is not necessary to set up a trust, but doing so without professional guidance can lead to costly mistakes. There are many different kinds of trusts, and they will only work as planned if they are set up properly with accurate and legally-binding paperwork to accompany the plan. Many people find it challenging to do this work on their own without previous experience and expertise.
The basic steps of setting up a trust include:
- Determining your goals for the trust.
- Writing up a trust plan (this is usually the part where people benefit most from professional assistance).
- Opening the trust.
- Moving the funds into the trust.
It’s also important to note that many trust companies will require the documentation to be written with the assistance of an estate planning attorney if the trust is complex.
What Does a Coral Springs Trust Attorney Do?
A trust attorney can help you at every step in the process. If you are just getting started and aren’t sure that a trust is the right estate planning tool for you, an experienced estate planning attorney can help you decide. If you know you need a trust but aren’t sure which one, your attorney can advise you on the different types and how they will or will not meet your needs.
Most importantly, a trust attorney will ensure that the documentation guiding the management of your trust accurately and legally reflects your wishes. With the help of an experienced professional, you can rest assured that your plans will go smoothly.
When Should You Contact a Trust Lawyer in Coral Springs?
It’s never too early to start estate planning. If you’re considering setting up a trust, now is the time to contact a trust lawyer. If you are worried that your plans may change in the future, your attorney can discuss options that will allow you to make changes to your plans at any time. This way, you can set up your trust now with your current plans in place and then make alterations when life changes (such as marriages, divorces, and births that alter your beneficiaries or new passions and interests that bring new charity donations into your future plans).
How Can a Trust Lawyer Help You?
Estate planning can be challenging both logistically and emotionally. It can be particularly hard to get guidance from family members who have personal interests in your decision-making process. Having the guidance of a third party whose only interest is helping you set up your plans in a way that works for you can provide you with the confidence, clarity, and control you deserve to have over your assets.
Contact a Coral Springs Trust Attorney Today
Whether you are interested in establishing a trust or resolving a trust dispute, the attorneys at Rosenberg Law Firm can help. We are based in Coral Springs and help clients throughout South Florida navigate complex estate planning matters.
Contact us today to schedule a free case consultation with a Coral Springs trusts attorney.