Do You Need A Trust In Florida?
In the past, many people needed trusts to avoid estate taxes. Today, however, estate taxes apply only to estates of more than $10.8 million in assets. As a result, many people who could benefit from trusts in the past no longer need them today. However, there are still times when a trust can help you accomplish a specific goal. At our firm, we will draft what you need in the simplest plan possible, as we have always believed less is more.
At The Law Office of Nicole C. Morris, P.A., in Palm Beach Gardens, our attorney drafts wills, trusts and other estate planning documents for clients throughout Florida. Call 561-855-0348 for an initial consultation about trusts.
Reasons To Have A Trust
Many estate planning attorneys market trusts as a way to avoid probate. However, probate does not have to be a costly or lengthy process. Many estates that have trusts have to go through probate anyway because the deceased person owned some assets that were not transferred to the trust.
While avoidance of probate may not always be important, there are some compelling reasons to have a trust. Here are some examples:
- To protect the interests of children from a prior marriage; if you have a blended family, a trust can prevent your children from being disinherited by your new spouse
- To protect a child who cannot be trusted with money
- To protect a child who is married to a spouse you do not trust
- To provide assets to a child who has special needs
- To support a charity
There are many different types of trusts that you can use to accomplish specific goals. Here are a few examples:
- Revocable and irrevocable trusts
- Life insurance trusts
- Grantor trusts
- Qualified personal resident trusts
- Generation-skipping trusts
- Charitable lead or remainder trusts
- Testamentary charitable trusts
- Special needs trusts