Sarasota Revocable Trust Lawyer
When planning for your family’s future and ensuring your assets are protected and distributed according to your wishes, working with an experienced Sarasota revocable trust lawyer is essential. At Drude Tomori Law, PA, we understand that every family’s circumstances are unique, and we take pride in creating customized estate planning solutions that provide flexibility, privacy, and peace of mind. Our comprehensive approach to trust planning helps individuals and families throughout the Sarasota area avoid the complexities of probate while maintaining control over their assets during their lifetime.
Rachel Drude-Tomori brings over 15 years of legal experience as a Florida estate planning attorney, specializing in creative and sophisticated legal advocacy tailored to each client’s specific needs. Whether you are a young professional creating your first estate plan, a business owner planning for succession, or a retiree looking to preserve wealth for future generations, our firm provides the expertise and personalized attention necessary to achieve your estate planning objectives.
Understanding Revocable Living Trusts in Florida
A revocable living trust serves as a powerful estate planning tool that allows you to maintain complete control over your assets while you are alive and competent, while also providing clear instructions for asset management and distribution in the event of your incapacity or death. Unlike irrevocable trusts, revocable trusts offer the flexibility to modify, amend, or revoke the trust entirely as your circumstances change over time.
One of the primary advantages of establishing a revocable living trust is the ability to avoid probate proceedings in the Sarasota County Probate Court. Probate can be a lengthy, expensive, and public process that may take months or even years to complete. By properly funding your revocable trust with your assets, your loved ones can avoid these complications and receive their inheritances more quickly and privately.
Rachel Drude-Tomori was among the first attorneys in the region to utilize trust protectors as a way to build additional flexibility into the estate planning process. This innovative approach ensures that your trust can adapt to changing tax laws, family dynamics, and personal circumstances over time, providing long-term effectiveness for your estate plan.
Comprehensive Trust Planning Services
At Drude Tomori Law, PA, our trust planning services extend far beyond basic document preparation. We take the time to understand your unique goals, family dynamics, and financial situation to create a comprehensive plan that addresses all aspects of your estate planning needs. Our services include drafting pour-over wills that work in conjunction with your trust, ensuring any assets not properly transferred to the trust during your lifetime are captured and distributed according to your wishes.
For clients with complex family situations, we regularly establish specialized trust structures such as supplemental needs trusts for family members with disabilities, ensuring they can receive inheritances without jeopardizing their eligibility for government benefits. We also create dynasty trusts for multi-generational wealth preservation and charitable remainder trusts for clients who wish to support philanthropic causes while receiving tax benefits.
Our firm’s experience with advanced tax and wealth preservation strategies makes us particularly well-suited to serve high-net-worth individuals and families throughout the Sarasota area. We implement sophisticated techniques to minimize estate and gift tax exposure, including the use of irrevocable life insurance trusts and intentionally defective grantor trusts when appropriate for your situation.
Trust Administration and Ongoing Support
Creating a revocable living trust is only the first step in effective estate planning. Proper trust administration and ongoing maintenance are crucial to ensuring your trust continues to serve your intended purposes. Our firm provides comprehensive support throughout the life of your trust, including assistance with trust funding, which involves transferring ownership of your assets from your individual name to the name of the trust.
Many people mistakenly believe that simply having trust documents prepared is sufficient, but without proper funding, a trust cannot achieve its intended benefits. We guide our clients through the process of retitling real estate, transferring financial accounts, and updating beneficiary designations to ensure their trust is properly funded and will function as intended.
When the time comes for trust administration following a grantor’s incapacity or death, we provide practical advice and technical assistance to successor trustees. This includes helping them understand their fiduciary duties, managing trust assets, making distributions to beneficiaries, and handling any legal requirements that may arise during the administration process.
Asset Protection and Estate Planning Integration
While revocable living trusts provide significant benefits for estate planning and probate avoidance, they offer limited asset protection benefits during the grantor’s lifetime since the grantor maintains complete control over the trust assets. However, we often integrate revocable trusts with other asset protection strategies to provide comprehensive protection for our clients’ wealth.
For business owners and professionals in Sarasota who face potential liability risks, we may recommend the use of LLCs for estate planning purposes, combined with revocable trust planning to create a multi-layered approach to asset protection and estate planning. We also advise clients on Florida homestead exemption planning and other legally sound strategies to shield assets from potential creditors, lawsuits, and other financial threats.
Our firm’s expertise extends to specialized planning techniques such as Deferred Sales Trusts, which provide an effective alternative to 1031 exchanges for owners of appreciated commercial real estate or business interests. Rachel Drude-Tomori is experienced in crafting these sophisticated structures and serving as trustee when appropriate, providing clients with flexible exit strategies that traditional exchange options cannot match.
Sarasota Revocable Trust FAQs
What is the difference between a revocable and irrevocable trust?
The primary difference lies in the level of control and flexibility. With a revocable trust, you maintain complete control and can modify or revoke the trust at any time. An irrevocable trust cannot be easily changed once established, but it may offer greater asset protection and tax benefits in certain situations.
How much does it cost to establish a revocable living trust?
The cost varies depending on the complexity of your estate and specific needs. During our initial consultation, we provide transparent pricing information and explain the long-term benefits that often far outweigh the initial investment, particularly when compared to the costs of probate proceedings.
Do I still need a will if I have a revocable living trust?
Yes, we typically recommend a pour-over will alongside your revocable trust. This will captures any assets that may not have been properly transferred to the trust and ensures they are distributed according to your trust’s terms. The will also allows you to name guardians for minor children.
Can I serve as my own trustee of a revocable living trust?
Absolutely. Most people serve as their own trustee during their lifetime, maintaining complete control over their assets. You will also name successor trustees to manage the trust if you become incapacitated or after your death.
Will a revocable living trust save me money on taxes?
Revocable living trusts are generally tax-neutral during your lifetime, meaning you continue to report trust income on your personal tax return. However, they can provide estate tax benefits for larger estates and may offer income tax advantages for your beneficiaries after your death.
How often should I review and update my revocable living trust?
We recommend reviewing your trust every three to five years or after major life events such as marriage, divorce, birth of children or grandchildren, significant changes in assets, or changes in tax laws. Regular reviews ensure your trust continues to meet your evolving needs.
What happens to my revocable living trust if I move to another state?
While most revocable living trusts remain valid when you relocate, different states have varying laws that may affect your trust’s operation. We recommend having your trust reviewed by a qualified attorney in your new state to ensure continued effectiveness.
Serving Throughout Sarasota
- Downtown Sarasota
- Siesta Key
- Longboat Key
- Lido Key
- Bird Key
- Bayfront
- Palmer Ranch
- Gulf Gate
- Southside Village
- Sarasota Springs
Contact a Sarasota Trust Attorney Today
If you are ready to take control of your estate planning and create a comprehensive plan that protects your assets and provides for your loved ones, contact Drude Tomori Law, PA today. Our experienced Sarasota trust attorney is committed to providing personalized, creative solutions that stand the test of time. We understand that estate planning is not a one-size-fits-all process, and we take pride in developing customized strategies that reflect your unique circumstances and priorities. Let us help you create a revocable living trust that provides the flexibility, privacy, and peace of mind you deserve.
