Trusts
A Strategic Approach to Estate Planning Without Probate or Prying Eyes
At Drude Tomori Law, our expertise lies in helping you navigate the complex journey of estate planning, elder law, and probate law with your unique needs and goals in mind. Trusts serve as a powerful tool in the estate planning toolkit, offering potential advantages like probate avoidance, asset protection, tax mitigation, privacy, and more. They can be tailored to meet your specific needs and circumstances, whether you’re dealing with a revocable trust, an irrevocable trust, or something entirely custom. Learn more about trusts below, and contact Drude Tomori Law to discuss how one or more trusts can fit into your customized, comprehensive estate plan.
Revocable Trusts and Their Advantages
A revocable trust, also known as a living trust, is a flexible option that allows you to maintain control over your assets during your lifetime. As the grantor, you can modify or terminate the trust at any time. The key advantage of a revocable trust is that it can help your family avoid the time-consuming and often costly probate process. Furthermore, revocable trusts allow for continuity of asset management in the event of your incapacity, which can provide peace of mind. By avoiding probate, using trusts can help keep the details of your estate from becoming a public record, including the contents of your estate and how they are being distributed.
Irrevocable Trusts and Their Advantages
Irrevocable trusts, on the other hand, are more rigid, but they offer unique benefits. Once established, an irrevocable trust typically can’t be changed or terminated without the consent of the beneficiaries. The primary advantage is that assets placed in an irrevocable trust are generally shielded from creditors and can be excluded from your taxable estate, providing significant estate tax benefits. Florida law recognizes many different kinds of irrevocable trusts, each with its own special purpose. Irrevocable trusts tend to be more complex to create and require skilled legal assistance to prepare them correctly.
Establishing a Valid Trust under Florida Law
Creating a trust in Florida requires certain key elements to be in place for it to be legally valid:
- The trust must either have a definite beneficiary, be a charitable trust, or exist for the care of an animal, like a pet trust.
- The trust must have a trustee who will administer it.
- The person creating the trust (the settlor) must have the intent to create a trust.
- The settlor must place some property into the trust. The property must be specific and present at the time of the creation of the trust.
- The same person cannot be the only trustee and only beneficiary named in the trust.
Our Approach at Drude Tomori Law
At Drude Tomori Law, PA, our lead attorney Rachel Drude-Tomori understands that estate planning is not a one-size-fits-all process. It’s a complex puzzle that requires a comprehensive understanding of the client’s needs, goals, and family dynamics. She’s an innovative problem solver who takes pride in crafting custom solutions for our clients.
Rachel doesn’t just talk; she listens. By truly understanding what her clients want and need, she can help craft the most suitable estate plan, whether it involves a simple will, a complex trust, or an in-depth plan for future care and protection.
Understanding trusts and how they work can be a daunting task, but our firm is committed to guiding you through every step of the process. A well-planned trust can be a significant part of your estate planning strategy, providing assurance that your assets will be managed according to your wishes. If you are interested in learning more about trusts, we would be honored to assist you.
Contact Drude Tomori Law Today
Your peace of mind and the well-being of your loved ones are our top priorities. Let Drude Tomori Law be your trusted guide in all matters of estate planning, elder law, and probate law. Contact us today to discuss your needs and goals.
