Fort Lauderdale Trusts Lawyer

Experienced Trust Attorneys in Fort Lauderdale

A trust is a legal arrangement in which a person, who may be referred to as a settlor or grantor, transfers the ownership of certain assets to someone else. A person known as a trustee will be responsible for managing these assets and distributing them to one or more parties, who are known as the beneficiaries. Trusts are used for a variety of estate planning purposes to ensure that assets are protected and distributed according to the grantor's wishes.

Qualified Trust Attorney

There are several types of trusts available, each serving different purposes depending on individual needs and objectives:

• Revocable living trust: With this type of trust, a person can maintain control over their assets while providing instructions for how those assets should be managed and distributed after their death. One significant advantage of a living trust is that it can help avoid probate, ensuring privacy and minimizing costs.
• Irrevocable trust: This type of trust cannot be modified or revoked once established without consent from all beneficiaries involved. These trusts provide asset protection benefits since the grantor will no longer own or control the assets. This can remove assets from the reach of creditors.
• Charitable remainder trust (CRT): A CRT is specifically designed for charitable giving purposes. It allows a person to place assets into a trust while receiving income from those assets during their lifetime. Upon passing away or at a specified time thereafter, the remaining funds are then transferred to a designated charity.
• Special needs trust: Also called supplemental needs trusts, these trusts ensure continued care and financial support for beneficiaries with disabilities who may rely on government assistance programs such as Medicaid or Supplemental Security Income (SSI). By placing funds in this type of trust instead of directly giving them to someone with special needs, care can be provided without threatening government benefits.
• Testamentary trust: Unlike other types discussed so far – which take effect immediately – testamentary trusts only come into existence upon the grantor's death, as specified within their will. This type of trust allows the grantor to establish specific instructions for how assets should be distributed to beneficiaries after their passing.
• Family trust: This type of trust is established by a grantor to benefit multiple family members. It aims to protect assets while financially supporting beneficiaries, such as children or grandchildren. This can also ensure that assets remain within the family rather than being subject to potential dissipation due to issues such as divorce.
• Generation-skipping trust: As the name suggests, this type of trust allows a person to distribute assets directly to beneficiaries such as grandchildren or great-grandchildren without going through a parent's estate first. By avoiding an intermediate estate tax level that may be imposed on the parents' estates, these types of trusts can potentially result in significant tax savings.

Experienced Trust Lawyers in Fort Lauderdale

The Elliot Legal Group, P.A. is well-versed in helping clients navigate complex matters related to establishing trusts in Fort Lauderdale. Our firm offers:

• Experience: The attorney at The Elliot Legal Group, P.A. has extensive experience in estate planning and is knowledgeable about all types of trusts offered under Florida law.
• Tailored solutions: Every person and family has unique circumstances and objectives when it comes to managing their wealth during life and beyond. The Elliot Legal Group, P.A. works closely with clients to understand their goals fully so we can recommend the most appropriate trust structure.
• Customized documentation: Establishing a trust requires the preparation of legal documents explicitly tailored to each client's needs. The Elliot Legal Group, P.A. drafts comprehensive agreements that accurately reflect client wishes while ensuring compliance with state laws.
• Compliance with rules and regulations: The Elliot Legal Group, P.A. helps clients navigate complicated rules associated with establishing trusts as regulated by federal laws. Our experience can help minimize taxes and protect assets.
• Ongoing support: Trust administration involves ongoing management, periodic reviews, and potential modifications as a family's circumstances change. The Elliot Legal Group, P.A. provides guidance and support to grantors and trustees throughout the lifespan of the trust.
• Probate and litigation services: In cases where disputes arise over trust terms or distribution issues, our firm offers probate and litigation services to protect our clients' interests.

Contact Our Fort Lauderdale Trusts Attorney Today

Trusts offer an array of benefits for people and families who are seeking effective estate planning solutions. At The Elliot Legal Group, P.A., our experienced attorney can ensure that assets are protected during a person's life while ensuring seamless distribution to beneficiaries at the correct times. With our experience assisting clients with various types of trusts, we can help families achieve their unique financial goals while preserving their legacies for future generations. Please schedule a consultation today by contacting us at 754-332-2101.