Estate Planning And Elder Law Services In Orlando And Beyond

Preparing For A More Certain Future Using Trusts

At The Kaplan Firm, we customize our estate planning representation with a focus on your best interests now and going forward. We understand that using trusts in an estate plan to help ensure future financial stability for loved ones can also help stave off financial problems in the present. When it comes to selecting the best type of trust, there are a couple of things to consider before making a choice.

Choosing The Best Option For You And Your Loved Ones

Two broad categories of trusts exist – revocable and irrevocable. Revocable trusts are those that are more flexible. Things are not set in stone and can be altered as needed when there are changes in your family, your assets, or your lifestyle. Irrevocable trusts are not subject to change and are typically used by those seeking estate tax benefits and more protection from liabilities.

Regardless of your choice, the objective of a trust is to customize how assets are dealt with currently and over time.

The primary benefits of both trust types include the following:

  • Avoiding the lengthy probate process
  • Tax issues
  • Creditor protection
  • Financial support for family
  • Charitable donations

Revocable trusts, aka living trusts, can distribute assets to beneficiaries following your death. Another option involves creating additional irrevocable trusts for loved ones or specific organizations.

An irrevocable trust can provide greater protection from creditors and estate taxes. It can also evolve into a testamentary trust with specific options that include the following:

  • Transfer wealth to a younger generation
  • Ensure family businesses stay with loved ones
  • Donate to charities

Irrevocable life insurance trusts (ILIT) can designate funds for estate taxes, which is especially beneficial to keeping a family business for loved ones. The trustee plays a pivotal role, serving as the de facto owner of the policy and collecting all proceeds that are often distributed to the beneficiaries.

Additional types of irrevocable trusts include the following:

  • Grantor-retained annuity trusts
  • Qualified personal residence trusts
  • Charitable remainder annuity trusts
  • Special needs trusts
  • Domestic asset protection trust
  • Generation-skipping trusts

Taking Control Of Your Legacy

Many options exist to make life easier for loved ones following your death. With the establishment of trusts, multiple generations can have a more secure future without the burden of onerous taxes and other expenses that come with inheriting funds.

Why Choose The Kaplan Firm

Estate planning involves personal choices. In turn, attorney Mary Kaplan provides personalized and customized representation for her clients needing help with estate planning. She brings a background in both her private legal practice and her background at high-profile financial institutions.

From establishing your will to deciding on powers of attorney, she remains at your side and attends to all details to ensure that your documents work for you and your loved ones. For help with trusts, contact the firm online or call our Orlando office at 407-863-6175.