Establishing Trusts For Families Throughout North Central Florida
If you have questions about whether a trust might be appropriate in your estate plan, White, Crouch & Mills, P.A., Estate Planning Law Firm, has answers. We have been helping families in Gainesville and throughout north central Florida for many years.
Why A Trust?
All trusts are either revocable or irrevocable. Revocable trusts (commonly known as "living trusts") are set up inter vivos — i.e., during life. They are tax neutral, and they are used to facilitate management of assets during a person's life and the distribution of those assets to beneficiaries once the person has passed away. Thus a revocable trust can act as a will. Contrary to popular belief, however, revocable trusts do not save taxes, nor do they protect your assets from creditors.
Irrevocable trusts can be set up either during life — inter vivos — or in a person's will — a testamentary trust. Inter vivos irrevocable trusts are generally either tax-driven or established for asset protection reasons. Testamentary trusts (which are always irrevocable) are used for those reasons and a host of others.
Indeed, trusts are so flexible and have so many uses that it is a rare estate plan that cannot benefit from the use of a trust.
Some Common Uses Of Trusts
- Special needs trusts: A keystone of any disability planning strategy. Special needs trusts are used by families to ensure the ongoing financial support of a loved one who is disabled or incapacitated by injury or illness.
- Life insurance trusts: The primary purpose of an insurance trust is to prevent the death benefits from being subject to estate taxes.
- Charitable trusts: To support the needs of a favorite charitable organization, including a church, synagogue, temple or mosque.
- Education trusts: To support education costs of children, grandchildren and other designated beneficiaries
- Generation-skipping trusts: To pass on your financial legacy to grandchildren
- Spendthrift trusts: To prevent an undisciplined beneficiary from spending down the entirety of the assets in a short amount of time
These are just a few of the many types of trusts that are available to meet your family's needs. We will answer your questions and help you develop an individualized strategy that will help you take every advantage of current tax laws.
Alachua Revocable Trust Attorneys · Charitable Trusts · Living Trusts · Education Trusts