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Building A Trust To Defend Your Assets

A trust is a legal arrangement that allows an individual, known as the grantor, to transfer assets to a trustee, who manages them for the benefit of designated beneficiaries. Trusts allow grantors to manage their assets while they are alive, reduce estate taxes and possibly avoid probate. When you need help with your estate planning needs, turn to a law firm that knows how to help you.

At C.J. Hilliard Law, P.A., we pride ourselves on being an ethical, community-oriented law firm dedicated to serving the Winter Garden area. Our lawyer is known for her commitment and diligence, including being honored as one of Orlando Style Magazine’s Lawyers of the Year. We are upfront with our billing practices, so you will know exactly what our services are worth. We are dedicated to helping our community with their estate planning needs.

Revocable Versus Irrevocable Trusts

When considering a trust, you will likely need to choose between revocable trusts and irrevocable trusts. A revocable trust, also known as a living trust, allows you to make changes to the trust or even revoke it at any time. While this form of trust is flexible, they are also more vulnerable to estate taxes. Irrevocable trusts cannot be altered once established but are a stronger form of asset protection against estate taxes. By consulting with a trust attorney, you can make the right decision based on your unique goals.

Types Of Specialized Trusts

There are various specialized trusts designed to meet specific needs. For example, a special needs trust provides assets to a beneficiary who has disabilities, and a life insurance trust can help manage and distribute life insurance proceeds, potentially reducing estate taxes. These kinds of trusts provide personalized solutions for clients with special circumstances in their estate planning, and we can help you choose a type of trust that can best help you.

Funding A Trust

Funding a trust involves transferring assets into it, a critical step in the trust administration process. Some common assets that go into a trust include real estate, finances, and personal property. By properly funding your trusts, you can ensure they work as intended and provide the designated assets to the beneficiaries you appointed. Our trust attorney will assist you in identifying and transferring the appropriate assets, ensuring that your trust is fully functional.

Getting Answers About Your Trust

Our clients often have a lot of questions about creating a trust and the process of defending assets and passing them on to loved ones. To help answer the questions you already have, we have answered some common questions here:

How can a trust benefit my family in the long term?

A trust can provide significant long-term benefits for your family by ensuring that your assets are distributed according to your wishes. We can help you create a trust that defends wealth across generations and promotes financial security for years to come. A trust can shield beneficiaries from poor financial choices, creditor harassment, and legal judgments.

Why should I consider setting up a trust?

Setting up a trust can provide numerous benefits, such as ensuring your assets are managed according to your wishes, minimizing estate taxes, and maintaining privacy by avoiding probate. With greater control over how your assets are distributed, you can have peace of mind knowing you are looking after your beneficiaries, especially anyone who needs help making the most of their inheritance.

Can a trust lawyer help avoid probate?

Yes, a trust lawyer can help you set up a trust, which is a valuable tool for avoiding probate. When you place assets into a trust, they are immune to the probate process, which creates a private and swift method of distributing assets when you choose.

Start Making Your Trust Today

We know the importance of a strong trust when creating an estate plan. Establishing a trust is a pivotal step in comprehensive estate planning. If you are looking for transparent guidance through the creation or update of your trusts, call our Winter Garden office at 407-255-7607 or email us here. The sooner you reach out to our Florida lawyer, the sooner she can help you through your estate planning needs.