Understanding Trusts with Florida Estate Planning Attorney Nick Carryl
Trust Types: A Snapshot
Revocable Trusts: Think of these as trusts with an ‘edit’ option. As the grantor, you can tweak them during your lifetime. It’s like having your cake (as the grantor) and eating it too (as the trustee and beneficiary). Though, in most places, there needs to be another beneficiary on board. What’s cool? As a grantor, you can pop assets into the trust or take them out as needed, neatly segregating them from your other belongings. But remember, these trusts aren’t immune to creditors or legal judgments. They’re all about giving the grantor the reins to control how beneficiaries access their inheritance.
Irrevocable Trusts: Set in stone, these trusts are, well, irrevocable. Once created, they’re out of the grantor’s hands. That means no altering terms, no accessing the property, and complete immunity from creditors. Every rule, every designation, sticks, irrespective of life’s curveballs. However, in some places, if all beneficiaries give a thumbs-up, tweaks might be possible. Always double-check with an estate planner before sealing the deal.
Special Needs Trusts: A subset of irrevocable trusts, these are for those who require lifelong financial aid and are pegged to benefits like Medicare or Medicaid. Since there’s a cap on how much these individuals can pocket without jeopardizing their benefits, these trusts bridge the gap, offering more without compromising on essential benefits.
Personalized Trust Planning at Carryl Law Firm PLLC
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Drafting a trust isn’t a DIY task, despite the alluring simplicity of online templates. Whether you’re considering a unique trust like special needs or spendthrift, we’ve got your back! Dive in with our Peace of Mind Planning Session – be it virtually or face-to-face. Fill out our questionnaire, and we’ll guide you through your options, all at transparent flat rates. Bonus: Mention this blog, and we’ll ditch our usual $450 fee! Ready to embark? BOOK YOUR PEACE OF MIND PLANNING SESSION NOW.